The insurance sector, traditionally seen as a slow adopter of innovation, is presently experiencing a significant metamorphosis. As the industry moves away from its age-old reliance on agents for sales, there are concerns about a resource gap for consumers seeking to understand their insurance choices.
Companies like Franklin Madison, which offers insurance products and marketing assistance to financial institutions, are stepping up to fill this void by prioritizing digital channels and tools that align with consumer habits.
One of the most important strategies is the ability to meet the customer in their home with insurance education and insurance product offers through the digital channels and devices that they frequently use,
shared a senior vice president from Franklin Madison during a recent discussion.
Buying insurance, however, involves a complex decision-making process, necessitating a blend of traditional and digital approaches to guide consumers effectively and enhance their overall experience.
A case in point is the varied responses to direct mail campaigns, with around 40% of recipients using a QR code to begin their online journey, and about half of them completing a purchase online straightaway. The rest often prefer to use paper applications or seek further details over the phone before finalizing their purchase.
This mixed mode of engagement highlights the importance of a coordinated cross-channel strategy to cater to the diverse preferences of consumers when they explore insurance options.
Personalized versus Generic Customer Experiences
The insurance sector is focusing on personalizing communication and customer experiences, taking cues from the banking industry’s success in these areas. By analyzing customer segments and behaviors, companies are leveraging technology to craft bespoke experiences.
We possess extensive consumer data regarding insurance purchases and reactions, so, we’ve started leveraging some of our data profiles to implement simple personalization strategies,
mentioned the Franklin Madison executive.
The company is also integrating marketing technology to further refine customer interactions with personalized URLs and digital experiences, which although in early stages, are showing encouraging results.
Potential of AI in Insurance Marketing
Emerging technologies like artificial intelligence are anticipated to bring a paradigm shift in insurance marketing. Investments in AI are poised to improve the consumer digital experience comprehensively, from the initial purchase to policy servicing, thereby enhancing customer loyalty and unlocking new revenue opportunities.
AI could particularly revolutionize marketing efforts by refining call center interactions and providing real-time offers tailored to individual consumer behaviors.
People have been talking about trigger marketing for a long time, but it’s been very rudimentary. However, with the advent of AI, there’s an opportunity to leverage that technology to maximize all the great data we have as organizations … without solely relying on manual modeling processes,
the executive concluded, underlining the capacity of AI to transform data analysis and personalize marketing outreach significantly.
