Latest Trends In The Insurance Sector
Posted By Amber Render on July 7, 2017
The present world is one that is drastically different from one that was a decade back. There was a time when insurance coverage was taken on things that were vitally needed to be protected like health and life. At the end of the insurance term, nothing was returned if it was ‘not used.’ Today, the customer is different rather than just asking for what is their due; people search for freebies. The time of no return has gone by. The entire behavior of customers changes if it means a reward at the end. Because of such changes the programs and marketing strategy of insurance companies have to be changed too.
As a well-written article on www.insurancetimes.co.uk pointed out trends are reshaping insurance. One such alteration is in the products/ services that are offered to potential clients. Instant gratification has become the mantra of the present customer base, and the insurance sector is scrambling to offer it. But this raises the question of are these insurance policies, the product truly beneficial for the insured? Because ‘cheaper the better’ is another call that today’s age demand, companies have started advertising the same. But are the premiums paid by the customer the least possible? The take here for a consumer is to search for a program that is rewarding and not just vacantly attractive.
The influx of Social Media from Twitter to Instagram to Facebook to endless other platforms has greatly affected the sales of any and all insurance product and services. This has led to companies and professionals being intimidated by it and trying to include social media platforms in their marketing strategies as well as business models. Firms that are not savvy of such platforms are not only losing a large customer base, one day they might even become redundant. The younger generation prefers to your social media platforms to get answers to their queries and increase the network. The take here for an insurance professional is to leverage social media for his/her gain. It is vital to make it a habitual part of doing business or else lose opportunities.
For a good insurer, social media strategy is a must. Why? Because as of the present day it has become the number one influence on buying decisions. Statistics say that more than seventy percent of consumers are more probable of buying an item just based on a reference through social media. A survey of social media users showed that the posts made by a firm on such platforms affected the buying decision of the users. This makes it very apparent that the younger demographics are not only looking for cheaper alternatives but influenced by the peer when buying any service. Certain catch phrases attract them more than others like ‘earn more while paying less,’ ‘get rewards by…’ and ‘an customized, affordable package.’
To make sure you are the insurer this younger and more aware generation chooses you to highlight certain qualities of your programs. These qualities include cheaper premiums, longevity, top customer service and the most obvious rewards!