You ought to be in pictures – policy information delivered by video?!
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30 April 2015Michael Fitzgerald
An article posted by Reuters pointed out that this week, YouTube celebrates its 10th anniversary and Facebook reported that there are now 4 billion videos viewed on its site every day (up from 1 billion in September). These facts reminded me of our 2015 Celent Model Insurer case study about Security First Insurance (see Celent Model Insurer 2015: Case Studies of Effective Technology Use in Insurance ). Realizing that their insureds do not read their policies and often do not understand what to do in case of a loss, the company offers personalized insurance videos as a service to policyholders. They are sent to new homeowners insurance (HO3) policyholders to help them better understand their insurance coverage and the steps to take if they need to file a claim. A data file is passed from First Security to a video production vendor. This information allows the video system to customize and determine the appropriate segments based on the specific coverage and location information for each policy. To date, 75% of the customers who open the invitation email watched the video. Approximately 35% view it to the end (nearly eight minutes of content). Compare this to the number who read the policy (probably zero per cent?) The demand for information in video content will push insurers to make video an integral part of their customer communication and content management approach. It is good to see Security First Insurance leading the way.