Insurance Marketing Automation Drives Growth For Top Agents

Insurance Marketing Automation - FeatureIn the insurance industry, the buying power continues to shift to the consumer, who shops online, often in search of the lowest price. This new reality is making it increasingly difficult for insurance agents to service and retain existing clients and compete to attract new clients.

It should not come as a surprise then that, according to a recent study by Velocify and ITC – The Techsurance Marketing Revolution – the most successful insurance agents invest in lead gen and insurance marketing automation to attract new clients and stay top of mind with existing clients.

So, What Is Insurance Marketing Automation?

Insurance Marketing automation, is a behind-the-scenes software solution that creates, customizes, and sends marketing messages to your target audience. Agents can use the technology to nurture prospects via outbound and drip email campaigns and leverage it with existing clients for upsell and cross-sell strategies or to simply stay top of mind around renewal dates.

Study Reveals Strong Link Between Marketing, Technology Investment & Revenue Growth

This new research from ITC and Velocify sheds light on how top performing insurance agencies, regardless of size or type, use different marketing strategies and technologies to compete and grow in a commoditized insurance world. The survey of more than 1,000 insurance agencies includes the following findings:

Return on Marketing Investments

  • Agencies that invest in paid marketing channels have a tendency to grow faster than agencies that rely heavily on their existing book of business
  • Agencies that spend less than 5 percent of their revenue on marketing are almost three times more likely to experience flat revenues than they are to experience significant revenue growth (more than 20 percent year-over-year rise)
  • Return on Technology Investments

  • Marketing automation users sell 20 percent more policies per producer, and 10 percent more policies per household, on average.
  • The combined impact of lead management (which drove 43 percent more policies per producer and 13 percent more policies per household) and marketing automation, ensures agencies are leveraging marketing automation to nurture customers to a buying stage, and lead management to increase their effectiveness in contacting, quoting, and converting more leads into policies.
  • For agencies that are looking to grow – investing in lead gen, and technology to optimize increased lead volume is critical. And, as our previous Techsurance study suggests, the ROI opportunity for agencies that invest in technology is significant, yet the technology investment gap is widening. So, don’t get left behind.

    To learn more about how technology is driving growth for the most successful insurance agencies, regardless of size or type, download the full report – The Techsurance Marketing Revolution.

    Chris BackeAbout the author: Chris Backe is the director of financial services at Velocify, and a sales automation expert with more than 20 years of experience offering technology solutions to multiple industries. Chris has spent the last 10 years in the financial services industry, holding various positions at industry leading technology companies including Ellie Mae and Salesforce. He can be reached at cbacke@velocifytcm.wpengine.com.

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