Consultus Speciality Division

Insurance Industry

The Insurance industry in Canada has changed dramatically over the past decade. We’ve witnessed a major shift from traditional brick-and-mortar brokerages to brokerages that are completely online. This shift is the result of emerging technologies and a change in consumer habits. 

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Understanding the new consumer

Baby boomers have had their insurance providers for years, and the likelihood of them changing is low.

The new modern market is the millennials and Gen X, those born between 1986-1995 and 1996-2010, respectively. These individuals grew up with technology at their fingertips and are fully expecting their counterparts to be fully versed as well. These are advanced consumers, who know how to research their product or services before purchasing, and they do. 79% of this generation will search for reviews of their chosen vendor prior to fully committing. This even includes those that were referred to a business by close friends or family.

What exactly are insurance consumers researching, as in, what’s important to them?
We’ve broken it down:

Modern consumers of insurance products

Reputation + Social Proof:

What are others are saying about purchasing insurance from your brokerage. These can be; Google and Facebook reviews, client testimonials, awards and recognition on not only your website, but on 3rd party sites. For example, before purchasing many consumers will search through popular peer generated sites such as Reddit or Quora. Example, someone searching for a specific type of insurance may search on Google; “Has anyone ever used ABC Insurance brokerage for commercial insurance, what was your experience?”. Should they find any articles related to this, they’ll certainly value the information more than if it came directly from the company.

Brand Connect:

What does your insurance stand for, and does it align with your prospective customers’ personal beliefs? 58% of Millennials chose companies based on their conceived perspective of whether they donate or add value to those less fortunate.

User Experience:

  • How easy is your platform to use?
  • How quickly can I be provided with a quote. when will this come into effect and how long does it take?
  • Can I purchase online without having to speak with someone?
  • Can I send my information and then communicate via a messenger to finalize?

These consumers are on the go and constantly multi-tasking. Insurance to them can seem like a commodity and finding a provider that offers seamless purchasing is very important.

Price:

This is one thing that hasn’t changed with the consumer transformation. In fact, being provided with the best rates for their insurance policies has become more transparent for the consumer as it’s so easy to shop around.

Modernizing the sales process:

Just as your consumer has changed, so has the sales process.

At Consultus Digital, we understand the insurance industry, the consumer and digital marketing. We provide digital marketing and sales solutions to our clients that enable them to sell more. Contact us for a free 20-minute strategy session.

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