By Dan George, creative director at Aspectus.
Insurtech. It’s a booming sector, abuzz with energy. Or so it would seem. But, in truth, the mere mention of the word can quickly send insurance executives to sleep.
You’d be forgiven for finding this a little odd when it’s clear from even a cursory look at the industry that insurtechs have a lot to offer.
The answer lies in marketing. Insurance leaders have grown tired of hearing similar pitches, and similar promises. And they’ve grown positively exhausted by investing huge amounts of time and money into big projects only to see small returns on that investment.
What then, can insurtech marketers do to regain the trust of insurance executives and, ultimately, bring back the buzz?
1. Read the room!
Insurtech has huge potential. It’s undeniably exciting. But marketers mustn’t get carried away with the hype. Insurance businesses are complex organisations and an outsider claiming they can make fundamental changes, at scale, with minimal upheaval, will only make the c-suite sceptical.
With this audience, it’s far better to start small and keep your promises. Yes, you can change the game, but you won’t do it overnight. Nor will you do it by replacing all the pieces.
2. Facts lyrical
A smarter way to show off those big ambitions is to back them up with big thinking. Here, research is your friend. Truly original thought leadership, rooted in unique insights, is the perfect way to move conversations on and move old debates onto new ground.
Is the insurance conversation lagging a little behind? Speed it up by commissioning research that proves what you’ve been saying all along – whether it’s identifying an industry need or even defining an entirely new concept.
After all, there’s no better way to convince a sceptical audience than with cold, hard evidence.
3. Build a better box
Creating concepts is one thing. But sometimes it pays to go one better. It’s no good to be boxed in by the “insurtech” label if c-suites have grown wary of engaging with it. Instead, why not create a new category that frames your innovation, and the benefits it brings, in a whole new light?
Indeed, given its complex nature, insurance audiences tend to trust those with a background in the sector far more than an outsider with a clever tech solution who might not know how to execute on the ground. A new category can pay dividends in positioning your brand as a sober and realistic insider, rather than an overconfident newcomer with lots of ideas but little idea.
Live the dream
It’s not hard to see that insurtech entrepreneurs dream big. But to make those dreams come true, they’ll need insurance leaders to wake up to their potential. If your audience needs a jolt of creative caffeine, just give us a buzz.