99% of email owners look at their inboxes at least once a day. Making email marketing for insurance companies a cost-effective and highly efficient strategy for marketing teams to create a direct channel of communication between customers and their brand. Email marketing plans are a constructive tactic that can help bring back a portion of the 98% of site users who do not convert on their first visit.
50% of users are influenced by an email to influence conversion. 67% of the top 100 global insurance companies are ignoring the value of email marketing in their digital strategy. This oversight risks missing out on repeat and new revenue opportunities.
5 BENEFITS OF EMAIL MARKETING FOR INSURANCE COMPANIES
1. DIRECT COMMUNICATION CHANNEL
Customers who have signed up for an insurance company’s newsletter, updates or tailored content can be uniquely marketed to increase the chance of bringing them back to the brand’s site to (ideally) convert into revenue. Email marketing is a huge opportunity for insurance companies to control their messaging, create personalised content and stay at the forefront of their customers’ minds.
With only 2% of users converting into a customer or opportunity on their first visit to a site, email marketing is a highly effective strategy to remarket to an engaged audience to attract them back to the website to make a purchase or valuable action.
A 2023 Digital Maturity report into the sector found that only 33% of the world’s top 100 insurance companies offer their site users the opportunity to sign up for an email subscription. The value of email marketing is constantly increasing. It is predicted that by 2027 the total revenue for the strategy will reach £16.31 billion, making it a lucrative channel for savvy insurance marketing teams.
2. EDUCATE AND INFORM POTENTIAL CUSTOMERS
Insurance policies can be complex and give insurance companies a great opportunity to leverage email marketing as an educational channel for their audience and a chance to build customer trust.
Personalised calls to action perform 202% better than a ‘standard’ CTA. Marketers with personalisation technology can create a seemingly ‘unique’ experience for everyone on their mailing list at ease and efficiently. Using email marketing inline with FAQ content and any engagement data gathered by their website platform (enterprise level platforms like Optimizely will offer this feature) allows insurance marketers to build meaningful relationships with their audience and educate site users on relevant topics in which they have shown interest.
3. REACH AN INTERESTED AUDIENCE
The great thing about email marketing for insurance companies is that to receive your newsletters, offers etc the user will have had to complete some sort of ‘opt-in’ action to subscribe to your content. With this in mind, content can be tailored per audience segment based on what they’ve shown most interest in.
Running hyper-personalised email marketing for insurance companies is a direct line to retaining existing customers or those that just need a little nurture before making a purchase. Keeping emails relevant and specific to your audience is the key to keeping your brand at the forefront of their minds when they do need your product or service.
Running rigorous experimentation tests in an email campaign can increase the chances by up to 22%. This is done by recording the results from multiple tests to understand what gives your company the best outcome. Learn more about the benefits of a/b testing.
4. IT SUPPORTS YOUR OTHER DIGITAL GOALS
Typically a customer will have multiple touchpoints with an organisation before they choose to make a purchase. This means that digital marketing for insurance companies needs to be seamless across all channels and support each area’s performance.
Email marketing helps with brand awareness, content marketing and SEO for insurance companies. Audiences are being pointed from a credible source to your company website – which Google loves and with sharing regular content insurance marketers can drive visitors to their web pages and assess performance on which content is gaining the most visits, time spent on page etc.
5. ATTRACT NEW EMPLOYEES
A prosperous strategy that covers email marketing for insurance companies should include the option for site users to customise the information they receive. 86% of the top 100 insurance companies in the world are falling behind what is expected from their users. Not giving those interested in your company the opportunity to select what they want to learn more about can stagnate revenue and conversion by relying on less effective methods.
The way this can be used to attract new employees is by including the option to get job alerts in desired departments and include all the details needed before applying within one email.
GET STARTED WITH EMAIL MARKETING FOR INSURANCE COMPANIES
Setting up an email marketing system without the right technology or assistance can be an intimidating challenge at first. When speaking and partnering with digital experts it becomes a simple task that is statistically proven to bring a positive return on the original financial investment. Once the system is set up your insurance company will be able to create email campaigns that help change people who are just ‘interested’ in your brand’s services into customers.
Ultimedia is an enterprise-level digital solution specialist that partners with ambitious companies in unlocking their digital potential through digital transformation, web development and digital marketing services. With over 25 years of experience, we have delivered over 100 Optimizely projects across 32 countries and multiple sectors, including financial services.
We are the UK’s and Middle East’s first accredited Optimizely partner with certifications in Microsoft, Google and other core digital software used to successfully deliver each project. Contact us to learn more about how the #1 Optimizely Agency for ambitious brands can help your digital team complete a successful digital transformation.