By using Regal, 36% More Homeowners are Talking to Kin Insurance
Homeowners insurance provider, Kin Insurance, sees 36% lift in ‘engaged customers’ and 8% lift in bind rate by using Regal’s branded cell phone caller ID to reach their prospects.
In Regal’s Branded Caller ID, Kin found exactly what was missing in its phone program and saw phenomenal results.
Lift in 3 Day Assignment
*Leads who spoke with a sales agent within 3days of lead creation
Lift in Engaged Call Rate
*Calls lasting 60 seconds or longer of talk time
Lift in 7 Day Bind Rate
*Leads who purchased an insurance policy within 7 days of lead creation
Director of Sales Operations, Kin Insurance
"Regal's call branding solution allowed us to connect with more leads, have more meaningful conversations with those leads, and ultimately convert more leads into paying customers."
An Innovative Approach to Homeowners Insurance
Soon after its launch Kin quickly became one of the fastest growing insurtech companies in the country. Kin’s innovations had definitely struck a chord with homeowners, its fresh approach to homeowners insurance was novel in two key ways.
First, Kin created a quick and easy buying experience by offering homeowners customized online quotes based on the customer’s specific home context and budget.This transparency and efficiency, coupled with great customer experience, built trust with customers. Second, the Kin team was super focused on customer service and satisfaction, including providing streamlined relief to customers who had filed claims. Kin quickly managed to reach an NPS of 83 compared to an industry average of 35.
How to Reach More Homeowners on the Phone?
First and foremost they needed to get the customer to answer the phone. However, this proved difficult even with prospects that were clearly high intent. Since Kin were calling from unknown phone numbers, the customer had noway of knowing that this number was actually a desired call from Kin.
No less important, data showed that it was key for the customer to be in the right mindset to listen and engage with Kin’s sales agent. Kin labeled this customer behavior as “Engaged Call Rate”, namely calls lasting 60 seconds or longer. An engaged customer who was in a healthy mindset of listening and engaging, was more likely to convert. However, even when customers did pick up Kin’s call from the unknown number, the uncertainty around who was calling and why kept them somewhat skeptical and “Engaged Call Rate” remained low.
The Kin team sought a way to increase brand credibility so as to get more customers to pick up the phone, as well as to reduce hesitation and increase on-call engagement rate.
Switching from Unknown Numbers to Branded Caller ID
The results were phenomenal. Within a single quarter 3 Day Assignment Rate (the percentage of leads who ended up speaking with a sales agent within 3 days of lead creation) increased from 47% to 52% (11% lift), Engaged Call Rate (calls with 60 seconds or longer of talk time) increased from 5% to 6.8% (36% lift), and 7 Day Bind Rate (the percentage of leads who bound, i.e. were sold an insurance policy, within 7 days of lead creation) increased from8.4% to 9.1% (8% lift).
ABOUT THE CUSTOMER
Kin’s mission is to reimagine home insurance For Every New Normal. While other insurers struggle to handle a fast-changing world, Kin is built for the future and prepared to meet its challenges head on while helping our customers do the same.
Because of our technology and direct-to-consumer model, we provide affordable pricing without compromising coverage, even in areas most impacted by climate change.
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