Updated on 02/12/2022
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.
One example is AXA’s custom video campaign, which leveraged this technology to differentiate itself significantly from others. If you want to know more, download the Case Study!
The insurance market, like many other sectors, has been radically transformed by the internet and social networks. Anyone who wants to be competitive and take advantage of the new communication dynamics must rethink their strategy, giving digital marketing a leading role.
The issue is not insignificant considering that, according to recent findings, the Italian insurance market is in a positive moment of growth (source: Ania.it). 2021 was a year of strong growth for insurance.
The moment is therefore favorable to invest and seize good opportunities in the online insurance sector, provided that innovation (digital and not only) remains at the top of the company priorities. To develop a coherent and effective digital marketing strategy, which gives results not only in the short, but also in the medium-long term, you need to follow 7 guidelines.
1. I Emerge therefore I am
About 80% of consumers consult the network before deciding whether or not to buy a policy.
The same percentage uses the internet to get a quote and more than half of customers decide to buy or confirm a policy after making an online comparison.
Finally, 26% buy insurance online without the intermediation of a professional. This means one thing: traditional sales channels are clearly becoming outdated.
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
It would be useless to report statistics on the use of the smartphone: everyone knows how the use of the mobile phone is pervasive in everyone’s days.
A figure, however, deserves to be stressed: 40% of those who search for online insurance use a smartphone; in fact 4 out of 10 policies are taken out by the smartphone.
The mobile phone, more than the computer, is the means by which to reach its customers effectively. So everything you want to communicate has to be on the palm of your hand.
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.
Most users, when doing an online search on an insurance policy, do it to get a quote. Attracting a user to your site is a great start, but it’s just the beginning. Marketing leads need to be fed constantly.
79% of the actions that lead to an effective landing on your site prove ineffective. It means that they do not lead to any purchase or, worse, they make the potential buyer desist. What to do in this case? Give the user interesting content: 61% of customers in the insurance market are receptive to content marketing. Those who receive useful information during the search are more sympathetic towards the brand, which becomes a point of reference when you want to inform.
The sale of online insurance only apparently takes second place. A user who sees himself offering authoritative and relevant information, feels taken into account and will be more inclined to purchase insurance instruments later by that same company.
The figures speak for themselves. If you use inbound marketing techniques, which fit into a more educational and less markedly commercial context, organic search have a conversion rate of 14.6%. Instead, outbound marketing leads to a conversion rate of 1.7%. It is therefore necessary to be relevant, placing the user at the center and inserting only after a commercial CTA.
How to do it effectively? Talking via video.
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:
- Video interviews: Give your business a human face–even better, encourage your customers to take part in videos;
- 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;
- FAQs: Questions about contracts can be easily answered on a page of your website. You can also add CTAs when possible;
- 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
Once the user has become a customer, the interest in new insurance products must be kept alive. An effective strategy is email marketing.
If you cross-reference your traffic data with customer location data, you can do something very useful: send hyper-targeted content to individual users, which “speak” specifically to their needs. This will result in high levels of retention and conversion.
But on one condition: timing. You need to know exactly when to send a certain content to a particular customer. To understand this it may be useful to refer to the purchase cycle.
Based on where the customer is located (have you just subscribed to the newsletter? Have you requested a quote? You already have an insurance policy) you can find the best way to approach it.
Obviously there is no precise rule, but two indications certainly also apply to online insurance:
- always focus on the customer and his needs;
- use an innovative language, easy and immediate.
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.