Another Tool in a Marketer's Response Kit
Like its traditional counterpart, the body of the e-fulfillment text message is highly personalized based on a client's insurance history, with rate and coverage information, policy type and brand and payment method received/requested—but it also includes a link to the insurer's Web site for more information. The policy itself is attached to the e-mail and incorporates the same client-specific information.
At the moderate volume level of this program, the e-method is just slightly less expensive than traditional fulfillment methods. As in many instances, however, cost is not the primary driver of this program—finding the preferred communication channel for a particular consumer is what counts. In addition, the insurance company finds that e-mail enables it to send fewer reminders to get policy renewals, and it is receiving more payments at a quicker rate.
I Need Coverage … Now
In this example, prospective customers visit an auto insurer's Web site, enter personal information and receive an electronic quote in just a few minutes. This quote can be converted into a binding policy once payment is made, which is also processed on the Web site.
Timing considerations for the consumer drive this e-fulfillment program. For the individual without auto insurance, obtaining a quote and binding policy as quickly as possible is the highest priority, making this process a competitive advantage for the insurance company that has this capability.
All elements of the contract, formatted to meet each state insurance commission's approved language and placement of sections, are in place. To the customer online, the process takes just minutes and the involvement of a third-party fulfillment company is transparent. The recipient can pay online and receive immediate proof of payment, which makes the quote a binding contract. While a traditional printed copy of the final policy will be mailed, the customer can simply print a copy of the quote, which includes coverage detail and proof of payment. The new customer can then immediately secure a license plate and/or vehicle sticker.