Digital Marketing for Insurance Companies

Insurance is the safety net that everyone needs, whether they like it or not. However, consumers often don’t understand it completely. Through digital marketing, insurance companies can bridge that gap by communicating their offerings and the ins and outs of insurance to existing and new customers.

These challenges are very real and often daunting for companies to address effectively. While this is a constant challenge, it doesn’t even begin to consider the industry’s competitiveness. Strict regulatory compliance and technological disruptions from the rising fintech and insurtech startups add to the pressure on the business.

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Bridging the gap between insurance companies and people

The massive load of information dumped in people’s laps daily is overwhelming. In all walks of life, regular and constant advertising and information are thrown at consumers. The challenge is finding the right way to stand out from the crown and having your message heard. Meeting people where they spend their time is the solution.

Companies often have ideas of where they would like to communicate with clients and what they want to tell them. This is often seen when companies jump on the bandwagon when a new social media platform sees a meteoric rise. However, this is not always the answer, as it doesn’t always mean that people are open to or would respond favourably to your message on that platform.

In times of economic uncertainty and pressure, increasing brand awareness and standing out as a thought leader in your field are essential. Much of the work that needs to be done should focus on informing first rather than going for the hard sell.

Where should you be engaging customers?

The short answer: it depends.

It all depends on what the client wants and needs (this should be your first consideration), followed by how it ties into your business goals.

Generating leads is usually the priority, and this makes 100% sense. Consumers, however, want to know what else you will be bringing to the table. How will you be enhancing their customer experience?

Digital marketing platforms offer the opportunity to improve customer engagement while gathering invaluable customer insights. This will allow you to continually reduce marketing costs and offer more personalized interactions with customers.

The wealth of data associated with digital marketing makes it a lower-cost form of engagement that can consistently be improved based on the numbers.

These are the respective ways in which it makes sense to engage with people:

New clients – these individuals often start with a specific search. They show their exact intent based on the search terms they use. SEO (search engine optimization) is the best option for long-term results as it grows your digital footprint at a steady rate, which compounds over time. PPC (pay-per-click) advertising brings quicker results but can become very expensive in a competitive industry like insurance
Existing clients – engaging with existing clients often also happens through search engines, but this is often related to finding out more about their insurance. Communication via email and social media is, however, exceptionally effective. It helps to strengthen your brand and allows you to stay in touch with your clients. Sharing valuable information and tips through these channels also builds trust, which improves retention rates and opportunities to cross-sell other services.