Analysts expect insurers to focus on automating marketing and sales functions. By doing so, insurers can adopt a data-driven marketing approach that enables personalized campaigns that are more relevant to customers.
Even before the developments of the past two years, lead generation was a notoriously difficult business for insurers. With increased competition and customers doing their own research on the best insurance solutions for their needs, marketing and sales teams have had their work cut out to create differentiation.
With rapidly evolving technology, insurers are better able to meet the need to deliver end-to-end digital experiences as well as blend the human element where needed. This leads them to adopt an omnichannel approach that provides an enhanced customer experience on the channel they prefer to use.
Play to strengths
With this in mind, there are five best practices to consider when it comes to insurance marketing automation.
It starts with creating an effective customer acquisition strategy. Buyers will only make a purchase if their journey is smooth in terms of understanding the product, the benefits of having it, and the assurance of support. Insurance marketing automation helps understand where customers are and how to get them there as quickly as possible.
Next comes building and executing an end-to-end development and retention strategy. This is where the real marketing efforts begin after identifying a potential customer. It is always essential to answer customer questions, keep them up to date with all the information and give them a platform to express their opinion.
Improved AI distribution
Insurers are data-rich businesses. With the availability of more advanced technologies, they can extract even more value from available data to capitalize on new opportunities. This is especially the case when it comes to driving sales, supporting sales channels and providing new information to intermediaries.
More mature markets have shown how it is possible to integrate this advanced technology and the resulting data analysis techniques to bring value to distribution and sales. Artificial intelligence (AI) is used to recruit agents by identifying the key attributes needed to bring value to customer engagement.
It is also integrated into back-end systems that analyze customer personality types. By identifying which customers are likely to purchase which solutions and their potential spend, an insurer can provide targeted value propositions to these segments. Beyond that, AI can also help the insurer best match agents with customers and ensure the best chance of success. This profile match extracts invaluable information from the customer and connects it to agents with relevant expertise to meet those requirements.
At a fundamental level, the AI-powered customer journey involves mapping and understanding their behavior to create a positive experience across all touchpoints. It involves generating insights using existing data that helps drive sales in a dynamic new environment.
All about data
Throughout the automation process and injecting AI capabilities into the value chain, insurers need to be able to access all relevant customer data. Even as insurers strive to be more data-driven, they need to rethink their traditional approaches and become more dependent on this information to optimally manage marketing and sales functions.
AI as a technology creates opportunities for this. However, there must be an organizational need for change. This need is driven by the insurer’s business leaders who demand that the organization respond to the changing needs of customers. The only way to do this effectively is to take the information at your fingertips and seize the opportunities presented by technological advancements.
This allows the insurer to improve both the marketing and distribution processes. And by identifying ways to achieve the best possible growth, the combination of data analytics and automation injects scalability into the insurer’s marketing and sales functions, which can dramatically improve business performance. officers.
