A major insurance company recently leveraged Tomorrow.io to offer insured drivers alerts about incoming weather to help reduce road risk. The alerts were sent out in advance of heavy snow, freezing rain, hail, rain, and strong winds.
The initiative proved to be successful with 90% of customers citing satisfaction with the content they were receiving via phone notifications, in addition to the program being rolled out at scale and on pace to generate tens of millions (conservatively) in cost savings and new revenue opportunities in 2020.
In addition to direct cost savings, the insurance company also benefitted from additional findings which will empower them to advance their operational go-to-market strategy across four additional programs.
1. Improved Customer Retention
By sending notifications in advance of hazardous weather, the insurance company was able to increase both customer engagement and trust. The more customers engaged with the notifications, the more valuable the insurance company became to the drivers.
2. Reduced Hail Claims Cost
The insurance company found that drivers took action after receiving alerts to better protect themselves and their vehicles. At an average of more than $3,000 per hail claim, even a small percent engagement rate from the customer base adds up to seven and eight figures quickly!
3. More Upselling Opportunities
The more you talk to your customers the more opportunities you have to get to know them, understand their ever-changing needs, and offer new or additional packages based on those needs. By using alerts and weather warnings as a way to more regularly engage with customers in a mutually beneficial way, the insurance company was able to identify a new, repeatable, and scalable sales strategy.
4. Historical Claim Validation
Claim validation can be a nightmare when the combination of weather and a hyperlocal location are involved. By leveraging Tomorrow.io’s historical global weather capabilities, claims citing specific weather events can easily be validated at scale.
With Tomorrow.io’s all-in-one MicroWeather platform, you can get the right information, generate customized insights, and drive actions that directly impact revenue. By utilizing our predictive weather insights SaaS or API offering, you’ll also be able to make better operational decisions and reduce unnecessary costs across your organization.