Digital marketing is a relatively new force that’s driving massive changes in nearly all industries, including the insurance sector. For insurance providers, the altering landscape of digitally-driven insurance has led to an influx of technological advancements in the industry, with digital marketing being one of the frontrunners in this category.
As new digital technologies are massively changing the way clients interact with their insurers, what is the future of digitization, and are there any recent digital marketing trends you need to know of in insurance?
Below, we’ll cover the top four digital marketing trends influencing the insurance industry. But first, let’s see what digital insurance is and how it has positively changed the insurance sector.
Defining Digital Insurance
With the traditional, now outdated ways in which insurance companies operated for decades, clients frequently found it challenging to understand insurance processes as simple as acquiring, renewing, or raising an insurance claim.
With digitization and the possibility to provide digital insurance, nowadays, insurance providers are widely utilizing tools like websites, emails, applications, social media, chat, and other digital channels to reach out and hand out insurance packages to clients.
Put differently, how insurance providers operate within digital channels and rely on technology to service their insurance policies to the end customer is better known as digital insurance. For example, whether it comes to issuing a general liability designed specifically for contractors, which provides financial protection from a wide range of construction accidents and risks, or commercial property insurance, the insurance provider uses a digital insurance platform to seal the deal and issue the policy to the policyholder.
Among other benefits, this modern-day business model provides a customer-first business approach, allows policyholders to obtain their needed insurance without the need for intermediaries or agents, and simplifies coverage options.
The Top 4 Digital Marketing Trends Insurance Providers Need To Know About
With the ever-growing use of the Internet and smartphones worldwide, insurance providers should now stay far behind when it comes to harnessing these digital innovations to their advantage in order to scale their business model and offer a hassle-free experience to customers. Here are some of the most noteworthy digital trends in the insurance industry that providers need to know about:
Tailor-Made Personalized Products For Clients
Instead of providing the outdated one-size-fits-all insurance approach, thanks to digital marketing and the harnessed user data on digital marketing channels, insurance providers should now offer more personalized and customized insurance products thanks to the digital revolution. In fact, the digitization of the insurance market should provide for usage-based, make-on-demand, and all-in-one customized insurance products that are more viable to the final clients.
From flexible coverage options and peer-to-peer packages to microinsurance, thanks to digital marketing, the insurance industry should provide more relevant, custom-made opportunities in the long term to retain their clients and keep them happy.
Social Media Will Remain The King
The significant role of social media in the insurance sector will keep breaking new ground beyond conventional marketing strategies and intelligent advertising. Much more than having social media accounts, social media is now also altering the process of communication with clients and how insurance providers engage with both their paying and prospective customers.
To do that, you should proactively seek ways to use social media platforms to reach and stay in touch with your customers and provide them with relevant content such as product reviews and case studies.
Mass Utilization Of Chatbots And AI-Powered Tools To Automate Operations
Chatbots are AI-powered tools that can automatically generate answers to frequently asked questions and inquiries, making it much easier for both existing policyholders and prospective customers to get relevant information faster than ever before.
Artificial intelligence technologies have to a large extent bridged or reduced the gap when it comes to turn-around time for various business operations, marketing included. For example, you can utilize pop-up chatbots on your official website to promote your latest offers or inform potential insurance buyers about discounts that you might currently offer.
SEO For Insurance Companies
With today’s insurance industry being predominantly online, that means that most insurance companies’ prospective clients search for what they’re interested in online and that’s precisely where providers need to chase them—online. Whether the provider operates locally or globally, attracting new customers in this highly competitive market is a very challenging task for everyone.
For that reason, having a solid organic presence and continuously driving website traffic is crucial if you want to compete with the “industry giants” and aggregators. When done properly, SEO can help you achieve various marketing objectives that will support your business growth by achieving higher rankings in SERPs, increasing your online visibility, building trust with prospective clients, increasing organic traffic to your website, and growing your conversions.
Final Words
As you can see, when sophisticated digital marketing techniques occupy the marketing landscape, the insurance sector must follow in these footsteps and utilize these trends to stay in touch with existing and prospective clients. If you happen to work in the marketing department of some insurance provider company, check the above-mentioned digital marketing trends that influence the industry and start implementing them one by one to achieve success in the years to come.