Desert Financial’s Digital Insurance Agency ($8.2B Assets – 417,000 Members) Shatters Insurance Sales Records
EAST WINDSOR, CT (Nov, 2022) – Desert Financial’s Digital Insurance Agency shattered two insurance sales records in October.
52% of customers who received a quote for auto or home insurance purchased from the digital agency.
Jeff Chesky, CEO and Founder at Insuritas noted that consumers are looking for trusted platforms to shop and buy insurance. With the reduction of local insurance agencies, financial institutions are rapidly emerging in providing a platform of choice to shop, compare, buy and renew the insurance policies they need to protect themselves, their loved ones, and their most important assets.
Chesky noted; “This is the first time we’ve seen a larger financial institution partner where over 50% of the quotes delivered were purchased. It’s a remarkable acknowledgement that a credit union or bank can play the critical role of trusted insurance advisor to their customers around the insurance purchases that 100% of their customers have to make every year.”
28% of customers who bought insurance purchased additional policies at the same time.
With the help of the Insuritas Digital Agent, Lily, and supported by our live agent team, a record breaking 28% of insurance buyers at Desert Financial’s Digital Insurance Agency chose to buy multiple policies at the same time. Chesky noted; “This is the highest rate of ‘bundling’ that we’ve seen – another affirmation that a digital agency embedded inside a credit union or bank is easily trusted for ALL of a consumers insurance needs.” Chesky gave credit to the newly launched digital agent Lily, who is often used by the customer to initiate the shopping process.
Lily is finely tuned to “check in” on customers when they are most likely to be in-market for insurance by incorporating predictive analytics and first-party customer data such as upcoming expiration dates on insurance policies, loan approval information, and high purchase intent qualifiers.
Ultimately, Lily’s use of technology in predicting customer demands aids in driving additional insurance sales and is not just an integral part of Insuritas’ growth strategy as an organization, but also provides significant recurring revenue with no balance sheet risk for its core client base of financial institutions nationwide.
Insuritas has rapidly embedded Lily into critical customer touchpoints over the past 9 months, sending out 20.2MM awareness and 1.2MM follow-up emails, 2,500+ live chat interactions, 1,500+ outbound phone check-ins, and providing customers with over 44,000 insurance quotes online.
The subsequent rollout of Lily has had a direct positive impact on partner agency customer conversion. In an August 2022 analysis of key partners, Insuritas found that through the adoption of Lily within various marketing campaigns and programs, engaged partners demonstrated a noticeable increase in agency awareness, customer outreach, response, and a marked improvement in quote penetration to their customers.
Ultimately, partners experienced up to a 144% increase in policy growth when compared to the same time period year-over-year.
Insuritas continues to develop, test and expand on Lily’s capabilities in supporting customers with their insurance coverage needs. With customers embracing the additional interaction touchpoints and engaging with the digital assistant regularly to fulfill their insurance demands, it appears Lily is here to stay.
Insuritas’ mission is to connect people to the insurance products they need through a seamless, transparent shopping experience in which carriers compete to provide them with the right coverage at the right price. Leveraging proprietary data-mining techniques and integrations, Insuritas offers a vast network of solutions to empower partners to operate their own labeled, full-service insurance agency. With Insuritas’ data solutions, partners can generate expanded wallet share, increased retention, and recurring non-interest revenue. For more information, visit www.insuritas.com.