Driving growth with an insurance marketing transformation

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At the end of my last post, I mentioned the need for data-driven marketing to help you launch and scale new products. But I believe that to achieve real growth, insurers need to do even more with their marketing. To become truly relevant and deliver a meaningful experience to customers, they need continuous marketing transformation. This will require a more holistic approach to marketing based on business experience (BX).

What does this mean for insurance marketing organizations?

First, it is required change mind, going beyond the idea that touchpoints are places where experiences begin and end. Instead, insurers need to think more holistically to meet customer needs around a larger goal.

C-level executives (not just CMOs) need to change their thinking in the following ways:

Growth leaders must spread the mindset of customers throughout their organization at all levels.

Second, you must do innovative experience daily habit. Nearly 80% of BX executives said they were very confident in their ability to link their innovations to real business results. Maturity is achieved by raising the level – from functional innovation to incrementally improve the experience of existing products, to service innovation to create new services and products, and finally to business innovation to create radical and revolutionary change. At the level of business innovation, innovative experience is introduced into the business.

Last, sync your technology, data and human agenda. A holistic view of technology investments and operating models will help you maximize returns. Our research found that 61% of BX executives have a clear idea of which technology platforms they need to use to stay competitive and relevant. Transforming operations to eliminate silos simplifies process optimization, improves collaboration, and provides flexibility and agility to meet customer needs.

Marketing transformation from start to finish

For those working in insurance marketing organizations, I recommend a transformation that focuses on three areas:

Experience. Set a unique brand goal and bring it to life with high impact creative concepts and marketing strategies. Engage with customers around the world with data-driven dynamic content and consistent brand storytelling.
Performance. Identify new growth areas with AI and analytics. Build a powerful marketing operating model. Optimize campaign and channel performance by experimenting and changing channels quickly.
Efficiency. Use the cloud to build a future-ready digital infrastructure with a complete, real-time view of your customers. Quickly create high-quality content at any scale with automatic content tuning for each market, repetition and optimization with machine learning. Run AI-driven data-driven marketing and display campaigns to improve resource efficiency.

If you want to accelerate your transformation efforts, contact me directly or read our report: Growth: It all comes down to experience

In my next post, I’ll look at how digital commerce and sales can be used to drive growth.

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