The Top Three Insurance Challenges for 2020 And Beyond

Developing Digital Marketing Tactics

The internet is continually changing the way we communicate and do business. However, some insurance agencies aren’t keeping up with the changes in online technology. It takes work to maintain an engaging, modern–looking, and informative website. Someone needs to be tasked with performing updates, creating content, and implementing SEO. If that person isn’t in house, it may be worth the expense to hire a third party for these activities. The effort and cost are part of maintaining an online presence, which has become a mandatory component of driving insurance sales. If your website is out of date, it’s time for an upgrade.

Changing Times

Insurance is changing. What we choose to insure and how we insure it changes continually as new technologies are developed and new exposures are identified. Because of this, insurance agencies need to be able to adapt to the way consumers want to buy and use insurance. Some people like to have items insured throughout the year while others prefer to have insurance during specific dates. Agencies have started adapting to this by developing insurance plans where coverage can be turned on and off through an app so that the policy will be in force when the user wishes to have coverage.

Marketing to Millennials

Millennials are young adults aged around 25-37. This age group is changing a lot of different industries, and insurance is one of them. These young adults have a distrust of large companies, so when marketing to them it is very important to be transparent and personable. A lot of younger adults do not like talking on the phone. They prefer messaging online via email or text. This change in communication is huge for insurance and must be addressed in daily operations. A good tip for marketing to millennials is to reach out through online channels using honest and personal messages with informative content.

A new decade calls for a fresh way of doing business. Keep these tips in mind as we start 2020, and remember to be open minded and ready to adapt as necessary.

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