Seneca Insurance Company

Pamela Corey

Pamela Corey serves as Vice President and National Marketing Manager at Seneca Insurance Company in New York. She is based in Red Bank, New Jersey. With a robust insurance background in reinsurance, underwriting, and distribution, she excels in crafting growth strategies, strategic partnerships, and market expansion. A Wharton Executive Education alumna, she drives innovative solutions. As Vice President and National Marketing Manager at Seneca, what experiences have most shaped your approach to marketing leadership in the insurance sector?

For magazine Insurance CIO Outlook, she shared invaluable insights on applying behavioral economics to insurance marketing, turning psychological triggers into stronger broker relationships and lasting customer loyalty.

Pamela Corey serves as Vice President and National Marketing Manager at Seneca Insurance Company in New York. She is based in Red Bank, New Jersey. With a robust insurance background in reinsurance, underwriting, and distribution, she excels in crafting growth strategies, strategic partnerships, and market expansion. A Wharton Executive Education alumna, she drives innovative solutions.

As Vice President and National Marketing Manager at Seneca, what experiences have most shaped your approach to marketing leadership in the insurance sector?

Years ago, when I was a business development manager, we went through basic sales training. One of the key points of that training was learning to adopt a needs-based conversation framework. As a relatively curious person, I was intrigued when given the opportunity to learn more about Nobel laureate, Daniel Kahneman’s work.

Daniel Kahneman was a psychologist known for his work on judgment and decision making as well as behavioral economics. I was fascinated by the science behind the theories and quickly started applying the concepts to my work. I adopted a ‘you’- based conversation technique and invested my time in truly understanding how my brokers did their jobs and how to better understand the different industries served.

By understanding their clients and how they served them, I could better position my products and my company. After all, a key aspect of my role was to help the broker help the client without compromising the company’s overall goals and strategies from a growth and profitability perspective. Then come’s the question: Is there a way to forge a strong emotional connection with the broker and the consumer to create lasting brand loyalty?

So, fast-forward to my role as running sales & marketing for Seneca Insurance, where there are so many moving parts: how do we incorporate what we know to have proven results into the center of every video, ad, post, lunch & learn or just an old-fashioned business development visit and event? In each, there is a built-in strategy; a classic multi- segmented approach focused on understanding consumers’ psychological traits, lifestyle choices, and values. By applying concepts of behavioral economics to insurance, we can improve decisionmaking, enhance the customer experience, and drive business results by translating those insights into tools that effectively motivate the customers’ decisions.

We must consider where we will apply the concepts of loss aversion, status quo bias, availability bias, and emotional response. All of which will have a considerable impact on the business relationship and buying decision.

The most widely used concept is loss aversion. We can frame the value proposition to subliminally highlight the potential of losing to a competitor, because the broker chose to maintain the status quo with a carrier they regularly work with.

It has been proven that, unless threatened, people will tend to stick to what is familiar. What is known is to be tried and trusted. When we present the unseen gaps between the “status quo”, with what is being presented, and the potential for loss, we create room for doubt.

In creating doubt, we have opened their mind to the concept of change. Change as a means to win is also known as loss avoidance. We have subconsciously triggered a fight-or- flight response. Fight-or-flight responses trigger decision-making!

"We apply behavioral economics to insurance marketing, using insights like loss aversion and emotional triggers to build trust, motivate decisions, and create lasting loyalty."

So let’s pull these concepts together. We work to deliver the needed products, strive to be readily available to listen, and work to forge relationships (be familiar), aid in avoiding loss, and be reliable and trustworthy. I think that hits all of the triggers described by Mr. Kahneman! Now we just need to tie in a few additional behavioral segmentation practices to provide insight into consumer behavior specific to media. How do our clients consume information? What resonates with them? What is the impact of repetition?

For this, we can look at some of the giants in products that have truly taken the science of how the mind works and turned that art into big business, like Coca-Cola. Coca-Cola’s genius in marketing is the holy grail for me.

Coca-Cola’s behavioral segmentation targets various consumption patterns, understanding that people enjoy Coca-Cola beverages for different reasons and in different settings. For instance, some customers see Coca-Cola as a quick, convenient refreshment on the go, while others associate it with special occasions, celebrations, or social gatherings. Their mastery of understanding consumer behaviors allows Coca-Cola to develop engaging campaigns, innovative packaging, and new product variations that resonate with different segments, keeping the brand relevant and beloved worldwide. This may seem odd as an example to someone in Insurance, but I promise you the psychology behind the strategy is universal.

So, what can I take away and replicate? Well, I can create multiple sources of consumable media and make them readily available in multiple locations. Videos, video shorts, email campaigns, social media campaigns, print media, print mail, downloadable content for the above, in-person visits, happy hours, events, and virtual events. Balancing strategy with niche targeting in addition to mass appeal yet keeping it as personal as a couple of friends grabbing a bite for lunch! After all, don’t we pride ourselves on insurance being a relationship business?

Before your next sales pitch or campaign, I always recommend a quick gut-check—ask yourself:

• What are my client’s pain points (and what’s driving them beneath the surface)?

• How do my products solve that problem—and what can I point to that proves it?

• How does my solution differ in a positive, credible way versus alternatives?

• How would I say this in a conversation, a piece of print collateral, or a short video—without sounding threatening to the client or disparaging to competitors?

If the message leaves the broker feeling like the hero to their client (the end buyer), then it’s a successful pitch, and a stronger foundation for long-term loyalty.