How can Insurance companies use WhatsApp for customer engagement?

May 18, 2023
6 min
Amardeep Singh

The insurance sector has been through its fair share of ups and downs in the past 3-4 years. Insurance companies were under extreme financial stress due to Covid. The pandemic was also instrumental in changing the perception of people about insurance.

It made them realize the importance of having insurance and financial backup in tough times. As per reports, IRDAI data shows that the number of life insurance policies sold and the total amount of premiums collected registered a year-on-year increase in June 2022 compared to June 2021.

Insurance companies want to ride this wave of awareness and are investing heavily in finding avenues to acquire new customers and engage more effectively with existing ones. They are exploring digital channels to achieve the next wave of growth. These channels will help them connect with their target audience faster. They are more convenient and effective as compared to other traditional mediums. The businesses want to be present on platforms which are user-friendly, with a high frequency of usage and also can merge easily in their current set-up. WhatsApp is a perfect fit, as it fulfils all these criteria.

Using WhatsApp as a customer engagement platform

The marketing landscape has drastically changed after Meta launched WhatsApp Cloud API, a cloud-based version of WhatsApp Business API enabling businesses to build tools on top of WhatsApp. It allows marketers to leverage WhatsApp to engage with users across different customer life cycle stages.

Insurance companies should use the WhatsApp Cloud API to connect and engage with their target audience. The race to capture audience attention on WhatsApp has already begun. Recently SBI General Insurance launched buying facility via WhatsApp.

WhatsApp is a popular platform all businesses will quickly adopt it and use it to enhance customer engagement. A great way to do so is to personalize customer communication and messaging on WhatsApp. 

McKinsey Report mentions that faster-growing companies drive 40% more revenue from personalization. 

Insurance companies can achieve better growth and meet customer expectations by adopting personalization on WhatsApp.

The New Age WhatsApp Personalization 

When it comes to personalization, most marketers think that if they send a text message with personalized attributes like {{first name}} and {{last name}}, it should serve the purpose. But they overlook the media that goes along with the message. Also, text-based personalization is an old-school method.

How can a marketer, ensure that the entire message, including the rich media, is personalized as per the user?

We at Vizard can help you do so. Vizard enables businesses to personalize 1000s of images and videos in minutes. Brands can customize multiple attributes like customer details, premium amount, policy details, and transactional details in the image or a video and deliver tailor-made messages to each customer through WhatsApp and multiple customer engagement platforms in just a few clicks.

Let‘s look at some specific use cases for the Insurance sector.

1. Welcome a new customer

A brand can send a welcome message to the new customers informing them about its presence on WhatsApp for any queries related to their insurance policy.

2. Share Co-branded marketing material with your channel partners

A critical revenue-generating channel for an insurance company is its channel partners and individual insurance agents. The insurance company can provide them with marketing support by sharing co-branded marketing creatives. The channel partners and advisors can send these high-quality professional co-branded creatives to their customers or prospects.

One of our clients, Insurance Dekho, shares co-branded marketing creatives with their advisors on festive occasions. Advisors send these creatives to their audience as best wishes. It has helped them achieve higher open rates and better top-of-the-mind recall value.

Also, using Vizard, you create these co-branded media from a pre-approved template, which ensures that the personalized media generated are also compliant with the guidelines laid down by the authorities.

3. Directly wishing their customers 

A company can personalize festive wishes with user details and WhatsApp directly to their customers.

4. Policy Renewal Reminders    

Companies can also send messages to remind customers about their upcoming policy renewals. They can personalize the amount and the policy renewal date, offer specific discounts, etc.

5. Policy Renewal Acknowledgement

Once the customers renew their policy, the company can share the acknowledgement of the same on WhatsApp.

6. Claim Request Receipt Acknowledgement

The insurance company can send an acknowledgement message to the customer about the receipt of their claim request.

7. Claim Settlement Intimation      

An insurance company can also inform customers about their claim settlement through a personalized WhatsApp message.

The use cases mentioned here are in no way exhaustive. Each company will have specific use cases for which they can use visual personalization to engage with customers over WhatsApp. It is a powerful medium with an untapped potential to drive growth for Insurance businesses. 

If you want to explore visual personalization for your business, you can register for a 7-day free trial of Vizard. Alternatively, you can connect with our personalization expert to schedule a demo for your business.  

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