SMS Marketing for Life Insurance Companies
The new year is traditionally a time when people look to make positive changes in their lives and resolve to tie up loose ends in various areas of life. One sector that can take advantage of this time of year is the Life Insurance industry. It is an ideal time to reach out to both new and existing clients and encourage them to make sure that everything is in order for the new year. SMS Marketing is a powerful and effective solution which is ideal for such a campaign. Here are seven suggestions for using SMS Marketing to start your 2018 campaign.
1. Appointment management
If you have a team of agents making face-to-face calls, you will be well aware of the problem of missed appointments and last minute cancellations. With so much going on, your customers are always busy, easily distracted and time just gets away from them. Research shows that the majority of no-shows for appointments are caused by the participants simply forgetting that they had made an arrangement, rather than a lack of interest in your product or proposition. With this in mind, sending an SMS message to remind them of an appointment can turn this trend around and help to reduce no-show rates and the associated costs. It also adds value to the customer by helping to make sure that they follow through on their new year plans – a seemingly small gesture which can go a long way towards winning the long-term loyalty of your new customers.
To demonstrate the highest level of service, don’t just send a cold reminder – give clients the option to reschedule or cancel via text too. By making it easy for people to make changes, your agents will be able to manage their schedules more efficiently and fill in those last minute cancellations, as well as demonstrating that there is a human side to the company that recognises the ever-changing needs of individuals.
2. Staying in touch
The insurance sector has changed a lot over recent years, and now there is far more that customers take into consideration than price alone. Life Insurance, unlike many other types of insurance, is a choice rather than a requirement, meaning that the human touch is more important than ever in influencing customers.
SMS Marketing can help to add that human touch. Reach out to new customers as a human, using a friendly and personal tone. If your existing customers are due for a policy renewal, send a short message letting the customer know they need to take action to renew. Or just send a courtesy reminder if the renewal is automatic – this can also be a great time to reach out for an upsell or cross-sell.
As well as policy related messages, don’t be afraid to be more personal. You can send birthday wishes or acknowledge other life events with a text message. This all helps to demonstrate that human, personal touch. When your customers feel good about you, they’re more likely to trust you and stay loyal even in the face of lower rates elsewhere.
3. Cross-sells and upsells
With so many different types of insurance on offer, why not let your customers know about them? If your customers only have standard life assurance, why not periodically let them know about your latest offers on critical injury policies, travel insurance or other types of cover that may complement their existing policy. In addition, people’s financial circumstances and needs change over time, so it is worth enquiring from time to time whether your customers have the right level of cover or would benefit from increasing their policy or adding tailored extras. SMS Marketing can be used very effectively for such communications.
4. Integrated marketing
With almost every adult in the UK owning a mobile phone and the vast majority having them within arms reach almost all of the time, if customers are considering taking out a life insurance policy then Mobile Marketing is a great way to reach and engage with them. Remember that SMS Marketing does not necessarily have to be a one-way process initiated by the customer receiving an SMS – with the use of shortcodes, you can run traditional and digital marketing campaigns and encourage customers to enquire by SMS.
For example, you might run an advertising campaign with a Call to Action such as “Looking for total peace of mind? Text LIFE to 87007 now for more information”.
Click here to learn more about using shortcodes as shown in the example above.
Making the experience as simple as possible from the outset is a great way to instil a sense of trust and confidence in potential customers.
5. Sharing tips
SMS Marketing is great for more than simply sales and direct marketing – it can also be a highly effective tool for sharing knowledge and tips – helping to add value to the customer relationship. For life insurance customers, why not share tips on healthy living, safe travelling and more. You might want to run a campaign based on a series of simple tips that fit within the SMS character limit or create longer content such as blog articles and share links by SMS. Indeed, you may even want to experiment with both and see what gets the best results.
Providing such useful information to your clients helps to present your company as a proactive organisation that really does want to help its clients get the most out of their relationship, which can really help to make you stand out from the competitors.
6. Managing claims
There has been a lot of pressure in recent years for insurance companies to simplify their claims processes and SMS Marketing is a great way to help achieve this, as well as improve customer relationships throughout the claims process.
SMS messages mean that it is simple to keep customers updated as the claims make it through your review process. Send a confirmation message when the claim is received, another one when it’s actively being reviewed, then another one letting them know if you need more information. Keeping customers informed every step of the way not only helps put them at ease but can also reduce enquiries to your call centres or agents for updates. Once the entire process has been completed, be sure to follow up with a feedback survey.
7. Customer feedback
How easy is it for your customers to share feedback? Sending out a short SMS survey can be an easy and quick way to get some insight into how your company is performing, how you are perceived and what you are getting wrong and right. The surveys could be sent randomly to all customers or triggered based on events. Automatically send out a survey two days after a claim is closed to see what they thought of your process and results. Send a different survey out to people who have had contact with an agent or your customer service centre recently and see if they had a good (or bad) experience. Survey results can always help you improve on what you’re doing and using SMS Marketing makes it quick and easy for everyone.
The suggestions presented are just a few of the ways the life insurance industry can use SMS Marketing to succeed in the new year. Used effectively, they can help to reduce costs, increase sales and help establish your brand’s reputation for excellent customer service.
To get started with SMS Marketing now, call our team of experts on 0800 954 5305 and we’ll have you set up in no time.
Can your business benefit from A2P SMS? According to recent research the answer is yes. See the industries that are using it and how the convenient and easy to use fastsms API can get you started, even if you don’t want to code.
We all know how great SMS marketing is for companies which sell to consumers, such as hairdressers, night clubs, garages and hotels. But why would a primarily business to business organisation want to use SMS marketing and why would it want to use FastSMS as its online SMS platform?
If there’s one industry that’s often assumed to be cold and impersonal, it’s the financial industry. It’s all about numbers and money, not about the people who have accounts, or need help with enquiries. The reputation may or may not be deserved, but there is a way to combat it: by making customers, investors, or clients feel like you care.
How exactly do you get smished? It happens when you become a victim of smishing. You might not have heard the term. I know I hadn’t until I stumbled across it while researching on the web. But if you’ve heard of “phishing”, it’s the same thing, just done via SMS messaging. But how can you avoid becoming a victim?
The new year is a time of year when traditionally people set out to take back control of their personal finances. It is also, however, a time of year when people are feeling financially stretched – even more so as we go into 2018 with inflation at the highest levels in many years. All this is great news for money lenders, who can help their customers to get things under control with personal loans. So how can such companies use SMS Marketing to their advantage. We share some ideas from the team.
In this blog I also share a story from a previous job where timekeeping was critical to the success of the company and how SMS could have helped. For any business needing to keep track of employee time and payroll, SMS is a perfect fit. This simple form of communication is so versatile, it can be used for just about anything.
People rely on their mobiles for everything these days. They check them up to 200 times a day! Any business that communicates with customers can take advantage of that by using SMS messaging for transactional information. Read on to see the top 5 reasons why.
Insurance companies have lots of ways they can put SMS messaging to work for building their business and managing customer relations. The following list covers 7 different use cases that can apply to any type of insurance.
The benefit of using SMS messaging for authentication is that people have their mobiles with them all the time. It’s convenient for them to receive the passcodes quickly so they can get logged in and do their business, whatever that may be. At its simplest, the procedure goes something like this…
I came across an interesting article regarding the A2P market. It’s entitled “Growing Employment Rate to Benefit BFSI A2P SMS Market in Switzerland.” The contents summarise a new report from Transparency Market Research about the A2P market in Switzerland, specifically how it relates to BFSI or Banking, Financial Services, and Insurance (BFSI). You might be thinking that sounds boring rather than interesting, but what drew my attention was the relationship of employment to A2P SMS messaging.