Words: Chloe Whelan
InsurTechs have revolutionised the insurance landscape, providing innovative solutions to an industry that had, according to some commentators, become stagnant.
However, as expressed by those in the industry at FP Live!, InsurTechs must be better and braver at marketing their innovations.
“InsurTechs can not only afford to be braver, we need to be braver,” said Anne Vigouroux, global head of marketing at Charles Taylor, a legacy insurer that has an InsurTech arm.
“Insurance is so backwards. Customers rely on InsurTechs to provide solutions that make sense in a modern market. If it weren’t for Insurtechs, insurers would still be writing papers and sending them off by carrier pigeon.”
Rocio Sarriegui Zulueta, global content director at InsureTech Connect, said a high-quality marketing strategy improves an InsurTech’s ability to gain investment from a legacy insurer.
“Competition is fierce. As an InsurTech, you’re competing with another 20 companies that came out in the past six years and do a very similar thing,” Sarriegui Zulueta said.
“If you’re trying to get a traditional player to invest in you, consider who they’re going to – the company whose CEO speaks at conferences and is in the news, or the one who believes they’re too good to do any promotion?”
Vigouroux said there was no reason to rewrite the marketing playbook.
“Go back to the basics of marketing,” she said.
“Who are your target markets and what are the best ways to reach them? You may need to play the long game, whet their appetite, get them to consider how you could help them. Finally, you can hook them when they’re face-to-face in front of you.”
Daria Kepa-Green, marketing director at Cytora, said it was important to consider what your audience wants, prioritising high-quality content.
“A few years ago, there was an obsession with SEO content that was all fluff. People are so tired of that,” she said.
“We all need to think about what we’re delivering to our audience. What do they want to know and what interests them?”
Kepa-Green said tighter budgets could be a catalyst for innovative marketing.
“We can’t afford the same channels and the same tactics,” she said.
“We always need to think about how we can do things differently and look for smarter ways to spend our money.”