Reducing the churn rate is a critical success factor for companies in the most competitive sectors, and this is especially true for insurance, where mitigating the risk associated with customer cancellations is a priority. Changing insurance companies is an increasingly common practice among consumers, so much so that insurers are changing the way they communicate and create value for customers.
New technical and digital capabilities on the market today offer accessible solutions for tackling these challenges, enabling new ways for accessing customers and for conveying products in ways that are more transparent, allowing for greater product differentiation and at the same time, reducing costs. The starting point is the Digital Customer Experience, a digital strategy that aims to put the customer at the center of the relationship between insurance and insured.
AXA – MPS: Digital management of RCA renewals
AXA is a leading insurance company that is in the process of digitizing its Customer Experience. During this transition, the company also wanted to mitigate the risk of cancellation by its customers. The company was looking for a digital tool that could support the RCA renewal processes, to contain the risk of churn, and be able to offer a totally digital, valuable, engaging, and effective experience. Doxee Pvideo® was chosen for its personalization and interactivity features, but also for its easy integration with the company’s CRM and Marketing Automation systems and, above all, for the possibility of transforming policy renewal into a productive and positive point of interaction, a necessary premise for establishing lasting dialogue and mutual trust with the customer, which allows a better understanding of his needs and expectations.
Doxee Pvideo® and policy renewals
The use of Doxee Pvideo® in RCA policy renewals has proven effective right from the start, with personalized videos being used throughout the renewal process. In fact, 40 days before the policy expiration date, each AXA customer receives an email with a personalized video, built based on the customer’s own data such as the license plate, vehicle color, the additional policies included, and new proposals or special offers based on the customer profile or on past claims, the geographical area of residence, and how the vehicle will be used and the purpose of use of the vehicle.
For this project, AXA chose Doxee and its Pvideo®. The video was made with the goal of maximizing policy renewal conversions, taking advantage of the interactivity and personalization features of the Doxee Pvideo® product, which allowed customers to pay for renewal in a single click. In this way, during the renewal phase, the customer receives an offer completely designed according to his needs, with a price based on data around his use of the product, drastically increasing the effectiveness of the campaign. The extremely personalized offer, combined with the ability to purchase quickly, help guarantee its effectiveness. Proof of this, for example, is the fact that more than 90% view the video until the end.
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