Co-op Insurance Uses Personalized Video To Increase Customer Engagement

Co-op Insurance wants to make car insurance easier to understand, and they’re doing it with Idomoo Personalized Video.

Auto insurance, like many types of insurance, is notoriously complex for the average customer to grasp. There are premiums and deductibles, claims and exclusions, and a whole host of coverage options.

The Car Insurance Knowledge Gap

The problem isn’t that insurers don’t try to explain the details to customers. The problem is that they’re not listening.

Co-op Insurance found that 70% of U.K. adults don’t bother to read their insurance documents in detail when taking out a policy or renewing with their current insurer. Their research surfaced a few more concerning stats:

  • 51% of U.K. drivers don’t know how their premium is calculated
  • 40% don’t understand why their premium may fluctuate from year to year
  • 36% are unaware how their policy price relates to their vehicle
  • 42% don’t realize their insurance is there to cover another driver’s personal injury claims after an accident where they’re at fault

While you might be skimming this blog post — and that’s not such a big deal — insurance documents are important. Skipping part of them or ignoring them completely, as many drivers do, is a problem. They have a clear purpose: to let consumers know what is insured and what isn’t.

Say It With Personalized Video

When a topic is complex, a wall of text can be off-putting. A video like the one below, however, personalized for the individual customer, is welcoming and clear.

Clear communication has a multitude of benefits. It promotes transparency, so critical in financial services. It cuts call volume to call centers because customers are less likely to reach out with common questions when you proactively give them personalized answers. And it promotes engagement between the company and the customer.

When people realize you talk to them like people, they pay attention. This deeper customer engagement has a direct impact on your bottom line. According to Gallup, when a customer is actively engaged, they purchase 22% more insurance products from their primary carrier and stay on as customers 4 years longer. They’re also 3x more likely to sign up for other financial products and are 4x more likely to recommend their carrier to an acquaintance.

This shouldn’t surprise you. Customer engagement and customer loyalty have a direct correlation. However, engaging customers is often challenging in the insurance space since the products can be complicated, 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, helping customers understand their policies was the starting point. Their Personalized Video walks each customer through their specific coverage details. It explains what they’re covered for, what their policy costs, what happens if their car gets damaged and more.

Campaign Results

The main goals of the campaign were to improve customer understanding of their insurance products and increase transparency. Personalized Video, a medium made for engagement and clarity (even on complex topics), easily exceeded both goals.

Take a look at some of the success stats from the campaign.

  • 47% uplift in engagement levels vs. industry benchmark
  • 27% of customers clicking the CTA at the end of the video
  • 80% of customer happy with their Personalized Video, according to a survey

And that meant Co-op Insurance was happy, too (which meant we were happy). Here’s what Chris Twigg, head of digital at Co-op Insurance, had to say about the project.

We are really pleased with the customer engagement we have seen since we launched the Personalized videos. Insurance can be confusing, so utilizing a tool which brings insurance to life in a new, personalized way has been great for us, with customer feedback overwhelmingly positive.

“The results of the Co-op Insurance campaign are further validation that it is possible for insurers to engage their customers and keep them happy,” added Idomoo CEO Yaron Kalish. “Customers today expect transparency and simplicity, and Idomoo Personalized Video is a proven way to achieve that, as evidenced by this campaign.”

What Do Your Customers Need To Know?

What about you? What do you need to communicate to your customers that they’re having trouble understanding?

Sometimes it’s the details of customer onboarding, which is far too often a generic, dull process when it should be personal and exciting. Sometimes it’s a bill explainer that covers what customers should expect so they won’t be surprised by a pro rata rate or unexpected fees.

Whatever it is, saying it in a video makes it clear, and personalizing the message makes it human and relevant.

If you’re ready to explore what data-driven video or even Interactive Video can do for you, let’s talk.

Schedule a Call

Explore More Content

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

Subscribe to Our Newsletter

Email * Enter Email

Explore More Content

Related Articles

video marketing shown on a laptop and mobile phone for 2024 trends

8 Video Marketing Trends to Watch in 2024

For marketers, staying on top of the latest trends is crucial to designing future strategies that get results. With video dominating the content landscape and constantly evolving, video marketing is no exception. From the latest technology to popular content styles, there are a handful of new developments in video marketing expected to make an impact this year.

Read More
6 Ways Businesses Can Use Interactive Marketing Videos

6 Ways Businesses Can Use Interactive Marketing Videos

Ever found yourself engaged in one of Netflix’s interactive specials, such as the hit Black Mirror: Bandersnatch or You vs. Wild? Or maybe you’ve been part of a live stream where your comments or votes influence what happens next? All around us, interactive entertainment has found its way into our lives, making us active participants in the content we enjoy. Now, imagine bringing that level of engagement to the marketing world. It’s more than just a trend; it’s a response to the evolving preferences of today’s consumers. As our attention spans shrink and the demand for immersive experiences grows, Interactive Videos have become an effective tool for breaking through the noise. In this post, we’re covering the different ways you can incorporate Interactive Videos into your marketing strategy. But first, let’s take a closer look at why using advanced Interactive Video matters. Let’s get started. The Impact of Interactive Videos

Read More
Decade in Review: Saints Take a Long Look Back With Personalized Video

Decade in Review: Saints Take a Long Look Back With Personalized Video

You’ve heard about a year in review. But what about a decade in review? When it comes to sending your customers personalized recap videos, a year in review might be the most common scenario. The end of the year is a natural time to reflect on what you’ve accomplished over the past year. Dozens of brands, from Delta to Weight Watchers, have used Personalized Video to connect with their audience and grab attention. They’ve created videos that sum up the viewer’s readership (the Financial Times), player stats (gaming brands), workouts (Orangetheory Fitness), and much more. And we don’t need to name-drop Spotify here, but let’s do it anyway. Year after year, Spotify Wrapped is one of the most talked-about marketing campaigns out there. Recap videos are engaging, shareable and personalized, made for the era of viral social sharing. What’s not to love? A Decade To Remember Southampton Football Club had

Read More

Request a Call

Leave your details below, and our team will contact you ASAP to show you what Personalized Video can do for you.