Other parts of this series:
- How reimagining the end-to-end customer experience can drive growth
- Driving growth with innovative new insurance products
- Driving growth with an insurance marketing transformation
- Driving growth by selling insurance products via digital channels
- Driving growth with better service for insurance customers
- Two key enablers for insurers seeking long-term growth
At the end of my last post, I mentioned the need for data-led marketing to help you launch and scale new products. But I believe that to achieve real growth, insurers need to do even more with their marketing. To become truly relevant and deliver meaningful experiences for customers, they need to adopt a continuous marketing transformation. This will require a more holistic approach to marketing—one that is centered on the business of experience (BX).
What does this mean for insurance marketing organizations?
First, it requires a shift in mindset, moving beyond the idea that touchpoints are where experiences start and end. Instead, insurers need to think more holistically to solve customer needs around a larger purpose.
At the C-level, executives (not just chief marketing officers) need to change their thinking in the following ways:
Growth leaders are to infuse customer experience thinking across their organization at all levels.
Second, you should make experience innovation an everyday habit. Almost 80% of BX leaders said they were very confident in their ability to link their innovations to actual business results. Maturity comes from increasing the level of —starting with feature innovations to incrementally improve experiences with existing products, moving to service innovation to create new services and products, and finally to business innovation to create radical and disruptive change. At the level of business innovation, experience innovation is embedded in the entire business.
Last, sync your technology, data, and human agenda. A holistic view of technology investments and operating models will help you maximize returns. Our research found that 61% of BX leaders have a clear view of which technology platforms they need to leverage to remain competitive and relevant. Transforming operations to eliminate siloes makes it easier to streamline processes, become more collaborative and build in flexibility and agility to meet customer needs.
Transforming marketing from end to end
For those in insurance marketing organizations, I recommend a transformation that focuses on three areas:
- Experience. Establish a unique brand purpose and bring that to life with high-impact creative concepts and marketing strategies. Engage with customers everywhere with dynamic, data-based content and a consistent brand narrative.
- Performance. Identify new areas of growth using AI and analytics. Architect a powerful marketing operating model. Optimize campaign and channel performance by experimenting and iterating rapidly across channels.
- Efficiency. Harness the cloud to build a future-ready digital infrastructure with a real-time 360-degree view of your customers. Rapidly produce high-quality content at scale, with automated content customization for every market, iterated and optimized using machine learning. Run data-driven marketing and media campaigns, automated with AI to drive resource efficiency.
In my next post, I’ll look at how digital commerce and sales can be used to drive growth.