Let’s be honest, it’s a good day to be alive in the insurance industry.
The strength of the market is as good as it’s ever been, with over $800 billion in surplus. Insurance shopping increased 7% in 2018 and so far is up 11% in 2019.
All in all, carriers are hungry for new business, and increasing ad dollars are being spent to satisfy that need.
Business is good, but that doesn’t mean it’s not changing. In fact, shopper behavior has changed fundamentally — and as marketers, that means our approach must shift as well.
So how do you rethink your strategies to take advantage of this booming industry?
A panel of insurance leaders came together to break it down: Jeff Brown, VP of Sales at Imprezzio; Jaimie Pickles, Insurance GM at Jornaya; Perry Olson, Agent/Owner at State Farm; and Troy Korsgaden, President of Korsgaden International.
From acquisition to retention to team productivity, these experts reveal the winning strategies you’ll need to conquer the insurance market in 2019.
HOW TO: Prioritize customer experience and succeed in the fast-changing insurance market
1. Prioritize speed-to-lead and use that first conversation to shape brand impression
Imagine it from the perspective of your customer: if you request a quote from a company and don’t hear back for a few days, what’s going to happen if you have to file a claim? Speed isn’t just about beating the competition, it’s about prioritizing customer experience from day one.
Speed is a critical success factor and automation is the key to unlocking it →
2. Match your engagement to your customer’s unique journey to boost acquisition
Differentiate yourself within the industry by delivering a personalized lead experience. You need to understand exactly who and where your lead is in the process, then customize your channel and messaging to meet them there.
Insurance buyers tend to have long journeys; leverage tech to help you keep track →
Test different messaging to build audience segments and find the winning approach for each →
3. Shift insurance shoppers from 100% price-driven into relationship-seekers
Most of the industry is focused on price. If you can market your 1-on-1 approach, you’ll land and retain higher-value partners. Try sending personalized videos to top leads & clients.
It also helps to make your agents available via text, video chat, or in-person. You don’t have to be by your phone 24-7, just automate an after-hours text message →
4. Treat compliance as the framework upon which you build your acquisition
Without compliance, everything else in the acquisition process either becomes inefficient or much higher-risk. You may not like it, but compliance must come first.
Before you pick up the phone, know whether the lead has already given proper consent →
Here’s a simple framework to maximize customer lifetime value without violating compliance →
5. Gamify your acquisition and retention to maximize your team’s productivity
Think of yourself as a coach for a sports team — at the beginning of the day, review what’s coming down the pipe and at the end of the day, review performance. Set reasonable expectations and reward top performers with recognition and prizes.
Gamification is about unlocking your team’s potential in a fun way. Analytics are there to make sure it’s working →
6. Be available to clients on their terms and re-engage them if they start shopping competitors
With competition so high, retention is critical. Be available to clients on their preferred channel — SMS, email, call, Messenger, WhatsApp or whatever it may be — and always be looking for a reason to reach out. One panelist even went as far as hiring a team just for retention.
Set a shopping alert so that when a current client starts shopping competitor’s products, you can reach out and retain them →
7. Automate as much as possible, but don’t be afraid of manual work if it’s required
Don’t waste time waiting for the perfect automated solution to appear. Inevitably it will, but in the meantime be willing to fill in the info manually until the tech catches up.
Data is key — you’d be surprised how much marketers miss out on because they aren’t willing to get their hands dirty.
