Videos can help you prevent data overload and gain greater client engagement, says Mulberry Risk

17-10-2019

Videos can help you prevent data overload and gain greater client engagement, says Mulberry Risk

haphotos.co.uk

Video content is often overlooked as too time-consuming and technically difficult to produce well. But David Hughes, director at Mulberry Risk, said that it has helped him engage clients in training and decision-making.

Speaking at Intelligent InsurTECH Europe 2019, which was held in London on October 14, Hughes told delegates that video is compelling whether it’s for training purposes or to deliver an engaging report for boardroom level executives.

He quoted figures that show that marketers who use video have 49 percent faster revenue growth than those that don’t.

“People prefer to use video to learn and it generates more shares and clicks than text or images alone,” he said.

He quoted figures that show video is 83 percent more effective in helping people retain information from training, while in more traditional classroom training people forget about 65 percent of what they have learnt after seven days.

“Another issue is that 60 percent of people struggle to commit to training, they’re too busy. Video helps you overcome this,” he said.

According to Hughes, video training is more effective and significantly cheaper, averaging 5 percent of the cost of other types of face-to-face training.

“People doing the training can do it when and where they like, even on the train on the way home. You can stream it live, it’s much more dynamic,” he said.

Video has other uses, he added, highlighting the example of a large report he’d written for board members that was packed with information.

“There is too much information now, it’s a challenge. It’s information overload, particularly in financial institutions. Board reports contain more compliance and regulatory reporting, and reporting around risk than ever before, for example on Solvency II and the Bribery Act,” he said.

He said that when reports are so large, it can take a member of the board an hour to read, and then they have lots of questions, which can take almost as long again to answer.

“Instead I did a six-minute video and sent it through to one of the board members. He watched it and understood it, and instead of loads of questions he had three and they took 15 minutes to answer,” he explained.

In another example, Hughes said he’d been asked to attend 12 client meetings. But he was due to go on holiday, so in a bid to save time, he recorded his analysis as a video and sent it out.

Of the 12 people he would have met, he said: “Six immediately understood the analysis and signed it off straight away. Four had a few questions, and just two still required a meeting.”

David Hughes, Europe, London, solvency, insurtech, insurance, bribery act, video, training, decision-making

Intelligent Insurer