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Growth Marketing Strategies for Selling Insurance Online: Reduce Acquisition cost significantly.

Category : Insurance Marketing Author : Vikram Kotnis Date : 09 Sep 2020

Until only a few years back, an insurance policy was a commodity traditionally bought offline i.e., via an insurance agent. With the internet now being the go-to option for various day-to-day activities, it was only a matter of time that buying insurance online became a natural choice.

The rising popularity of online insurance is mostly due to the unmatched conveniences that the digital world offers over the offline method. While an increasing number of people now prefer the online way, selling insurance online is still a costly affair with roofing customer acquisition charges.

Table Of Contents:

  • Insurance Industry Challenges
  • Using The Growth Marketing Approach
  • Growth Marketing Solutions For The Insurance Industry
  • Case In Focus: Apollo Munich Health Insurance

Insurance Industry Challenges

insurance marketing ideas
1
Low awareness for the need of health insurance
insurance marketing ideas
2
Diverse target audience with multiple pain-points
growth marketing strategies
3
Lack of engaging customer experience online
selling insurance online
4
Ample competition in a competitive market
 

In order to tackle these common industry challenges, additional spends in terms of both time and resources become necessary and this results in a high customer acquisition cost (CPA).

Using The Growth Marketing Approach

The goal of growth marketing is to acquire more engaged customers, i.e., customers who are more likely to make a purchase from you. This, in turn, interpolates to higher revenue and higher profits. This new-age branch of digital marketing focuses on the overall sales funnel, understanding the entire customer lifecycle and not just a few touchpoints.

One of the stronger pillars of Growth Marketing is experimentation. It is also extremely data-driven and agile. The entire process revolves around experimenting with a particular strategy and executing various tactics for that strategy. So we can ultimately double down on the strategy or tactic that has worked well based on analyzing the data.

By experimenting with different channels, audience and communication routes we infer which alternative will help scale your business growth the most.

Growth Marketing Solutions For The Insurance Industry

Our unique Growth Marketing approach provides effective solutions for each of the problems with letting the CPA get high. In fact, our customized strategies help reduce your CPA significantly.

One of the challenges in insurance digital marketing is catering to diverse audiences and addressing each of their pain-points. The easiest way to address this is to address each target segment individually and reach out to them with separate communications. By segregating audiences and using specific messaging for each, creating awareness about the need to buy insurance online while driving sales become easier. Second, we had to address the distinct pain-points of consumers spread across a broad age group.

Once we have a detailed customer profiling, we can look for ways to create a personalized online experience for these customers. It starts with addressing their pain-points with highly personalized ad communication and creating awareness about their need to opt for health insurance. Then we can focus on increased engagement through an easy-to-consume landing page information flow that is educative and contains in-depth information. Relevant calls-to-actions are important at appropriate places to direct them ahead in the sales cycle.

A major aspect of any growth marketing strategy is to experiment and identify the best possible way that drives maximum revenue. This can include tweaking your communication, design, targeting, or media platforms. We can identify what set of messaging works best for your target audience and which platforms are performing well. So we are in a better position to scale campaign efforts on specific well-performing platforms. This saves us from spending the whole budget only to realize later that something’s not working.

Although a marketing strategy could be an apparent success, there are always ways to tighten your campaign even further. By keeping a track of the campaign data generated, we can pinpoint certain aspects of the campaign may not be performing well or can be tweaked to result in better outcomes. Using the right technology tools, we can map the data gathered to your user journey, and see the bottlenecks where users drop off. Now we can improve conversion rates across every funnel step to make the overall funnel more efficient.

  • 1.

    Customer Segmentation & Niche Targeting

  • 2.

    Increased Engagement With Personalization

  • 3.

    Experimentations On Campaign Parameters

  • 4.

    Constant Campaign Optimization

Case In Focus: Apollo Munich Health Insurance

A revamped website

We helped Apollo Munich, India’s leading health insurance provider, to reduce their high customer acquisition costs while driving maximum sales online. Applying the principles of the growth marketing framework, we primarily segmented the target audience according to age and further into four personas based on their behaviour psychographics.

Then we created highly personalized ad communication for each segment and buyer persona. In order to generate the maximum number of qualified leads, we set up media-specific growth marketing experiments to explore the media platforms that fetched the best results and scaled the ones that performed well.

Although our campaign was delivering results, we noticed a high drop-off rate on the landing page. To tackle this, we enhanced the user experience and made it more engaging with the help of gamification and chatbot. We also made filing up the online purchase form easier.

Moreover, previously dropped-off leads were targeted with nurturing email and SMS communication. Retargeted leads were landed back at their respective drop-off points in the buying process, thereby shortening the path-to-purchase.

And this led to a significant drop in CPA, by 63%. This is one of the many success stories of growth marketing at Amura. We have delivered similar powerful results in the insurance digital marketing space. Feel free to get in touch to discuss growth strategies for your insurance brand.

To get in touch,
email at vikram@amuratech.com

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Comments (28)

  Caleb posted 2 months ago

I wonder what the impact of shifting to a digital only way of doing things has impacted the health industry. My opinion is that it is mostly positive.

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  Sylvia posted 2 months ago

There has been a rise in health insurance purchases since the start of the pandemic. That's good news for the industry as a whole.

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  Pink posted 2 months ago

The insurance sector has very unique set of challenges associated with it. As such, it should be approached with much caution to be effective.

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  Storm posted 2 months ago

Amura is the company of choice when it comes to shifting to a digital platform. It boasts so many happy clients :)

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  Anderson posted 2 months ago

The Apollo Munich Health Insurance provides a good blueprint of how to do online insurance marketing right. More companies should follow its example.

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  Sean posted 2 months ago

The unmatched convenience of the digital platforms has effectively kicked out offline insurance selling. How things have changed!!

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  Shantel posted 2 months ago

Data driven agile experimentation always yields good results. It is a good route to take.

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  Laura posted 2 months ago

I am a big proponent of the growth marketing approach. Nine times out of ten it is usually the best approach.

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  Louis posted 2 months ago

These strategies are spot on. Every online insurance seller should adopt them.

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  Terry posted 2 months ago

A very well written article. There is always something new and useful to learn about growth marketing strategies.

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  Teddy posted 2 months ago

A more engaging user experience can have immense results. I like that you point that out in your article.

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  Desma posted 2 months ago

Amura has done a lot in promoting growth marketing strategies. I hope to see you continue with the same.

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  Daphne posted 2 months ago

The traditional way of selling insurance is so cumbersome. The future sure looks promising!

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  Olga posted 2 months ago

I think growth marketing strategies for the insurance sector is a great step in the right direction. The article has taught me a lot.

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  Oliver posted 2 months ago

The online space is getting crowded. One has to do a lot to stand out.

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  Penny posted 2 months ago

The lack of engaging consumer experience can be fixed with more interactive designs. It shouldn't be very difficult to do.

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  Patricia posted 2 months ago

The low consumer awareness hurts the industry a lot. More should be done about it.

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  Marley posted 2 months ago

With the pandemic situation, online insurance buying makes a lot of sense. It's no wonder everyone prefers it.

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  Meg W posted 2 months ago

The insurance industry should move fast and adopt the online mode of doing things. Failing to do so will see them left behind!

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  Rickard posted 2 months ago

The traditional way of selling insurance is fast being phased off. Online is all the craze now.

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  Roy posted 2 months ago

Moving things online has tons of benefits. Lower operational costs is just but one of them.

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  Vanessa posted 2 months ago

Very helpful article, selling insurance has never been easy but, selling it online could be even harder without the right strategy. Now that you explained the method in detail it will facilitate the sales.

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  Henry posted 2 months ago

This is so true By experimenting with different channels, audience and communication routes we infer which alternative will help scale your business growth the most.

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  Alex posted 2 months ago

With things going outside of the box right now, It is no surprise to see outside of the box methods as well. That said, this could work but it will be a hard sell. For one this is a product that I imagine a buyer would wanna see first before buying. Then again this is digital age so who knows.

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  Oyeyipo Oladele posted 2 months ago

Selling insurance online is another thing that needs strategic means. This post is so explicit enough to help out. Am so glad coming across this article.

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  betty posted 2 months ago

A major aspect of any growth marketing strategy is to experiment and identify the best possible way that drives maximum revenue.

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  Aleia posted 2 months ago

I applied for life insurance only when this pandemic started. I was so scared that i might leave this earth sooner rather than later i didnt have anything to leave my children.

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  Charlotte posted 2 months ago

It is rare nowadays for people to get insurance. I myself only had my insurance since last year. I never really considered the importance of insurance not until the pandemic 2020. So i hope you people out there apply for your insurance if you can!

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