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How to Market Insurance Online

How to Market Insurance Online

Insurance is a begrudged purchase, there is no doubt about it. No one wakes up, the morning after pay-day, longing to buy a premium home insurance policy from a comparison website, but some digital marketers have the responsibility of making this purchase as easy and as straightforward as possible. The question is, how can you market an insurance product online well? Let’s break this process down into more digestible chunks of information.

The Brand

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When taking out an insurance policy online, the majority of users will use an aggregator website such as Go Compare or Compare the Market to browse a number of insurance providers instantly. In this circumstance, brand plays a major part in the decision process. Customers understand that having a respected and trusted brand can take not only a huge amount of time to build up and maintain, but serious financial investment and so those companies that have a well-known brand won’t take any unnecessary risks when it comes to building an insurance policy. If you take out cover with a brand you know, you expect that if you were to make a claim on your policy, there wouldn’t be any major issues such as loopholes or clauses that you weren’t originally made aware of. This assumption is down to the strength of the brand and reputation. Customer testimonials and reviews are key in the insurance industry and this type of digital word of mouth can help to generate more revenue through recommendations and refer-a-friend schemes. When it comes to unknown brands a customer may assume that if they were to make a claim on their insurance policy, the company may be difficult to contact or be based outside the UK, making the claims process stressful and costly. This, of course, may not be the case, but the perception still exists, and so as a marketer it is important to build up your company’s brand and reputation through brand awareness campaigns, positive PR and customer reviews and testimonials.

The Product

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An insurance product needs to be flexible, allowing a customer to upgrade or downgrade the level of cover required. However, bespoke insurance policies still need to be easy to purchase online. If you’re marketing a product that is flexible and can be tailored to the needs of the individual, this can be a unique selling point and should be highlighted in on-page content and within your company information on aggregator websites.

To help make your insurance company stand out in an often crowded marketplace, such as on aggregator sites, you will need to find the perks, bonuses and unique selling points such as automatic renewal, no cancellation fee, increased level of cover etc. Online, users need to be able to understand the product fully and within a couple of minutes of browsing online, without needing to read through pages of content to find out the basics of the policy.

Bullet points, boxes of content and tick icons to show what’s included within a policy are all clever ways of breaking up the terms and conditions and what the product covers and doesn’t cover, into more digestible pieces of text that are easier to understand.

The Process To Buy

Taking out an insurance policy online needs to be as simple and hassle-free as possible. One complicated form or a slow loading page can make or break the conversion to sale. The overall user experience of an insurance company’s website needs to be constantly optimised to improve the usability of the site and make it easy to find a policy that meets the user’s individual needs, as well as give the user the confidence that their payment details are secure and that as soon as you have paid online, you are fully insured, whether it be home insurance, pet insurance or car insurance.

Branding must be consistent throughout the buying process online. A reminder email can be sent to a customer who has submitted their contact details online and have ticked a box to be contacted by the business, but has not yet completed the transaction to take out the policy. The email can be automated to encourage those who have not yet taken out the insurance product to continue with the purchase, highlighting the benefits of the policy.

Personalisation can also aid conversion. If an email is directly addressed to the customer using their first and last name, discussing their unique needs as outlined in their policy and showing that the product is a good fit for them can encourage the customer to trust that the business and brand- is as straight forward and professional as their marketing.

The Simplicity to Renew

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Customer retention is a major part of an insurance company’s success. A strong branded marketing message in an automated digital renewal invitation can help to ensure that a customer continues to be insured with their current insurer. 

Small incentives such as a 10% off annual renewal can leave a sweet taste in a customer’s mouth so to speak and encourage them to continue to have insurance with the same insurer rather than compare online. To be FCA compliant, insurance companies must ensure that their customers understand that they have the freedom to browse online and compare alternative insurance products and insurance companies when it comes to renewing their insurance policy. However, by emphasising this fact within a renewal, it can actually help keep loyal customers on policy, for instance by stating something like the below:

“98% of our customers choose to remain with us after browsing online to compare different insurers”

If true, the above can be very convincing and can deter customers from shopping elsewhere.

Marketing an insurance company online means promoting a product that consumers don’t necessarily want to buy, but often have to- by law. This also means that as a marketer you need to ensure that the marketing messages and content that you’re producing must be fully compliant with FCA regulations or risk facing a hefty fine. Finding the right balance between promotion and transparency can be difficult but once you’ve cracked it, you will have the building blocks to a very successful digital marketing campaign.

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