According to the Insurance Global Market Report 2022, the global insurance market is set to reach a value of $5,938.41 billion by the end of 2022.
As more and more insurance companies are joining the market, the competition is becoming increasingly difficult for many to survive. Thus comes the need for effective marketing and promotion campaigns for these insurance companies.
It’s easy to see why life insurance companies can be hesitant to promote their products. After all, they’re offering something that many customers don’t want or need, and sometimes, it’s even difficult to explain adequately. However, if you want your company to succeed in the long run, you must promote yourself so that people will know about the services that you offer.
Start by incorporating these five techniques into your marketing plan.
Top 5 Ways To Promote Life Insurance Company
#1 Invest in a Modern Website
With the advent of the internet, it’s now easier for consumers to find your website and learn about your product. After all, you can’t expect people to call or email you when they don’t know you exist.
A responsive design ensures that the site is fully optimized for mobile devices. This gives users more options as they browse while on the go, and it’s also much easier on their data plans than trying to load large files from home computers or smartphones with limited storage space.
Clean layouts are simple and easy to navigate; anyone who visits should be able to easily find what they’re looking for without getting lost in all kinds of clutter or text links laid out haphazardly across several pages. These types of sites tend not only to do better search engine rankings but also provide users with faster access times when compared to other types of complex layouts.
According to WebFx’s estimates, it’ll cost you a minimum of $12,000 to build a high-quality website. Prices will vary greatly depending on the design features, CMS, security features, etc. You can also work with freelancers on sites like Fiverr or UpWork to get the job done for a lot less. However, they might not be able to guarantee you premium features.
Fiverr and UpWork are two of the biggest gig economy companies in the world, as per Yahoo! Finance. You’ll, of course, find highly-skilled and experienced freelance web developers and companies on these platforms. However, they can’t always guarantee you an enterprise-level website, which is vital for an insurance company.
#2 Market Your Product on Social Media
While social media is an excellent way to grow your customer base, it’s also a great way to promote your product and brand. Social media can be used as a communication channel for customers who have questions about the company or its policies. It can help create a community of like-minded people who may want to work together on projects or find each other when they need support.
The most important thing about promoting life insurance through social media is that you should use it as an opportunity to engage with your customers, not just market yourself to them.
Using the right life insurance marketing tools will help you manage your social media marketing campaigns better. As you market your product or service on social media, you must rely heavily on visuals as well as storytelling. Otherwise, the campaigns might come out as bland and will be ineffective.
#3 Harness the Power of SEO
When done right, SEO has benefits beyond just increasing traffic. It also helps build trust among customers who are looking for information about products like yours. It gives them reassurance that what they’re reading hasn’t been written by an affiliate trying to sell something else off-page but instead has been written by professionals within their industry.
#4 Promote Through Influencers
Influencers are people who have a large following on social media. Influencers can be celebrities, but they can also be influential people in your industry. If you work with an influencer to promote your products or services, you don’t need to pay them directly for the promotion. Instead, you can offer them something else of value, like free products or services, in exchange for their endorsement.
#5 Always Highlight the Risks Along With the Benefits
You should always be clear about the risks of not having life insurance. But you also need to be honest about the benefits of your products. If someone is in poor health and has a history of heart problems or diabetes, they may not qualify for traditional term life policies.
However, there are alternative solutions that can provide coverage under these circumstances. Your company may offer guaranteed universal life insurance or indexed universal life insurance products that help clients with higher health risks secure protection against untimely death.
Highlighting the risks along with the benefits will help your potential clientele trust you better. It shows that you’re transparent about your policies and service and won’t in any way try to deceive your customers.
This list is by no means exhaustive, but it’s a good starting point for any company that wants to promote its life insurance products. There are several other ways you can do this, but these are some of the best ones you can get started with.