To a consumer who may only see you on a comparison site, insurance companies can seem like they are a dime a dozen. In fact, in their report on insurance marketing trends, Mintel reports that the main perception from consumers is that insurance companies are virtually the same. This consensus allows consumers to see no real perceived differentiation, and therefore shop extensively for the best deal around1.
It’s therefore vital that brands identify new methods of standing out amongst the crowd to acquire more customers and to increase renewals on existing ones.
What was the reason a potential customer chose a competitor over your brand? Was it an unbeatable price deal? A compelling campaign? Excellent customer service? Identifying which key element of differentiation swayed your prospect is crucial to coming out on top in this hyper-competitive market.
But how do you become a shepherd in a field of sheep? To get you started, we’ve created a 4 point guide to making your insurance brand stand out in 2019.
The apple of your insurance eye
Think of how most people manage the daily chores of their life. Food shopping? There’s an app for that. Electricity bill due? There’s an app for that too. Online banking? Yep, you guessed it. One for that too.
Do you see where we’re going with this?
According to a 2018 Mintel report, 30% of policyholders think insurers should offer apps2. If your company provided an all singing, all dancing app complimented by a sleek, accessible design, think of the benefits you could offer your customers. Here are 5 prime examples:
- Renewal notification reminders
- Management of monthly bill payments
- Deliver streamlined, relevant content. For example: “When should you buy life insurance?” or “Top 10 deals you could be claiming from your insurance company”
- Policy amendment messages
- Speak to an advisor with a simple push of a button.
The art of partnerships
Identifying the bigger picture of your customers’ problems, above insurance, could enable you to deliver genuinely helpful, and preventative solutions to their lives3.
Consider Aviva for a moment. By partnering with the Internet of Things (IoT), home startup security camera brand, Canary, and water leak prevention startup, Leakbot, they’ve been able to create a commitment to customer excellence in a never-seen-before way.
According to InsuranceTimes.co.uk, ’Water leaks account for over 20% of Aviva’s home insurance claims”. Therefore a partnership between Aviva and Leakbot is an innovative step in the right direction.
Leakbot is a device that can monitor and detect dripping taps, hidden leaks, and much more by simply connecting to a customer’s main water supply. This information is then fed through to the customer’s smartphone app to alert them to the potential danger of a water leak6.
Couple this with a competitive price and excellent service, and you’d be mistaken if you think Aviva wasn’t devoted to helping their customers minimise and avoid life’s mishaps.
Don’t live and die by comparison sites
S&P report that two-thirds of automotive insurance customers, in the UK, choose their policy through a comparison website4. However, some insurers such as DirectLine pay to appear on cover benefit sites. By prioritising their best cover options, as opposed to price, they’re making a clear statement that they want to provide the best cover possible for their customers.
This may well be a strategy that all insurance companies wish to adopt. A 2018 Which?5Report states that 6 out of 10 policies available on price comparison sites are riddled with errors. Customers are therefore purchasing policies which may leave them unprotected in the event of an accident or emergency.
By ensuring your company is providing the right sort of cover, as opposed to the right price, you could appeal to the hearts of consumers, not the wallets, which we know also has a major influence on purchasing decisions.
Available, whenever
Never underestimate the power of a phone call. We’re social creatures and value clear, concise communication. Insurance packages aren’t always cookie cutter, pre-wrapped perfection that fits everyone. Everyone has unique requirements, worries, and demands that can’t simply be entered into a checkbox field application form.
Customers’ purchasing journeys may well start online, but require further details that need to be discussed offline.
By having a human conversation with a representative, customers can discuss in-depth details of their needs and the service they require. A customer can tailor their package to be the best fit and also enable your employees increased chance to upsell new products. A win-win on both accounts.
We at Infinity believe conversation can convert. By implementing Infinity call tracking software into your business, you can see powerful and actionable, insights into your customer’s online and offline journey.
Innovate or evaporate
With so much choice on the market, it’s clear to see that without clear innovation and investment strategy, your insurance brand will struggle to be the beacon of difference in a sea of competitors who are offering mostly similar products and services.
If you’d like to learn how to innovate more insurance marketing, download our e-Book now.
References:
[1] Perceived differentiation of insurance brands
[2] Insurance brands should offer apps
[3] Preventative solutions in Insurance marketing
[4] Automotive S&P statistic
[5] Which? Insurance report
[6] Insurance Times Leak Bot
