I was fortunate enough to attend the Professional Insurance Marketing Association (PIMA) conference in Marco Island, FL. This conference brings together marketing executives from Insurance companies, Agents, and business partners. The purpose of this conference is to discuss industry trends, legislative issues and to create an environment to conduct new business partnerships.
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Some of the major trends that were discussed were how big data is changing the business, the need for a better experience to engage with younger consumers and how new entrants to the market will increase competition. Maria Ferrante- Schepis, Managing Director from Maddock Douglas, a large consultancy focused on the insurance space, delivered the keynote speech on innovation. Her research shows that the insurance industry is ripe for what she describes as being Napstered. Much like how Amazon, Netflix and Uber have dramatically changed how consumers conduct business, acquiring insurance has similar inefficiencies that can be improved with technology. She believes that impartial advisers, crowd-sourcing to share deductibles, and global competition will greatly change this industry in the next five years. She also said that these changes will greatly increase participation with millennials.
Bill Sunneson, President of Mass Drive insurance, presented the findings PIMA's technology working group and continued on Maria's theme. His committee feels that companies like Wal-mart, Amazon and Google will change how insurance is shopped and distributed. In another presentation, Lou Geremia, senior adviser to Goji, stated that insurance companies are spending 100's of millions of dollars on paid search (up to $30 per click).
At Universal Wilde we feel we are well positioned to assist insurance companies succeed through these changes. As the leader in technology driven, "Thought to distribution" direct marketing we are able to quickly take advantage of trigger based campaigns. With only a very small percentage of the budgets discussed above, we are able to deliver high-quality direct marketing pieces to targeted consumers. Our technology also allows for seamless integration with insurance agencies to quickly deliver targeted follow-up correspondence.
UW will continue to participate with PIMA and we look forward to participating in this rapidly changing market.