Digitisation is the new buzzword in the insurance industry, but how many of the insurance players understand its actual worth. While the business opportunities of digitisation are immense, there are a number of pitfalls to avoid in the transformation process. A critical challenge is how to ensure digitisation investment with ROI. An extension of this problem is the implementation of a coordinated marketing plan and choice of tools related to social media to optimize profit margins. The potency of these challenges has been established by a survey conducted amongst more than 200 agencies in Canada. The objective of this survey was to learn how insurance agencies are employing online marketing and social media tools in generating business.
Significant Findings of the Survey
• The majority of the players in Insurance Industry do not have an effective model to map marketing investment to ROI.
• Approximately 50% of the respondents not using social media are planning to start using social media within a year.
• The majority of the respondents lacks coordinated marketing plan and manage things on an ad-hoc basis.
• Websites, Linkedin, Facebook and email are clearly the four most favoured digital marketing tools by insurers.
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Digital Insurer's CommentsThe survey illustrates how few agencies have been able to take advantage of the opportunities offered by digital marketing.
There are opportunities for agencies to differentiate themselves using digital marketing and for vendors to provide agencies with tools to make them successful.
In Asia insurers should be in a position to partner with agencies and provide them with tools and support to help them be more successful.
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