14 Most Effective Marketing Strategies for Insurance Companies

Insurance is fundamentally about trust. Clients need to believe that their insurance provider will be there for them during times of need. 

Building trust, though, is challenging for any company, let alone one that operates in an industry that’s often perceived as nontransparent. Effective insurance marketing can demystify insurance products and educate target audiences, leading to improved customer acquisition and retention. From traditional strategies like email marketing to out-of-the-box ideas such as calculators, here are 14 insurance marketing ideas that have proven to drive success.  

 

Importance of Marketing in the Insurance Industry

Digital transformation has fundamentally changed how consumers behave. They expect personalized experiences, instant responses, and seamless interactions across multiple channels.

Not only do insurance companies need to reach consumers on a channel of their choice, but they also need to use these interactions as an opportunity to communicate their expertise. Taking out medical insurance requires more research than buying something from Amazon. With well-rounded insurance marketing campaign, you can turn engagements into educational opportunities that build trust needed to increase insurance sales.   

14 Proven Marketing Strategies to Drive Insurance Success

Each of the following strategies is suitable for marketing in the insurance sector and has been selected based on its proven effectiveness. Combining these strategies can provide insurance companies with a strong marketing foundation.

Develop Valuable and Educational Content

With the help of educational content, insurance companies can establish credibility and reliability. Both qualities are crucial in this industry that’s selling a product that can be the difference between life and death.

Distributing educational content allows insurance companies to address common pain points and unpack complex insurance concepts. You can, for example, create:

• A blog post that explains the difference between different insurance packages
• A whitepaper that explores the impact of regulatory changes on insurance policies
• An eBook that shares tips for choosing the right home insurance policy

Aside from helping to establish your insurance company as a customer-centric expert in the field, this type of actionable advice presented in an easy-to-understand format can also help nurture strong relationships. This way, you can guide potential clients through the decision-making process.

Run Paid Advertising Campaigns

While the ad spend of insurance agents and brokers in the US decreased by over 19% between 2022 and 2023, paid ads remain a key part of any insurance marketing strategy. Digital marketing tools like Google Ads can help insurance companies reach a targeted audience quickly and effectively.

Organic strategies, like the content marketing ideas discussed earlier, can take time to build traction. On the other hand, paid ads can instantly place your message in front of potential clients. This is particularly valuable for insurance companies looking to promote new policies or special offers.

Another major benefit of using paid advertising is that it offers various data points that you can leverage to improve your ad performance. You can, for example, use A/B testing to experiment with different ad creatives. A simple change to a headline or call-to-action prompt can result in more leads.

Here are some examples of effective ad types for marketing in the insurance industry:

• Search ads that appear at the top of search engine results pages (SERPs) when a potential client searches for a relevant keyword like “budget car insurance policy”
• Display ads that appear on social media platforms and include visual elements like a client testimonial video
• Retargeting campaigns that display personalized content to re-engage with individuals who’ve visited your website or interacted with your content

Invest in Local SEO

Google remains one of the first places people turn to for information, making optimizing for local search results a necessity. Your Google Business Profile is one of the most important elements. Combine it with localized content and customer reviews to help you appear in relevant online searches, making it easier for nearby clients to find you.

You can, for example, create blog posts about common insurance issues in the area that you service. This way, you can develop educational content and boost your local SEO at the same time. In addition to blog posts, also integrate local keywords strategically into the rest of your website content. 

Unlike localized content, you can’t write customer reviews yourself. However, it’s not completely out of your control. If you take the time to write a response to a review, it will show to other clients that you value their input which can encourage them to leave reviews. 

Implement Online Insurance Calculators

Interactive tools like insurance calculators are great lead magnets. The promise of receiving instant personalized estimates will keep visitors on your website longer and encourage them to share valuable personal data. 

This data can, in return, be used to improve your follow-up marketing and actual product. You can, for instance, use the data collected for audience segmentation and message personalization (more about this later). 

It can also reveal trends and common preferences. You can use these insights to tweak your insurance products so that they better align with the needs of your target audience.

Leverage Video Marketing

Given the complexity of insurance products, you need to include a video that can break down the Ts and Cs in your insurance marketing plan. In fact, 88% of video marketers reveal that video has improved the understanding of their offering. 

Video content is also very versatile. There are various types of video content that you can create and share on your business website, social media pages, and video platforms like YouTube.  

Insurance companies will find explainer videos and customer testimonials particularly helpful. These two types of video also happen to be the most popular use cases for video marketing in 2024, according to Wyzowl’s research.

You can, for example, create a short video explaining how to file a claim to highlight the user-friendliness of your client portal. Then, to build trust, you can create a testimonial video in which satisfied clients share their stories about how your insurance company has helped them during a crisis. 

Create a Referral Program

While there are many great advertising platforms available, they don’t replace the power of word-of-mouth marketing. It’s essentially free advertising from satisfied customers.

It’s especially helpful for insurance marketing campaigns that focus on brand awareness. A survey completed in 2023 reveals that 36% of internet users in the US discovered new brands by means of word-of-mouth marketing. It’s essentially free advertising from satisfied customers.

Like with customer reviews, there are actions that you can take to incentivize existing customers to recommend your insurance company. One such action is to set up a referral program.

To give your program the best chances of success:

• Identify who your best clients are and target your efforts on them so that they become advocates
• Design attractive, yet sustainable, rewards, like access to special services or discounts on insurance premiums, that will motivate them to join and participate
• Clearly communicate the benefits for participants (both the referrer and new customer)
• Simplify the process by generating user-friendly referral forms and shareable links
• Use metrics like conversion rate to monitor your referral program’s performance and refine it accordingly

Utilize Email Marketing

The secret of using email for marketing in the insurance industry lies in audience segmentation and personalization. Sending an email to long-term renters suggesting that they take out home insurance won’t get you new insurance buyers.

By segmenting audiences into distinct groups based on specific criteria, such as demographics, policy types, or life stages, you’ll ensure that they receive information that’s relevant to their needs.

Once you’ve segmented your audience, the next step is to decide which type of email to send. You can, for example, use:

• Email newsletters that share tips and industry news
• Policy updates to keep them informed about changes to their policies
• Promotional offers to introduce other insurance products

Email campaigns in your insurance marketing strategies can be used to build long-term relationships. You can use it to nurture leads as well as retain current clients.

Be Active on Social Media

Being present and active on social media platforms can help insurance companies stay top of mind. Aside from using it as a platform to share the valuable content you created for your insurance marketing strategy like that customer testimonial video or eBook, it’s also a great way to engage with potential clients. 

As mentioned earlier, insurance consumers will likely have a few questions. A platform like Facebook, Twitter, or even Instagram equips you to answer their queries in real time. Real-time communication can show how committed you are to customer service, a quality on which all insurance agents are evaluated. 

Instead of waiting for insurance buyers to drop their question in your comments, you can take a proactive approach and host live Q&A sessions. During such a session, an insurance broker can answer FAQs, offer professional advice, and debunk myths. 

Another way that you can engage your followers is to share interactive content like polls, surveys, or quizzes. For example, a LinkedIn poll asking them about their biggest insurance concern can double up as a way to gather valuable data.  

Host Webinars on Insurance and Financial Planning

One of the main benefits of hosting a webinar is that it gives insurance agencies a platform to showcase their expertise. If they see that you understand insurance and how it fits into financial planning, they’re more likely to trust your recommendations

As part of your marketing plan, you can use it to address common concerns and then guide attendees through the insurance-buying process. Unlike pre-recorded videos, you can engage directly, making it easier to nurture leads.

To further improve your lead nurturing strategy, consider each webinar as part of an educational journey for your clients. This way, you can gradually build their knowledge.

You can, for example, offer follow-up resources, like downloadable guides or one-on-one consultations. It might sound like a lot of extra effort, but insurance buyers are more likely to remember and choose an insurance agency that offered value from the start.

Develop Loyalty Programs Based on Customer Data

Unlike a referral program that rewards clients for recommending your insurance business to their network, a loyalty program simply rewards them for their continued support. It can give you a strategic advantage over competitors by encouraging your current clients to renew their policy each year, helping to optimize the customer lifecycle which is key for growth marketing.

To make your loyalty program truly rewarding, turn to your customer data. Use their purchase history and offer personalized incentives.You can, for example, offer complimentary travel resources to clients who regularly buy travel insurance.

You can also look at their claims history. For example, if you’re selling car insurance, you can offer a cashback bonus to clients after three claim-free years, for instance. Not only does this encourage them to stay with you for at least three years, but it can also encourage better driving habits.

Use Remarketing Ads for Potential Clients

As mentioned earlier, marketing for insurance companies should include a budget for paid ads. You should seriously consider including remarketing ads in your insurance marketing strategy.

Also known as retargeting, it allows insurance companies to reconnect with users who have previously interacted with their website or app. It uses data to display relevant ads to consumers who’ve, for example, visited your website or downloaded your app but haven’t taken out a policy yet.

After all, capturing a visitor’s attention is just the first step in any insurance marketing campaign. Consumers often need multiple interactions before they take action.

Not only can you re-engage with interested buyers, but remarketing also allows you to deliver targeted messages. For example, if someone viewed a life insurance policy but did not complete the purchase, remarketing ads can provide extra info on benefits or address common objections. By addressing their specific needs, they’re more likely to complete the purchase process.

Create Personalized Insurance Products

Not only should you look at ways that you can personalize your messaging but you should also consider offering personalized insurance solutions. Customers’ evolving needs mean that they prefer products and services that cater specifically to their preferences and lifestyles, and the insurance industry is no exception.

To do this, use customer data and tailor your products based on demographics, lifestyle or risk profiles. You can, for example, offer a reduced car insurance premium to drivers who travel less than 600 miles per month.

In fact, it can also be an opportunity to encourage clients to spend more. If a client is taking out travel insurance, why not offer a bundled policy that includes international health coverage at a slightly higher price?

Like an attractive loyalty program, offering personalized insurance plans can be a great unique selling feature to set you apart from similar offers.

Collaborate with Financial Advisors and Agencies

As mentioned earlier, webinars that cover insurance and financial planning together can be a great marketing idea. To lighten the workload and make the webinar more valuable, you can invite a financial advisor to form part of the presentation.

After the webinar, consider partnering with the financial advisor in other ways like hosting a charitable event. This way, you can tap into their pool of potential clients interested in managing their wealth and planning for the future.

In addition to financial planners, you can also partner with real estate agents or mortgage brokers who can recommend insurance products to their clients. Mortgage lenders typically require that clients have home insurance, making this partnership mutually beneficial to both parties.

Offer Free Consultations

Building trust and demonstrating your expertise are foundational to any marketing for insurance companies and one of the best ways to do that is to be generous with your knowledge.

Webinars and live Q&A sessions are great, but it doesn’t give you the opportunity to interact with interested parties on a one-to-one basis. With a free consultation you get to do just that, allowing you to personalize your advice even further.

It also gives you an opportunity to answer specific insurance-related questions which can involve personal matters that clients didn’t feel comfortable to share in a public forum. In addition to your hard skills, it’s an opportunity to give potential clients a chance to experience firsthand the value and professionalism of your service.

Benefits of Hiring a Specialized Marketing Agency for Insurance Companies

Insurance marketing agencies offer industry-specific expertise that saves time and resources. They’re also familiar with the regulatory environment, which often includes complex compliance issues.

They can offer customized strategies, advanced analytics, and a fresh perspective on reaching your target audience.

They also typically have access to the latest tools and tech for tracking the performance of insurance marketing campaigns. This can be costly to implement, making more financial sense to outsource marketing efforts to an agency.

Adding to the topic of cost, hiring a full-time, in-house marketing team can be expensive, especially with the need for specialized skills in areas like SEO, content creation, and digital advertising. Partnering with an insurance marketing agency allows you to leverage a team of experts at a fraction of the cost.

Conclusion

Effective insurance marketing strategies focus on building trust. This can be a long process which can be achieved easier by incorporating a multifaceted marketing strategy. 

It’s by being present (and active) on various channels that your target audience gets to know you. You need to create opportunities during which you can highlight your expertise and answer their questions. This might mean that you’ll need to share your knowledge (and time) for free, but the efforts will pay off. 

Just as important as it is to advertise your services actively, it’s key that you measure your marketing efforts. Continually refine your strategies and stay up to date with industry trends to maintain growth and success. 

These are areas where NinjaPromo has extensive experience. Our team can handle all aspects involved in marketing in the insurance industry—from strategy to optimization.