Internet,
Technology and Insurance
Here are some fast
facts gathered from various research sources and practical
knowledge gathered from initiatives with our Insurance
Industry clients - about the how the Internet and fast
paced technology is affecting
Insurance Agencies in the US.
Insurance policies
over the Internet
In the year 2000, consumers bought around $2 million
in insurance policies online. Most shoppers prefer to
comparison shop online, and then pick up the phone to
talk to an Insurance Agent when they are ready to buy.
And this trend has increased since 2000. Today, many
more policies are purchased online (Auto, Term Life,
ID Theft and Pet Insurance leading the way).
Customer
Service
The customer still expects to speak to a 'warm body'
at the other end of a telephone line. This is especially
true for Independent Insurance Agents, who differentiate
themselves by touting 'high-touch' customer service.
If a consumer uses a large national insurance company
they seem to be more tolerant when met with an automated
IVR (Interactive Voice Recognition) system when inquiring
about policies, balances, payment information, etc.
In addition, the
Internet is playing a very strong role in reducing call
volume to CSR's, as more and more savvy consumers will
look up Agency
Websites for basic customer service. So,
if you don't have a web presence, get one quick and encourage
your clients to go there for service information.
Internet Marketing
You probably know that internet marketing is broadly
classified into 2 main groups - Search Engine Marketing
(SEM) and Search Engine Optimization (SEO).
SEM - this is paid
advertising. You advertise and pay for results, clicks
or ad impressions.
SEO - you pay a specialist
to optimize tour website so that you show up when users
search for the product (organic listings) and once you
have the traffic on your site, you sell your product.
Some of our regional
clients (large metro areas) in the P/C and Commercial
markets can see around 100 leads per month as a direct
result of these marketing efforts. If you want to learn
more, email emarketing@tekcetera.com with questions.
Summary
So, it's quite apparent that you can effectively employ
the Internet and technology to drive sales, lower service
costs and improve brand recognition.
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