What can an insurance professional like you learn from a conference dedicated to the inbound marketing movement? Well for starters, "the inbound methodology is the most effective marketing method for doing business online" - HubSpot. And in today’s digital age – who isn’t online?
Now I know what you are thinking, I’m not a marketer, how does this apply to me? With the insurance industry rapidly changing, thanks to technology, inbound marketing is a concept that can (and should) be incorporated into various aspects of your business.
- From recruiting new talent
- To selling to new markets
- To helping your customers find exactly what they are looking for
It’s not just about marketing, it’s a way of communicating and doing business effectively in the online world.
Still not convinced? No problem! I recently attended the INBOUND16 conference, dedicated to the inbound marketing movement and I’m eager to share the insights with you! While I am a marketer, I couldn’t help but think of all the ways the topics discussed apply to the insurance ecosystem. Below I’ll share three topics that particularly stood out to me and how they can help you transition to the new world of insurance.
1. Chatbots in the insurance space
Have you heard of chatbots? I hadn’t until last week when I’d been mindblown by this crazy new technology that is predicted, at least by Co-Founder & CTO, Dharmesh Shah Shah, to be the NEXT BIG THING. Funny enough, I received an email in my inbox this morning from CB Insights asking how Artificial Intelligence (AI) enable interfaces of the future (like chatbots) are being adopted within the insurance space.
What are chatbots?
I’ll take a stab at answering this but first let me explain the concept. A chatbot is a computer program, often powered by artificial intelligence, designed to simulate conversation with human users on the internet (more details here). For example, someone looking to buy life insurance who is finding the process complex could interact with a chatbot to instantly get answers to their questions. Or imagine asking a chatbot for your year over year growth in sales, and instantly, it responds with a year over year growth chart.
The power of chatbots in insurance
I think there is definitely a place for this powerful technology in the insurance space – particularly in facilitating the online insurance buying process. At a recent conference, we learned that consumers find buying insurance online difficult because it involves complex thinking and often a complex process. The example I provided above could make this experience a lot more seamless. What other ways do you think the insurance industry could integrate chatbots into their business?
2. Incorporating video into your insurance business
Take a minute to reflect on how you consume information these days. How do you get your news? What do you use for entertainment? How do you interact with friends? How do you learn to do something new? I can honestly say that all of my answers to these questions involve video in some capacity. And while that might not be true for everyone, like myself, your customers and prospects are likely consuming some form of video in their daily lives.
As of 2014, more than 78% of US internet users watch online video content.
So why not incorporate this into aspects of your insurance business? Kristen Craft, Director of Business Development at Wistia, shared some creative ways to use video to do better marketing at INBOUND. Her session inspired me to think of ways the insurance can leverage this medium to do better marketing as well.
3 ideas for insurance specific video content to promote your business
- Looking to hire the next generation of reinsurance professionals? Create a video that breaks down the industry for them easily.
- Launching a new life insurance product? Consider explaining it in a short video making it easy to understand and digest.
- InsurTech startups looking for investors? Create a video to explain your concept and build rapor with potential investors.
3. Leveraging social media in insurance
We’ve said it before and we’ll say it again: social media is the place to be not only as a business, but as a professional as well. This was a prominent message at the conference, here are some specific tips from speakers:
- Gary Vaynerchuk - Invest in Facebook Ads NOW. Learn how to leverage ads in this space before prices dramatically increase
- Peg Fitzpatrick - Make your brand visually recognizable on all social platforms
Our take? For businesses, social media platforms like LinkedIn are a great way to recruit top talent, share content and build your network in the industry. In fact, there are numerous active groups like Global Insurance Professionals and Insurance Professionals on LinkedIn that bring together professionals like yourself!
For professionals, it’s a way to find new career opportunities, position yourself as a thought leader, find the latest news trending in your industry and connect with like-minded individuals.
PRO TIP: New to the social game? Get started with The Insurance Professional's Guide to LinkedIn here!
You may not be a marketer in the life insurance industry, but by now I’m sure you can see how various aspects of inbound marketing are applicable to the insurance ecosystem. Especially in the digital world that the insurance industry is adopting more and more.