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.
Channels for buying insurance include:
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.
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 has two key components — insurer to channel and channel to end customer. Engagement straddles multiple touch points with email being a common factor.
For your channels to aptly become ‘producers’, the channel/producer lifecycle needs to be enabled at key stages from recruitment all through to enablement.
Several key challenges are impeding carriers’ marketing and channel initiatives.
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.
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!