Improving the Digital Experience in Commercial Insurance – Why It’s the Right Time.
As an under-served segment in the insurance business, commercial insurance providers finally have a real opportunity to deliver a new – and much smoother – consumer experience (CX). That’s what we discussed during the latest episode of Wing It, our digital marketing podcast.
Leading off, we opened the podcast with a few insights from a recent SMA research report on the CX with commercial and personal insurance. The report covered the digital experience maturity levels in the P&C industry – and stated that 35% of insurance providers are now developing strategies and are in the implementation stage for Mid/Large commercial verticals, with 24% being in broad deployment.
So it is happening, and this fact alone hints at a tremendous opportunity to re-imagine CX in a market that typically hasn’t had a digital focus.
But why the lag?
Other industries, with enterprise complexities, are well on their way to developing and implementing digital strategies to win and retain customers.
“By automating your webinars through your marketing automation platform, which will likely be connected to your principal CRM, you’re able to gain a clearer-connected understanding of engagement. This will aid you in one; building valuable education through webinars and events for your broker channel that isn’t solely focused on the interest of licensing credits and two: connect your education efforts with other business objectives, such as new business in a specific line of business”– Jennifer Pugsley, VP, Customer Success at Goose Digital
How about how much face-to-face interaction and networking it takes to nurture commercial prospects and renew business YOY? For many commercial front-line providers, the pandemic was looked at in many ways as a much-needed break from the old-fashioned way of nurturing these relationships. This and other factors in the past year resulted in companies taking the opportunity to begin creating transformative plans for how they will do business in the next 10 years.
Furthermore, we talked in great detail about the massive opportunity that we are seeing with the one-to-two tier down from enterprise commercial business in size. This is the business that isn’t so large, sticky and often difficult to move, but a tier or two down from that which is often under-served and ripe for competitors.
So what sort of digital strategies should you be thinking about implementing?
First, begin with a digital roadmap that will help you and your partners bring everything together and so that you have something that you can take action on immediately and before you make a larger investment.
When it comes to lead generation in this vertical, think about the distribution of thought-leadership, education through webinars and video. Think about industry-specific landing pages and the promotion of these assets and use-cases on the right channels. It takes on average 7-8 touches or interactions with your brand and content before someone is ready to have a serious conversation – simply put – you need to be top of mind for when that happens.
The mid-market to large commercial space presents a lot of opportunities to generate revenue from digital mediums, and by creating smart, account-based digital strategies – the success is yours to be had.
Want to discuss some of your own revenue opportunities with us? Contact us today to learn more about how we can help.
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