The following post is based on one of my 2016 technology-focused insurance industry reports.
Insurers are slowly beginning to use video solutions to improve CX by more actively supporting the insurance customer journey. Many of the video solutions enable insurers to create an “interlude of immediacy” by engaging customers in a personalized, one-on-one manner. All the video solutions leverage the state of the mobile environment, which includes the ubiquity of smartphones, customer familiarity with mobile apps, and the growth of video throughout social media and enterprise communication and messaging platforms.
An emerging video ecosystem
A new ecosystem of technology vendors providing video solutions to the insurance industry is emerging. The ecosystem is fueled by technology vendors taking different approaches to create video solutions: some are:
- coming to market with solutions that support insurance marketing and sales
- bringing solutions to support customers
- bringing solutions to quicken the claims management process
- offering video content management and analytics solutions
- offering IP-enabled infrastructure to support other vendors’ video solutions.
The expanding video ecosystem represents potential partnerships, alliances, and/or competitors, with each technology vendor striving to convince insurers and insurance agencies/broker firms to use their specific solutions. Regardless of the “co-opetition” that exists between vendors with video solutions, insurers will expect any of the vendor’s video solutions they select to integrate with the insurer’s existing business systems and solutions from other video vendors the insurer chooses to use.
When I wrote the report that this post is excerpted from, I researched and was briefed by eight technology firms offering video solutions. The eight firms that I discuss in my report are: Allego, CafeX, Cisco, Librestream, Pitney Bowes, SightCall, SundaySky, and Vidyard.
I am curious about how many of the eight firms are still offering video solutions and how many firms (and which firms) have entered the video technology ecosystem since 2016.
Technology vendors are increasingly offering video solutions to engage with customers and producers throughout the insurance customer journey and, in so doing, improve CX.
The reader needs to keep in mind that when I researched video solutions and eight technology firms that provided those solutions in 2016, I relied on the two definitions of video from the Oxford Dictionary, American English version (captured in the illustration in the visual):
- The recording, reproducing, or broadcasting of moving visual images. I refer to this as a video process definition, and I include telepresence or web conferencing in this definition.
- Watching a recording of moving visual images. I refer to this as a video package definition.
Video is becoming the new currency of the mobile mediasphere.
Video solutions are becoming increasingly available to improve CX by engaging with customers in a personalized and sometimes interactive manner for each customer at most steps of the insurance customer journey.