Top Ways for Life Insurers to Tap Into the Power of Digital Marketing

According to a recent Deloitte survey, most people look for life insurance coverage right around the time they experience a life event, such as the birth of a child or the purchase of a new home.¹ Decisions are often based on personal referrals, and life insurers need to leverage digital marketing tools to create a connection with consumers.

To achieve this, marketing teams are turning to data and analytics to produce results. Life insurance companies can use these tools to shape the conversations they’re having with consumers, better personalize messages and outreach, and build relationships with their audience to increase brand loyalty.

Life insurance marketers must identify who they’re targeting and ensure the targets are being shown advertising when they need it. Getting the who and the when as accurate as possible is the key to relevant and effective digital marketing.

TransUnion uses credit and noncredit data in solutions that address these points for a variety of digital tactics, including display, social, lead scoring and email. This helps life insurers better understand the profile of potential customers and make effective marketing decisions.

TransUnion’s solutions include:

• Invitation to apply (ITA): Target your advertisements to consumers who have non-credit characteristics that correlate to a target risk or underwriting profile.
• Lead scoring: Evaluate a consumer when they’ve completed a website quote-request form during online shopping, informing the bid/buy decision. TransUnion developed a prequalification score based on a consumer’s credit-based risk profile to determine which products they may qualify for. Other TransUnion lead-scoring solutions use non-regulated consumer data to create custom marketing models to score online leads or inbound phone calls.
• Prescreen display ads and email: Complement or extend credit-based direct mail campaigns across digital channels like Facebook or via email. You can also personize marketing messages to create more relevancy to the consumer and foster deeper relationships.

As analytics and models grow more sophisticated, artificial intelligence and other means of automation will continue to reshape how digital ads are targeted and served. The rise of voice search and the growing dominance of video and streaming TV will also influence how and when to target audiences. Better data can create more effective marketing and improve returns. Smart marketers recognize that direct mail can be more effective in coordination with other digital tactics.

Life insurers will need to find a partner that can offer digital marketing solutions based on a more complete picture of a consumer’s identity connected across platforms. TransUnion is at the forefront by combining thousands of offline data points to create modeled audiences you can deploy across existing and emerging digital channels with confidence that the message is being seen by the right target. Accessing the latest consumer data and profiles helps insurance companies cut through the noise and make the most of their marketing budgets by reaching consumers when and how they shop for insurance.

¹https://deloitte.wsj.com/cmo/2018/11/19/life-insurance-marketing-new-strategies-for-the-digital-age/