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Online insurance: The seven pillars of digital marketing

Digital transformation has arrived for the online insurance industry where customers have more options than ever before and where modern communications tools have changed how and where consumers interact with providers. Marketers are turning to personalized solutions like Doxee Pvideo® to provide customers and prospects with a unique and engaging experience at every phase of their journey, from choosing the policy to paying the premium.

For the first time in Europe, the value of written premiums from online channels reached more than €100 billion, representing 8.2% of the total insurance industry in 2016. This momentum is encouraging more investment in digital solutions to grow market share and to meet the increasingly digital and smart preferences of customers. To succeed in this new world, marketers need to stay on top of the latest news and trends impacting the industry. Here are seven.

 

1. I Emerge therefore I am

The Accenture Global Distribution & Marketing Consumer Study reports that 51% of consumers are going online-only when it comes to researching and purchasing insurance policies, and that 42% of consumers are confident in online tools for making insurance buying decisions.

This indicates that traditional channels will soon be replaced. Although a large number of consumers still prefer to have a direct contact with an agent, the current trend is to bypass them and look directly to self service options. Keep it interesting for users by providing engaging, interesting content.

 

2. The world in the palm of your hand

Mobile phone is pervasive in most every dimension of our lives. Today, 40% of people browsing online insurance policies use a smartphone. Mobile is the most effective channel to keep in touch or to make initial contact with customers. Make sure your marketing content is designed to fit this format!

 

3. A simple website is the first step in online insurance.

Your website will be the first point of contact with your customers and they will most likely use their smartphone as to get there.
Therefore, your website is where you’ll be competing in the online insurance marketplace, so make sure your value proposition distinguishes you from your competitors. First, your website must be usable and mobile-friendly.

Customers have a short attention span and little patience for slow websites and you’ll have just a few seconds to present your product or service and create interest.

In this first impression, you’ll want to show off your personalization features for navigation. The use of chatbots will make your website more responsive to customer requests, and customers will appreciate simple and interactive tools for insurance price calculation or policy choice over a list of data and numbers.

User-generated content (UGC) is an effective tool for building trust and brand reputation. A positive review of your products or the experience of your employees are both good contents for your website, and it’s an opportunitiy to share that with the world.

 

4. A good reputation is priceless.

When you want a recommendation or need to ask for help, you’ll want to turn to someone you trust. In the social network era, customers and prospects are sharing information and leaving comments about your products and services online, where this feedback is often perceived as credible and authentic versus comments from a paid reviewer or so-called expert. Positive comments and feedback lead to positive brand reputation.

It is not easy to create such a strong relationship with your audience. Here are three aspects to consider when thinking about your strategy:
First: Be intentional in your content to make sure your message comes through loud and clear.
Second: It can take a long time to build your reputation but it can be ruined in an instant. Invest the time to build a positive reputation for your company and brand.
Third: If it is not communicated, it does not exist. Presence on social networks is fundamental. Businesses are judged on the contents they share, just like any other user. Employer branding on Instagram is a clear example of how every aspect of a company can be functional to brand reputation.

 

5. Think about users when creating content.

Attracting users on your website is a good start, but is far from enough: marketing leads must be nurtured! Hubspot statistics on content marketing point out that 79% of the actions that bring customers to your website are eventually ineffective. This means no conversion, or, even worse, a negative impression.
Remember, users want interesting content.

61% of insurance customers are responsive to content marketing, and informed customers will have more trust in your brand. The data is very clear on this. By using inbound marketing techniques, and creating a significant number of educational contents have a 14.6% conversion rate in organic search. On the contrary, outbound marketing brings only a 1.7% conversion rate. Placing contents for users above the CTA has also proven to boost relevance.

 

6. People love videos.

Video watching represents around a third of tall online activities.
Only 20% of users will read the entire content of a website page, while 80% watch video contents from beginning to end. After all, there is a 97% of increase in purchase intention after watching a video. This shows that videos can be effective in capturing a customer’s attention. But is this enough?

Content still rank in first place for importance. And, it must be relevant! So, which content might be interesting and useful for online insurance customers? Here are some formats that you should be trying to communicate with users:

1) Video interviews: Give your business a human face–even better, encourage your customers to take part in videos.

2) How-to videos: Tutorials can be the ideal tool for showing how your product works and how it may be used. Moreover, providing educational content is a fundamental part of inbound strategy. Use how-to videos to help users choose an insurance plan or to point the user to online tools for calculating their premium. It’s a great way to show your competence and an opportunity to build trust with your prospects/customers.

3) FAQs: Questions about contracts can be easily answered on a page of your website. You can also add CTAs when possible.

4) Educational content: the world of insurance is often perceived as distant and complex. Consumers must be aware that being insured means thinking about the future in every aspect of life, from health insurance to retirement investments. This clear concept, if properly communicated, will bring you closer to your audience.

 

7. Update your customers

Updates and news about products and services will keep customers’ attention at a high level. An effective email marketing strategy can help. Track users’ geographical position and other information in order to send hyper-targeted content that addressed your customers’ needs. Of course, timing is another key factor that you have to take into account when planning your content strategy for online insurance. This will bring higher retention and conversions.

 

An extra pillar: Personalization

People must be at the center of your content marketing strategy and providing personalized content is the only way to create a one-to-one relationship.
Every part of the customer’s journey must be tailor made. Customers should feel the importance of the decisions they are making, and the presence of a trustworthy business on their side. Providing content that fits each customer’s needs will make them relevant in continuing the relationship in online insurance and in any other industry where you are competing.

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