Economic uncertainty, increased anxiety, and rising repair costs are all areas insurance brands will need to tackle with marketing efforts in 2023.
Insurance brands will need to stress their value by marketing ways customers can save even while insurers simultaneously raise rates. They will also need to show their commitment to customers through providing relevant access to services and programs that make life easier, safer, and more convenient and affordable for consumers.
How will this affect acquisition efforts and customer communications in the year ahead? Here are our three trend predictions for the year ahead:
Stressing Value: As prices mount and a recession looms, insurance carriers will look to stress value like never before to ensure they can retain customers with higher lifetime value while maintaining steady growth. Showing value through an elevated claims experience, bundled discounts, and agent expertise will be a few ways carriers deepen their customer relationships.
Always Connected: As technology advances, brands will look to stay connected with customers to promote retention, offer convenience, and create fresh experiences. Technologies like in-car technology, health wearables, and IT devices are already greatly impacting insurance carriers’ ability to derive and utilize data to impact the customer experience. This reality will deepen and become even more crucial in a stressed economic environment.
Look Out For Me: In 2023, insurers will need to display they are looking out for customers through providing rewards, personalized products and services, and an overall better customer experience. Insurance marketers will look to message how their brands provide rewards for loyalty, data sharing, and other means, as well as flexible, relevant, and unique product offerings, and a commitment to an exemplary customer experience.
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