The insurance industry is a competitive and complex market where legacy brands have long dominated. However, new insurance startups, usually applying new technology and creative ideas, are starting to change things. Still, there are many marketing lessons these startups can take from the big companies that have lasted a long time.
Here is what insurance startups can learn from old brands to create strong marketing strategies.
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1. Build Brand Trust Through Consistency
For legacy insurers, customer trust is crucial because the business is fundamentally about managing risk. Consistency in messaging, service quality, and customer interactions builds that trust.
What can startups do:
- Create a distinctive brand voice on all platforms
- Invest in excellence in customer service to build trust early in the customer journey
- Regularly share testimonials, case studies, or user success stories to build credibility
2. Use Data-Driven Personalization
Legacy brands have successfully mastered the art of segmenting their audience to deliver tailored solutions. Personalization not only enhances customer experience but also boosts conversion rates.
What startups can do:
- Use CRM tools to track and analyze customer behavior
- Develop targeted campaigns based on customer profiles, needs, and purchasing habits
- Implement AI-powered tools to offer real-time personalized policy recommendations
3. Educate Your Audience
Legacy insurers typically employ content marketing to educate customers about insurance products, thus helping them make the right decisions. Focusing on value-added education positions them as industry experts.
What startups can do:
- Develop interesting blogs, videos, and infographics to explain complex insurance concepts
- Free resources such as calculators, eBooks, or webinars attract and retain potential customers
- Build an FAQ section to address common concerns effectively
4. Foster Customer Loyalty
Legacy brands understand that it is cheaper to keep customers than to acquire new ones. Loyalty programs, easy claims processing, and personal messages help keep customers coming back.
What startups can do:
- Start reward programs for long-term customers or those who refer others
- Use technology to make claims processes faster and clearer
- Send personal updates and check-ins to stay connected
5. Focus on Omnichannel Marketing
Legacy players understand the importance of meeting customers where they are. From physical offices to digital channels, they ensure a seamless experience across touchpoints.
What startups can do:
- Optimize websites and mobile apps for usability
- Leverage social media to engage with younger audiences while maintaining a strong email marketing strategy
- Invest in digital ads targeting specific customer segments
6. Tell a Compelling Brand Story
Legacy brands tend to focus on storytelling in a way that appeals to the emotional connection of the audience, thus projecting reliability and care for the protection of customers’ futures.
What startups can do:
- Share your origin story and the mission driving your business
- Highlight how your innovative approach addresses modern insurance challenges
- Showcase customer success stories to resonate emotionally with potential clients
By combining the tested strategies of legacy insurance brands with their intrinsic flexibility and innovativeness, startups can easily carve out space in the otherwise competitive insurance market. Focusing on trust, personalization, and omnichannel strategies would position them well for sustained success.
