Updated on 05/12/2022
Innovating in content-based digital communication tools is not easy, and even more so in an industry such as insurance where there is increased competition for the online policy. Yet Doxee has succeeded. Its cutting-edge Customer Communication Management (CCM) solutions have helped its insurance clients achieve tangible results. The case of the AXA Group, the French-owned multinational insurance organization, is emblematic in this respect. AXA has used Doxee Pvideo®, a personalized and interactive video that represents one of the market’s most advanced CCM tools, obtaining the following results:
- 40,000 videos sent in a year
- 91% video views
- 10% clicks on the final call-to-action
The reasons for this success are to be found not only in the innovative nature of the tool used, but also in a deep knowledge of the digital market, and the related dynamics, that Doxee has developed over nearly 20 years alongside leading companies in sectors such as Insurance, Banking and Utility.
Content based digital communication tools in the Insurance sector: Who is afraid of the Customer Experience?
The partnership with AXA and Monte Paschi di Siena was born out of the need to reduce the churn rate, the percentage of policyholders who do not choose to renew the policy. Given a large number of competitors fighting over the lowest cost, this is a very common situation. As a result, many company strategies reflect this reality: how can we prevent the customer from leaving?
This is precisely the opposite of a Customer Experience philosophy, which is based on building a close relationship between the brand and the insured, and on the positive experience that the latter should have gained from the time the policy was taken out to the time, it was confirmed.
Timing and clarity of content based digital communication tools
Doxee, on the other hand, knows that it is essential for the customer to be involved throughout the entire relationship with the customer–not only in the beginning when the policy is taken out. For example, AXA sent its customers a video by email 40 days before the deadline, then two more times, at 20 and 7 days before the contract expired. In addition to the timing, the clarity of the message portrayed in the video made a decisive contribution to the campaign’s effectiveness.
In a market as complex as the insurance market, which is dominated by word of mouth feedback that can have a significant impact on the premium amount, being able to explain the characteristics, advantages, and benefits of policy renewal, and in approximately one minute, is the main way to retain customers. Content is king. And if this is true, Insurance companies need to implement content based digital communication tools.
The ingredient of personalization
Without a key ingredient, clarity and timing would not have been enough to generate such a high percentage of Doxee Pvideo® views: this ingredient is personalization.
Each video included a male or female avatar, depending on the gender of the insured, along with his personal data, the model and license plate of the car, the type of policy, the policy amount, and the expiration date. It was not, therefore, one of the many generic clips that flood the network and from which customers are subjected to on a daily basis.
Instead, it was a message directed exclusively to that recipient, who could view it anytime and anywhere. In an age when there is a lot of talk about storytelling, the fact that the main character of the story was the customer himself is an extra element of persuasion.
A CTR that summarizes the best of DEM and newsletters
If you compare the click-through rate (CTR), i.e. the click rate on the insurance message via newsletter or DEM (Direct Email Marketing), you will immediately see the difference.
According to a 2020 survey from MailUp, the B2C insurance market recorded between 2.4% (DEM) and 11% (newsletter) of CTRs in 2019. These figures are muchlower than the 10% CTR of the AXA campaign. The study reveals a clear difference between the DEM and the newsletters, pointing out that the sector’s audience reacts to informative communications, while the response is lukewarm when it comes to advertising emails. Instead, it is the content that is key to involvement and guides conversions.
Doxee Pvideo® is the confirmation, but with a highlight. The videos embody the synthesis of commercial (DEM) and informative (newsletters). That’s why they are so popular.
Doxee Pvideo®, another way of doing native advertising
If we had to make a comparison with one of the most recent, and most effective, innovations in digital marketing, this would be native advertising. Even this form of promotion, which is increasingly widespread on the web, provides the simultaneous presence of news and advertising, contextualized and organic, to offer a global Customer Experience to the user, who does not like to be segmented into “consumer” and “reader,” but who simply wants to be the protagonist.
Among content based digital communication tools, there is Doxee Pvideo®. In Doxee Pvideo®, the customer is not only the main character, but also the director, since he can choose what to display and what to discard. And he has all the elements to decide if, in the end, he really wants to change insurance companies.