Marketing automation is growing. Sizzling fast.
What does it do for insurance agencies & brokerages?
Just like it does for other businesses, it empowers agencies to automate and simplify communications with their customers and marketplace.
While the features of marketing automation may vary widely, quality software offers many benefits to the insurance agency & brokerage. It can:
- Simplify communications with your customers and prospects by coordinating them in one, integrated place.
- Increase the conversion of leads to customers by quickly and automatically touching them with value-added messaging.
- Deepen customer relationships by delivering meaningful value throughout the year
- Guide your customer’s journey through their experience with your agency or brokerage, automatically delivering highly personalized messages at key moments in their insurance life-cycle (and at the precise moment when the customer is most receptive).
- Strengthen your brand through the delivery of professionally produced imagery and content
- Grow organic revenue by increasing policy count, retention and referrals.
- And, simplify and expedite internal workflows by automating critical tasks – or by executing desirable tasks that never get done (e.g., account renewal process, claims advocacy, account rounding, etc.).
In short, effective marketing communication can vastly multiply meaningful customer contact and facilitate workflows without adding expensive personnel costs.
80% of marketing automation users saw their number of leads increase, and 77% saw the number of conversions increase. – VB Insight
Why is marketing automation growing so fast?
Agency principals understandably struggle with the decision to adopt new software. Even when you see others around you getting it, it’s new.
Brokers have struggled with decisions like this before.
A generation or so ago, agency or brokerage management systems were the hot “new” software decision that stymied many principals. Yet, today, every serious firm relies on their management system every day. Why? Because it proved to solve a problem – efficiently.
Why? Because it proved to solve a problem – efficiently.
Until recently, marketing automation attracted only the ‘early adopters.’ That, however, has changed.
Marketing automation is, conservatively, a $2 billion industry, and, likely the fastest growing category of enterprise software in the world. (Sales grew 60% in 2014.)
Typically, major software innovations grow first in the ‘horizontal’ world, where Fortune 1000 companies can invest in integrating them into their other business processes and technologies.
Until recently, that has been a problem in the retail insurance sector. As email provider, Express Pigeon pointed out, “The most common barrier to integrating email with overall business strategies is disconnected systems and technologies.”
Advanced software providers – like Agency Revolution – have solved that problem for agencies & brokerages. The mountain of data that has been – from a marketing perspective – ‘locked’ inside the agency or brokerage management system has been liberated.
Elegant integration between the two systems – the management system and the marketing automation system – allows for both vast and intimate communications between the firm and its customers.
So, why is it growing so fast in the insurance industry?
For the last 4 years the Marketing Automation industry as a whole has increased it’s year-on-year revenue by 50%, bringing it to in excess of $2 billion.
- Smart tech companies have cracked the code on data. The really good ones integrate with your agency or broker management system.
- There’s a growing recognition that today’s customer is online – and expects their agents to be there with them.
- There’s a growing recognition that insurtech startups are zooming into the agency space, poised to steal customes.
- It solves a truckload of problems. By automatically triggering campaigns, marketing automation can help convert more leads, generate more policies per customer, boost revenue and increase referrals.
- Agents – at the heart – believe in the promise of marketing automation: it delivers value and builds meaningful relationships with customers.
If you don’t have marketing automation, how are you showing your customers that you are always there, delivering value and making a difference in their lives? If you’re not, those customers are vulnerable to someone, some agency or some completely different insurance channel, who is committed to building strong customer relationships. Agree?
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