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How the Insurance Industry Can Benefit from Content Marketing

Many consumers don’t fully understand insurance. As an insurance professional, it’s your job to educate them—and in doing so, find opportunities to gain loyal brand advocates and new policyholders.
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Many consumers don’t fully understand insurance. They know they need it, but when it’s time to really dig into deductibles, coverage, premiums, liability and so on, consumers don’t know the ins and outs.

As an insurance professional, it’s your job to educate them—and in doing so, find opportunities to gain loyal brand advocates and new policyholders.

A familiar saying within the industry is that insurance is sold, not bought. Let’s face it: Insurance is not a sexy industry. Consumers don’t want to buy it or have to use it. Making matters worse, the EY Global Consumer Insurance Survey reports that overall trust of insurance companies has fallen below that of most other industries, including banking.

The insurance industry has a unique opportunity to engage consumers who traditionally don’t interact with their agent unless they have a claim. Insurance professionals need to educate consumers about insurance in general, given that it touches on a consumer’s values and emotional well-being.

For example, home insurance protects one’s most valued possessions. Life insurance ensures the financial security of loved ones. And health insurance represents a client’s physical well-being, as well as that of their children and families.

But your content must be informative and educational, not simply a sales pitch that will fall on deaf ears. A consumer can go to your website to read about product details when they reach that point of their purchase journey. The trick is to drive them there in the first place with enough interest and intent to purchase.

Take a look at some eye-opening statistics about the value of content marketing:

  • 61% of consumers say they feel better about—and are more likely to buy from—a company that delivers custom content.
  • Interesting content is one of the top three reasons people follow brands on social media.
  • 78% of consumers believe organizations that provide custom content are interested in building good relationships.
  • The average cost to generate a lead through inbound marketing is $143—about half the average for outbound marketing, which is $373.
  • 78% of chief marketing officers (CMOs) think custom content is the future of marketing.
  • Organic search leads have a 14.6% close rate, while outbound marketing leads have a 1.7% close rate.
  • 90% of consumers find custom content useful.
  • 60% of consumers feel more positive about a company after reading custom content on its site.
  • Companies with active blogs receive 97% more leads.
  • Eight in 10 CMOs believe custom media should be an integral part of a marketing mix.
  • 55% of business-to-consumer marketers plan to increase content marketing spending next year.

Insurance content marketing can take many different forms, including articles, blog posts, images, videos, social posts and any other type of content that businesses can share online. For example, a U.K.-based auto insurance company publishes articles that contain winter driving tips, advice for driving abroad and information about how to avoid breakdowns.

To hone in on the perfect content for your target audiences, leverage data technology and analytics for highly specialized segmentation. When segmenting audiences and developing content, ask yourself the following questions:

  • Who are my clients? What are their demographics and behavior patterns?
  • Which online channels do they use most often?
  • What motivates them?
  • What problems can my agency solve for them?

Selecting an insurance provider can be a confusing and stressful time for consumers. Don’t miss an opportunity to educate them while also gaining their trust. Standing out from the crowd in the insurance industry is difficult but achievable when you have a rich plan for content marketing.

Jim Kaiser is vice president of Data Solutions at DataMentors.

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Tuesday, June 2, 2020
Sales & Marketing