India is a country where billions of people live in a diversified way.Therefore, insurance sector always plays a significant role not only to secure the future of the countrymen but also boosting country’s economic growth and nation’s infrastructure.
Over the years, the insurance sector has seen a tremendous growth that comes in many folds. The main reason for this growth is the rapidly changing the modern lifestyle of the people which has increased the risk taking factor and people are forced to opt out a better insurance plan for their future security.
Today, almost every sector whether it is health, life, general, house, shop, corporate and much more could be covered under insurance category to provide you the security against the human-made or natural calamities.
Quick Facts About Insurance Industry
– The insurance industry of India currently has 53 insurance companies out of which 24 are life insurance providers, and rest are non-life insurers.
– Indian life insurance sector is biggest around the world with over 370 million policies.
– Indian insurance industry is, at present 15th largest insurance market in the world by premium volume and to grow more in the coming years.
– The general insurance sector in India has valued at Rs 80000 crore per annum and growing at a phenomenal rate of 18% per annum.
We all know that there are only a few government-supported insurance companies existing in the market like LIC. Rest of them belong to the private sectors. These private players can only win the trust of the people with the good word of mouth and excellent communication with the customers.
To market and strategize the promotional activities, SMS is the only convenient and fastest way to hit the masses. Today, millions of people own mobile phones so that you can target more and more individuals with SMS marketing.
More than 95% percent SMS is open and read by the people, which is highest among all the other mediums. Insurance companies can hugely benefit with SMS by sending reminder message of payment dues, policy details, last due dates, coverage amount, offers and all.
Advantages of SMS in Insurance Industry
1. With the help of SMS, you can cut down the possibility of penalty on late premium deposit by sending reminder SMS.
2. You can also build a healthy relationship with the customers by sending personal messages on particular occasions.
3. Due to its high open and read percentage, you can save your expenses by sending SMS instead of using other ways such as email marketing, etc.
4. SMS conversations can enhance your communication level with the customers. When you regularly talk with their clients and resolve their problems, it will help you in retention of the customers.
5. SMS helps you to stand out from others in this highly competitive environment.
6. SMS is also the easiest way for the customers to share their views or contact you anytime if a need arises.
And this is how SMS would help Insurance Sector
1. Following Up Your Customers
This certainly the best way to retain the customers. If you follow-up their clients after they make purchases, this is the good sign that impacts positively on the mind of the customers. Providing rewards and awards to the customers for their loyalty will surely build your relationships with them and make ways for earning more customers and sales.
You can send some special gift vouchers and coupons on their purchases like 10 to 20% off to boost up their morale so that they visit again for more.
Giving coupons is one of the popular ways to connect well with the customers. Future discounts with the coupons are currently on the trends. What you can do is send a message like, ‘Purchase this plan now and get 10% on your first two premiums’. This will certainly help in adding more customers by your side.
3. Seasonal Discounts
Seasonal discounts are one of the important givings by the retailing sectors to the customers. This is the best and convenient way to attract masses. You can start giving seasonal discounts whenever some festivals or occasions are approaching. Just do remember the thing that starts the SMS campaigns at least, 15 days before the occasion.
Always put them in front of the customers because it will return to you with much more benefits.
4. Intimation Regarding the Policy Numbers
The policy number is an essential thing in any policy customers takes. This is a unique number which identifies the customer as a policyholder. You can make simple their ways to get the policy number by informing them about their policy number through an SMS. Also, you can inform them about the starting date of their policy.
5. Notify Them About The Progress Of Their Policy Application
Policies are taking some time to complete the entire process. Customers are very curious and concern to know about the update of their policy status. So, you can send the details about their current status of the policy with the timely SMS.
6. Texts Regarding Policy Renewal Updates
Almost all the policyholders wants to know when will their policy get mature. You can notify them about timely informative SMS regarding the due date.
7. Send Advance Notification About The Next Due Payment
People have this tendency to forget date about the next policy premium due to their hectic schedules, so this is the best time to grab their attention towards you by sending an advanced SMS regarding the details of the next payment.
8. Start A Survey Or Questionnaire SMS Campaign For Feedbacks
Getting customer’s feedback is a very important aspect in the insurance sector. You should know how people are reacting to your products. This not only helps you to know the positive results but also a chance to know your glitches in the services so that you can make changes according to the mindset of the customers.
As I said earlier also that communication is the crucial step in earning the faith of the customers in the sector like insurance. These above-mentioned ways are very crucial in this sector and you will easily get the desired results in lesser time with SMS marketing. Just follow these ways.