The insurance industry is very competitive, and it generates a lot of income per year. If you’re in this industry, you must know the places to work and thrive. These are Germany, the United Kingdom, Switzerland, the United States, France, and Spain. However, the insurance industry has found it hard to adapt to the new era of technology. Not only that, but it’s also been hard for it to take advantage of the new forms of online consumption. New Marketing trends for insurance companies (Updated 2021).
So, if you want to be successful in the insurance business sector, you must enter the digital world. And not only in the digital world but also in the marketing world. However, we know that this can be hard for some brands.
Marketing is the set of activities and tools that allow you as a brand to advertise a product in the best way. Thus, they are the research processes of a market. With this, you can offer value to their lives and satisfy the customer with a profit aim.
What does marketing work for?
Marketing allows us to get closer to our customers. Thanks to it, we can sell more and position ourselves in the market. Thus, as you can see, marketing is becoming more and more important for businesses and companies as time passes. This is thanks to the competitive world we live in and the need for companies to stand out.
Without a well-designed or defined marketing strategy, few companies can truly be competitive. It is not enough to just have a great product.
We need to know how to advertise and offer it to our clients. What is the use of having a good product if nobody knows about it? It is also important to know our target audience so we know how to deal with them.
What are the marketing trends?
Also known as strategies, marketing trends are all those things that work best to promote a service. It doesn’t matter if your business is about food or is an insurance company. This is thanks to the fact that we can adapt many marketing trends to any company or industry. However, if it turns out that we can’t adapt to it, we must find a way to improve it or even reinvent it. For this, innovation is key as it will allow us to attract more new clients.
A marketing plan is a document where we write the situation of our brand and the objectives we want with it. The same is true in the insurance industry. In this document, we express what we want to achieve with our agency or company. We also describe the various strategies that will you can use to achieve these goals.
In any marketing plan of all brokerages or agencies, it’s essential to develop the plan.
The trends are different. In the world of marketing, what works today may not work tomorrow, that is why keeping up with each of the trends or innovative strategies is important.
Personalized content is key
A strategy or trend that is for sure here to stay, is the creation of custom content.
This is because relevant content can help you gain loyal customers as well as their trust. Not only that, but it also allows you to position yourself as an expert or reliable source of information.
Providing relevant content to customers has not ceased to be, and will not cease to be, one of the most important aspects of a marketing plan.
Now, customers want to get more involved in creating that content. Thus, consider how you are going to approach and connect with your audience this way during this year.
Real references are necessary, Marketing Trends for insurance companies
Testimonial videos or images are vital for any marketing strategy. This is because they allow you to create a bond of trust with the client. Not only that, but they also allow you to increase the level of interaction that your public has with you.
This method allows you to use customer testimonials so that other people know what your insurer can do for them. This way many potential clients will have a better idea of what other people went through with your brand. All of this, in turn, increases your number of contracts and sales.
The main characteristic of customer testimonials is that it creates more engagement than images or texts.
Besides, many insurance companies use this marketing strategy to reinforce their corporate image. What’s more, they also use it to promote their services and the jobs you perform. This is very helpful as users tend to look for products or services on the internet. So, thanks to this method, it’s easier for them to find your brand or product. Not only that but if there’s a good review of you and your products on the internet, it’s more likely that they buy them or hire you.
Reaching zero position
Before, the most wanted position on Google’s search result was the first one.
However, that’s not exactly the case anymore.
Currently, the featured snippet at the top of search results is where everyone wants to be.
Thus, you must find new ways to improve your SEO, and that way, achieve success.
Personalize and connect in new ways, Marketing Trends for insurance companies
We touched on this point a bit earlier on the blog. Customers love it when you customize content to their needs.
Besides, everyone likes to feel important and that there’s content just for them. Thus, you must use marketing strategies that are unique to your target customers. Not only that, but you can also use different work channels to send your messages.
Marketing is about being persistent and working hard. In many cases, the strategies are great but they don’t work. So, this is when you channel your inner business person and create innovative ideas.
For this, don’t be afraid of coming up with ideas and then fail. Just focus on working in your sector and on getting new opportunities. All of them will allow you to gradually improve the marketing of your insurance company.
Trends Driven by Artificial Intelligence
Robot Financial Advisors
Automation, an online service that uses Robo Advisors is a reality that is getting closer and closer.
What makes this so attractive is that you can create automated management. Thus, this will help you to answer messages or questions from customers all year round and at all hours.
A Robo advisor is an automated manager because it manages your money for you.
How it does this you ask? Well, this type of advisor offers an online investment portfolio management service.
This, in turn, works through the use of algorithms, automation, and the supervision of a team of experts.
These advisors make it easy to create personalized client portfolios. Besides, it also allows you to adapt them to every possibility available. And you want to know what the best thing about this is? It’s all automated!
Now, the whole process to get one of these is easy.
First, you must go through a test about your objectives and other details that identify you. After this, the system will create a personalized portfolio. This will include a risk level and a combination of investments. All of it adjusted to your profile and objectives.
This type of platform combines different current technologies
We can find some of the most popular ‘Robo Advisors’ in the UK.
As such, the most popular are Nutmeg, Wealthify, and Moneyfarm. On the other hand, we also have Germany, where we can find names like Easyfolio, Ginmon, or Growney.
In Latin America, countries like Mexico and Brazil have started to use ‘Robo Advisors’.
However, many countries still don’t dare to try them. Nonetheless, thanks to the great presence that they have earned in recent years, they will soon do so.
Data integration, Marketing Trends for insurance companies
Businesses can now get more information than ever with the help of different platforms. In the same way, they allow them to create a footprint of interactions and inquiries. All of this through the use of mobile and fixed devices.
On the Internet, you can easily discover and get all kinds of information from different apps and platforms. We know this as Big Data. With it, you can grab and analyze customer behavior. This includes their purchases and responses to advertising campaigns. Not only that, but it also allows you to test marketing messages.
However, to turn this into valuable knowledge, you will need a data analysis program. Nonetheless, this kind of insight will give you all the information you need in real-time. This, in turn, will allow you to make better decisions.
Businesses are also realizing that the data they collect is a valuable asset. Each of the data can be used to generate new sources of income.
How is data changing the way insurance companies work?
With changing needs and the collection of thousands of data, insurance companies began to change their processes. Some of the changes are:
- Investment in tools to know their customers and their expectations.
- Development of new coverage options to offer policies that protect more objects.
- Responding to an aging population whose insurance needs are changing rapidly and in large numbers.
- The use of mobile apps to answer the expectations of those customers that expect a digital approach. This speed and responsiveness often go against the traditional ways insurers have run business.
- Use of new technologies such as blockchain, artificial intelligence, machine learning, and IoT to create better operational efficiencies as well as create more connections with objects and clients.
AI-based writing, Marketing Trends for insurance companies
The role of artificial intelligence has gone up in recent years.
We can also see this in the growth of written content.
So, there are many ways in which this type of technology can help you when creating your marketing plant. However, it’s important to know every alternative that could help your business.
Bots went mainstream a couple of years ago. Now, we can find them in the front-office and back-office of companies.
This is because they automate policy service and claims, which then allows for faster management of customer service.
As you can see, artificial intelligence, or AI, and automation are vital when analyzing the competition.
Why? Because when a brand uses automation tools, it ensures faster and efficient work. Not only that, but it does all of this with less expense.
However, even if some companies decide to use robots for the creation of content, the truth is that a human hand will always be needed. Nonetheless, this doesn’t mean that they are useless. As bots improve, humans can take advantage of them to do their job better.
Gamification is a new and creative way to deal with your customers. This comprises the game of internal or external processes that organizations go through to achieve some kind of goals.
This also became a common practice to build customer loyalty and trust.
Not only that, but it also helps to increase sales and improve your position within your sector. What’s more, this is all about using game-like mechanics in non-playful spaces to change user behavior.
Thus, all of this invites you to take action in a fun way, which in turn increases participation, interest, and attention.
Marketing Trends for insurance companies, How to do it?
For this, you can reward users for performing a specific task.
You can give them something like medals, achievements, or points.
An example of this is applications like Foursquare which gives points to users for each check-in.
They also award collectible badges when certain conditions are met. Not only that, but it allows them to become mayors of places. All of this can be seen by users through an automatic ranking.
Advanced AI capabilities in insurance
These types of technologies are expected to take the world of marketing by storm.
That’s why many companies and brands are innovating their campaigns and adapting them to this.
However, the term artificial intelligence may be too broad to understand.
Thus, we are going to delve into its content so we can better know what it’s all about.
These are grouped into three types of technologies.
- Artificial intelligence that seeks to replicate human intelligence in part or in full.
- Machine learning is another one and is based on giving computers the ability to learn by themselves through the so-called ‘big data’.
- Deep learning is the deepest. It aims to build multiple layers of abstraction over data sets to reach a higher-conclusion. With this type of technology, we would find ourselves as close as possible to the human mind.
So, to better understand the difference between these technologies we can give the next examples.
In short, AI would be the system that recognizes images. Machine learning would give us all the existing images in the world. On the other hand, deep learning would give us a system to identify and set apart each of these images by patterns.
Besides, as we told you before, as days pass, artificial intelligence becomes more present in the world of marketing.
This is thanks to its increasingly sophisticated technologies and tools.
However, the idea of getting rid of human action or supervision is still a long way off. Thus, we still have roles to fulfill and there’s still a big amount of potential to exploit.
Marketing Trends for insurance companies, The influence of the digital world
The digitization of our lives and the presence of the internet everywhere have changed a lot of functionalities.
Just to have an idea, we’ll tell you that at least 90% of the data we have today was collected in the last 2 years.
This incredible amount of data is impossible for the human brain to process. This is because people have a limited capacity when defining strategies. Thus, it’s hard for us to put use them based on the information we got.
For their part, AI systems have an infinite capacity to process data.
This besides its ability to accurately carry out marketing strategies and plans all on their own. Marketing Trends for insurance companies. Said practice is done by them faster and even at a low cost. However, we must once again insist on the fact that this doesn’t replace human contributions. At least not yet.
Including AI into the world of marketing will allow many companies to achieve fast and better results. Not only that, but it will also allow marketing experts and professionals to focus on the creation of their campaigns. Thus, they will stop doing boring activities and tasks that only serve to distract them.
Thanks to technological advances, we can use advanced analytics dynamically segment users and needs. Besides, it will also be possible to set up behaviors and identify exceptions. Not only that, but we can also adjust policy prices, optimize business strategies, and notice new growth opportunities.
Each of these strategies can be used and taken further to improve your business. Automation, artificial intelligence, and machine learning are key to transform insurers into active risk managers.
BluCactus, your ally in Digital marketing
BluCactus international marketing agency serves clients all over the world.
Besides, our group of experts is dedicated to helping businesses and brands succeed in one of the most competitive sectors in the market, the digital world.
BluCactus will accompany you every step that your brand takes.
This goes from the creation of the branding of your business to the creation of content. Our focus is on supporting you with the development of your website or the administration of your accounts on social media.
This online marketing agency, based in Dallas, TX, seeks to strengthen your image as a brand and take it to the next level. Don’t wait any longer to have the help of the best specialists in digital marketing and contact us through our social media or website.
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