If you’re like most people, your home insurance policy ranks pretty low on your reading list. Lack of policy readership by customers is an issue that insurance companies generally acknowledge but largely fail to address. Celent recently named Florida-based Security First Insurance Company as its 2015 Model Insurer – Digital and Omni Channel category award winner for deviating from the industry's standard “read-your-20-page-policy-and-call-me-if-you-have-questions” method of sharing coverage information to customers. Instead, Security First Insurance is using technology to convey critical home insurance coverage details in a clear way that resonates with today’s socially and digitally connected consumers.
The company co-developed a personalized video with business partner Real Time Content, Inc. to highlight coverage information specific to each customer’s policy and clear up common insurance misperceptions. Security First Insurance’s personalized video, which the company sends to new homeowners insurance policyholders, is believed to be an industry first.
Home Insurance: The Movie
As a result of its personalized video, the Security First Insurance has been able to increase awareness of coverage for approximately 20 percent of its new customers. And nearly 75 percent of customers who start the video watch through to the “Important to Know” segment, which is beyond the basic coverage information pertaining to their policy. Not only are these customers more aware of the coverage in their policy, Security First Insurance has also included information that’s pertinent to claim satisfaction. Additionally, nearly 35 percent of customers who start the video view it to the end. The video is nearly eight minutes of personalized insurance content, and policyholders watching the full video is a strong sign of building brand loyalty and establishing a deep connection with customers.
Real Time Content, Inc. uses proprietary technology that allows Security First Insurance to add even more personalization to the viewer’s experience as needed. The video platform identifies if the customer is viewing the video in the morning, afternoon, or evening and knows if the customer is a first-time or returning viewer. This way, the personalized video addresses the customer accordingly. For repeat viewers, the video highlights portions of the video that were watched last and picks up where the customer left off.
Opening to Rave Reviews!
Security First Insurance received the 2015 Model Insurer – Digital and Omni Channel category award in March during Celent’s Innovation & Insight Day at Carnegie Hall. Now in its ninth year, Celent's Model Insurer Awards spotlight best practices in the use of technology in insurance in areas such as policy administration, IT management, claims, and distribution.
Celent is a research and consulting firm focused on the application of information technology in the global insurance industry, and its coveted awards are given annually to organizations that most exemplify IT best practices and measurable business results. Previous Celent Model Insurer Award winners include Allstate Insurance, Allianz Life, AXA, CNA, eSurance, Farmers Insurance Group, ING, MetLife, Nationwide, The Hartford, Tokio Marine & Nichido Fire, Travelers and Zurich, among other nationally-recognized brands.
In addition to the award, Security First Insurance has received positive feedback from several customers who expressed sincere gratitude for the company’s development of the video and stated that they never truly understood their coverage prior to viewing their personalized video.