Image used for analog image (iStock)The insurance industry often carries a weight of gloom, making it the last thing on most clients’ minds. Who wants to actively think about a scenario where they or their loved ones become seriously ill or worse, or die – right? However, what is often overlooked here is the absolute importance of obtaining insurance. There is a popular saying that many middle class people in India spend 80% of their total wealth in the last 80 days of their lives. It sums up why this boring category should be interesting.
Insurance marketing is by definition a tough nut to crack. Traditionally, tax savings have been the primary motivation for most policyholders. For those who recognize the importance of insurance beyond tax savings, a major deterrent is a lack of confidence in preparing claims. So, the task at hand is to educate customers about the importance of insurance, help them put their trust in the claims experience – and, first and foremost, make their purchasing journey easier in terms of effort, time and money. The customer base, after all, is one that is accustomed to the instant gratification that comes with online shopping.
Making insurance acceptable to this customer base requires consistency in content, flexibility in medium, and hyper-focus on the after-sales experience. This is exactly what will guide your marketing strategies this year.
Here are some ideas on how and why:
Influencer marketing: shaping consumer views
Creating genuine relationships has a noticeable impact on enhancing brand credibility. As consumer demand shifts toward authentic experiences, partnering with influencers has become a key tactic. This method goes beyond simply promoting a product; Influencers can become powerful advocates who can help parse complex concepts and connect with audiences across levels. When you start recruiting the right micro-influencers, you can influence decision-making outside of big cities. In our experience at an insurance company, a customer is more likely to go to a product page after watching an impactful video than through traditional methods. The key here is engagement. Influencers offer clients the same set of fears, vulnerabilities, and life stage goals as themselves. They can go a long way in shaping brand perceptions.
Catering to the public on the go
There was a time when television was the only way to get national exposure – and we all know that’s past primetime now. Ericsson’s Mobile Data Report 2023 predicted that by 2028, India will lead in mobile data consumption worldwide. As a brand that invests heavily in sports marketing, when you see that even World Cup fans are relying on their mobile phones and connected TVs, it’s time to plan your content accordingly.
The cared-for generation has inspired tags like “always on the go” and over-tasking. Content for this audience should be tailored accordingly. This benefits marketers too, because it provides more scope for measurement. These platforms give you the opportunity for superior targeting, precise measurements, and enhanced engagement compared to traditional methods.
Conversational AI: Redefining customer interactions
Digitization has provided a huge service to marketers in the form of conversational AI. Whether your customer is speaking to you through a chatbot or through a call that is recorded and can be studied by AI, you are getting a goldmine of knowledge about your customers’ preferences and pain points. The integration of artificial intelligence, machine learning, and data analytics enables insurers to anticipate customer needs, personalize interactions, and address grievances with a high level of empathy. Through predictive modeling, one can better target rejected leads as well. AI gives you the bandwidth to understand your customers better and focus all your energies on ensuring their experience is seamless.
In insurance, for example, we have often reverse-engineered our products and services after learning from customer calls that what they want is instant claims processing or usage-based premium payment.
Video content is king – and queen
The one format that is here to stay this year is definitely videos. Recognizing the diverse needs of the consumer journey, efforts are being made to craft more vivid and attention-grabbing short videos for awareness, while investing in longer formats to drive purchase intent. This strategic duality makes it possible to meet diverse consumer preferences and optimize the impact of video content across different stages of the marketing funnel.
Edge on customer service
Every effort at this stage should revolve around enhancing customer satisfaction and leveraging technology to provide empathetic service to consumers. Your customer’s journey hardly ends at the point of sale in today’s world. It goes beyond that and must be strictly supported by after-sales service. This is exactly what should be observed in the marketing narrative one creates for the brand.
Dedicated relationship managers, sales and service expertise with a personal touch, 24×7 digital support, as well as field support when needed – this is the best marketing strategy one can adopt today.
2024 holds exciting prospects for the insurance industry, characterized by the dynamic interplay of influencer collaborations, mobile dominance, sports partnerships, conversational AI, and a strategic approach to video content. As insurers navigate this evolving landscape, the synergy between technology and consumer-focused strategies is expected to redefine the industry, foster deeper connections and meet the evolving expectations of the modern consumer.
