By Rakesh Kaul
As the world settles into the “new normal”, one thing that has changed for the better is digital adoption. Covid has ushered in an era of digital transformation. The acceptability of digital is growing and is evident in rapidly changing customer preferences, expectations and demands.
The insurance industry has also experienced this change. Like other industries, insurance is also embracing digital transformation in various ways to keep pace with changing consumer behavior. Consumers demand quick, easy, on-the-go solutions. For insurers, digital innovation has become essential for acquiring new customers, retaining existing customers and launching innovative products and services. Having a robust digital marketing framework will help engage and capture the minds of customers and transform the perception of insurance as a category – from transactional, boring, non-engaging to friendly and fun. Being alert to evolving customer shifts and designing your marketing strategy accordingly, with your business goals in mind, will be a game-changer.
Let’s dive deep into some of the key areas insurance marketers should focus on to build a
effective digital marketing framework
1. The evolving digital customer
Digital is the new market force driving a massive shift in consumer expectations. Therefore, understanding, analyzing and monitoring consumer behavior is essential for businesses. This will help marketers understand the factors that influence consumers’ buying decisions, then offer solutions that will help them reach and engage with them, and ultimately convert them into purchases from you. Observe their behavior, listen to them and interact with them creatively on the digital platforms they consume. This will help build a loyal customer base.
There are financial, emotional and psychological factors that encourage the new age customer to buy insurance and there are also barriers that prevent them from buying. This research-based consumer insights will help marketers come up with creative solutions that close the insurance protection gap and encourage more people to buy and stay invested in insurance as a category.
2. The era of hyper-personalization
Creating personalized offers helps marketers better engage with their customers, resulting in exceptional customer experiences and positive business results. Today, real-time customer data and analytics are used intelligently to deliver products and services to customers through the channel of their choice and at the right time.
Insurers can drive customer engagement and growth in an increasingly digital world by
reorienting their organization towards customers, not just products. It is imperative to understand that moving from a product-centric approach to a data-driven and customer-centric approach can ultimately drive long-term value. The future of personalization is about making better use of existing technologies to deliver the right offers to customers, through the right channels, at the right time.
3. Analytics is key to digital success
The new normal is data driven. It has completely changed the way customers behave, search and consume insurance. The creation of personalized insurance products created from consumer data will be essential to meet the needs of millennials. Using data and analytics to understand customer dynamics and deploy a marketing strategy accordingly is the need of the hour. This is one of the crucial areas that should not be overlooked. The technology can be used to integrate data at multiple points in a customer’s journey.
Big Data techniques can now be used to collect, process and analyze huge amounts of behavioral data such as search logs, email clicks, etc. AI practitioners can tap into many variables that reveal how, when, and what customers do. Behavioral information and individual user history are all extracted and aggregated through advanced data analytics to anticipate needs and tailor services accordingly.
Data and analytics are no longer just an enabler; it has become part of an organization’s vision.
4. Use an omnichannel approach to deliver content
The millennial customer, while value conscious, also likes to have personalized products and services delivered in real time. They are ready to look for a brand that combines the advantages of price, performance, value, etc. It is therefore imperative that marketers understand the nuances of customer preferences and create an approach that best meets those preferences. An omnichannel marketing strategy will be important for reaching and engaging with more customers who have varying preferences for the channels they use to interact with brands. An omnichannel strategy also helps create more personalized interactions with customers, leading to a superior customer experience and therefore longevity of relationships. It will be equally important to ensure that the strategy is driven by the power of technology to deliver the “wow” experience to millennials that will help them become long-term advocates for your brand.
The pivot of an effective digital strategy lies in the ability of the insurer to provide the customer with simple and easy-to-understand content. Simple content plays a key role in enticing your customer to engage with an otherwise transactional category. A solid content marketing strategy will be key to delivering such straightforward content that aims to capture customers’ attention. Unlike traditional media where only billboards, brochures, etc. were used for marketing, the digital age offers a plethora of interactive formats such as emails, videos, banners, infographics, text ads, podcasts, etc.
Digital marketers need to be extremely careful and careful to ensure that content delivered in different digital formats is synchronized to deliver a consistent message. Staying relevant throughout the customer journey is equally important. Remember, the right content for the right format and delivered through the right channel (paid, owned and earned digital channels), while maintaining messaging consistency.
The demand for digital is growing. Customers are becoming more sophisticated and demanding day by day. The need for digital marketing is much greater now. It can help insurers connect, engage, and fix gaps in real time. Along with digital engagement, ensuring that your product and content is simple and easy to understand, and that your processes and services are convenient and transparent, will be key differentiators in this complex industry.
The author is Director of Distribution, Edelweiss General Insurance
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