Insurance Marketing – Reach Consumers First as They Respond to Key Life Events

Important life events and milestones—marriage, children, divorce, buying a home or a car—often drive the need to purchase additional property and casualty or life insurance. Based upon a recent estimate, more than 25% of the U.S. population experienced a life event change within the past 12 months. This figure can be considerably higher based on age, geography and other factors, as younger individuals may be more likely to move, get married, or have a baby.

A data-driven marketing approach can help you identify and engage the right consumers when they are in the market for insurance and other financial services through impactful, coordinated, multi-channel communications. Ensure you reach these high-value consumers ahead of your competitors with a triggered marketing approach that can identify and reach your target audience in as little as 2-3 days.

When you reach these consumers quickly, with highly personalized messages that address their life event “triggers,” response rates can increase as much as 10x compared to traditionally timed campaigns.

Insurance Marketing: Triggered Campaigns

Triggered marketing campaigns can also strengthen relationships and build loyalty with your existing clients. A 5% increase in customer retention produces more than a 25% increase in profit, as returning customers tend to buy more over time within the financial services space, according to Bain & Company reports.

Retain your valuable clients with personalized messaging that addresses their evolving needs. Customer churn could be reduced as much as 11% if the business simply reached out to the customer, according to research studies. Proactive messaging, reinforcing your ability to provide protection and security, and an invitation to secure a quote may reduce a policyholder’s interest in switching. Keep in mind:

Reaching out to your customer when they are close to making a decision is the most important thing you can do to retain them.

Make sure you engage customers when it’s relevant for them with personalized messaging to increase retention rates.

For more insurance marketing trends and insights, read our previous blog post. Reach out today to plan your triggered marketing campaign strategy!

Sources: Speedeon, McKinsey Digital, Bain & Company