Using Videos for Benefits 101 and Business Development
By Ian Cabrera with Phil Calhoun
For the past several years videos have become the preferred method of learning and promotion. In addition, many brokers use LinkedIn or other social media to build their brand and create relationships. Video content is a great fit for social media and enables brokers to promote how they are unique. Using this kind of basic tech also enables brokers to provide solid education for clients and prospects. Content that is fresh and focused on educational videos can propel brokers above their competition.
Brokers can produce their own videos with some effort. A camera and the ability to record and edit to arrive at a professional video of three to five minutes is needed. Since many brokers don’t have the tools or time, video production is now a greater part of our work.
Business Videos
Businesses love two main types of videos. First, business owners and other groups such as religious organizations like the traditional style video where a “human” speaks about the company’s mission statement and they often explain a personal “why” story. The “why” would give a broker a chance to explain why they do the work they do, as well as why they work for an agency/company.
The other popular style used mostly for educational videos is a white board video. White board videos are a solid way to present facts in a visual and auditory manner that is enjoyable and easy to understand.
Broker Use of Video
Brokers can use video in three highly effective ways. First, brokers can feature their personal information and facts about their business and services. These videos are highly customized and should be done professionally to get the best video result. Second, brokers can use videos to educate their clients. Short three to five minute videos can cover enough general information to be very useful. Think about topics such as: What is an HMO? or How Does Part D of Medicare work? Broker can expect to spend about $2,000 to create a professional three to five minute “WHY” video. White board education videos will likely cost approximately $1,500 each. The third way videos can be used is to create your own short update. Often these are done more frequently and include news and information that has changed. Video updates can be added to your existing video channel. Similar to a blog, these short videos can cover one topic and be a minute in length. Many brokers simply use their smart phones to take these videos.
Why Video?
The use of videos in teaching and learning is proven to be valuable in many ways and for many people and organizations. According to Wyzowl, 63% of businesses surveyed have started using video content. Out of those using video, 82% feel video marketing is an important part of their strategy and gives a solid return.
Video is easy to consume and fits the busy lifestyle of many people today. A three to five minute video is perfect and fits well for many health insurance clients and also a broker’s budget. With 98% of consumers reported to use videos to help them learn more about a service or product, brokers are in a great position to keep their clients current with their benefits and engaged.
Many brokers share with us how they’ve lost sales from competitors who have an online presence that includes videos. Brokers who add videos know they eventually are selling a relationship with the client and not just a set of benefits and coverage. Videos serve two vital purposes, first as a door opener to gain the opportunity to build a direct relationship with a prospect and second as a support tool for client education which helps with retention.
“Don’t toss your business cards, brochures, or product summaries. Videos are a great way to attract attention when used as part of your social media and traditional media efforts. Our website has the WHY video about our agency and is our silent sales tool as it is available 24/7, listed on my business card and linked from my email,” says David Ethington, Integrity Advisors.
Branding
Much of the marketing focus for companies over the past several years has been using words and images to create a brand for products and businesses. Videos help keep the branding messaging fresh and you can control the content using your preferred visuals and words. Basically, you pick which photos, video and script you prefer. Customized videos we use tend to focus on communicating the “WHY” message for the broker. Research shows that as people become customers they often want to know more about you before making the buy decision. Your clients look to find who they are working with and WHY you are in the business. Sharing your personal client success stories about how problems were solved can also be included in video. Adding photos in your videos is also important. For brokers looking to promote their brand, often more than a list of medical plans or other benefits offered is needed. Branding is more about sharing details about you and your key team members and sharing your WHY or mission. With a focus on succession planning for brokers Phil Calhoun uses videos to display relationships with brokers and touch on some technical aspects of planning well. He uses videos to tell stories that educate and enhance his agency’s credibility.
Client Retention and Cross Selling
Videos can be used to keep current clients involved and engaged. Add video to your newsletters and add links to you videos in your email. Making your videos easier to share with clients and also their friends and family is critical to spread your messages and content at virtually no added cost. Brokers often look for ways to build deeper relationships with their clients. Videos that explain how to use medical benefits are great for open enrollment and throughout the year. At Integrity Advisors, video has become essential. “We use videos during open enrollment to further educate employees. The employers love it and we like the 24/7 accessibility,” says Carmen Ponce-Robiatti, director of client services.
Many brokers looking for ways to reach employees directly find video very effective. Retention and satisfaction are key to keeping commissions. Education about the medical benefits an employer offers is non-stop. Videos are helpful because of the ease of access and the ability to stop and start the video which enhances understanding of the information. “Most people pick a plan and then months later may use the plan. What is forgotten is what the coverages are and how the plan works. We find often what people may have learned at open enrollment is forgotten quickly,” says Ponce. Videos work to reinforce general information and can also link back to you to ask personal and detailed questions. Great service leads to a happier client which leads to retention.
Cross selling other insurance products can also be added to videos focused on education about core medical benefits. Brokers often customize our videos from our library of health insurance videos. Brokers have the responsibility to make sure the content they provide is within any guidelines.
Using YouTube or another video storage location to place your videos helps you offer ways for the viewer to follow up on other videos you have but most importantly contact you directly or visit your website. Videos offer a simple way to link the viewer to you. Most brokers like to make it easy to share their videos by enabling the viewer to simply text or email the link you place on your video.
Sales
Video helps convert views to clients. Surveys show introductory emails with a click through to a video have a 90% click rate. “With medical plan rates and coverages becoming more standard many brokers look for ways to set them apart from the competition,” says insurance broker David Ethington. Directing potential customers to your website which has a video on the landing page will lead to increased viewership. Video is helpful to brokers since insurance isn’t something that can be held and manipulated. And since it’s often purchased and not used for weeks, video is helpful to both explain the coverage and remind the policyholder what they purchased. Brokers may take it for granted that plan coverages and provider networks are understood, but they aren’t to many. Videos are perfect to cover this basic info and helpful for employees and clients to revisit many times.
Production
For both traditional and educational videos, brokers don’t need to be movie stars. A good videographer will blend in photos with voice over, add in video shots with voice over, and limit the time you need to be on camera and talking. The typical viewer wants to see images that change frequently and are interesting. We find whiteboard videos a great fit for education videos as they can have an introduction and an exit section brokers can use to explain their WHY and agency details. These videos cover most marketing needs and are easy to produce and more affordable.
Our Solution
In response to the need for health benefits education videos, we developed a library of health insurance topics that are used by brokers. Brokers provide the introduction content in writing and also the exit information along with logos and any photos or visuals. We take this content and voice it over the visuals to create the introduction and exit.This customization approach is used with core information on one or several health insurance topics and adds a special personal touch for each broker or agency. All of our white board style videos on health education topics are available for customization at a price point much lower than the cost of creating a new video. We help brokers affordably add video education into their social media marketing.
Results
A recent broker survey shows that the majority of brokers either use or plan to use videos. Most use the videos for client education while others also use them for prospecting. Of the brokers surveyed, only a few have their own education videos as most use carrier videos to educate clients.
Videos are a must-have for the future success of an agency or brokers. Today businesses and individuals look to find out your WHY story online. Educational videos linked with your website and agency name will enhance your social media and help people find you and connect you as a source of information. Both current clients and potential new ones will not have to look hard to find your WHY story. My advice: find someone you can trust who has experience producing quality videos and get started.
Ian Cabrera is a videographer and filmmaker at Orange County-based Above All and Transformed Media. He has a decade of experience helping clients tell their stories and enjoys working with brokers. Above All and Transformed Media offers a library of video insurance topics they’ve created as part of a partnership with Cal Broker editorial advisory board member Phil Calhoun, president of Integrity Advisors. The library offers brokers an easier way to use videos within budget. For information and to see the library of health insurance topics, go to www.AAATMedia.com or visit YouTube and search for Integrity Advisors to view the projects produced for them. Cabrera can be reached via email: ian@aaatmedia.com