Over the years, insurance brokers have continued to play an important role in the marketing, selling and servicing of insurance products by offering choices and advice to customers. A broker helps the customer in identifying individual or business risks, and helps them decide what to insure. Brokers have a complete understanding and knowledge of the costs, terms and conditions, benefits, and exclusions of a wide range of competing insurance policies, thereby helping the consumers in finding the most appropriate insurance cover which meet their requirements.
Most insurance companies rely on these brokers for the sale of their products. The insurer will succeed only if their brokers are successful. The real challenge is that the reputation of the company is totally in the hands of the brokers as they have the authority to build or degrade a brand in the market. Hence, the companies need to give the broker a differentiated reason to favor them over other competitors.
However, with the emergence of new distribution channels and advancement in technologies, customers can now directly and quickly deal with the insurance companies and get round-the-clock support. Evolvement of customer engagement solutions which includes auto dialer, IVR system and Automatic Call Distributor(ACD), has led to easy and meaningful interactions with the customers, while minimizing risks and costs. Creating a differentiated customer experience will give an opportunity to outflank competitors and deliver more customer value.
Voice Broadcasting is an innovative technique for mass communication and makes it easy for insurance companies to initiate and build relationships with the customers at lower costs. Using this technology as your marketing strategy will allow you to increase sales, renewals and collections without increasing manpower.
Voice broadcasting allows the user to send hundreds and thousands of pre-recorded voice messages instantly and simultaneously. It is a program that allows the call recipient to listen to a recorded message, and interact with the system by pressing certain keys on the keypad. It has the ability to allow the person who is answering the call to be transferred to sales, collections or a live representative.
For example, if your client has not paid their insurance premium, you can send out a friendly reminder to him/her using voice broadcasting. By including a Press-1 option to “pay now” would transfer the call to a live agent so that the customer can make the payment then and there.
Its ability to allow a live agent interaction can be really beneficial for the company as it can close more deals for the company. According to Forrester Research, 66 percent of consumers do not apply for financial services online because they prefer to apply in person or over the phone, while 52 percent want human assistance to validate their decision.
Here are things that an insurance company can broadcast to its prospects or customers:
- The various insurance products available and their benefits
- Current discount or attractive deal going on for insurance rates
- Ask your prospects to answer a few questions
- Payment reminder
- Customer satisfaction surveys or survey regarding new products
- Messages to up-sell or cross-sell other products to existing customers
Insurance companies can also opt for a blended marketing campaign that has internet marketing techniques and voice broadcasting services. For example, you may use direct mail or email marketing in sending out the message to your prospective clients, and use the voice broadcast to do a follow-up task on your campaign.