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The following is an opinion piece written by Geoff Land, MD at Infinity CCS. The opinions expressed in the article do not necessarily reflect the views of the insurance business.
Digital Marketing For Insurance Brokers
To protect market share and profitability against growing threats such as disruption, new competitors, increased regulation, evolving customer expectations and digital disruption, customer relationships must become more and compete on services rather than at the price.
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With a forecast of 4% annual revenue growth, it could all be very old for the insurance brokerage market. However, established brokers have faced increased competition from new entrants, disruption such as price comparison websites and aggregation platforms, and from insurance companies that sell directly to consumers.
The reality is that digital communication technologies have made it easier to deliver personalized advice-oriented services at the scale of a broker’s USP.
Digital disruption also plays a role in the commercialization of products and services, while opening up markets to new competition. After all, if many players have access to roughly the same market and risk data, sell to the same customers with similar concerns, and are under the same regulatory system, their products are likely to cluster together.
This makes it difficult for established companies that have nothing new or exciting to bring to the table. Business as usual is always good enough for a while, then suddenly it isn’t.
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Established brokers and agents can play on the trust they have built up with clients over the years, relying on sheer inertia to keep their clients from leaving early, and without any change, it will take competition and price erosion. limits.
To combat decoupling and commoditization, insurance brokers can differentiate themselves from their competitors (both new and old) by being specialists who focus on solving one or two (bigger and more important) problems for clients.
While this reduces the size of the market they can sell to, positioning themselves as experts in a certain area allows them to become a leader in that space and convert more prospects into customers.
Products may become more commercial and the lives of customers and businesses are becoming more complex, which means there is a greater demand for specialist advice to help make sense of at least parts of it.
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Insurance brokers should extend their advisory and risk management services with the portfolio of insurance products they can offer to enable them to design customized insurance solutions that meet a client’s specific needs and budget.
Next, we look at delivering all of the above through modern digital channels in a way that meets the changing expectations of how consumers interact with businesses.
Recent research by the British Insurance Brokers Association (BIBA) into digital innovation in the insurance broking market shows that forward-thinking brokers now have a huge opportunity to lead the competition with minimal market investment. The right technique.
Forty percent (40%) of brokers believe the sector has not responded to innovation, 44% believe the software firms supplying the industry are to blame for not innovating enough, and 77% say the cost of innovation is the main barrier. .
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It’s true that brokers face a number of obstacles in delivering digital innovation, including disjointed customer service capabilities across channels, inconsistencies in legacy systems, silos of product and customer data in different systems, and difficulty integrating with partner companies’ systems of insurance. .
Even if insurance brokerage software vendors are not moving forward, there are available and adaptable technologies that allow brokers to offer new services and improve the efficiency of their existing business models.
One of the main problems with delivering a digital customer experience is that frontline people don’t have access to the tools they need.
Their desktop application is where human agents bring together all the data and systems they need to seamlessly manage cross-channel interactions, giving them a single user interface for everything they need to do.
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Here’s what the ideal insurance broker’s digital experience environment would look like from an agent’s perspective:
All applications used to carry out the broker’s various business processes are integrated with the agent’s desktop software and workflow. This means that using a single interface, agents can generate offers, manage documents, follow up and close sales, set appointments, make cold calls, manage the onboarding process, renew – using any digital channel of their choice. And this can be done with all customer and product details. At their fingertips.
Departmental and channel silos are eliminated because data is on the desktop, regardless of where it is stored. Legacy systems have also been given new life by allowing new digital channels, such as chat and instant messaging, and external systems, such as the broker’s insurance partners, to work with each other. Featured Articles Advertising, Branding, Email Marketing, Marketing Plan, Virtual, Website Content, Insurance, Marketing Agency, Online Marketing Strategy, Platforms, Social Media 1 comment
Digital marketing is any marketing that takes place online, from your website and email distribution list to your social media strategy. It can be a complex, multi-level effort, or it can involve your company website and LinkedIn account.
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In 2019, you need an online marketing strategy – where your prospects are and where they expect to find you. According to SocialMediaToday, Facebook has grown to 2.3 billion users, while LinkedIn has over 610 million total users. If you want to be found, you need a digital presence.
There are many reasons why hiring a professional to handle this for you is a good idea, but it may not be right for everyone. Here are some points you should consider when hiring a digital agency.
If you’re spending more than an hour a day on your digital marketing efforts and aren’t seeing more than the occasional lead, you could use some professional help.
A digital marketing agency can help you see your audience and brand from a new perspective and implement strategies that achieve better results. They can track past campaign analytics, identify what’s working best, and plan campaigns accordingly.
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Most stockbrokers are too busy to do much more than occasionally update their LinkedIn profiles. If this sounds like you, you might be getting the most out of your social media efforts and you might need some help.
Who are the agents and brokers you compete with? How is their digital presence? Does it look polished, is their brand messaging cohesive and are they active on multiple social media platforms?
If your competitors are working with a digital marketing agency, it’s a good idea to consider it. A strong digital presence doesn’t just help you compete for traffic. A professional can help you assess your competition, determine your unique selling point
Do you have a brokerage Instagram account but never use it? Do you have professional accounts on multiple platforms but find it difficult to keep up with them all? If so, a digital marketing agency can help you streamline.
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It is best to choose your social media platforms carefully. A digital media company can help you refine your strategy, choose the platforms that will give you the most action, and plan campaigns to focus on them.
There are many reasons to work with a digital marketing agency. Pay for and get the services you need based on a range of options.
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Sign up to our email list and get notified when we post a new article. We only send a few emails each month and never sell your contact information, just like most professionals today, brokers need to know the basics of digital marketing if they want to improve and grow their business. That’s because everyone is online, so it makes sense for big companies and small entrepreneurs to sell their products online. And as in any situation, everyone involved in marketing can help in this process.
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However, you don’t need to be a digital marketing expert to be successful. You can increase your leads and sales by following some of Ed Cortez’s tips. Here in this video, for example, you can see the basics of digital marketing for insurance brokers with everything you need to get started, regardless of the size of your business. This 101 class brings an expert in digital marketing strategies who will help change the way you generate leads and sell insurance forever.
According to Digital Insurance Broker, knowing how to sell online is the most important asset a person can have today.
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