Digital marketing best practices for insurers

Originally published by Act-On

By Shelly Strom

Disruption within the once-staid insurance industry is creating a major buzz. The activity has been labeled, among other things, as a digital transformation and the Fourth Industrial Revolution.

Regardless of what you call it, disruption is occurring because consumers gravitate toward customer experiences that are on par with Amazon, Uber, and Netflix.

After all, our population is skewing toward digital natives. Roughly 71 million millennials are in the market for automotive, homeowners, and renters insurance — among other types of coverage.

Gen-Z, the generation right behind millennials, represents 61 million people who mostly started using digital while they were still infants. No doubt the eldest among this group, in their early 20s, are shopping for insurance right now. 

Entrepreneurs, including quite a few millennials, are responding to opportunities created by legacy insurance providers without solid digital marketing strategies. This has led to a rise in insurtech start-ups that garnered about $2.2 billion from investors in the first half of 2019 alone — easily outpacing the total $2.6 billion invested in all of 2018.

What’s more, only 35 percent of insurance customers say they’re satisfied with current providers, which translates to a book of business of about $1.5 trillion up for grabs globally. Continue reading on the Act-On blog.