I enjoy attending webinars from the comfort of my office with a large cup of coffee. During some webinars, I really need the coffee in order to stay focused on the content. Recently, though, I attended a webinar that was so engaging it not only held my attention, but I barely touched my coffee. The webinar was “Insurance Marketing Trends 2018” hosted by Mintel Comperemedia and presented by Caitlin Moling, Insights Director—Insurance.
Caitlin’s presentation skills were spot on! Her confidence, energy, and enthusiasm were evident throughout the webinar as she identified and shared these four insurance marketing trends for 2018:
- Trust Funding describes insurance company brands that represent transparency, authenticity, and advocacy—brands that market themselves as having their consumers’ best interests at heart.One insurance company engaged in “trust funding” is Lemonade. While traditional insurance companies take the difference between premiums and claims as profits, Lemonade donates unclaimed premiums to charities as part of their give-back program. After the mass shooting in Las Vegas, Lemonade was one of the first insurance companies to limit the type and number of guns covered by their insurance policies.
- Scope Creep was explained as insurance companies adding features and assets to bolster services to consumers.One example of “scope creep” is occurring in the auto industry. Insurance is a necessity, but consumers do not enjoy shopping for or buying insurance coverage like they enjoy shopping for or buying a new vehicle. Some auto dealerships are including a “subscription” for insurance, registration, warranty, maintenance, and roadside assistance—making insurance an accessory to an auto purchase. In fact, Tesla has partnered with Liberty Mutual to create a customized insurance package for Tesla owners.
- AI Arms Race refers to the expanded use of AI to affect customer engagement. Since AI is now more affordable and accessible, insurance companies are using AI to engage customers in the areas of claims management, fraud detection, and risk prevention.For instance, AXA, a Hong Kong-based insurance provider, is now offering a personal wellness AI coach-bot named “Alex.” By syncing with more than 200 wearables and health apps, “Alex” helps consumers meet their health goals by providing tips and even words of encouragement, such as “Almost at 2,000 steps!” and “To help you sleep, try a hot herbal tea.” Moling explained that although some consumers may find this type of advice invasive, others are willing to provide and share their data if there is something in it for them.
- Insurance as a Service (IaaS) describes tactics used by insurance companies to broaden their value proposition with services that simplify and enhance the customer journey. These include concierge services, advocacy and coaching, and enhanced affinity products.A great example of IaaS is the UnitedHealthcare and Dexcom pilot Type 2 diabetes monitoring program. With this program, participants can track their blood glucose levels, understand how their behaviors affect their glucose, and improve confidence in managing their diabetes. Program participants receive a wearable Dexcom continuous glucose monitor, a Fitbit activity tracker, and a personalized coaching app.
How to Turn Trends into Strategies and Tactics
It’s useful for insurance marketers to keep an eye on industry trends, but there’s more that companies can do to harness them. Here are a few key takeaways from the webinar for insurance companies to consider as they think about the future of their products, services, and marketing campaigns:
- Provide transparency, authenticity, and advocacy.
- Create new partnerships.
- Offer direct-to-me (DTM) services.
- Expand your role from insurer to service provider and health advocate partner.
Contact the direct marketing experts at IWCO Direct today to discuss marketing trends in insurance and how to incorporate these trends to add impact to your direct marketing campaigns. I would be happy to chat over a cup of coffee!
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