The insurance sector is incredibly competitive, and if you fail to build on your consumer base, you’ll likely struggle to maintain a viable business.
Digital capabilities are a driving force for change in the sector, with insurers now being put up against an extensive selection of providers online. In many cases, consumers are looking beyond their local options, searching the Internet for the policy that will be best suited to their needs.
Insurance providers are focusing on integrating more automation capabilities into their operations, which can improve efficiencies and allow them to manage growth more effectively. Seamlessly automating tiresome tasks also frees up more time for skilled workers to focus on strategic responsibilities, business challenges and high-level projects. This is just one strategy that a growing number of insurers are actioning.
So, how do you plan on making your insurance business a competitive force in the market?
With effective insurance marketing, your business can build a trusted reputation. In the insurance industry, this is particularly important. A recent survey found that in Australia, the majority of survey participants believed that successful claim rates were 60% or less. In reality, insurers pay more than 90% of all claims.
Many providers have a rough idea of what they should be doing in terms of marketing, but they’re not always able to identify why their current efforts aren’t getting the results they desire.
There are various reasons why this may be the case, and by becoming familiar with them, you can critically analyse where exactly your insurance marketing strategy needs to change.
1. Your Branding Isn’t Consistent
While a logo and comprehensive colour scheme are, of course, crucial in building a strong brand, if your business wants to make a real impact, you’ll need to go beyond the surface level.
The average customer can struggle to clearly differentiate between different insurance products, as often the defining components of policies are complex and packed with industry jargon. In fact, a mere 45% of consumers understand insurance terms such as “copay” and “deductible”. Because of this, an individual’s perception of your brand will likely play a significant role in whether or not they choose your product over your competitor’s.
A truly great brand represents who you are, leaving audiences with a lasting vision and clear understanding of your business’ image, personality and values. An inconsistent brand message will likely have the opposite effect, with consumers becoming confused and drawing little valuable information from your efforts.
It’s counterproductive to send one set of signals on your website, another on your social media, and another in every email your audience receive. Keeping your colour selection, fonts, style of language, tagline and the like consistent can help you construct incredibly powerful, memorable branding.
2. Poor Website Design
Your website is the online hub of your business and, thus, it needs to represent your carefully constructed branding, while also acting as a reliable point-of-reference for clients.
If your website is out-dated, it’s unlikely that it’ll be driving the results you desire. Your website may have been fantastic at one point in time, but if it now lacks the capacity to meet the changing needs and expectations of clients and prospects, you’re not alone.
Many insurers fail to regularly update their digital domains, even though it’s suggested that businesses redesign and refine their website every 3-4 years.
As an insurance provider, it’s also incredibly important to cater to users of different devices, making sure your website design is compatible with mobiles and tablets. With almost 50% of all global website traffic coming from mobile devices, failing to reach these users with a functional website will significantly reduce your audience size.
It comes as no surprise that a website that loads slowly, is poorly designed and difficult to navigate isn’t going to generate leads. Taking the time to ensure your online presence accurately represents who you are as a brand, all the while providing valuable information to users, is crucial.
3. Lack of High-Quality Written Content
As mentioned, prospects typically have little understanding of the technicalities of your product. With value-driven, informative content marketing, you can educate consumers on the policies you offer. When consumers are actually familiar with your product and its features, they’ll be far more confident in their final policy decision.
The Lead Agency specialises in B2B digital marketing, with extensive experience working in a diverse range of industries. If you’re interested in improving your insurance marketing, our team can help. Get in touch with one of our marketing professionals and start generating more valuable leads today.