In this digital era, many property and casualty (P&C) insurance agencies may be struggling with sales, but that’s not for the lack of consumer interest in these crucial policies. We know this because statistics show the segment to be doing remarkably well, accounting for 51% of the $1,276.8 billion worth of premiums that the entire U.S. insurance industry earned in 2020. That represents a 9% growth in the P&C insurance market share in less than a decade.
A major undoing for most struggling P&C insurance agents is the inability to adapt marketing to a consumer journey that's increasingly turning multichannel. Instead of many internet-savvy buyers visiting agents' offices for insurance information, products, or support, they're going directly to carriers that offer multiple consumer touchpoints, including phone, virtual chat, and mobile or online self-service portals.
Without getting creative with your property and casualty insurance marketing ideas, you may struggle with the complexities of multichannel consumer engagement. It's a lot more difficult to do this 100% in-house without compromising the efficiency of your day-to-day business operations. [To learn about the 11 often-underrated, but highly-effective insurance marketing strategies, click here]
- 11 Effective Marketing Ideas for P&C Insurance Agencies
- Need Help Marketing Your Property & Casualty Insurance Agency?
Here's a look at 11 high-ROI strategies to overcome these issues and efficiently generate more property and casualty insurance leads for your agency.
1. Utilize Content Marketing to Promote Your Expertise
By helping your target insurance consumers with meaningful insights at various touchpoints, you can easily reclaim your agent's mediation role, which may be diminishing slowly because of the multichannel challenge. Content marketing is the modern way to do it as it lets you showcase your expertise to prospects in ways that no channels or automation can. Write blog posts, publish articles on relevant sites, post content on social media, and upload videos on YouTube. Make sure all topics are relevant to your target consumers and add value to their research journey.
2. Get Consumer Inputs from Sales Team to Create Powerful Copies
Your sales team interacts with consumers and prospects every day, so they can provide crucial insights into buyers’ P&C insurance needs and pain points. Borrow this knowledge to create powerful, highly converting content that answers online users’ questions. To maximize the effect, incorporate the material everywhere, including in your web copies, social media posts, and digital ads.
3. Use Lead Capture Forms Strategically to Improve Conversion Rates
About 74% of businesses use forms for lead generation, with nearly half of them highlighting the tool as their best-converting lead generator. With strategically-deployed lead capture forms, you can generate many high-quality property and casualty insurance leads. Position the lead form on the first half of the landing page so that users can easily spot and use it without scrolling down. Lengthwise, add enough fields for capturing the user details required to qualify and contact each lead. Each form should still be brief enough to keep visitors interested in sharing the requested information.
4. Make Sure Your Important Insurance Pages Are Not Buried Deep in Your Website
Of all smart commercial insurance marketing ideas, good website navigation should be a no-brainer. If users require too many clicks to reach your product pages, you can lose significant business opportunities. To simplify access, include links to the main insurance categories on your homepage's navigation bar, such as commercial and personal insurance pages.
5. Claim or Create a Google Business Profile to Grow Local Reach
Although insurance consumers increasingly prefer online engagement, they mostly prioritize doing business with local agents. About 70% of them look up insurance information on Google before buying a policy, and out of those who click on the search results, nearly half of them choose one of the three local pack listings. For this reason, you need an optimized Google My Business profile to showcase your P&C insurance agency to more local prospects. The effort can boost your Google local pack visibility by 36%.
6. Ask for Reviews and Manage Your Online Reputation
You should protect your online reputation with all you've got since 61.2% of insurance consumers will look at it when choosing an agent. To achieve this, you have to request as many customer reviews as possible. Incorporate Google reviews, too, as these are the second-most influential ranking factors for the search engine's local three pack. Automating the process lets you maximize your review generation consistency with quick digital surveys, track online feedback in real-time, and intervene swiftly when you spot negative sentiment. Learn how Stratosphere’s proprietary insurance online reputation management solution does that all for you.
7. Automate Your Email Marketing Campaigns to Save Time & Money
Email is still one of the most effective property and casualty insurance marketing ideas. For each dollar you inject into email marketing, you can generate $42 for your agency. Automate key components of the campaign and incorporate them into your content strategy. Let's say you've published informative content like "When to add a teen driver to car insurance?" You can require users to provide their email ID before downloading the article. Then use an automated email series to further engage these prospects. Click on the following link to learn about the different insurance email marketing examples.
8. Target a Larger Audience with Videos
When it comes to property and casualty insurance marketing ideas, video has many potential uses. These can include showcasing your good work in the local community and breaking down complex insurance topics. It's a high-ROI approach since more than 88% of users spend more time on sites with compelling videos. Equally important, many viewers will remember up to 95% of your video message.
9. Take Referral Marketing to the Next Level with Automation
Referrals are an incredible way to grow your insurance agency since loyal clients are five times more likely to refer (according to a Forbes article) your agency to their friends. To avoid a pile of administrative work, you can automate your referral programs by:
- Issuing rewards in real-time to clients after a successful referral
- Setting specific dates for the issue of rewards, say after a verification period
- Batch together rewards to be sent in bulk on specific dates
- Integrate your referral programs with tools that send out digital rewards
10. Reach out to Your Community
Deeply engage your community and prove yourself valuable without expressly asking for anything in return. This low-cost P&C insurance marketing strategy can help you increase brand visibility and build natural referral networks to grow your agency. Practical community outreach ideas include:
- Build professional connections for referrals by attending local networking events hosted by professional bodies like the Chamber of Commerce
- Forget about selling for a moment and go door to door asking people to support a noble cause that your agency is supporting
- Build relationships with prospective auto insurance buyers by sponsoring a local motor show
- Speak to high school students about defensive driving (it can help build relationships with important prospects at school)
- Sponsor local responders like the police department to tap into their extensive social networks in the community
- When you join the local Chamber of Commerce, be resourceful to fellow members to grow your professional network quickly
11. Bring Offline & Online to Work in Tandem
Create a strategy to drive website visitors to your offline engagements and vice versa (convert event attendees to highly converting online traffic, say, by asking them to provide their email ID while registering for the event). The idea is to promote community activities, events, products, services, team, and working culture on your insurance agency’s social profiles. Because you're offering personalized information that people want to see about your business, you can easily establish a vibrant profile and increase community engagement. A deeper local community penetration and increased brand awareness can generate the buyer attention your P&C insurance agency needs to stay ahead of the competition.
Need Help Marketing Your Property & Casualty Insurance Agency? Our Experts Can Help You!
While the property and casualty insurance segment presents immense growth opportunities, not all agents are taking full advantage of this to grow their business. What agencies need to stay relevant and competitive amidst today's changing consumer shopping preferences are practical commercial insurance marketing ideas. At Stratosphere, we can help you optimize your agency's digital presence to engage insurance buyers more effectively across all touchpoints. Contact us right away to get started!