How Can Insurers Adapt their Content Marketing to Meet the Needs of the New Generation?
With every passing decade industries are often faced with marketing challenges. The generations are changing and along with them products and their distribution have to evolve accordingly. The insurance industry is no different and has to account for the shift in customer demand in their business processes. Marketers are starting to pay attention to millennials and for good reason. The age group between 18 and 30 represents currently 25% of the world’s population and by 2025 will form 75% of the workforce. Looking at these statistics, it’s understandable why this is a great opportunity for insurance providers.
Capgemini and Efma conducted in 2016 the World Insurance Report which revealed that millenials as a customers are less than satisfied with the experience they’ve had within the insurance industry. That’s why insurance businesses should take note of this and start adapting their marketing efforts and communication to get the newer prospects on their side.
Since the millennial generation is used to be online all the time, insurance providers should prioritize digitization of their marketing strategies and improving customer experience. A good example is set by AXA who launched several online communication channels for customers to feel more familiar with the brand. On this topic, Thomas Buberl, CEO of the leading insurance company AXA said the following:
“The key is to be where customers are. We have already launched our customer service on Facebook and Twitter. Last year, AXA France launched its customer services on Facebook Messenger to impressive results: 81% of questions on social media came from Messenger, and we’ve reduced negative comments on the AXA France Facebook page by 53%.”
As you can see an effective content marketing strategy, not only allows the brand to position itself, but also offer a platform for engagement with the target audience. Digital content marketing enables insurers to capture the attention of millennials, segment their target audience, and to choose the most effective platforms for engaging customers and ultimately increase conversion rates.
Connecting to consumers via social media and listening to what they have to say will generate consumer insights on content and products that will appeal to the target audience. As an example, millennials often respond well to pop culture references, artistic creative content and social influencers.
And there are already examples when big insurance providers have used this to their benefit. In 2017 Allianz had organized a campaign solely on Snapchat, French insurer MGEN introduced a chatbot on Facebook Messenger to reach the younger generation and Progressive created a persona for their brand on Twitter. Similarly any insurance provider can now leverage online social platforms to create a social following and keep it engaged.