Three mobile messaging opportunities for insurance companies

How SMS, RCS and Apple Business Chat can improve the insurance experience for customers

OpenMarket – May 13, 2020

We’ve been seeing lots of smart applications of mobile messaging in the world of insurance. (If you want the low-down, here are ten great use cases.)

Take a closer look and you’ll notice that many of these messaging use cases fall into three CX opportunity areas.

Let’s take a look at each of them.

  1. Simplify the underwriting process

When you replace long, complex forms with simple messaging-based quotation processes, you lower the barriers to engagement. Other SMS workflows like automated alerts and reminders also help to improve conversion rates.

One Deloitte study found that the likelihood of someone purchasing a life policy after application increases from about 70 percent to nearly 90 percent as the underwriting process gets closer to real time.

  1. Make claims convenient and transparent

Then there’s the claims process. Forrester describes the transformation of the claims experience as follows:

“Out goes word-heavy and meaning-light communications that are barely read and less understood; in comes natural conversations that enable both parties to see and manage risk together. Out goes infrequent engagement; in comes perpetual engagement that gives customers insights, tools, and frames of reference.”

The picture they paint of the new insurance CX looks a lot like the empathetic moments that mobile messaging enables.

SMS gives insurance customers a channel for reliable, light conversations and easy claims submission. And by investing in SMS today, insurers can make sure they’re ready to take advantage of rich messaging.

These rich channels (like MMS, RCS for Android and Apple Business Chat for iOS) let you deliver an app-like experience to your customers’ messaging inboxes – without the need for an app.

So they can easily send multimedia messages like pictures of damages after a flood or car crash.

  1. Keep your customers safe

Of course, everyone – insurers and customers alike – prefers it when they don’t need to make claims at all.

So the third big opportunity is to use SMS to help keep your customer safe.

There are a number of different messaging workflows that help here. You can send alerts and preventative tips to protect customers and their property from harm.

Think storm alerts for homeowners, or avalanche warnings for skiers. Travel alerts can keep holidaymakers out of tight spots. And pet insurers can even share animal-care tips to keep those veterinary bills down.

Explore more opportunities

We’ve briefly covered three of the biggest SMS opportunities for insurers, but there are plenty more.

To see them all and find out how to get started, check out our guide, ‘Transform insurance CX with mobile messaging’.

Read it here.

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