Potential for increased renewals and better persistency with KPOINT? 50:50

The persistency ratio of life insurance can drop to as low as 50% by the fifth year. Policyholders also tend to delay or overlook their renewals, leading to revenue losses and coverage gaps.

Spread across 980+ cities, villages, and towns with over 460 branches in India and over 16000 employees, this India’s leading life insurance provider, offers a diverse portfolio of financial products, including ULIPs, term insurance, and savings plans and they have a strong emphasis on digital transformation, seeking innovative solutions to enhance customer engagement and policy retention.

The challenges consisted of the following:

• Maintain and increase policy renewals through traditional methods of SMS/calls.
• Increase the effectiveness of policy renewal reminders due to customers often overlooking or ignoring renewal reminders, leading to lapses in their Unit Linked Insurance Plans (ULIPs).

Some of the major problem statements inferred by the company were educating users on staying long-term with the ULIP policy, renewals through multiple mediums, and rebalancing the portfolio.

To improve policy renewal rates, KPOINT introduced an interactive, hyper-personalized video solution. This approach:

• Personalized the video to the customers by displaying key details such as policyholder name, policy number, renewal amount, renewal date, nominee details, and portfolio performance.
• Provided actionable options directly within the video, allowing policyholders to:

1. Renew their policy instantly.
2. Rebalance their portfolio and asset allocation.
3. Set a calendar reminder for policy renewal.

• Delivered personalized video renewal reminders via WhatsApp 10 days before policy expiration.

This interactive video solution led to significant improvements in customer engagement and policy renewal rates compared to conventional channels like SMS and phone calls.

In one year, the interactive video solution significantly improved customer engagement and policy renewal rates compared to traditional channels. Key outcomes included:

• 6.5 Lakh personalized video links were shared with policyholders. These links can be accessed only by the respective policyholder.
• The total campaign cost was ₹15 Lakhs, delivering a high return on investment.
• The initiative led to a potential revenue collection of ₹319 Lakhs

The interactive video solution by KPOINT was designed to deliver hyper-personalized customer engagement. Features included:

• Hyper-personalization of videos to tailor content for each policyholder.
• Seamless integration with WhatsApp for direct and effective communication.
• Real-time tracking and analytics to measure engagement and optimize future campaigns.

With over 6.5 lakh personalized video links shared and a revenue potential of ₹319 lakhs in a year, the initiative has proven to be a game-changer in the insurance sector. The seamless integration of personalized video reminders via WhatsApp not only increased policy retention but also empowered customers with real-time insights and actionable options.

This success tells much about the real power of video intelligence in the insurance industry by emphasizing the need for personalized and interactive communication strategies!