P.S. - Insurers your channels to Revenue!
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P.S. - Insurers your channels to Revenue!

Author: Abhiraj Banerjee | Categories: Customer Engagement, Demand Generation, Insurance

Life and P&C insurers, whether you are B2C or B2B or both, your channels represent a significant part of your business and customers.Therefore, the revenue you are able to generate or aspire to drive through your channels is nearly as important as anything else in your business. And that includes underwriting.

Sample this – insurers no longer rely on the traditional channels such as agents and brokers, but have developed new channels to drive growth at lower costs.

Insurance

Channels for buying insurance include:

  • Agent Channel (35%)
    • Captive Agents
    • Individual agents
  • Bank Assurance
  • Broker Firms
  • Direct Channel
  • Web/Online Channel
  • Corporate Channel

Given how important these channels are to your business and the potential to grow them, it is undeniable that channels can contribute more to revenue through appropriate engagement.

Engagement marketing for agents and channels

The sales and distribution landscape in insurance includes internal sales teams and external channels and each of these has multiple engagement touch points.

Engagement marketing strategy

Engagement marketing has two key components — insurer to channel and channel to end customer. Engagement straddles multiple touch points with email being a common factor.

  • Recruitment: Effective recruitment programs can help build a healthy channel.
  • Education: Training and education will help create strong selling fundamentals.
  • Enablement: Product collateral, thought leadership content, sales tactics, selling tools and other content assets are keys.
  • Empowerment: Helping your channel engage effectively with the end customer through the entire buying lifecycle will drive sales.

For your channels to aptly become ‘producers’, the channel/producer lifecycle needs to be enabled at key stages from recruitment all through to enablement.

Engagement marketing

The challenges for insurers in engagement marketing

Several key challenges are impeding carriers’ marketing and channel initiatives.

  • Lack of engagement: Lack of adequate quality engagement touch-points between carriers with their best customers, prospects, and producers
  • Lack of alignment: Lack of alignment between Marketing and Sales teams on follow-up with prospects and tracking of results for various sales events
  • Lack of cross-sell: Product Managers are unable to cross-sell to existing customers due to lack of visibility into customer data and lack of cross-sell campaigns
  • Underserved Accounts: 35% of producers feel their relationship managers do not contact them enough

To overcome these challenges, what insurers need is a composite engagement marketing strategy that can help them build effective channels and also empower their agents and channels in turn to the market and sell better to end customers.

Engagement marketing strategy and execution

Channel recruitment and empowerment is a process but if you have well-defined marketing objectives, robust channel revenue goals and a desire to do more/better, then the process will not take as long as it might appear to.

You will need a strong digital marketing partner that understands your business or insurance well enough to sit with you and craft a collaborative engagement marketing digital strategy for your channel business. What will also help is your partner’s expertise with implementing and running programs on marketing technology software and automation tools. We will cover the ‘how’ of channel enablement in the next part of this blog. Till then keep tuned in!

Driving Customer Engagement for Insurers (Part 1)