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Life insurance companies have been late to the digital era, but that is quickly changing. Over the past few years, more and more life insurance companies have adopted digital strategies to make them more convenient and competitive in their industry. Today, we are going to look at how the life insurance industry is being shaken up by tech and what some companies are doing to keep themselves at the forefront of technology.
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Auditing & Digitilazing Existing Channels
Most life insurance companies already have websites, social media profiles, and other digital profiles. This is a perfect place to start by auditing each channel and brainstorming ways to make them more digital-use friendly. This can be as simple as adding a quote form to your website or a click-to-call button for mobile users to quickly connect with your company.
The goal is to cut down on the steps it takes for a potential customer to go through your sales funnel. You want them to discover everything they need to know to want to talk to someone right then. By providing multiple communication opportunities, you can showcase your high-communication levels as a business. This will entice customers to call, email, or chat with your company right away.
Create New Digital Profiles
If your life insurance company has yet to set up social media profiles, there has never been a better time. Creating a Facebook, Linkedin, or Instagram profile can help you connect with potential customers, provide real-time communication for customers, and allow you to instantly promote news or promotions about your services.
People are spending more and more time on social media and to effectively market your business, you need to focus on where the attention is. Social media also allows you the ability to run focused ads to reach potential clients as they are scrolling through the latest updates from their friends. The possibilities are endless and establishing a digital presence requires the use of social media.
Putting Customer Experience First
Customer experience is one of the fastest-growing marketing strategies and it is essential for items that are not so exciting, such as life insurance. Shopping for life insurance can be confusing and overwhelming for the first time purchaser. By creating content that walks your potential customers through each step, showing them how to purchase the best policy, you can increase your conversion rate and get more leads.
Customer experience takes into account site structure, site speed, customer service, automation, and efficiency of the process of getting life insurance. This is a great time to go through your site yourself and see what can be improved. Chances are if you or your employees are having a hard time navigating or getting excited about your site, your customers are too.
Many companies have more data at their disposal about their customers than they know what to do with. This is all great information you can use to build profiles, customer habits, and strategies to sell and produce better services. Data is priceless and having as much information about your customers will keep you ahead of the competitors. Gone are the days of aimlessly marketing blanket services or your latest overall promotions. Consumers want personalized content and personalized content equals a higher conversion rate.
Customers only want to see what they are interested in, so building customer profiles can allow you to better reach those who are willing to convert at a higher rate. This will also allow you to develop better content for your site and possibly change the way you sell your services.
Being An Expert, Not A Salesperson
Much like people do not like being marketed to by universal promotions, people do not want to be sold to by a salesperson. They want to be informed and learn more about the products you offer from an expert.
Confidence and expertise are what is going to sell a life insurance policy as they are complicated to understand. Having expert salespeople who are trained to inform and teach rather than sell will ultimately see higher sales numbers as trust is built between them and the consumer. This is why conversion rates are so high through digital as the consumer can research and have all of their questions answered on their own time and be able to make an informed decision. Spend the time creating content aiding customers on how to shop your life insurance policies.
Always Be Optimizing
Being digital is one thing, continuing to evolve is another. Optimizing your content and digital profiles will only make you better as you use data to make decisions. Data does not lie and changes made to reflect data gathered by your customers will make your digital presence stronger and the trust between consumers and your company much better.
This is especially true when it comes to customer experience. Knowing how customers navigate your site when they bounce out, and when they convert can lead to a better site structure to increase conversion rate and make your site easier to navigate. This is one thing that most life insurance companies are not doing, so doing so can put you years ahead of your competition.
Digital Sales Are The Future
With more and more people moving to a more digital way of life, we are going to see digital sales be the future of life insurance policies. People are wanting convenience, and digital sales provide this.
By developing a stress-free, well-informed site, your customers can find everything they need to know and purchase a policy on your site with little to no leg work on your end. This will ultimately allow you to shift your sales team to a digital-first customer care team as well as save money on expenditures. Adapting to the ways of digital marketing and digital sales will only improve your business and allow you to scale if you choose to do so. This is the future and refusing to accept it can put your business in a tough place in the coming years.