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The Rise of Video-Enabled Service Is Revolutionizing Insurance

by Precise Leads

December 1, 2017

Video adds a human touch in what is becoming an increasingly digitized customer experience.

As insurance agents rush to better engage prospects and clients with digital-first strategies, a recent survey sponsored by video collaboration platform Vidyo and the retail financial services association Efma documents a newfound enthusiasm for video-supported services in the insurance industry.

After polling 84 insurance professionals in 34 countries, the survey’s researchers discovered that more than 70% had drawn up plans to employ video for claims management, loss adjustment, or remote connections with adjusters and other experts. Another 60% indicated video would be integrated within their sales and advisory practices. 

Streaming in Color

The rise of digital formats has decreased the need for face-to-face meetings between clients and agents, yet while more than half of the Vidyo/Efma survey respondents confirmed that video offered faster customer service at a lower cost, two-thirds noted that a virtual consultation added a human touch to the interaction due to agents being able to connect with clients via a personal computer, tablet, or smartphone.

The survey’s respondents also found that video makes processing claims quicker than ever. Instead of waiting for a claims adjuster to view their wrecked property, clients can simply snap a photo of the damages from their smartphone and send it to the adjuster, providing a direct remote connection to expert underwriting and policyholder services. In fact, survey respondents cited better customer service and quicker settlements as the top two benefits of using video in the claims management process. Real-time pictures also permit adjusters to spot any fraud and request additional views if warranted, a significant advantage.

The survey points out that video claims processing was more commonplace in property and casualty insurance when an insured asset was a physical object such as a car. In contrast, video was less prevalent when dealing with intangible assets such as life or credit insurance.

How Agents Can Become Video Stars

Although 67% of those polled by Vidyo and Efma agreed using video positions their company as innovative and cutting-edge, the survey also outlined several measures agents and agencies should employ to unleash the full power of video. Four pointers to consider include:

Create High-quality Videos. Top-flight video and audio doesn’t just convey an agency’s professionalism. It also assures the accuracy of a claim processed via video. Be sure to train your staff on how to conduct virtual client meetings and make sure that the video is shot with proper lighting and an appropriate background. Agencies may decide to assign a separate space for video conferences.

Integrate with Other Digital Channels. Video applications must be integrated with an agency’s other digital systems, including its website and mobile platform, customer relationship management software, and online chats. This allows clients to switch to whichever channel they prefer, and facilitates sharing information among staff.

Maintain Security. When setting up a video-enabled service, incorporate security features that authenticate users and safeguard the material obtained from clients during the video call. Be aware of any applicable laws that might mandate archiving of video recordings.

Promote Video Services. Agencies must actively promote the use of video internally and to their client base. Having a great video platform only reap benefits to agents if clients actually use it. Lastly and probably most importantly, ensure clients can easily navigate the platform.

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