Rewarding in the Insurance Space

From automotive to home and life coverage – insurance carriers work hard to make sure customers are not only covered but happy with the services they provide, especially when they need it most. With a handful of policies available to consumers, it’s important for carriers to engage with their customers in a multitude of ways and stand out. Keep reading for real examples of ways insurances carriers engage with customers and drive specific behaviors with rewards.

Safe Driving

Cambridge Mobile Telematics’ DriveWell App

In this technology-driven age, most people have a smartphone within arm’s reach at any given moment. This is great for connecting with friends and family, taking care of work tasks while commuting, and keeping up with current events in real time. While smartphone capabilities come with a ton of advantages, the less positive side of the coin is that distracted driving rates are up and higher than ever.

Automotive insurance carriers have the ability to drive certain behaviors with safe-driving applications. A great example of this is Cambridge Mobile Telematics’ DriveWell solution. To them, safe drivers are made, not born. Their mission is to make roads safer around the world by making drivers better. With DriveWell – auto insurers, vehicle fleets, auto makers, wireless carriers and even government agencies benefit from creating safer drivers globally. The impact of this is huge, especially considering over there are over 50 million injuries and crashes caused by automobiles worldwide.

The DriveWell app comes equipped with mobile sensors and uses machine learning to accurately infer key metrics about vehicle mileage, road types, speed, acceleration patterns, phone distraction, and collisions. DriveWell aggregates this data and provides driver/passenger classification, vehicle identification, scoring for both vehicle and driver, personalized feedback, and gamification. The gamification piece is where rewards come in. App users are able to earn points for safe driving and redeem those points for gift cards, instantly. We already know the value of rewarding customers immediately in order to influence behavior, you can read more about that here or here.

Emergency Payouts

Natural disaster strikes when you least expect it. When resources are limited, it’s important to be able to get customers insurance money when they need it. Digital delivery via email allows insurance carriers to immediately send funds to the customer in need. Hotel accommodations, flights, food, and so much more can be provided via e-gift and prepaid cards – helping the victims of natural disaster get back on their feet much faster than waiting for a check to be physically mailed. When disaster hits and customers find themselves lacking resources, digital gift cards are the easiest way to create immediate comfort and getting people back on their feet.

Customer Engagement   

Customer engagement goes a long way for influencing behavior and creating happy, long term customers for life. An efficient way to implement a customer engagement program is to research some platforms that do the work for you. Sureify – the global life insurance industry’s leading digital acquisition, policyholder engagement and analytics platform provider – is a great platform to look into. Sureify partners with Tango Card to enable the offering of rewards and incentives to policyholders as part of the engagement portal within the platform. When it comes to customer engagement, e-gift cards are a great way to motivate and retain. One of our own customers even increased customer response rates by 244% with digital rewards.

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