Marketing in the insurance industry is in a very different place today than it was a decade ago.
- Where people relied on agents to recommend the right policies, today everyone relies on the Internet.
- A relatively shorter buying cycle has gotten lengthy due to the vast number of options and amount of information put in front of users today.
- Trust in the insurance provider is a must even before buying a policy, and that stems from customer reviews and the provider’s success stats.
- With lesser patience than before, and a low tolerance for ads, people want to research providers but don’t actually want to hear from them unless they choose to.
- They may research providers and different policies online, but they still take their research to the agent for the final purchase, thus requiring the brand to even now be dependent on agents.
Insurance marketing , then, has a need of the hour: to attract, engage, convert and retain policyholders using the platform where the user journey actually begins today - digital media.
Sounds difficult? The change isn’t easy, but investing time and effort in digital will keep you ahead of the game if you do it right. If you think about it, users don’t call their agent to make the final purchase because they’re unable to complete online transactions - they do it because they have some questions to be asked or comparisons to be made.
Your future marketing success all ties into how you market your brand online, and we can say that confidently because the internet is consumer-driven and consumers are definitely not moving backwards from the internet to in-person transactions. Google’s updates, Facebook’s updates, the conveniences offered, the information offered, the way apps are built...tomorrow’s insurance buying experience is all based on the users’ convenience - you’ll never be left behind if you focus on the consumer experience.
To give you a better idea of what you can do to be successful digitally, we’re listing out 5 helpful digital marketing ideas & strategies:
experience for your audience
with growth experimentation
to create trust
- 1. Create a cohesive online experience for your audience
The digital marketing experience is a subtle dance of discovery and selling across search results, your website, other websites, videos, blog posts, reviews and research papers. And we’re not even mentioning offline channels. Your customers will come across and interact with your brand on many different platforms, so it’s important that you maintain cohesiveness in your brand experience across all marketing collaterals.
But don’t just ensure the visuals are all in line with one another - plan your user experience on different platforms to be unique to each platform. Instagram is a visual platform which will attract attention, blog posts will engage users, and research papers will engage and help convert users. Each of these deserves a different type of content that will create a 360º brand experience for your users, across all stages of the funnel.
- 2. Use lifecycle marketing to create loyalty
We’ve already spoken about creating cohesive experiences across different platforms, but you also need to ensure that you are creating a cohesive experience that takes your user further and further down the buying funnel. Lifecycle marketing involves creating experiences for each stage of your user’s buying journey, nudging them from one stage to the next.
Pro tip: Segment your users, analyse their buying journey, and ensure you have experiences and communication planned for everyone at every stage.
Let’s drill that down:
- Identify your audience segments
- Identify their path to purchase (there will be multiple)
- Decide which platforms you’d want to be using in your marketing (those frequented by your users)
- Plan your marketing strategy accordingly - ads, re-marketing, landing pages, content marketing, chatbot, etc.
- Plan your sales strategy accordingly - nurturing plan, sales executives, etc.
Remember, the idea is to convince your potential customers of your brand’s calibre, ensure all their questions are answered and doubts quelled so they are ready to make a purchase decision.
- 3. Use social media to your benefit
Don’t overlook the power of social media - even if you feel like it may not be the platform to match the seriousness of your industry, it’s where a lot of content and brands are discovered, and purchase journeys begin. Use information, contests, polls, Q&As, moment marketing and other such social tools to keep your brand interesting to users while educating them about insurance.
However, it’s not enough to simply post a few times a week and hope for the best. You must track the impact and interactions of each platform, understand what segments of users each platform is attracting, and work out how to best engage them with your brand long-term.
Social media is also a great way to interact with your existing policyholders and keep them engaged with your brand. You can answer queries, troubleshoot their problems, and make them feel part of a community.
Platforms we recommend: Facebook | LinkedIn | Twitter | Instagram
In the first half of FY22, the life insurance industry recorded a growth rate of 5.8% compared with 0.8% in the same period last year.
Make sure you are reaching the audience with the right messaging and strategy.
We'll reach out to you for possible growth marketing opportunities in the insurance sector
- 4. Get better returns on ad spends with growth experimentation
We at Amura specialise in using growth marketing to get long-term business success for our clients. One of the many things that contribute to this is our experimental, data-driven approach.
In traditional marketing approaches, a campaign is taken live with the entire budget mapped into the plan, and end goals are either met or not. What we do as a part of growth marketing, is run small experiments with an initial portion of the budgets, constantly analysing what’s working and what’s not, and then only scale the successful ones. These strategic smaller experiments allow for faster go-live time and better ROI.
In the insurance industry, you’re always on the fence about which audiences will actually respond to your ads, you’re uncertain about which segment is buying a policy and for whom (for themselves, for their parents, for their family?) and which plan/product will see more subscriptions. The experimental approach allows you to test all your theories, and scale what’s working to sell more policies with minimum wastage of spends.
- 5. Leverage existing policyholders to create trust
Trust is one of the biggest decision influencers in insurance, and the best way for insurance providers to establish trust in today’s cluttered market is customer reviews. Make sure you create plenty of touchpoints and platforms for people to share their experiences with you, so you can choose the best ones to use in marketing collateral.
But don’t stop at publishing them on your website! The more contextual the reviews, the better they’ll work to convert potential policyholders. While your site is a great place for a repository of testimonials, use the ones that talk about your claim ratio, prompt service, etc. in your digital ads. If there are any reviews that go a step further to talk about one claim agent in particular, or about their pleasant purchase experience, use it in your re-marketing collaterals.
This will ensure they’re getting the reassurance they need at the particular buying stage they’re in. Simple, yet effective!
Insurance marketing is evolving extremely quickly today and offering more and more opportunities for consumer engagement. Bonus tip: See how consumer brands are using digital media to their benefit, and try to apply the learnings to your brand! The industry may be very different, but you’ll find commonalities in consumer behaviour to your benefit.
We have a lot more tips and strategies where these came from - if you’d like to know more, do get in touch with our growth marketing experts!
Online marketing is the future!
Are you capitalizing on its reach?
Our growth marketing approach leverages agility & technology for long-term success. Having worked with 200+ clients worldwide across different industries, we have generated 5 Billion+ revenue for them, combined.
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This a very informative blog. Thank you.Leave a Reply
This was a good read. In my experience, the insurance industry is still heavily dependant on agents and lacks the awareness it needs. But understanding the new-age audience and their online dependance for most of their everyday affairs, it will soon become essential for all insurance providers to transition online. The insights you have sighted and joourney you have suggested is very helpful.Leave a Reply
Barring a few aggregators many leading insurance companies are yet to explore the full-fledged power of online business. This article is a good starting point.Leave a Reply
Interesting read. Besides experimentation what are other growth marketing approaches you use?Leave a Reply