The insurance industry is in the midst of a sea change thanks to rapid technological development. This much was obvious when Phonexa appeared at InsureTech Connect this year. Insurance agents are increasingly being put in a position to make a choice: those who have not yet embraced technology to grow their business can do so and secure a future for themselves, or they can stick with their traditional marketing strategies and risk falling behind.
For those who are interested in utilizing new digital tools, or are just starting to do so, it can be overwhelming to make determinations about what steps to take. In my experience working with insurance agents and carriers to increase traffic and underwrite more policies, there are a few especially useful ways to use technology to put your insurance business on an upward trajectory.
Here are five ways insurance agents can use technology to get more quality leads:
1. Reach More Prospects with Social Media
Social media has been around for more than a decade, but it isn’t any less relevant to today’s insurance agents. If you aren’t maximizing your social media initiatives then you could be missing out on whole new waves of customers. Facebook remains a wellspring of opportunity: the platform has over 2.38 billion users according to reports this year.
Facebook and LinkedIn are the most popular social platforms for insurance professionals to focus their efforts, though Instagram and Twitter can be valuable tools as well. The greatest value in any social media platform is that it gives you a platform to showcase the value of your business to consumers.
Use your social channels to educate and promote your personal brand. Giving social users a reason to engage in your social posts will build a foundation for you to write more policies and transform your brand into a well-known insurance resource.
2. Use Call Tracking for Better Campaign Insights
You can spend a large budget on your marketing efforts, but if you aren’t tracking those efforts to determine their success rate you could be wasting your time and money. This is why call tracking is so valuable: it gives you data attribution for all your campaigns. Learn what ads are generating the most traffic – and see who specifically is responding to those ads with demographic data on all your calls.
When you know which of your insurance campaigns are most successful at bringing in new leads, you can put more resources into those and maximize your marketing budget.
3. Increase Efficiency with a Cloud Platform
Everyone in the insurance industry, from agencies to carriers to individual agents, is turning to cloud platforms for data insights and more efficient workflows. This allows businesses and individuals to focus on their core business goals and effectively outsource data security and other IT concerns to third-party SaaS (software as a service) providers.
By using the cloud, insurance agents can manage their marketing or other business concerns from anywhere. There’s no need to be tied down to expensive hardware or software commitments. When your business is running more efficiently, you are free from worrying about operational concerns and can spend more time servicing customers and growing your business.
4. Convert and Retain Prospects with Email Marketing
Few marketing channels deliver as much impact for minimal expense as email marketing. Once you have built up a significant email list it can be leveraged for both new customer acquisition and retargeting.
Use automation to maximize your marketing impact: you can send automated remainder emails to current policyholders or employ a drip campaign of helpful content to a new subscriber. All these marketing efforts can be done using email marketing for far less than other kinds of paid ads.
5. Make Better-Informed Marketing Decisions
One of the greatest tools that technology has given insurance marketers is not only the ability to track and collect great volumes of data but also a way to analyze and interpret all that information.
Predictive analytics is a tremendous tool available with call tracking software that marketers can use to see how they can adjust elements of their campaign to impact their outcomes. Predictive analytics plugs data from past campaigns into a model that will show likely results if certain changes are made.
Using predictive analytics, insurance marketers can avoid a “trial-and-error” approach to their campaigns – offering a smarter path forward for businesses to grow.