The insurance industry is expanding; staying at the top of the market is no simple feat! Competition is coming from all angles and digital disrupters are creeping around every corner to grab their share of the market. Top insurers are finding new and improved buyers. These buyers are savvy and they expect low prices along with On Demand customer service.
Insurance companies have long been major advertisement buyers. But now a new trend is emerging – increased investment in employee communication and knowledge management. Video for insurance companies is no longer just about ads, but is being used throughout the organization. Video technology now allows this new landscape to be feasible and affordable. Most insurance companies are not first-time video technology buyers. They’ve been around the block once or twice. They probably purchased a video technology that supported live and pre-recorded videos in one form or another. They likely did this many years ago and are now ready to upgrade. As the need to create and view videos starts growing from multiple departments, insurance companies are starting to standardize on a single video platform that can meet all of their live webcasting and Video On Demand (VOD) requirements.
Insurance companies have always been heavy users of video and that’s only increasing. Corporate communications (e.g., executive all-hands meetings) and marketing and agency videos (e.g., catchy commercial jingles) have been the standard method for some time. But now other departments want and need to support their own use cases. Product, learning, training/HR, claims and fraud teams all have their own growing needs, as well.
So why now? Quite simply the demand for video has never been higher! Employees expect to have easy access to find and watch an informational video their boss recommends. I used to think this was just the millennial generation. But now that my 70-year old mom is sending me weekly YouTube clips and going “live” on Facebook it’s clear that video now spans far beyond the younger workforce. The bottom line is: insurance companies need to attract and retain top talent. They need to provide their employees and policy holders with easy-to-use video tools. When a new 35-year old manager wants to share a motivational message with his/her team members, a help-desk ticket shouldn’t need to be submitted.
Video Use Cases for Insurance
Let’s dive a little deeper into the use cases insurance companies are seeking to support the surge in video growth:
- Corporate Communications – CEO or other executive messaging using video has been around for years and now other CXOs and VPs want to have their own direct line of video communications with their teams, who are spreading out across the country more each year.
- Marketing and agency videos – Most insurance companies have catchy advertisements and unforgettable jingles that they want to post to their website and social media outlets, using a single video system to manage the various distribution channels. The massive increase in social channels requires a more structured and centralized approach to video, as well as the need to support higher quality video formats.
- Product teams – Not only is video the best way to describe how to pitch the latest and greatest insurance products to brokers and advisors, but mobile app developers want to ensure their policy holders can easily and securely upload and send videos on their mobile apps.
- Learning, training and HR – In an industry with so many products that are constantly changing, the need to train employees, brokers, partners, and consumers is a must. Video is the best medium to do that.
- Claims and Fraud – Most people walk around with multiple video cameras either in their pocket or in their bag. When an accident happens, people immediately whip out their phones and start to record. This is great news for insurance companies because videos contain lots of data; the more evidence they have, the better they can accurately make a judgment on the claim. Using video for insurance claims can streamline the whole process. To do this well, insurance companies have to manage and securely store the video submissions which can be challenging as most case management software doesn’t have native video streaming support.
The Future of Video for Insurance
Insurance companies NEED video! Upgrade your system today and make your company more streamlined, secure, and integrated. It will “insure” success!