Desert Financial shares sales stats related to embedded insurance
Desert Financial Credit Union is working with Insuritas to operate its insurance agency. The companies shared the following intel:
52% of customers who received a quote for auto or home insurance purchased from the digital agency.
“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.” – Donna Jermer, EVP and Chief Marketing Officer at Insuritas .
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 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. Jermer 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.” Jermer 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.
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.