Despite an economic future that’s often marked by uncertainty and ambiguity, insurance can be considered a resilient industry, as it plays a role in managing risks and cushioning against losses. However, the way that consumers search for insurance coverage is changing. And the insurance industry has long been a prime candidate for digital disruption.
So, what’s an insurance marketer to do? Evolve and adapt.
Like the financial industry has the fintech segment—a portmanteau of the words “financial” and “technology”—the insurance industry has insurtech. Companies who fall under this category have a main goal of using technology to drive efficiencies and modernize an otherwise outdated business model. From protecting its business integrity, to empowering its workforce, technology can both bolster and safeguard how insurance organizations do business.
Challenges of marketing insurance companies—and how digital can help.
Technology is also influencing how customers interact with insurance providers. As innovation continues to enter the fray, businesses should know exactly how they collect and use customer data. In addition to creating operational efficiencies and enriching the customer experience, big data can help insurers improve the effectiveness of their marketing efforts by allowing them to tailor products around individual preferences.
To highlight the intersection of big data and digital marketing, let’s turn to common roadblocks faced by many insurance marketers. These challenges extend across all types of insurance companies, including auto, life, health and more. Here’s how digital marketing can help insurance marketers attract policyholders, retain customers, and choose the right platforms.
1. Lead volume
Attracting new customers is a challenge for any business, but it’s a primary concern for insurance companies. New customers fuel growth—and the less you spend on qualified leads, the better. Your website is the foundation of any effective lead generation strategy. A clean, concise website that’s easy to navigate and discover can help attract qualified traffic.
SEO helps ensure your insurance website resonates with your users and that they’re finding it in the first place. Incorporating on-page SEO elements like optimized page titles and meta tags and a logical site architecture can help attract traffic to your website. Furthermore, creating content around the needs of your users can help convert that traffic into qualified leads. Blogs, webinars, and video content that showcase your expertise and other competitive advantages can convince users to choose your company over your competitors.
2. Customer retention
A customer behavior survey from Bain & Company found that customers seek value quality and ease of use from insurance providers. To retain your customers, you should consider the value you offer and your customer experience. As customers begin to rely on digital platforms, customer service teams can now access a trove of consumer data points. Although marketing teams may have indirect exposure to this data—as most of it may live in CRMs—they can still use it to identify geographic areas and send out relevant campaigns.
Cultivating your online reputation can also help reduce churn. Growing your reputation rests in your ability to generate and monitor reviews. Reviews are a building block of local SEO, as consistent business information increases trustworthiness and helps improve website rankings. Many customers turn to online reviews to inform their decision-making process—but they also play an important role in influencing customer loyalty. By responding to important customer questions on your Google My Business page and other online directories, you can help delight existing customers.
3. Channel selection
Where are most of your customers spending time online? If you can’t answer this question off the top of your head, let’s turn to the type of audience your insurance company reaches.
If you’re a commercial insurance provider that deals in the business-to-business (B2B) space, LinkedIn may be a perfect fit. We continue to see good results with B2B LinkedIn marketing, because the platform reaches professionals in a work mindset who are looking for content to solve a specific business problem. In fact, research shows that 80% of B2B come from LinkedIn, and that it’s 277% more effective for lead generation that Facebook and Twitter.
On the other hand, consumer-facing insurance companies like auto or travel insurers may consider paid social media channels like Facebook to reach the right audience. Paid social media advertising on Facebook helps insurance marketers reach targeted, engaged audiences based on specific demographic data. Paid ads allow your company to target around life events such as marriage. These increased targeting capabilities are a perfect time to reach your audience when they can best benefit from a new insurance policy.
Need help making the most of you data? Want advice on implementing digital advertising campaigns for your insurance marketing team? Contact Workshop Digital today.