How Marketing Analytics Complements the Insurance Industry

Insurance CIO Outlook | Friday, June 26, 2020

Marketing analytics has gained traction among the insurers due to its ability to track data and generate data-driven insights.

FREMONT, CA: The advancements in data processing, coupled with technologies such as cloud computing and advanced analytics, are shaping the industries. The insurance industry is also leveraging innovations to acquire new customers and streamline internal processes. When it comes to acquiring customers, marketing can’t be ignored. With a plethora of data processing technologies in the present times, insurers can combine marketing and analytics to gain an edge over their peers. Insurers can use marketing analytics for managing, measuring, and analyzing their marketing performance. 

Insurers try a number of marketing stunts to encourage people to buy their policies. However, most of the efforts are not met with similar enthusiasm from the customer’s end. Marketing analytics in insurance can help identify what is working and what is not. Thus, marketing analytics can play a significant role in improving and boosting an insurance firm’s effectiveness. Analytics will also enable the insurers to measure activities ranging from SEO, blogging, and social media marketing to lead nurturing. There are various other marketing activities that can aid the insurers in reaching out to their prospective clients. Adoption of marketing analytics can enable insurers to enhance the efficacy of their marketing efforts.

Despite the obvious advantages of marketing analytics, insurers must determine their unique requirements and ensure that the marketing analytics solution will enable insurers to gather a wide range of data and performance metrics. However, marketing analytics doesn’t end with data gathering. Diving into the data-driven insights will enable the insurers to determine which of their campaigns had influenced a maximum number of leads and which of the campaigns were relatively ineffective. Such insights will enhance and hasten the decision-making process, as well.

These advantages make marketing analytics a must for the insurers. Such capability will assist the insurers in not only enhancing the leads but making clear, data-driven decisions as well.

See Also :- Top Insurtech Companies


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