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If there’s one sector where good communication is essential, it’s the insurance industry.
Insurance companies help to mitigate risk, provide a sense of security, and, all in all, offer peace of mind. That said, anything short of seamless and effective communication with its policy-holders could be a potential cause for chaos and panic.
As the world moves forward with its technological advancements, the time for insurance companies to streamline and digitize their correspondence is now.
And with a large portion of the world’s population on WhatsApp, it’s the platform to be on.
In this post, we’ll dive into the top challenges facing the insurance industry, the benefits of using the WhatsApp Business solution, and providing messaging templates to help boost communication.
Top Insurance Industry Challenges
First off, let’s take a look at some challenges the industry is currently facing.
- There are higher expectations from policy-holders. From communication to payment methods, consumers these days are placing a higher emphasis on the need for flexibility and ease.
- Policy-holders are unclear about claims procedure. It’s common for policy-holders to feel overwhelmed and lost when having to make a claim. Most are unsure about the procedure, including what documentation is required, the file-by date, and more. After filing, there’s also a lack of communication from the insurer’s end to inform them whether their claim has been received.
- Workers lack digital marketing and communication skills. According to a report by PwC, insurance companies’ hiring practices have not changed in 20 years. The focus on agents with good in-person skills is no longer sufficient. To adapt to the digitalized era, agents must also be able to work with the latest tech and communication tools.
All these challenges are why it’s high time for insurance companies to consider streamlining and improving their services – beginning with communication.
One of the best and most effective ways to do this is to integrate WhatsApp Business into their business.
In the next section, we’ll talk about the advantages of using the WhatsApp Business solution for insurance companies.
Benefits of the WhatsApp Business API Solution in the Insurance Sector
Whether you’re using WhatsApp chatbots or simply offering users the possibility to reach you on WhatsApp, the fact that it’s possible to communicate with you via WhatsApp helps to improve customer experience.
Because WhatsApp chatbots offer 24/7 service, they help to get processes started even beyond office hours.
This comes in handy when policy-holders need to file claims. From the company perspective, it also speeds up information processing and service as users don’t have to wait until a human agent is online to get help.
Here are three popular ways insurance companies can benefit from using WhatsApp Business.
1. File Claims (On-the-Move) Securely Using WhatsApp Business API Solutions Multimedia Features
The possibility to send multimedia files via WhatsApp Business is probably one of the tool’s best features.
When filing claims, policy-holders can send everything from photos and videos to files, audio messages, and even their location – all via WhatsApp.
There’s also no need for them to worry about hackers or their information getting stolen thanks to WhatsApp’s message encryption.
Plus, as we mentioned in a recent post on WhatsApp’s new features, they’ve also recently launched “disappearing messages” which can only be seen once.
2. Automate Information Processing
Insurance companies can use the WhatsApp chatbot to automate the collection of user information (name, age, type of insurance needed, income, budget, contact info, etc.) to help evaluate what policies are available.
This can be done to expedite the sale process. Because all of this is automated, it saves your agents time and energy. So when a sales agent eventually gets to it, he already has an overview of the customer profile and needs.
Also, one major benefit to this is that if a user gets in touch with you via WhatsApp, you immediately have his/her contact number.
Just take note that as per the WhatsApp Business policy, you need to offer the possibility for the user to reach out to a human agent.
3. Automate Lead Qualification
This ties in with the previous point.
The information collected can help your agents (or CRM, if you’re using one) filter and separate quality leads from those that are unlikely to generate a sale.
For example, if a potential client has a budget that’s less than the lowest premium your range of insurance policies offers, or any other issues that immediately negate his chances of getting coverage from your company, you can turn him/her away immediately.
Likewise, this can also be set up on WhatsApp Business so that a list of policies can be presented to the client automatically.
Here, you can either send links to specific landing pages on your website that detail your policies. Alternatively, you can also offer clients the option to receive PDF files with policy details.
All these can be automated using the WhatsApp Business solution, which frees your agents up for more important sales processes like closing.
WhatsApp Marketing Templates for Insurance Companies
Now that you have a better idea of the benefits of the WhatsApp Business solution for the industry, let’s dive into some practical aspects: WhatsApp messaging templates.
In this bonus section, we have for you three extra ways to improve communication (and the number of touchpoints) with your customers, including templates you can use.
These can be adapted according to your brand identity and toned a little more informally or formally depending on how you position yourself.
Check-out reminder texts work very much like cart abandonment reminders for ecommerce companies. However, these tend to apply more to travel and pet insurances rather than the more consequential ones like life or medical.
If you offer a “get your quote” tool on your website that visitors can use to fill in their information and select and purchase a policy immediately, this message will come in handy.
It can be sent out to users who start the process, maybe making it to the end, but fail to carry it through and check out.
Hello [name], thank you for using [insurance company name]’s Get a Quote tool.
We see that you’ve checked out our [policy name] policy. [List some benefits/characteristics of this policy]
If you’d like to proceed with purchasing this policy with us, simply click on this link: [link]
If you have questions about the policy or would like to explore other options, you may respond here directly.
My name is [agent’s name] and I’d be happy to assist you.
Send Reminders of Policies That Are About To Expire
Though it’s common for insurance policies to be automatically renewed, that’s not always the case.
Using WhatsApp Business, you can let your clients know when a policy is about to expire and remind them to renew in time to avoid a lapse.
In the case of travel insurance, for instance, you can check in with them to see if they have any upcoming trips planned and remind them that you (or your WhatsApp chatbot) are around for a quick insurance purchase process. This is particularly pertinent in COVID times as traveling is still not back to what it used to be.
Hello [name], this is [agent’s name] from [insurance company name].
Your [policy name] policy will be expiring on [expiry date]. If you’d like to renew it, simply click on this link and follow the instructions: [link]
If you’re looking to upgrade your policy, would like to explore other policy options, or have any questions at all, feel free to let us know by responding to us here directly on WhatsApp.
Inform Users of Changes to Policies
Expiring policies aside, you can also send out messages to inform users of any changes to their policy.
Note that such news is often frowned upon and not welcomed by users, especially if they’re not in their favor. So when doing so, make sure to explain why these changes are being made.
Hi there, [name]. This is [agent’s name] from [insurance company name].
[Provide a brief reason for policy change.]
That said, there will be changes made to your [policy name] policy starting on [date].
If you wish to read more about these changes and how they affect you, click on this link:
If you have any questions after and would like more clarification, feel free to reply here and I’d be happy to assist you.
Official WhatsApp Business API Solution Provider
If you’re looking to start using WhatsApp for your insurance company, WATI is an official WhatsApp Business Solution Provider (BSP) and can help you get access to the WhatsApp API.
We also have experience in building WhatsApp chatbots for businesses in the insurance industry and would be happy to get you set up.
If you’re interested to learn more about how we can help you, get in touch.