Other parts of this series:
In the last decade, the insurance consumer marketplace has evolved rapidly. Products and services come and go; new entrants appear overnight; and insurance customers demand more customized offers for less. The insurance industry has felt the greatest disruption from the Internet of Things (IoT), where we’ve seen a two- to three-fold increase in the number of IoT-related products, services and pilots focused on homes and buildings, health and fitness, and other wearables in the past year alone.
Still, many insurers lag behind in navigating the new digital landscape. A Forrester Consulting study, conducted on behalf of Accenture Interactive, found that only a minority of insurance marketing respondents believes that they have the technology (38 percent), the operational processes (25 percent), and the organization (30 percent) to execute their digital strategies effectively. Even more significantly, only 9 percent of insurance digital-experience decision makers believe they are exceeding their customers’ expectations.
Clearly, conventional marketing tenets are becoming increasingly outdated in today’s digital insurance consumer marketplace, making it more difficult for insurer chief marketing officers (CMOs) to deliver the desired growth goals to their carriers.
By contrast, just-in-time (JiT) marketers have shown a remarkable agility in negotiating the evolved marketplace. As we pointed out in the first part of this series, they are more successful at reaching the right consumers through the most appropriate channels with messages that resonate.
Furthermore, JiT marketers navigate the new insurance consumer marketplace without spending more on analytics or digital than their peers. The 2016 Accenture JiT Survey found that they spend the same on analytics: 25 percent of their marketing budgets. And while conventional marketers in the insurance industry expect to increase their analytics budget allocations over the next three years, JiT marketers expect to increase their commitment slightly less.
Insurer CMOs should note that JiT marketers do not isolate their digital marketing efforts from the rest of their marketing organization. Instead, they unify their digital and traditional strategic initiatives and execution. Fifty-eight percent of the JiT marketers in our survey described their digital and traditional marketing initiatives as “very highly integrated,” while only 19 percent of their peers using conventional marketing practices reported the same.
In order to survive and thrive in the new marketplace, insurer CMOs need to evolve with JiT digital marketing strategies:
- Have the right technology;
- Build new operational processes;
- Renew their organizations internally to execute their digital strategies effectively;
- Integrate analytics and digital capabilities throughout the marketing function.
In the next part of this series, we will address the six key steps to building a just-in-time marketing model for insurer CMOs to accomplish all this.
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