I.I.I. Joint Industry Forum: Panel Discussion on the Future of Insurance Marketing
Published on January 23, 2020
By Brent Carris, Research Analyst, Insurance Information Institute
The 2020 Joint Industry Forum began its afternoon sessions with an informative discussion on how businesses can best adapt to the tech driven customer experience. Moderated by Kathleen Bromage, Chief Marketing and Communication Officer at The Hartford, panelists resoundingly agreed that the shift in customer interaction must be a company-wide initiative, not just the job of the Chief Marketing Officer (CMO).
Bromage started the conversation by addressing how focus is shifting more to the services that surround the product, adding how the role of the CMO is facing fundamental change. Panelist, Scott Steele, CMO of Church Mutual noted there is an, “overwhelming amount of information in the technology explosion, ” and CMO’s can make stronger more unified opportunities for marketing to grow.
“Start with consumer expectations and how they are changing,” said Bill Keogh, Insurtech and Fintech Advisory at Ingenium. Every role needs to understand insurance marketing, Keogh added, from the senior level to hiring the right team. Furthering this sentiment, Avril Castagnetta, Americas Insurance Marketing Transformation Leader at EY, addressed the importance of agents and brokers being better at social selling and “someone who engenders trust online”, adding that some customers are even obtaining life insurance policies through WhatsApp.
Personalization and a “0 friction future” are important for the industry to think about, per Brad Auerbach, Head of Industry, Insurance at Facebook. “Look at solutions that are already out there and how you can personalize it for your company,” said Steele. “The more you know about the consumer the more you can bring them the most relevant services, product or communication” added Auerbach, noting the importance of a focus on loyalty and retention.
Wrapping up the conversation, panelists stressed the importance of the CEO pushing and empowering teams to test and learn. “Products are changing and you want marketing to be the front of that,” concluded Keogh.
