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For many years, at the fundamental level, B2B insurance marketing worked on a process where the product was the unique selling proposition, and the main focus was on pushing tweaks on a set of standardised policies and features.
This has changed now. Businesses are now keen on customised solutions and are keen on consultations in areas such as risk management. This means understanding the main pain points of the client and providing industry-specific solutions are the major differentiators. The change results from a digital push, changing customer expectations and companies seeking a clear competitive advantage. Big corporations are no longer satisfied by simple one-size-fits-all solutions; instead, they value bespoke risk advisory services that align with their needs. Expertise and consultative guidance are now more valuable than a catalogue of pre-designed offerings.
What does it mean?
Customer-centric marketing in B2B insurance calls for insurers and brokers to dig deep, understand the lay of the land and business risks their clients could face, and curate sharp customised coverage solutions outside the regular task of selling policies. The new consumer seeks proactive engagement, sharp risk advisories, and a slew of personalised coverage options. The key task is to establish trust and work with the customer as a risk partner by studying risk and offering solutions for complex issues with solid strategic insights that offer value-added outside policy sales.
Why it matters
As mentioned earlier, businesses are keen on solid advisory-focused engagement. Decision-makers today are digital natives who could find old-school traditional marketing based on long sales pitches, and product catalogues do not work. They work with companies that educate, engage, and empower customers. They want folks to help them make informed decisions and take bold calls. It will help them build deeper relationships, improve client retention, and set them as key thought leaders in insurance. To understand more, we need to understand better how customer-centric marketing can help.
Data-backed personalisation will play an important role. Combining data analysis with new AI tools will give insurers deeper insights into client needs. AI-powered tools can quickly analyse vast amounts of customer data and use it to identify patterns, predict risks, and offer new coverage solutions. Meanwhile, predictive modelling tools can aid brokers in identifying unnoticed coverage gaps. These tech tools will help insurers offer sharp, customised solutions that reduce risk and build client trust and engagement.
In a clear break from the past, the focus has shifted from the standard product brochures and sales pitches to one that emphasises sharp, informative and insightful content. This means insurers must look at emerging as strategic advisors and offer to work on webinars, whitepapers, larger industry-focused trend pieces, and sharp case studies with actionable insights. Good content pieces that establish brand credentials and showcase the top leadership as thought leaders in the vertical build credibility and help bring clients keen on strategic advice and direction.
Customers now look for solid omnichannel engagement, interact with brands across touchpoints, and look for seamless experiences across channels. This means insurance companies must look at an integrated omnichannel approach, where they could use platforms such as LinkedIn and other social media sites for insights into major issues and create engagement with big-ticket clients. They can also work on newsletters that are mailed weekly, offering sharp and insightful risk management updates. Interactive tools and AI-powered chatbots can be deployed to make service easier for the customer.
Insurers must look to offer greater support and expertise to consumers in dealing with risk and predicting it. This can be done by offering analysis of the best practices in risk mitigation, frequent compliance updates and regulatory analysis, and solid crisis management consulting and ESG-related risk strategies when required. This will help them emerge as trusted advisors with a voice at the table and gain long-term trust.
What does the future hold?
We live in interesting times. Emerging technological tools will play an important role in insurance marketing, backed by the need to incorporate elements of AI and data analysis to ensure consumer delight. We foresee an uptick in usage-based insurance, where policies can adjust premiums based on real-time usage. It is flexible and more cost-efficient. The rise of embedded insurance that integrates multiple aspects of insurance coverage into broader business processes will make data protection a key part of the operations.
A shift from marketing to one focused on the customer is happening across the sector. This will mean that firms looking at long-term solutions and building client relationships will thrive. In this new world, good marketing strategies must be managed with good insights and backed by trust, and clients see insurers as partners in risk management.
Disclaimer: This content is for general information purposes and does not constitute an offer, solicitation, or recommendation of any insurance product or service.
(The views expressed here are solely those of the authors and do not in any way represent the views of pitchonnet.com)
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