Trying to build up your business and your brand voice takes a lot of work, we’re going to show you
The Insurance industry in Canada has changed dramatically over the past decade. We’ve witnessed a major shift from traditional brick and mortar brokerages to brokerages that are completely online. This shift is the result of emerging technologies and a change in consumer habits.
For as long as can be remembered, up until the early 2010ish the insurance industry has been dominated by mom and pop brokerages who relied solely on local consumers to grow their book of business.
For as long as can be remembered, up until the early 2010ish the insurance industry has been dominated by mom and pop brokerages who relied solely on local consumers to grow their book of business. However, now in 2020, the majority of consumers prefer to find their insurance provider from the convenience of their laptop or mobile device. Insurance seekers can now instantaneously receive quotes from numerous providers with the click of a button. This has resulted in geography no longer playing as significant of a role in consumers’ consideration process.
Since 2010, there have been STAT insurance providers who operate purely online. These early adopters have increased their book of business 3000X faster than the average brokerage.
Baby boomers have had their insurance providers for years, and the likelihood of them changing is low.
The new market are the millennials and Gen X, those born between 1986-1995. And 1996-2010 respectively. These individuals grew up with technology at their fingertips and are fully expecting their counterparts to be fully versed as well. These are advanced consumers, who know how to research their product or services before purchasing, and they do. STAT of this generation will search for reviews of their chosen vendor prior to fully committing. This even includes those that were referred to a business by close friends or family.
What exactly are insurance consumers researching, as in, what’s important to them?
We’ve broken it down:
What are others saying about purchasing insurance from your brokerage. These can be; Google and Facebook reviews, client testimonials, awards and recognition on not only your website, but on 3rd party sites. For example, before purchasing many consumers will search through popular peer generated sites such as reddit or quora. Example, someone searching for a specific type of insurance may search on Google; “Has anyone ever used ABC Insurance brokerage for commercial insurance, what was your experience?”. Should they find any articles related to this, they’ll certainly value the information more than if it came directly from the company
What does your insurance stand for, and does it align with their personal beliefs. STAT of Millennials chose companies based on their conceived perspective of whether they donate or add value to those less fortunate.
These consumers are on the go and constantly multi-tasking. Insurance to them is a commodity and finding a provider that offers seamless purchasing is very important.
This is one thing that hasn’t changed with the consumer transformation. In fact, being provided with the best rates for their insurance policies has become more transparent for the consumer as it’s so easy to shop around.
Equally as important to understanding your consumer, is understanding your brokerage. Not every brokerage wants nor needs to transform to a completely online company. Having a completely digital insurance brokerage has its own risks, such as not knowing your consumers and potentially writing costly policies.
Just as your consumer has changed, so has the sales process.
At Consultus Digital, we understand the insurance industry, the consumer and digital marketing. We provide digital marketing and sales solutions to our clients that enable them to sell more. Contact us for a free 20 minute strategy session.
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My firm- KASE Insurance Inc. has partnered with Consultus Digital two years ago. At that time we had no online strategy. Michael and his team have helped us rebuild our website and created an SEO strategy that has provided us with 150% ROI! Consultus Digital has an amazing customer service team and they truly care about their clients and deliver on their promises. I strongly recommend Michael and the Consultus Digital team to all my friends and clients.
“My firm- KASE Insurance Inc. partnered with Consultus Digital two years ago. At that time we had no online strategy. Michael and his team have helped us rebuild our website and created an SEO strategy that has provided us with 150% ROI! Consultus Digital has an amazing customer service team and they truly care about their clients and deliver on their promises. I strongly recommend Michael and the Consultus Digital team to all my friends and clients”
Helen Stergiou, Partner
“The team at Consultus Digital won our business due to their thorough assessment and realignment of our digital sales and marketing strategy. Within only a few weeks of partnering with them, we increased our inbound leads significantly by reconfiguring the user experience of our website”
Tricia Oldfield, Vice President of Sales & Marketing
As the VP of both Sales and Marketing for one of Canada’s largest electronic recycling companies, I wear many hats. I rely on the team at Consultus Digital to act as my outsourced, internal marketing team. Over the past 3 years, they’ve provided our company everything from website development to social media management. I would highly recommend the team at Consultus Digital to any business looking for a partner in navigating the complex world of digital.
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