March 16, 2022
March 16, 2022
Contributor: Jordan Turner
And meet the needs of a new generation of financial services consumers.
The “business as usual” days are long gone in the insurance and financial services industry — insurance agents often find themselves flat-footed against direct-to-consumer (DTC) competition better positioned to connect with a digital-first, self-serve consumer base.
Gartner research shows that digital marketing leaders in the insurance and financial services sector are focused on driving business growth and, in particular, customer acquisition. Forty-three percent of digital marketing leaders cite “drive increased sales among identified leads” as a top objective, which underscores the importance of growth and the challenge of converting leads into sales.
Download now: The Top CMO Priorities, Trends and Strategic Actions for 2022
Here are 3 key marketing initiatives to increase the rate at which you’re finding quality leads and converting them into sales:
Search, which people use to learn about insurance, get a quote and find an agent, is a key battleground for insurance carriers. Inform your search tactics with changing consumer behaviors and optimize local search marketing efforts to increase agent lead generation.
With customers using a combination of people and technology across their interactions with insurance providers, it’s critical to harmonize buyer journeys within and across marketing to deliver a positive, multichannel experience. Evaluate and streamline insurance agent digital footprints to simplify key purchase journeys.
Life-stage progression is changing. People aren’t getting married, having kids or buying houses at the same ages they used to — if they are doing these things at all. According to Gartner’s Consumer Brand Engagement and Sentiment Survey, a surprising 21% of consumers simply don’t want life insurance, while another 15% believe alternatives can help them better accomplish the same financial goals. Gen Z and Millennials are also digitally savvy with a utility-oriented mindset toward products and services. A new approach to marketing messaging is necessary to differentiate insurance providers and place your brand top of mind among consumers.
Connect with CMOs and marketing leaders to get the latest insights on marketing technology, trends, innovation and more.
Recommended resources for Gartner clients*:
Digital IQ Index: Insurance 2021
Digital Marketing Survey 2021: Financial Services Industry Strategic Priorities and Opportunities
How Financial Service Marketers Can Best Position Personalization to Maximize Financial Empowerment
*Note that some documents may not be available to all Gartner clients.