On Valentine’s Day, we celebrate the ones we love with romantic gestures or gifts. Some celebrate by going out to dinner, others buy jewelry, red roses, heart-shaped boxes of candy, and romantic cards. How are you celebrating Valentine’s Day?
It is expected that 55 percent of the U.S. population will celebrate Valentine’s Day this year, according to the National Retail Federation’s (NRF’s) annual survey conducted by Prosper Insights & Analytics. This survey also determined the most popular gifts are candy (55%), cards (45.9%), flowers (35.6%), and an evening out (35.2%). Consumers are expected to spend an average $143.56 on Valentine’s Day, an increase from $136.57 spent last year.
However, some of the best Valentine’s Day gifts do not come from a store.
Protecting the Ones You Love
Celebrate the ones you love by protecting what they love. While maybe not romantic, having the right property and casualty (P&C) insurance policy in place is one of the most thoughtful and important things a family can have, and it provides peace of mind when you need it most.
After living in our home for nearly 18 years, we are now in the midst of our first P&C insurance policy claim. While I was out of town on business, our second story master bathroom shower faucet became defective, causing water to leak along the water pipes. Water damage was apparent in the first-floor bedroom and on the ceiling of our finished basement. Water also leaked into our downstairs fireplace. Once the water was turned off, my husband contacted our insurance company and made our first claim. Since I was not home at the time, I had peace of mind that our insurance company was going to help us through the claim and repair process—just another benefit of having the right P&C insurance policy in place.
P&C Insurance Providers Love Direct Mail
With nearly 400 insurance companies mailing more than 5.7 billion pieces of mail in 2017, it is evident that insurance providers love direct mail. According to Comperemedia, the P&C insurance category accounted for 53% of that volume, with more than 3 billion pieces of direct mail being mailed by 110 companies. The top P&C insurance mailers for last year included AAA, Allstate, GEICO, Progressive, and State Farm. The vast majority of the direct mail packages were Marketing Mail (formerly called Standard Mail) (95%), acquisition (89%), and letter packages (95%).
Recent P&C insurance marketing trends, as identified by marketing research firms Comperemedia and Competiscan, are worth mentioning (especially when considering direct mail):
- 55% of policyholders will shop around for insurance when a policy comes up for renewal, according to Comperemedia. Insurance providers need to be proactive at the time of customer renewal, reminding their policyholders why they should remain with their current P&C insurance provider.
- Insurance providers are using savings messaging and comparing competitor pricing in their marketing, according to Comperemedia.
- Insurance providers are continuing to enhance their digital tools and self-service functionality for policyholders, according to Competiscan. If you have these services available to your policyholders, highlight their benefits to encourage their use. Current policyholders may not even be aware that you have these services available to them.
Best Practices for P&C Insurance Direct Mail
IWCO Direct partners with many of the nation’s top P&C insurance providers. Here are a few tips that work best for P&C insurance acquisition and cross sell direct mail efforts to potential and current policyholders:
- Include comparison charts. Consider adding comparisons that illustrate the benefits of your P&C insurance policy coverage compared to your top competitors. If appropriate, mention that your company is willing to match P&C insurance coverage pricing and benefits upon thorough policy review.
- Use promotional cards. Affix a personalized card to your letter highlighting the different insurance products you provide. To save space, use icons—like a car for automobile insurance, for example. Provide a clear call to action such as the URL of your website, a mobile app, and a toll-free phone number.
- Utilize an eye-catching tagline. Include messaging such as, “Hi, John. Thank you for selecting us as your car insurance provider. Did you know we also provide coverage for your home, motorcycle, and boat?”
On this Valentine’s Day, IWCO Direct’s experienced direct mail team can help P&C insurance providers share the love by promoting the P&C insurance protection policyholders and potential policyholders need to protect their loved ones! Send me a note to get started.
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