A report launched final week by Arkansas-based advertising and marketing firm Axciom in conjunction with SourceMedia Research reveals some of the highest points that insurance coverage business leaders face throughout this unprecedented interval of martech development and rising buyer expectations.
Insurance product classes included in the report have been: life, property/casualty, well being, annuities, investments, and employee’s comp.
The survey discovered that greater than half of insurers use ten or extra martech platforms and totally 80% plan to increase their martech investments throughout the next year.
Top martech challenges dealing with insurance coverage business leaders
It’s clear the insurance coverage business is grappling with establishing a framework for guaranteeing high quality and accuracy of their buyer information.
Defining information possession and siloed information are two of the highest challenges dealing with insurance coverage business leaders. Other challenges embody guaranteeing information high quality, integrating legacy techniques, creating distribution channels and sustaining privateness.
Avoiding damaging perceptions and establishing belief from prospects have been key ache factors amongst insurance coverage entrepreneurs.
Failing to meet rising buyer expectations in phrases of person expertise and information integration can have pricey outcomes for insurers.
Nearly 80% of prospects indicated that they’re prepared to take their enterprise elsewhere if their expertise with the insurer wasn’t hyper-personalized.
Key findings of the examine revealed that 23% of insurance coverage executives contemplate enhanced buyer expertise as their major advertising and marketing success indicator in 2019. But good buyer expertise requires investment in new applied sciences and this will typically lead to even additional fragmentation except a transparent plan is in place.
About 75% of insurers use between 5 and 14 martech options, an indicator that information fragmentation is an issue in the business. Insurers perceive that buyer satisfaction is tied to altering expectations. The report revealed these expectations embody the next:
- Cross-channel personalization
- A seamless buyer journey
- Accurate, safe, and personal information
- A spread of shopping for decisions together with when, how, the place, and from whom
- Real-time responses and interactions
- Experiences comparable these in different industries outdoors of insurance coverage
Top martech alternatives dealing with insurance coverage business leaders
The push to handle information fragmentation and supply seamless customer support could also be difficult, but it surely additionally offers insurance coverage corporations with the chance to turn into business leaders.
Roughly half of insurance coverage prospects mentioned that almost all manufacturers fall quick of delivering an amazing buyer expertise, whereas almost 70% of customers admitted that their requirements for a very good expertise are greater than ever.
Companies can streamline the method of implementing crucial new martech options by priotizing their aims and making a plan to combine their information framework. In truth, business executives indicated that their prime deliberate martech investment over the next year was a unified buyer information platform (CDP) adopted by investing in analytics and reporting.
You can view the overview the complete report at Axciom’s web site.