If You Are Not Partnering With Influencers & Creators, You're Doing Digital Insurance All Wrong
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If You Are Not Partnering With Influencers & Creators, You're Doing Digital Insurance All Wrong

The insurance industry has always had one big problem: not much room for creativity or positivity in how they market their products. Insurance is inherently boring because it's an intangible product that people generally don't want; they only buy it because they have to!

Most part of the insurance is still being sold. Not bought.

What is Insurance Influencer Marketing?

The insurance industry is struggling with several marketing challenges. Consumers are more connected than ever before, and the digital landscape is constantly changing.

One of the biggest challenges for insurance businesses is combating the negative public attitude towards insurance. Consumers see them as impersonal and invasive — especially when it comes to personal data.

So, how does one change this perception? Could this perception be a systemic thing that has contributed to the low adoption of insurance in Africa? 

Also Read: Insurance Disruption: The Implication of Blockchain and AI in Insurance

In the words of Prof. Landry Signé"Despite these advantages, Africa’s aggregate insurance penetration rate in 2019 was only 2.78 percent, compared to the global average insurance penetration rate of 7.23 percent." (brokings.edu)

An article by McKinsey titled The Attention Economy: how insurers can stay visible in a crowded field says; "Companies that can position themselves in front of customers’ headlights and offer added value will be the winners in the digital world."

Insurance companies want to sell more. There is a way to change this perception and make it easier for insurance companies to sell more of their products: they can partner with influencers and creators who can help them genuinely connect with their target audience.

But, there's competition. Insurance companies are not only competing with each other but with a range of industries from banking, telecom to retail. According to a study conducted by Deloitte, the insurance industry is one of the least trusted and least desired sectors for consumers. 

One of the solutions. One way for insurance companies to differentiate themselves from their competition is by partnering with social media influencers.

By using influencers, insurance companies can create a relatable image for their brand. After all, this social media era is based on consumers being able to relate to brands. Think personalization. Being able to use influencers will help your clients accept you and buy from you in the future.

A recent survey found that 83% of respondents said they trust recommendations from their friends, while 66 per cent trust consumer opinions posted online, more than they do brand advertising. The same survey found that more than half of respondents reported making a purchase based on an influencer’s recommendation. 

Why is it important?

In the insurance market, consumers often have more than one policy to choose from. So how do insurance companies differentiate their brand from the competition?

The growth of social media influencers has made it easier for brands to target an audience and grow brand awareness. Influencers offer consumers an authentic, trustworthy voice that helps drive engagement and sales conversions.

The blocker. For most marketers, the thought of working with influencers can also be a little scary. There are so many options that it's hard to know where to start. At the end of the day, it really does come down to having a clear understanding of your goals and knowing how best to achieve them.

As with most industries, content marketing is a great way to build trust and increase brand awareness among potential customers. Insurance companies also fit this mould. However, for content to stand out in the crowded insurance space, it has to be unique. And one way to do that is by partnering with influencers and creators on their platforms.

According to a report, "influencer marketing garners more than 11 times higher ROI than traditional forms of digital marketing." Influencer marketing allows brands to tap into an influencer's already established following and reputation to tell their story.

Are you targeting Millennials? The best way to reach millennials is by partnering with other influencers and creators who already have a strong relationship with this generation.

Why is it different?

Influencer marketing is the perfect way to reach your prospects on social media and through online video channels.

The hard question for brands is finding the right influencers and creators for their campaigns and how to partner with them on effective campaigns.

Creating a strategy?

Insurance companies are exploring influencer and content marketing to drive and increase brand awareness and sales growth.

Selling insurance isn't easy. Losing a customer is expensive, so insurers have to be extremely cautious about who they take on as clients.

A lack of understanding of their policies makes it difficult to impossible for consumers to shop comparatively.

Explore these strategies.
  • Focus on the human voice first, instead of focusing on rates and fees. 
  • Define your target audience and create content that is perfectly tailored to them. 
  • Step up your influence marketing game, and definitely don’t be afraid of social media!
  • Measure. Iterate. Measure.
  • Rinse and repeat.

Insurance companies are known to be notoriously risk-averse. Many of them have strict guidelines when it comes to advertising and product promotion. Though this is beginning to change as you can see in these funny insurance ads

For these reasons, insurance companies need to be extremely selective when it comes to the marketing channels they choose to invest in. This is one reason influencer and creators marketing has been such a game-changer for so many insurers – it allows them to engage with a much broader audience without having to take on any additional risk.

Influencer marketing can add some fire to insurance content, making them much more engaging and shareable, connecting with the right consumers.  

The key here is authenticity – someone who actually loves working for an insurance company will naturally come across as more believable than someone who's just in it to run an ad or sponsored post. 

Several insurance companies run influencer campaigns now. These are often based on shareable content and consumer education, but not always. 

Any useful influence marketing campaign needs to focus on leads and sales, not just buzz.

Get to work. Influencer marketing is an effective addition to any marketing plan. It’s an investment that pays off more often than not. Try the above-proven tips and tactics to partner with influencers and creators to sell more insurance.

Talk to Curacel.

Recent studies reveal that up to 20% of all claims are filed with errors, causing unnecessary delays and inefficiency

Curacel AI-powered system - APIs and Tools, is the most comprehensive claims automation and fraud detection technology that powers top insurance companies in Africa.

Want to know more? You can schedule a time to talk with one of our partnership managers here.

Photo by Andrea Piacquadio from Pexels

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