B2B insurers and brokers often have greater opportunities for client acquisition than B2C when marketing insurance services.
There is less competition, so your campaigns are more likely to be seen by prospective customers.
Nevertheless, there is fierce competition across the entire insurance sector, and this is likely to increase.
According to Statista, as of 2018, the B2B segment of life, annuities, and payment protection was the largest in the United Kingdom (UK), with more than 189 billion in premiums written. Over the past three years, the market grew by 14%, and with increased pressures on the sector due to the pandemic and Brexit, this growth is likely to continue.
B2B insurance marketing
Marketing is all about perception.
Potential customers only know your company by the perception they have of it. You are responsible for aligning that perception with the reality of your business. Even within the B2B sphere, brokers today conduct much of their business through price-driven channels rather than providing actual value to their customers.
This is why direct marketing is essential for insurers hoping to stand out. As businesses and consumers are bombarded with marketing messages, direct marketing offers insurance agents a personal and tangible way to generate leads.
It gives insurance agents a great chance to build trust with existing and potential clients to ensure they know who to call in times of need. Many insurance services firms find leads through digital marketing.
You can guarantee a higher response rate to any insurance marketing campaign by intelligently targeting the clients with the most need for your insurance product. More Than Words Marketing’s direct marketing services help your company to carve out a niche for its insurance services.
You can pitch niche products like:
- ongoing and risky construction insurance,
- professional liability and professional indemnity insurance,
- life insurance, and
- extreme sports insurance.
Planning your insurance marketing campaigns
Our three UK marketing databases offer clients with direct inbox access to:
- 3,000,000+ business decision makers (UK business database ),
- 500,000+ education decision makers and influencers (UK schools database ), and
- 250,000+ public sector decision makers and influencers (UK public sector database ).
Direct marketing options for insurance companies
You can generate leads for your insurance agents through three different marketing channels:
- phone, and
- direct mail.
Email marketing insurance services
Email is your best option for sending marketing material to prospects on a budget, because after placing your order, you can email your targets for 12 months. The Data and Marketing Association estimates that every £1 you spend on email marketing will generate a lifetime return of £42.
More Than Words note – if you’d like us to run email marketing campaigns to prospective clients on your behalf, please ask us about our managed email marketing campaigns. Email design, email broadcasts, and full reporting are included in our managed services.
Telemarketing for insurance services
Getting the phone number of a decision maker inside a business, school, or public sector organisation can be very valuable. So using a telemarketing campaign can bring in immediate sales. But it can also create a personal relationship with the customer that leads to increased customer loyalty and lifelong sales.
More Than Words note – If you’d like to carry out telemarketing for insurance to prospective clients but you don’t have a team, please ask us about our managed telemarketing campaigns.
Direct mail marketing for insurance services
Over the past twenty years, direct mail has declined in popularity. Nevertheless, it has become one of the most popular marketing strategies in insurance. So consider sending a personalised direct mail piece to the names on your database, including information about the policies you offer.
If you include a special offer or personalised landing page you will be able to use analytics to track the success of your campaign.
What is the best way to market insurance services?
Lead with the benefits
The best way to generate leads from email and direct mail marketing is to lead with benefits, because insurance is not usually as price sensitive in the business market.
Use examples and case studies to illustrate the benefits of your policies.
Address the needs and issues of concern that your policies are most likely to satisfy. You may wish to fact-find about their insurance first, and then probe deeper into any insurance policy you think they may need, but not know about.
Getting potential clients to talk allows you to better understand what they need. Clients also appreciate a more bespoke and tailored approach.
Be prepared to answer questions
Because you will be asked questions after your prospective clients receive calls or marketing messages from you. While each prospect will have unique questions, you and your colleagues will have probably heard most of them before.
So provide your staff an “objection handling” sheet – a list of questions and their answers – so they can answer with confidence.