Our company provides insurance administration functions for a variety of clients, such as brokerages and insurance carriers. However, an essential aspect of administration includes up sell and cross sell to the members of the groups we serve. Recently, Selman & Company won a prestigious industry award that recognizes our success as marketers of insurance products. While it's great to bask in the glow of recognition, the real significance of these PIMA awards is what they symbolize for our clients; The embrace of digital marketing for insurance products.
At the mid-year gathering of PIMA in Chicago, IL in July of this year, The Professional Insurance Marketing Association (PIMA) announced the winners of its annual Marketing Methods Competition. These awards are presented to member companies for various marketing efforts, tactics, and strategies that deliver measurable results. Selman & Company was recognized by the committee in two areas
- New Media, Silver Award, for our TRICARE Pay-Per-Click campaign
- MMC Judges Choice award for our Alumni Association Term Life integrated digital marketing campaign
These are the first PIMA marketing awards Selman & Company has won, and we were up against some very innovative competitors, including major carriers’ own big-dollar marketing campaigns. Our two entries were titled, "TRICARE PPC Campaign Delivers 264% ROI for Niche Insurance Product" and "Digital Marketing Powers Engagement Through Nurturing."
A Pivot to Digital
Historically, our marketing has been a value-added service that bolstered the administration or outsourcing functions we perform. In recent months, marketing functions have enjoyed more scrutiny, and more resources. In addition to the traditional direct mail/response marketing we conduct, we've built out an extensive digital marketing capacity. Times have changed, and consumers have too.
Consider that more Google searches take place on mobile devices than on computers in 10 countries including the U.S. and Japan. (Google, 2015) And, 65% of smartphone users agree that when conducting a search on their smartphones, they look for the most relevant information regardless of the company providing the information. (Google, 2015) This accounts for a large part of the rise in insuretech players entering the marketplace, but it's not just limited to B-to-C consumer models. People who work at companies employ the same types of search behaviors when they seek to solve business problems: "Forty-nine percent of B2B researchers who use their mobile devices for product research do so while at work. (Google, 2015)" (Source: https://www.hubspot.com/marketing-statistics)
Impact for Clients
But, it's not enough to "go digital" because everybody's doing it. This kind of transition is guided by our commitment to extraordinary administrative services. By combining more than 35 years of experience with data-driven digital marketing, we’re working to improve the Total Annual Premium-to-Marketing Cost ratio. (higher TAP:MC = higher ROI) Ultimately, our success in that regard translates directly to the success of our clients.
Our pivot to digital marketing is happening in four ways:
1. DRIVE TO ONLINE ENROLLMENT
2017 Competiscan AD direct mail survey shows 41% of respondents’ “most preferred” purchase channel was the insurance company’s website. We use online enrollment as much as possible. (Source: “Consumer Insights: Accidental Death.” Competiscan. June 2017.")
2. IMPROVE THE MARKETING MIX
SelmanCo creates and adjusts the mix of touch points: postcards, emails, social media, video, content assets, etc. We employ a continuous test/iteration methodology to make sure we're reaching group members in the way that works best. However, even with integrated digital marketing, we are still working to improve our print capabilities. We use high-capacity, high resolution, 4-color, ink jet printing that allows for 100% customization for any size print run. With no setups, no inventory, and fast turn around, we can even run A/B testing on same job. Digital is cool, but don't sleep on print; it's better than it's ever been.
3. NURTURE OVER TIME
We also focus on building a trusted relationship by sending regular, consistent communications that educate. Consumers don’t want to be shouted at or scared, they want enlightenment. Partnerships with data append services allow SelmanCo to create detailed segmentation. Over time, we accrue actionable business intelligence and tailor the message to the member. As an insurance administrator, the marketing collateral we develop and deliver is almost always branded with the group's identity.
4. BETTER TRACKING TOOLS
We employ HubSpot for marketing automation, Google Analytics, and direct mail response boosters such as data modeling and NCOA list purge. With the integration of these systems from the first click to the last point of purchase, it's now realistic to track and measure the entire insurance buyer's journey. It's not easy, but it's possible.
These awards symbolize our current belief that the adoption of digital marketing for insurance products works in conjunction with our insurance administration services. These lovely trophies represent new methods and procedures that we hope will deliver tangible benefits to clients. Specifically, closed-loop reporting, a seamless customer experience, and enhanced business intelligence.
To learn how Selman & Company can help market your insurance products, please send us a note:
