Insurance, like many industries, is experiencing tremendous disruption. Technology, the proliferation of new business models, and other forces are making it challenging for marketers and business people in the insurance industry to respond quickly. In addition, there's tremendous cost pressure. Distracted driving, and increased driving rates, is causing higher than normal loss ratios.
The same technology that's creating disruption in the industry, is also creating opportunity. Marketers now have the ability to be highly efficient with their marketing spend. They can target in the acquisition process, not simply the mass market, or segments, they can also target individuals. As customers move through the lifecycle, marketers can deliver personalized, relevant, and highly targeted messages.
I think there are three ways that insurance marketers are responding today.
First of all, they're using more data. First-party data is the data that you have about your customers, and that data is highly valuable, because it's their specific experience with you, and you can use it across the rich variety of interactions that they're having. Third-party data allows you to understand more about your current clients or define and target new audiences.
The second primary way that marketers are responding is they're creating longitudinal experiences. Longitudinal experiences, are going beyond campaigns. You're able to understand and take a customer journey all the way from awareness, through prospecting, and through acquisition, and through retention.
The third way that marketers are responding is through analytics. And they're using those analytics to understand every aspect of the customer's journey, to understand what messages are resonating with what segments, and what messages are resonating with what individuals. And all of that can be turned into more efficiency and ultimately a better client experience.
If you'd like to learn more, please visit our insurance page. We'll be happy to connect with you.