
By using Regal, 36% More Homeowners are Talking to Kin Insurance

Homeowners insurance provider, Kin Insurance, sees 36% lift in ‘engaged customers’ and 8% lift in bind rate by using Regal’s branded cell phone caller ID to reach their prospects.

"Regal allows us to connect with more leads, have more meaningful conversations with those leads, and ultimately convert more leads into paying customers."

In Regal’s Branded Caller ID, Kin found exactly what was missing in its phone program and saw phenomenal results.
Soon after its launch Kin quickly became one of the fastest growing insurtech companies in the country. Kin’s innovations had definitely struck a chord with homeowners, its fresh approach to homeowners insurance was novel in two key ways.
First, Kin created a quick and easy buying experience by offering homeowners customized online quotes based on the customer’s specific home context and budget.This transparency and efficiency, coupled with great customer experience, built trust with customers. Second, the Kin team was super focused on customer service and satisfaction, including providing streamlined relief to customers who had filed claims. Kin quickly managed to reach an NPS of 83 compared to an industry average of 35.


How to Reach More Homeowners on the Phone?
Since Kin’s service was a high ticket item requiring a fair amount of consideration, phone sales quickly became a critical high-converting acquisition channel for the Kin team. Like most other businesses relying on phone sales, one of the main challenges Kin encountered was how to get prospective customers (who had visited Kin’s website and were considering its service) to speak with a Kin sales agent. The Kin team recognized two metrics that contributed to high on-call conversion rate.
First and foremost they needed to get the customer to answer the phone. However, this proved difficult even with prospects that were clearly high intent. Since Kin were calling from unknown phone numbers, the customer had noway of knowing that this number was actually a desired call from Kin.
No less important, data showed that it was key for the customer to be in the right mindset to listen and engage with Kin’s sales agent. Kin labeled this customer behavior as “Engaged Call Rate”, namely calls lasting 60 seconds or longer. An engaged customer who was in a healthy mindset of listening and engaging, was more likely to convert. However, even when customers did pick up Kin’s call from the unknown number, the uncertainty around who was calling and why kept them somewhat skeptical and “Engaged Call Rate” remained low.
The Kin team sought a way to increase brand credibility so as to get more customers to pick up the phone, as well as to reduce hesitation and increase on-call engagement rate.
Switching from Unknown Numbers to Branded Caller ID
In Regal’s branded caller ID service Kin found exactly what was missing in its phone program. By being able to label its outbound calls to customers with a “Kin Insurance” brand, it reminded customers that homeowners insurance was on their ‘to do list’ and that Kin’s call was of interest to them. No less important, Kin’s branded caller ID projected reliability and built trust with the customer. This dramatically contributed to customers entering the conversation in an attentive and engaged mindset, rather than questioning the legitimacy of the caller and the call reason.
The results were phenomenal. Within a single quarter 3 Day Assignment Rate (the percentage of leads who ended up speaking with a sales agent within 3 days of lead creation) increased from 47% to 52% (11% lift), Engaged Call Rate (calls with 60 seconds or longer of talk time) increased from 5% to 6.8% (36% lift), and 7 Day Bind Rate (the percentage of leads who bound, i.e. were sold an insurance policy, within 7 days of lead creation) increased from8.4% to 9.1% (8% lift).
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