Thoughts, real-world observations, and anonymous examples – good and bad – regarding the use of Web/Social/Mobile technology in the insurance industry. Follow Mike Wise, President WebWisedom LLC, for the latest in Social Technologies.
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Last week I had the opportunity to meet with my fellow planners for the 2006 Professional Insurance Marketing Association (PIMA) MarkeTTech Symposium, to be held Oct. 1 through 3 in Chicago. After a bit of brainstorming, we decided to base our theme on The Windy City: “Winds of Change.” I like it!
Here’s why: Technology and its ever-increasing uses in marketing have the “Winds of Change” blowing through the insurance industry. The question is, how will your company fare? Will it seize the new opportunities and be ‘blown” to new shores of abundance? Or will it react too slowly to change and become a wind-blown ghost town with tumbleweeds rolling through?
In order to harness the “Winds of Change,” here’s my recommendations:
On the Internet technology side of things, IdeaStar can definitely help insurance marketing folks harness the “Winds of Change.” Since about 1999 we’ve been helping insurance companies find ways to use new marketing technologies. So we have a good sense of where the winds are blowing and what it takes to fill your sails. Don’t hestitate to call or write.
Be sure to bookmark MarkeTTech 2006. I can’t tell you who they are just yet, but there will be some GREAT speakers who know a whole lot about changing concepts in distribution. You will leave with some very practical and tactical tips and tools. Save the date: Oct. 1 through 3.
The 32nd Annual Meeting of PIMA (Professional Insurance Marketing Association) last week in Naples, FL was a great success. There was a lot of networking going on, and the speakers were fantastic.
I led a breakfast discussion about search engine marketing, and its importance to online insurance sales.
But at least one speaker had me ready to jump on the table and yell! He was talking about the future of insurance distribution — how insurance will be sold in the future. He started out by stating the Internet hasn’t lived up to its expectations in insurance sales. But, then he proceeded to feature the use of the Internet in the rest of his talk! Geesh!
It’s not that the Internet hasn’t lived up to expectations. It’s that insurance companies haven’t figured out how to use it. They keep trying to do it themselves in-house. There are a few exceptions, but for the most part, “in-house” has not proven successful. The IT department is not the marketing department. Yes, the Web is a ‘technology’, but first and foremost, it’s marketing.
The speaker went on to say that only 4 percent of life insurance has been sold over the Internet. OK… that means there are a whole lot of people out there who would buy if the Internet environment was suitable. Further, the speaker said that 60 percent of Americans want to buy products face-to-face. I guess my counter-point is that there are thus 40% who don’t. I would also think the 60 percent group is shrinking, and the 40 percent is rising. Take Progressive auto-insurance as an example. After 5+ years, their online sales are crushing it. Also of note – they do Web development in-house. Of course, their Web-dev team could fill a small arena!
I got to watch my hometown Cleveland Indians defeat the Twins, 7-3, during spring training (how ’bout that picture I took — a Grady Sizemore triple!)
Quite clearly, even based on the speaker’s points, the Internet offers a huge opportunity for insurance companies. They need to move quickly to figure out the best way to use it. IdeaStar can help with that. We’ve done a gazillion successful insurance sites. We know what works. So give us a call!
Nice hat at the baseball game
A few other notes: