Starting an insurance business today can be a daunting task, due to competition and diversification. Even so, and although the insurance industry is growing by leaps and bounds, we believe that there are still ways that have not been exploited.
That is why in this post we give you some innovative ideas to sell insurance online to differentiate yourself from the competition, get sales and meet the expectations of your service.
The importance of innovation in the insurance sector
We are currently living in a time of constant change, and the insurance industry is struggling to adapt.
To this we add how insurers are competing to sell insurance online and to win over the new customer segment: digital natives.
This group will continue to grow more and more. For this reason, many companies are o pting to create new digital products and services that allow them to reinvent their traditional insurance offerings. Innovation and digitization are key to winning over these new customers and increasing revenue.
New ideas for selling insurance
Although there are many ways to reinvent yourself and be perceived as different, below we show you what we consider key to sell insurance in a new way.
Work on your personal or professional brand
Whether you decide to work as a company or as an individual, it is important to “leave an impression” on those who receive your message. Convey who you are, your background, what you bring to the table that is different from the rest… It will allow them to perceive you as different.
Although it may seem somewhat abstract, stop and think about how it was the beginning, the evolution of the project or business since then, what you have focused on, how you want to be perceived, what actions you are taking to make this happen… It can be a good start to start working on your brand.
Once you are clear about your essence, it is time to reflect it in the business plan of your insurer or brokerage and start communicating according to it (message tone, concerns, achievements…).
Use social networks
Social networks are an open space for communication and direct interaction with our potential clients. The best part? They are available to anyone and can be your letter of introduction to the market.
Although we have already revealed how to sell insurance on social networks, it is important that you are clear about the purpose for which you are going to use them. These will depend on the particular vision of each one, although the most common ones are:
- Improve customer service and closeness to the customer
- Create a content community
- To get traffic to the web
- Sell
Automate your sales
The insurance industry is full of tasks that could be perfectly automated, without being a problem for the final customer and saving time for the company. Quotations, mailing, claims, contracts, signatures…
However, surprising as it may seem, there are still many insurers, brokers and collaborators who have not automated anything. For this reason, we believe that those companies and professionals who are pioneers in automating the management and sale of insurance will gain an increasingly large share of the market.
Opting for an insurance software to automate and embed quotes will not only allow you to differentiate yourself from your competition, but will also give your customers the option to manage themselves what they need, without depending on schedules or calls.
In addition, thanks to insurance automation, any company can sell insurance without having to allocate so many resources, regardless of size, type of activity and volume of business.
Take advantage of Machine Learning
If you are not yet familiar with the term “machine learning”, it consists of learning, by means of Artificial Intelligence and its algorithms, behavioral patterns. Thanks to this, any device is able to predict user behavior and anticipate.
As the model is fed with more data, the customer profile that is drawn is more and more real, making it possible to guess what insurance he will need in the future, what he will give more importance to, what disadvantages he will find… This facilitates commercial tasks, improves closing rates and increases loyalty.
Use insurance APIs
Currently, the implementation of APIs is considered fundamental for any company that uses online tools.
In the case of insurance, this trend is expected to make a big dent in the industry; increasingly giving way to online policies and documents that simplify procedures.
Innovative sectors in which to sell insurance
Although new ways are constantly appearing, today we believe that offering insurance as a complement to the services or products offered by the company can be key to increasing sales, whatever the type, by providing the customer with what they need.
These sectors are the ones we see most interesting today, both for the insurance company or broker looking for partners and for the business that wants to offer an extra service that its customer really needs at the right time.
Online or physical stores of electronic devices
For those businesses and professionals who work in the sale of electronic devices such as cell phones, tablets, computers… Offering them a policy that protects the device they have purchased can not only mean an extra in the final ticket, but also strengthen the relationship with the customer.
Websites or travel agencies
All too often, users have to find their own insurance to protect them during their trip. This is often a problem and a nuisance, as they do not always know what they need or what to look for when choosing one or the other. Giving them the possibility of getting it in the same place where they have contracted the trip gives them the convenience of having it all in one place, as well as the peace of mind of knowing that it fits what they have contracted.
Dealerships
The customer buys a car and, as is obvious, needs to have insurance to be able to drive it. Whether it is a physical or digital business, who is more likely to get an extra sale is the dealer, who already knows the customer, knows the profile of the driver he is, his age … And he trusts the dealer from whom he bought the car.
Conclusion
These are just some of the recommendations and market trends. We foresee that they will become more and more important, so we believe it is necessary to start adapting as soon as possible.
