I’ve been thinking a lot about technology trends and their impact on the insurance industry as we prepare to attend the Dig|In Conference (The Digital Future of Insurance) on May 10-12 in Austin, TX this year. Over the past 24 months, Kaltura’s most rapidly growing sub-vertical has been insurance. Our clients range from Nationwide, MetLife, Generali, and American Family Insurance Group. Watching them has been a master class in video trends for insurance companies.
When we were looking to define our target audience, I have to admit, insurance was not mentioned on anyone’s short list of heavy video users. Boy, did we learn! As we started working with our first partners, we discovered an environment which had been actively using media to educate employees and clients on a complex and ever-changing portfolio of services. They were looking for creative ways to open collaboration between departments and locations.
These organizations understood risk and liability more than we ever would. So it was flattering when they chose our platform. It confirmed many of the decisions we ourselves had made in building the platform. We had chosen to make the investments in stability and reliability. We understood that what our clients wanted more than anything was to know their videos would be delivered, securely, reliably, and at a high quality. Our work with these companies has been some of the more interesting engagements. They’ve pushed Kaltura to continue to expand our capabilities. In the process, we’ve been deeply impressed by the some of the cutting-edge uses the leaders in insurance are finding for video.
Key Video Trends for Insurance Companies
Using mobile for fraud prevention and more accurate adjustments
One of the big video trends for insurance companies is taking advantage of the fact that most of us have a video camera in our pocket these days. Video apps tailored for insurance companies are game-changers. Some insurance companies now ask clients to submit a supplementary video with their claim to capture immediate post-incident conditions. This same dedicated mobile solution allows claim adjusters to record their inspections, review content in high-quality detail, or allow a fresh set of eyes. The uploaded files are automatically associated with the name of the adjuster, the geo-location of the work order, and any written annotations.
Initial results from this streamlining are showing a noticeable improvement. Using video results in fewer paper reports, establishes dates, reduces human error, and guides clients and adjusters more easily on to the next step. The prompts to fill in the proper metadata before upload ensures complete files. With stronger evidence and a smoother workflow, video strengthens fraud prevention and speeds claim reimbursement. In a stressful time, clients face an easier claims process and get their much-needed funds faster.
The insurance companies using this video strategy have simple, custom-branded mobile apps that can work on any device, with or without connectivity. Since most people are familiar with the technology involved, very little is needed in the way of training or support costs.
Using video for compliance and other training
Insurance companies must provide adequate protection for clients while balancing potential exposure for the company. Meanwhile, regulatory guidelines are constantly changing, country by country and state by state. This is not an industry inviting to laymen. Employees need access to accurate, up-to-date information on complex topics. This data will determine exactly how and what they can communicate. The key to staying on top of all this information? Video. Studies have found that when individuals are presented with content in multiple modalities (such as written text and accompanying video/audio files), they are THREE TIMES more likely to retain what they are studying.
A recent area of interest for compliance-required continued learning has been around progressive learning paths. In these cases, instead of just being handed a collection of content, learners are led down a well-planned branch tree of questions. These might gradually expose more questions on the subject until proper understanding is reached. Or the user won’t be able to watch the next part until they complete the first. Kaltura’s integration with RAPT Media, for example, lets companies build both branching interactive videos or ‘choose your own adventure’ scenarios, by stitching videos together to create different paths. Tools like this lead to deeper engagement, resulting in improved retention in significantly less time.
Whether it is mandated by governing agencies or corporate policy we have seen countless data points showing a direct correlation between keeping employees engaged in their development and increased morale, job satisfaction, and performance.
Using video to educate customers
Clients, too, need to be educated. Insurance companies’ marketing teams are masters at using video to differentiate insurance companies and their policies. But what seems simple at the buying stage—X coverage for Y item at Z price—can become confusing when a claim needs to be made. Anyone ever needing to exercise their policies learns very quickly that the difference between insurance companies can make a claim either a quick and effortless procedure or the most frustrating activity of their life. Whether it is helping clients fully understand what they are buying or how to navigate a claims system, video is just as key for customer education as it is for employee learning.
Why Are Insurance Companies Embracing Video?
”If a picture is worth a thousand words then, at 24 frames per second, how much is a 30-second video interaction worth?” Cliché, but we keep using it because it is true. Video is particularly effective for insurance because the message it delivers is deeply compelling. We see a tree hit someone’s house, and the next moment shows an agent arriving, finding them temporary housing, and taking this burden off their shoulders. Convincing customers that your company is the one that will provide that experience, instead of just directing them to a call-routing system, is the difference between closing a sale and not. But insurance companies know that the real work begins after the marketing ends. That’s why the biggest video trends for insurance companies are about going beyond the commercial, to an easier, more informed customer experience.