Insurance professionals face a diverse range of challenges, from managing budgets to embracing new technology, to reaching new markets and overcoming a lack of internal resources and expertise. SMS can help overcome many of these constraints.
With expiration reminder software and tailored SMS for insurance, you can unlock an easier way to reach new and younger markets, improve internal communication and reduce the number of phone calls required to carry out everyday tasks.
Using SMS in the Insurance industry
Renewal and expiration reminder notifications
When customers miss payments, it can affect their policies. It can also be a sensitive issue if they have missed a payment because they’re unable to pay. It’s crucial to ensure payments are made and customers are contacted in a discreet and sensitive way – and that’s where SMS renewal reminders come in.
Policy payments can be something that often slips the minds of your customers, especially if the payments are yearly or quarterly, while automated payments can often bounce due to insignificant funds or expired payment methods.
Payment reminders allow customers the opportunity to organise their expenses and ensure timely payment by reminding them of the due date. It’s also an extra touch point for demonstrating your customer service and can help build loyalty.
Application and status of claims notification
With a product like insurance, applications for both the insurance policies and the claims can take time to process. SMS is perfect for keeping applicants up to date on the status of their application. By proactively keeping your customer up to date you’re not only providing a better service, but you will reduce the workload and costs on your contact centre. This reduces the volume of inbound calls and workload on account managers or call centre staff.
As an insurance company, managing claims on car insurance, health insurance or any customer policy needs to be dealt with sensitively and efficiently. Your customers are often distressed when making a claim, so providing a smooth, streamlined and personalised claims process is key.
Staff communications
Using SMS is a quick and effective way to ensure your staff read all important messages. SMS can be used to send staff messages on:
- Where to find resources
- Training initiative and updates
- Updates for OH&S changes or reminders
- New products and services to sell
- Important event invitations
- Travel information such as flights, hotels etc.
- Meeting updates should a venue or date change at last minute
“15.2% of our customers who engaged via the Esendex Voice solution and 39% of customers who engaged via the Esendex SMS solution made a payment or agreed on a payment plan.”
Income and expenditure & data collection forms
For certain types of insurance, verification of income, expenditure, and contracts is required, especially for managing and tracking expiration dates. This type of information is personal and sensitive, and many customers may feel uncomfortable discussing it over the phone.
Sending a Mobile Journey form is a perfect way to get the information required in a private and secure way. The form can be completed with ease on either a computer or mobile device. It also cuts the number of call centre staff required to either make or receive calls.
Marketing promotions
New products, services, credit card offers, extended limits, opening hours for certain branches: all of these need communicating, and often email just doesn’t get read. Text message is a great way to get the communications out there. You can also link to mobile optimised pages to give greater information. A friendly reminder about promotions can prompt clients to take action.
Customer retention & lead generation
Text message is perfect for retaining customers—it’s quick, will be read almost instantly and encourages a quick response. Policies are often due for renewal on a yearly basis, so make sure you get to them before they consider researching other policies. If you initiate contact on their phone, particularly with a loyal customer special offer, they may renew immediately. With insurance timely reminders about policy renewals are crucial to maintaining trust and reliability with your customers.
Due to the exceptionally high open rate of 98%, SMS is by far the most efficient way to follow up on leads. Insurance is one of the most expensive industries—beaten only by dating & personal websites—when it comes to Pay Per Click advertising. Therefore by following up on leads before they search again can save you a lot of money.
Using SMS Surveys in the Insurance industry
Feedback surveys
Feedback is essential to understanding how satisfied or dissatisfied customers are with your insurance company. You can use text messaging to send a survey to get instant feedback, and can act upon that feedback to improve your customer services for future customers. Understanding customer requirements, including their specific insurance needs, is crucial for providing tailored and effective support.
Market research surveys
We’ve found SMS survey response rates to be up to five times higher than email – and the responses are received more quickly. This leads to a more accurate cross section of your audience, and enables you to gather more information from your data sample.
A few of our finance industry customers
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