This could be the ultimate ‘win-win’ in insurance. An automated (read low-cost and scalable) customer experience that drives additional revenue from existing customers. And a brilliant customer experience that delivers the perfect solution to a customer problem.
Here’s the full automated communication flow, with both the text and voice options (more on that shortly):
The scenario is an expiring travel insurance policy. It could equally apply to automotive or even home and contents in a renewal scenario. But is suits travel insurance especially, simply because travellers always expect their trip to end on their scheduled return flight home. So when this doesn’t happen due to an unplanned trip extension, customers nearly never think to extend their travel insurance.
So how do you deliver a timely insurance intervention, and put it on autopilot? Here’s how.
Firstly, automate a text message to tell customers exactly when their policy is set to expire. Include time, not just the date. It gives a specific deadline for a decision from the customer and helps drive action. Importantly, you need to make sure your text messages will get to your overseas customers. This means including international prefixes, ensuring character support and character-count. For a complete check-list on sending international text, check this Ultimate cheat sheet to texting customers overseas.
Then have the customer reply via SMS keyword – which can be configured to trigger either a second text message or a voice call. This call can be entirely automated, relying on recorded messages, keypad menu options and the customers’ stored credit card details and email address.
The decision to use voice or text really depends on which country your customers are in. For example, text message delivery in China is not as reliable as in other countries, and you may run into trouble with supported characters with Chinese carriers. The business case couldn’t be more straight forward; the minimal expense in sending the texts and/or automated calls pay for themselves with only the tiniest conversion rates. And the revenue is 100% incremental.
Customers prefer text
What’s more, customers love this communication mode – and not just those who choose to extend their policy. Just by checking in on customers at the end of their cover you are offering reassurance they’re being looked after. There’s a real feel-good factor in knowing that you have taken your duty of care seriously, and not forgotten about the customer as soon as they’ve made their initial payment.
For customers choosing to extend their policies, it’s a near-perfect experience. The offer is proactively being pushed to them at exactly the right time. Text message is the perfect medium as the vast majority of travellers have their mobile phones with them, even overseas. And a ‘call on request’ via reply text message means they don’t have to foot the bill for any voice calls.
Within a few minutes customers have their extended cover without having to take their wallet out, AND there’s an all-new revenue line in your books.
To see how Upwire can help you create brilliant customer experiences that boost your bottom line, contact us and let’s start the conversation.