Digital trends for the insurance industry that cannot be ignored
Technology is constantly evolving, and it’s doing it faster than anyone could’ve predicted. Not long ago, concepts like social selling and voice search seemed like a far-off dream, but now they’re prevalent across industries and a steadfast part of marketing. So, with this in mind, what does the future hold in terms of digital trends for the insurance industry?
We are seeing a huge shift in the demand for social selling – both within commercial, personal lines and MGAs. The platforms used are very dependent on the proposition to market however LinkedIn is still the front runner with Facebook following a close second. Within all digital selling campaigns, both on social and Google, the real key to success sits within the profiling of the audience to ensure it’s highly targeted and being able to track across the digital sales funnel using tools like HubSpot for ROI reporting across all active channels.
Across the financial services sector as well as many other industries, AI will continue to develop and solidify its place in our lives. Chatbots have been gaining popularity for some time now, but they are set to really take off, revolutionising the way we deal with customer service issues and providing clients with instant support. AI can also be used to insurance processes such as detecting fraud – enhancing security and risk management across the board. By 2023, AI processes are set to save the financial sector $447 billion.
A sure sign that a technology is becoming big is to look at how businesses are investing in it – big data and analytics have certainly been catching our attention in that respect. The banking sector has become one of the top investors for this, showing just how influential it’s set to become. It makes sense – the amount of data that the financial services sector deals with is enormous, from credit scores to card transactions both commercially and for consumers. Being able to utilise this to create insights that’ll help the insurance sector stay ahead and provide their clients with the best experience is a no brainer.
It’s been a long time coming for personalisation, and it’s certainly not a new innovation but one that’s going to get bigger and more important going forward. Customers are demanding ads and content that are personalised towards their interests, needs, and challenges – which links in nicely with big data analysis. It’s no surprise this is the way forward when 60% of customers reported being highly annoyed by generic advert blasts, and 80% are more likely to give their business to a brand that advertises personalised experiences.
Here are just a few areas we are focusing on as an agency during 2020 and beyond – if you would like to discuss how your business needs to integrate technology internally and through your outreach for business growth then book a consultation with one of our team!