As part of my degree course at the University of Applied Sciences was required to complete an overseas internship. Having narrowed my choices to New York and London, I finally set my heart on a placement in the UK’s capital city, and so I found myself at Digital Fineprint, a London-based insurance technology firm helping insurers and brokers to use data and AI to help sell into the UK SME commercial insurance sector. The insurance sector represented a total unknown for me but I decided to throw myself into the opportunity and now, looking back as I finish my internship after 6 months with the business, I am very glad that I took the chance.
The world of insurance is enormous but the velocity of developments within the industry is mind blowing. I thought that the easiest way to get a better understanding of it would be to dive right into it. Reading up on the newest developments, Googling my way through insurance terminology, and so on. As I worked my way though the various materials, it became clear that the insurance sector has rapidly caught on to a more consumer-focused method of marketing. Insurance brands are now trying to set themselves apart by using clear infographics, flashy call-to-actions and chatbots. So I decided to note down some of the key things that I learnt during my rapid introduction to the sector and give a quick overview on the current state of marketing within the insurance industry.
Social media is a great marketing platform for personal insurance
Today the insurance industry often turns to social media as its marketing platform of choice, especially within personal lines. Facebook is actively used by insurers to educate their audience, and to find and approach potential customers. It creates accessible communication between insurer and customer and therefore boosts engagement. Insurance companies interact through polls, educational videos, internal and external news, customer testimonials and blog posts.
As for the commercial lines space, insurers are mostly using traditional customer interaction through brokers and agents. Moreover, LinkedIn, being a professional connection platform, is becoming more and more popular as a direct marketing tool to commercial clients.
Participation in events and conferences as B2B marketing is important
An obvious benefit to attending insurance industry events is networking and meeting new business prospects. It is a great opportunity for insurers and InsurTechs alike to learn more about the industry and its challenges, to understand their partners and clients’ needs and to build relationships. Looking back at 2018, Digital Fineprint attended 49 industry related conferences worldwide. Not only did we showcase our products, but we also met lots of prospective clients on the way. After all, meeting people in person helps us to build trusting and lasting relationships. It’s a long-term investment to maintain client contacts, therefore attending events not only helps to maintain them, but it also stimulates the continuance of relationships. For us, meeting insurers, brokers, agents and fellow InsurTechs paves a way to gain a better understanding of the sector’s pain points and needs. It’s a great opportunity to then introduce a tailored product that meets their requirements.
Pay per click and search engine optimisation are still a core route to clients
Insurance marketers are still heavily reliant on SEO and PPC campaigns to target clients with keyword-drive product offerings. This simply means that they are still trying to increase their site ratings through domination of search engine’s first page results. Applying customised content on your website for your target users will help give you a competitive advantage and lead you to customers first. PPC is still a great re-marketing technique as it improves your customer retention and reduces customer churn rates.
Blogs are a way to educate your clients over time
Living in an on-demand society can be challenging. Millennials are most likely to interact best with a catchy and responsive website, accessible from smartphones, whilst older professionals may have other preferences. Starting a blog on your website is the perfect method for bridging the generational gap. Short, engaging videos are a powerful tool for millennials, and written articles with insights are more popular for the older generation. Insurance carriers should focus on generating valuable and relevant content that is bespoke to each target group that they are trying to engage with.
Rise in automation in insurance marketing
Marketing automation solutions that make the whole customer interaction more personalised are becoming more popular amongst insurers. Switching from manual processes to automation can be challenging, especially within the insurance space, as it often involves manipulation and transfer of large client databases. An automated marketing helps insurers to take a customer focused approach to addressing the wishes and needs of their clients. The wealth of obtained data can be segmented and turned into insights. Each subsequent action delivers the right offer and the right message to the targeted audience, at the right time.
One things is certain – technology is playing a bigger part in insurance marketing
It goes without saying that it is key for insurers to find new leads in profitable segments, and engage with their customers in order to generate insights in to the needs of their prospective clients. Outside of more traditional, sector agnostic marketing technologies, new insurance-focused technology can help to convert insurance leads in to clients, increase renewal rates and bring new opportunities for cross-selling and up-selling. InsurTech cooperation’s bring a convenient competitive advantage for corporations to leverage automation, boost sales and improve customer engagement.
As a part of my DFP experience I gained more understanding about marketing strategies used in insurance, B2B marketing in the insurance community, but also new opportunities that InsurTechs open up to the sector overall. For example, DFP’s partnership with QBE has allowed QBE to rebase their marketing away from sponsorship and promotion-led activity to a targeted advertising strategy driven by actionable insight, which encourages a more engaging customer journey.
Taking advantage of digital advances and multi-channel platforms, insurers can deliver impressive results and a positive impact on the way they engage with their target audience in marketing and in distribution. This constantly moving market is challenging and complicated, therefore, as I come to the end of my internship, I admire my colleagues at Digital Fineprint for being able to develop and bring real value to the insurance community.
Written by Rebekka Boekhout.