Idomoo has been working with Co-op Insurance on a range of personalized videos, aimed to make motor insurance simpler to understand.
Research from the insurer has found that 70% of UK adults don’t bother to read their insurance documents in any detail when taking out a policy or renewing with their existing insurer.
Insurance documents are important and have a clear purpose to let consumers know what is insured, and what isn’t.
Customer engagement is critical in ensuring they understand the policies they are purchasing. Additionally, according to Gallup, when a customer is actively engaged, they purchase 22% more insurance products from their primary carrier, stay on as customers 4 years longer, are 3 times more likely to sign up for other financial products and are 4 times more likely to recommend their carrier to an acquaintance. However, engaging customers is especially challenging in the insurance space, since the products can be highly complex and the frequency of interaction between customer and insurer is typically low.
This is where Idomoo can step in and offer creative solutions to insurers.
In Co-op’s case, ensuring customer’s understand their policies is key. Following customer engagement, where the company found the best ways to address customer concerns and improve transparency, Co-op Insurance linked with Idomoo and launched a Personalized Video campaign using Idomoo’s Personalized Video as a Service platform (PVaaS™).
The videos walked customers through their coverage details in a simple, easy to follow video that was personalized to each recipient’s coverage:
The main goals of the campaign were to engage customers around their insurance products and to increase transparency. Both goals were not only reached, but easily exceeded, as demonstrated by the results: