You’ve got a great staff, excellent service, and a
customer retention record that would make any agency owner jealous. But you’re
still not bringing in new customers. Why? For many, the answer is your website.
You know your website is the new storefront and number one place to attract new
business, but no one new is visiting.
As
an industry, and as a country, we’ve been through a lot in 2020 so far. As we
start to take our finger off “pause” and begin to ramp up business again, there’s
a lot to think about moving forward.
Big-name insurance companies have no problem getting their
name in front of consumers. You already know their tag lines and spokespeople
(or animals), and it may feel daunting to compete with these seeming giants. But,
the digital revolution shrunk the gap in insurance agency marketing, making it
possible for the “little guy” like you to make waves in the industry.
As of today, there are at least four different generations
in the market for insurance, and their needs cover the insurance spectrum. So,
too, do the means of insurance agency marketing required to reach them. Though
there is some overlap in generational preferences, today’s independent
insurance agencies need to diversify their marketing tactics and insurance
offerings to stay relevant in an ever-changing market.
The Insurtech
revolution is in full force. That means insurance agency marketing is
evolving at a rapid clip, and those who can’t keep up will be left behind.
Here’s a few key stats that provide insight on what’s happening in the world of
insurance agency marketing so you can stay up to speed.
Automation plays a significant role in many industries, and insurance is no exception. The rapid innovations of insurtech have thrust data and automation into the forefront of ways to improve and enhance agency operations.
One of the most prominent data automation uses is in the underwriting process. Due to digitized automation processes, agencies are seeing loss ratios decrease and overall premiums increase. According to Willis Towers Watson, over 60% of agencies surveyed say the predictive analytics of automated underwriting have reduced issues and brought down expenses.
Underwriting automation has great value, but the wealth of data and required processing power can be daunting for the average agency. Yet, if your agency can put in place the right processes and people to gain and manage underwriting data, you can see a big change.
A lot has changed over the past few years due to the unexpected disruptions of the COVID-19 pandemic. All industries felt the impact, and the insurance industry is no exception. One of the most notable disruptions is the speed at which changes took place, especially around customer expectations and marketing.
What Your Agency Needs to Know About Insurance Marketing
Changes in insurance agency marketing that were projected to solidify in 5 to 10 years ended up evolving rapidly in just two. Chances are you’ve already made some of these adjustments to keep up with immediate demand, but there are other more “behind the scenes” adjustments agencies are making that you should note
The COVID-19 outbreak in 2020 left a lasting impact on the world, including how we do business. Quarantine and frequent lockdowns forced us to stay home, and the changes in customer expectations, work environments, and operations remain today.
Insurance agencies that weathered these changes have a few things in common. For one, they had the right insurance software to make the quick transition to remote work and service. Secondly, they have an enduring attitude of being open to change and a readiness to adapt. While we cannot predict what will disrupt the market next, we can use these markers to prepare with the right mindset, tools, and systems for the next unexpected interruption.
