Accelerated technology innovation and economic development globally fuel growth and diversification in the insurance industry.
But in a burgeoning sector, insurance companies are seen as lagging when it comes to the quality of customer satisfaction. According to some analysts, it is price competition, and not customer experience, that drives differentiation in the industry.
Insurance companies can ensure customer retention by improving the customer experience with personalized, dynamic content.
Image Source : thenational.ae
With consumer expectations increasingly shaped by seamless experiences in other sectors (such as retail or leisure), new standards of customer engagement are emerging for insurance brands.Insurance companies stand to win from a greater focus on the quality of customer interaction and new technologies, especially as reports show that today only 15% of customers are pleased with their insurers’ digital customer experience.
Indeed, the insurance customer journey is shaped by a fine balance between product information and brand trust. Insurance purchasing stages differ from other sectors because consumers’ motivations to buy are different and often times highly personal.
In consequence, insurers must truly understand buyer intentions, needs and expectations, and reflect that in the content they deliver through every step of the journey.
A static approach to content, where messaging is updated periodically and speaks to consumer groups (usually based on product categories), is not enough.
Insurance brands can leverage landing page dynamic content to adjust their message in real time, for each customer, at scale.
See how insurance brands improve customer acquisition with AI Content Optimization
What are dynamic landing pages
Most consumers purchase an insurance product out of necessity. So it is crucial that complete, relevant information is available to them quickly. Visitors usually come to a landing page through an internet search, meaning they have an expectation as to the information they will presented on that page.
Landing pages optimization to serve dynamic content enables insurance brands to select the right content in real time that matches the query, preferences or profile of the user.
One example of how insurers can optimize landing pages for lead generation, is to dynamically update the headline or value proposition on the page by inserting the visitor’s search term.
Another example of landing pages optimization - and this can work really well for an industry where businesses operate in different geographies - is detecting and updating the user’s location in real time, as soon as they land on the page, as shown in the example below.
This makes it easy for customers to start exploring the product with no effort, at a click of a button, and can help increase the landing page conversion rate.
An experiment by Periscope, which involved a split traffic test between a standard page and a page which had location dynamically inserted, showed a 9.2% increase in conversion with the dynamic landing page, with a staggering 25.2% on mobile.
How insurance companies can ensure customer retention with dynamic landing pages
1. High quality content
With insurance customers, the purchasing decision comes down to two things: information and trust. This isn’t to say insurance has to be boring, but it is, essentially, a utilitarian product.
In order to become a trusted partner for customers, insurance companies have to go beyond the traditional plan descriptions, comparison charts, or benefits lists.
Brands can achieve content excellence if their message resonates with each customer and keeps them actively engaged. Producing content that is not just informational, but also inspiring, such as how-tos, tips, advice, or guides, is how insurance companies can ensure customer retention.
Metlife is an example of how insurance companies can go beyond content that informs a sales decision, and move into true customer engagement. On their blog, they create content that is fresh, personal, and that suggests insurance is not simply a product, but a means to reaching a personal goal. Storytelling, guides, and a series of personal employee stories make the company much more relatable to consumers.
Image Source : metlife.com
2. Understand your customers
A true understanding of your prospects and customers can only come through data and it can help increase your landing page conversion rate.
When it comes to data, the insurance industry may have it easier than others for the simple reason customers know that the more data they provide, the better the service is adjusted to their needs.
Behavioral data, in particular, is a huge opportunity for insurance brands. In the words of Andrea Wong, AXA Hong Kong Chief Marketing & Customer Officer, “with data and analytics, we provide the answer before the question is even asked, freeing our customer’s minds from worry so that they can focus on what’s important to them.”
Image Source : therakyatpost.com
Big data and statistical modelling techniques can help insurance brands analyze and understand trends and predict anything from changes in societal consumption habits to individual risk behavior. The wealth of data they have access to can help insurers become more competitive in the long term.
3. Create personalized experiences with landing page dynamic content
“Once you understand that (the customer pain point), think about how you can leverage the power of data to transform and reimagine the customer experience.” MetLife Asia’s CMO, Sanjeev Kapur (source)
In insurance, timing is of the essence. When consumers are faced with the decision of purchasing insurance, they most likely need it right then and there. This makes it imperative for brands to serve the right content, to the right person, at the right time.
Landing page optimization with dynamic content can help deliver that content relevance and increase landing page conversion rate. Understanding individual customer needs allow insurance brands to adjust not only their messaging, but also their offer in order to deliver a hyper relevant experience for each customer.
As customer expectations continue to rise, the availability of data and new technology creates a unique opportunity for insurance brands to increase customer retention and satisfaction. By working to consolidate their customer relationships, insurance companies can offer better solutions and gain competitive edge.
Case Study : See how dynamic and relevant content helps Insurers improve sales team performance
Knexus is the global leader in AI content optimization. Knexus AI decision making engine delivers hyper- relevant content experiences to customers in both owned digital and offline channels, at scale & speed. Using AI, it automatically matches content (marketing, social & product) with customer data, delivering best/latest/most relevant content to help customers make decisions.
Knexus quickly and easily creates dynamic landing pages for insurance companies that increase acquisition, conversion, loyalty and sales.