Technology-driven platforms and tools have made a major contribution in uplifting the insurance sector. Contacting an agent, unorganized information, waiting for weeks, never-ending paperwork and several things made the insurance purchase a complex task back in the day. However, in today's digital world, insurance companies have made the most of the technological shift for streamlining their process, identifying target audiences and acquiring customers in an organized way.
Working of an insurance sector employee can be summed up in three words. Generate, Engage and Convert. A report by S&P Global says that the number of new insurtech startups peaked in 2016 with 28 new fintech firms. Insurance marketing automation is a key contributor to this growth. By providing a personalized experience along with a data-driven approach, insurance companies can put their best foot forward to convert customers.
Before we jump on to the best practices of insurance automation, let us understand the need of marketing automation in insurance a bit more.
Increasing competition, abundance of options and information online, and difficulty in tracking, reaching and engaging with prospective customers means B2B lead generation will continue to be a tough cookie to crack for companies. However, they must focus on generating high-quality B2B leads anyway, to establish a healthy sales pipeline and boost profits.
Here are 4 major reasons for embracing the digital path to success for insurance companies in the present times:
Digitization has brought extreme comfort in the lives of consumers. Internet has become man's best friend as one can get an important task done without stepping out of the house. Customers are willing to walk away from the traditional approach of contacting insurers, meeting in person. Taking the buying journey into their own hands, customers choose to explore options on different channels and engage directly with the insurance agency.
Digitization has opened up doors to multiple touchpoints including internet, mobile, social media and more for contacting customers. The track down of potential customers and communication frequently on multiple channels can't be done with manual efforts. It requires a highly integrated approach which can be achieved by marketing automation software and tools.
As we talk about the importance and personalization and data in the insurance sector, monitoring every single customer’s journey is impossible. With highly standardized data analytics tools, Artificial Intelligence, Machine Learning and automation processes, insurers can keep a complete track of their customer database. This has helped the producers in understanding customer behavior and coming up with creative marketing techniques to lure them. Of course, with the blend of technology!
Fun Fact: Edelweiss General Insurance created an engaging mobile ad to promote their app SWITCH where the user needs to place their thumbs on the mobile screen. Once users do so, the brand's motor cover insurance is revealed. This ad received an engagement rate 9 times higher than 0.20% industry average for mobile users. One innovative idea with a blend of technology helped in brand marketing as well as generating leads. Creativity at its best!
The ultimate solution to countless challenges: Marketing Automation is hands down the best thing that can happen for anyone who feels overwhelmed with mundane activities of marketing. It has solved numerous challenges like workflow management, marketing strategy, process orientation, user retention and will continue to do so. To get a better view, take a look at the numerous possibilities available in the modern distribution channels for both insurers and customers.
Hence, To Automate or Not to Automate is not the question anymore. The question is, how to automate efficiently?
Let us understand the best ways for various activities involved in insurance to showcase the right products to the right set of people at the right time.
A digital customer's buying journey is complicated with numerous events. Hence, there is no alternative to being skilled at customer's buying journey. Buyers will make a purchase only if their journey is smooth in terms of understanding the product, benefits of having it and assurance of assistance. Insurance marketing automation gives an understanding of where the customers are and how to accelerate them as fast as possible, throughout the funnel.
Top methods for creating a customer acquisition strategy with effective targeting:
The actually marketing efforts start after identifying a potential customer. It is always essential to answer customer queries, keep them updated with all the information and give them a platform to voice their opinion. Also, all these things have to be done in a timely manner to build and maintain a positive impression.
Here are the top scenarios where you can use Marketing Automation:
Any insurance agency can't provide the best services to their clients if there is a lack of transparency and communication within the system. As the digital space provides immense opportunities, staying connected and keeping a track of each one can be done with minimum human intervention using marketing automation in insurance. Better communication, better results!
Here are the important areas where automation can provide assistance for the same:
Issuing a policy isn't the end of a job. Agents have to keep on working to grab the right opportunities for cross-selling and up-selling. Insurance marketing automation can trigger omnichannel communication possibilities for selling other policies that the client might like or upgrading the existing one. Insurers always look forward to having loyal customers. The perfect use of marketing automation can make the existing customers more loyal.
Here are some methods to use Marketing Automation in insurance industry for cross-selling and up-selling:
A report by Juniper says that Artificial Intelligence will save the insurance industry nearly $1.3 billion by 2023. Using Artificial Intelligence for personalized experience has done wonders on the internet for various industries. There is no alternative to personalized experience in the Insurance industry because people need to trust insurers before investing money.
Top priorities to be taken care of by digital marketers:
Another report by S&P Global states that Insurance fintech companies raised about $3.8 billion worth of investment in 2020. This is the largest amount in last 5 years. Among several reasons for such great numbers, insurance marketing automation is one that supports a major chuck of distributing, underwriting and servicing policies. Here are the major offerings of marketing automation that can boost not just insurance but any digital business if implemented properly.
Insurers can meet demands, offer personalization, execute campaigns, analyze data and do much more with Marketing Automation. It is not the future for insurance industry, it is the present and one of the important ways to achieve success in digital landscape. If we need to define Marketing Automation in one line, 'Save Time and Sell More' should be the perfect fit.
Do you wish to implement marketing automation for your insurance business?
More and more insurance firms are choosing the path of marketing automation to streamline their workflow, understand audience, increase acquisition and retention. If you wish to implement marketing automation for your business, feel free to drop a 'Hi' to marketing@altudo.co and get in touch with Altudo's friendly experts.
Talk to us about how we bring together 1:1 personalisation, deep Martech Expertise, CX & Demand Gen Strategy, Engagement Analytics & Cross-Channel Orchestration to drive award winning experiences that convert
Get in touch for a complimentary consultation or a demo today.
Free workshops, expert advice & demos- to help your realize value with Sitecore
RegisterParticipate in our event survey , meet us at our booth , get free giveaways & a chance to win an iPhone 11
Let’s go