Digital growth in insurance sales has been remarkable. Consumers have turned to the internet to find the insurance products they need much more readily in the last few years, creating an opportunity for insurance sales agents to capture a higher number of sales online and gain insight through data. Recognizing consumer benefits may help build a better product while also improving marketing outcomes for insurers, believes Brian Sutton.
American consumers have made the switch to shopping for products online have made the move to buy insurance online – a transition that didn’t take quite as long to complete as anticipated. A form survey from Deloitte provides insight into this. It found that 96 percent of insurance executives in the U.S. Plan to speed up their initiatives in digital transformation. They aim to see improvements across the board, especially in customer experience and efficiency.
The pandemic helped speed up moving towards a digital insurance market. Even people resistant to technology moved towards using digital tools during the pandemic.
In the move to an online-focused sales process but also in what consumers demand from insurers and the process itself. Brian Sutton notes, the insurance market has changed as consumers have high expectations for the companies they work with. They want to hear from companies, but only when it’s the right time. From a marketing perspective, insurers need to tailor campaigns to meet consumers where they are in the buying process.
One way to improve this is by using better data and more innovative methods for collecting that data. Data collection needs to be smart, prioritizing security and privacy at the start. It should also have an omnichannel approach, allowing for the right message to be delivered at best possible time where the consumer is looking for it.
Surveys show that consumers want a better online experience from their insurers. About half of all households in a Capco survey reported they would share their home smart device data with insurers if it led to better products or more personalized solutions for them. Those organizations better capable of taking in this data are more likely to tap into the young market of 24 to 34-year-olds most willing to share data.
Brian Sutton notes the importance of creating personalized campaigns for clients, providing them with the information they need to make buying decisions. Some innovative marketers specialize in capturing this type of smart data and insights to allow for such personalized campaigns.
Companies that use tools to allow for smart data capture like this are unique in having better insights on how to improve consumer relationships. That includes delivering better sales, improving retention rates, and creating new opportunities for customer engagement. Brian Sutton notices that this is what can lead to a significant ROI for any marketing campaign.