{"id":11919,"date":"2022-02-10T18:58:05","date_gmt":"2022-02-10T18:58:05","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/10\/navigating-the-complexity-of-marketing-automation-in-insurance\/"},"modified":"2022-02-10T18:58:05","modified_gmt":"2022-02-10T18:58:05","slug":"navigating-the-complexity-of-marketing-automation-in-insurance","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/10\/navigating-the-complexity-of-marketing-automation-in-insurance\/","title":{"rendered":"Navigating the Complexity of Marketing Automation in Insurance"},"content":{"rendered":"

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Between 2018 and 2021\u2013despite dealing with a worldwide pandemic\u2013the insurance market grew from <\/span>$730 bill to $860 billion<\/b><\/a>. Specifically, North America has dominated the market.\u00a0<\/span><\/p>\n

Technology and, more specifically, automation is to thank for this surge, determining how customers perceive and interact with companies.\u00a0<\/span><\/p>\n

To the above point, <\/span>41% of survey respondents<\/b><\/a> from 2020 said they\u2019d switch insurance companies if their current one lacked digital capabilities.<\/span><\/p>\n

According to Forbes<\/b><\/a>, automation can continue driving this forward momentum for the industry. However, automation is not a magic bullet that eliminates all problems by its very existence. Success comes down to implementation, strategy, and utilizing the most appropriate automation solution(s) for your brokerage.<\/span><\/p>\n

First Things First\u2013Understanding Your Needs<\/b><\/h3>\n

You need to match the appropriate automation solution to your needs as a brokerage based on its complexity.\u00a0<\/span><\/p>\n

An insurance firm with a book heavily weighted in just a couple of markets will have\u2013relatively\u2013 straightforward automation-based needs. Using an overly complex tool would be the same as putting a rocket ship engine in an automobile, overpowering your actual needs and capabilities.<\/span><\/p>\n

On the other hand, you might have varying layers of complexity in your firm that\u2019s based on brands, size, regions, broker networks, etc. In which case, a simple, bare-bones automation solution won\u2019t fit the bill.<\/span><\/p>\n

Before moving forward, we should make something clear\u2013complexity doesn\u2019t necessarily have to do with size.\u00a0<\/span><\/p>\n

Less Complex Doesn\u2019t Mean Uncomplex<\/b><\/h3>\n

You might\u2019ve read the above section and thought to yourself, \u201cgreat, my firm can just use the free version of <\/span>(insert automation software).<\/b>\u201d<\/span><\/p>\n

That\u2019s not quite the case. Just because your brokerage\u2019s needs are less complex than others in your industry doesn\u2019t mean it\u2019s without complexity.<\/span><\/p>\n

For instance, we\u2019ll say there\u2019s\u2013hypothetically\u201380% of your base is on the personal line side.<\/span><\/p>\n

Let\u2019s also say there\u2019s 20% of your base in the commercial end,\u00a0 stemming from your book of personal insurance customers. It sounds simple enough, but you still have varying segments you\u2019re communicating with.\u00a0<\/span><\/p>\n

Sure, broadly, it\u2019s personal and commercial, but you can segment even further within each of those segments. After all, some personal-line customers might have underlying commercial needs, merely requiring a gentle nudge from your marketing campaigns to take the leap.\u00a0<\/span><\/p>\n

In the above scenario, sending a catch-all, generic email blast to all your customers, even when your base is relatively less complex, amounts to a missed opportunity.\u00a0<\/span><\/p>\n

Automation and Segmentation<\/b><\/h3>\n

80% of insurance customers<\/b><\/a> crave personalization from their providers.\u00a0<\/span><\/p>\n

Whether your insurance brokerage has more complex automation needs or relatively simple, the more specific and personalized your marketing and sales efforts, the better.<\/span><\/p>\n

That level of personalization comes from automation that\u2019s up to the task of advanced segmentation, which also includes:<\/span><\/p>\n