Different Ways You Can Use SMS for Insurance Business Growth
The worldwide insurance industry is a behemoth. Let’s face it, just one household is likely to have car, home contents, health and pet insurance.
These days getting a quote, buying an insurance package and making a claim are pretty straightforward. They can all be done online.
But when it comes to renewal reminders, policy changes and other urgent updates customers tend to be notified by old-fashioned snail mail.
This means important information doesn’t get lost in cyber space due to spam filters or accidentally ignored due to the hundreds of emails a customer receives on a daily basis.
However, there are many drawbacks to snail mail. It’s not environmentally friendly, it’s slow and it’s expensive.
SMS is the perfect alternative. Here’s why.
1. Use SMS for Insurance Policy updates
It’s hard to avoid snail mail when it comes to policy changes. A customer often expects a hard copy of the documentation and this is sometimes necessary due to local regulations.
For example a car insurance policy normally needs to sit as a physical copy inside the vehicle.
So, where does SMS come in? Well, an SMS can be used to send a link to a digital version of the update as soon as it goes live, giving the customer a heads up before receiving the official paperwork.
Whether the customer happens to be online, is travelling or is super busy, it doesn’t matter. With SMS they will receive the update immediately.
2. Use SMS for Insurance renewals
Some insurance renewals happen automatically but reminders still need to be sent so the customer can ensure they have the right money in their bank account ready for the direct debit. When a renewal isn’t automated, a customer needs to receive a reminder a few weeks before.
If a customer misses a renewal, when they finally get around to processing the paperwork the policy might be treated as brand new meaning the premium is higher or certain cover isn’t included.
It’s easy for a customer to go elsewhere at that point so it’s important for an insurance company to send reminders that will definitely get through to them.
Most renewal reminders come via snail mail or email but SMS is a much faster, direct and cheaper solution.
3. Use SMS to send status of claims
It’s pretty simple to log in to an insurance website and check the status of a claim but it’s also much more convenient to receive SMS updates.
You don’t need an internet connection and you can get updates on the move. When a payment is issued a customer can get an immediate notification via SMS.
With two-way SMS a customer can also respond when they aren’t sure about something or need further clarification. This takes customer service to the next level and can also be used for requesting quotes.
4. Use SMS to market new products
Insurance marketing is a tricky business. There are lots of regulations and little flexibility when it comes to making offers.
That said, marketing is still a lucrative part of an insurance company’s business development strategy if done in the right way.
Up selling policies to existing customers via an add-on or informing them of other related products is a good way for them to grow their business and such information is much more likely to be noticed if sent by SMS.
Prospective customers who have signed up for product details can be sent news and useful insurance information.
Once they see the company as credible and an expert in insurance, they are more likely to make a purchase.
5. Use SMS for Insurance Events
Insurance companies don’t just need to be regulated, they need to be seen as reliable.
That means they need to offer exceptional customer service and have a good reputation in their local community.
When an insurance company marks a milestone in their growth or participates in a huge charity drive, they often invite their customers to get involved or to celebrate.
This is where SMS comes in. It’s an awesome tool to send RSVP reminders, venue directions, donation links, names of winners, ticketing details and much more.
6. Use SMS for Insurance Seminars
Insurance can be scary for people if they don’t understand it.
Perhaps a young couple are taking out home contents insurance for the first time or a person claiming a long-term pay-out is confused about what they are entitled to.
Seminars are a great way for insurance companies to engage with people, no matter whether they are customers or not. Offering free advice positions them as leaders in their industry and helps them to build a network of trust.
Just as in the events mentioned above, seminar information can be shared via SMS. But why not go one step further and send out a survey beforehand asking for suggested topics to talk about?
Invitees will appreciate being able to contribute to the agenda and to get the answers to their most important questions.
All you need is a reliable and easy to use SMS messaging platform.