5 INSURANCE MARKETING TRENDS — WHAT EVERY MARKETER SHOULD KNOW
Of the many factors affecting how insurance companies go to market, technology advancements and progress in the behavioral sciences are arguably the most important. The following are five insurance marketing trends, each either technology or behavioral sciences advancements, both driving change and creating opportunity for the insurance industry.
ONLINE CHANNELS BECOMING PRIMARY — TRADITIONAL CHANNELS MOVE TO SUPPORTING ROLES
Bain’s 2015 “Global Digital Insurance Benchmarking Report” states that online activity will continue to replace traditional channels at an ever increasing pace over the course of the next three to five years. In fact, Bain projects that 20–40% of the actives being conducted via traditional channels (in-person, phone, and mail) will move online. Specifically, pre-purchase customer research, purchasing, renewals, product cross-sell and upsell, policy servicing, claims management, billing/payment, and customer service will be handled via digital channels first. This will leave traditional channels in an increasingly supportive (rather than primary) position.
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