Insurance Marketing - What the Heck is Going On?

by Emily Rossetti

At the beginning of December, I attended the Insurance Nexus Customer Engagement Summit. The conference in Chicago was two full days and focused on getting customers engaged in their insurance choices and how, as marketers, we can help.

What makes insurance marketing so different? Well, that’s what I was hoping to find out. While Topic has worked with the Norman-Spencer Agency in the past, in 2017, our relationship has become stronger and we have become their right hand marketing team.

So, as “new” insurance marketers, I took on the task of figuring out this crazy industry.

Insurance is interesting because it’s one of the only industries that technology hasn’t disrupted. The industry still uses many legacy programs that quote and bind insurance needs, that in other fields would be considered archaic.

Insurance folks want and need a lot of information from the customer, and expect to get it. This happens over the phone or after filling out a very long application (100+ fields!) that usually gets FAXED in. That’s right. This is one industry that still relies on fax machines.

At the conference, I learned that insurance marketers are finally ready to update. Insurance used to be a product based industry, but now is shifting towards customer engagement. The industry realizes that companies like Amazon and Lemonade are taking over with a business model that focuses on ease of use and providing customers with what they want, before they know they want it.

This is causing customers to expect more from their insurance agents.

It was an interesting concept to discuss over two days, and exciting to learn that insurance is ready to move toward the future by incorporating user-first experiences and AI technology, like chat bots and pre-filled forms.

Additional insights I took away from the Insurance Nexus Customer Engagement Summit include:

  • There is a need to provide the customer with practical content. Insurance can be confusing. How can we help the customer know more about what they are buying?
  • Claims should be the first area to see change in the industry. That’s where the most interaction with the customer occurs.
  • Customers want channeless or omnichannel experiences. They want to do what they want, on any device, seamlessly. Give people options!
  • Shorter forms can be developed that use assumed data or data that is aggregated from third party systems.
  • Insurance carriers can look at ways to incentivize customers to provide more information. The more information a customer gives, the smaller their payments could be.
  • Marketers and customer experience managers need to understand everything operational about the insurance experience. That information can help their teams, and the operations team create a better experience for all customers.

Want to hear more about my time in Chicago? Hit me up. Until then, I can’t wait to see what unfolds in the insurance industry in 2018.