Global Insurance Industry Overview
The insurance agents play a pivotal role in the sustenance of the global economy by covering individual and business risks. Amid the fluctuations in the growth rate, the insurance industry witnessed a noteworthy growth in the insurance premiums by an upsurge of 4.8% in 2018. The advancement of new technological innovations with every passing year is poised to reshape the global landscape of the insurance industry. Although the insurance agents are witnessing a promising growth owing to the increasing rates and diminishing regulatory hurdles, diverse factors challenge the growth of the insurance industry.
- New technologies – New technologies may interrupt the traditional model of insurance agents.
- Cyber risks – The growing awareness of cyber risks and the need to offer real-time security to the clients will influence the growth of the industry over the years.
- Customer focus – The need to create better, more comprehensive customer relationships will challenge the industry.
Why Businesses Must Incorporate Digital Engagement Strategy?
The Digital engagement strategy is the analysis of qualitative and quantitative data to drive a steady improvement of the online experience. Today’s marketers use digital engagement strategy tools to examine the online channels their buyers might interact with and identify new revenue opportunities from existing business campaigns.
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About the Client
Headquartered in California, the client is a leading insurance agent.
The client- a leading insurance agent wanted to take their business to the next level by expanding their geographic footprint. The insurance agent realized that they lacked the online and mobile capabilities many competitors offered. To tackle such challenges the client wanted to develop a digital engagement framework to gain actionable insights into their current online landscape. Furthermore, with the help of Quantzig’s digital engagement framework, they wanted to improve their market share and offer relevant services to their customers.
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The solutions offered empowered the insurance agent to measure the marketing effectiveness of different channels- websites, mobile applications, and social sites. This helped them enhance their service and product offerings to suit the needs of their customers. The digital engagement framework also helped the client restructure their marketing campaigns and enhance the performance of their website. Furthermore, with the help of the digital engagement framework, the insurance agent was able to diagnose deficiencies in specific channels and make adequate adjustments to improve their overall marketing performance. As a result, the client was able to expand its product offerings and increase its market share.