Insurance Influencer Marketing

Insurance companies are known for their catchy 30-second TV commercials and attention-grabbing billboards. But as social media has risen to the forefront of consumers’ lives, another marketing avenue is gaining ground — social media.

Over 3.6 billion people used social media globally in 2020. These shifts in consumer behavior and preferences have made social media the best place for businesses to find and interact with their target audience. Consequently, influencer marketing has never been better, with its market size doubling from $6.5 billion in 2019 to $13.8 billion in 2021.

However, with aesthetic-based industries like Fashion influencer marketing and the many a Travel influencer remaining prominent on social channels, it’s easy to assume industries like Insurance can’t use influencer marketing.

But this assumption couldn’t be further from the truth.

With so many consumers needing Insurance for a wide range of activities, influencer marketing is a fantastic way to target a wider audience and present solutions to their insurance needs.

Influencers can introduce your brand to new prospects and help you gain consumers’ trust. Let’s dive into some benefits of influence marketing in the insurance industry, emerging trends that’ll impact your influencer campaigns, and some top tips for success.

Benefits of Influencer Marketing in the Insurance industry

Social media isn’t just a stomping ground reserved for glitzy and glamorous products. Companies selling essentials like Insurance are making waves with influencer marketing and reaping rewards. Let's explore some of the benefits you can expect when you work with content creators:

Stand out in the insurance crowd

One of the best things about influencer marketing is it's still relatively untapped by insurance businesses. So, there are more opportunities available for brands that get in early. There will be less competition too, which will increase your success odds.

Gain more credibility:

Influencers have done the heavy lifting required to build an audience that trusts them. You can tap into their network to establish your brand and audiences' trust.

Build a community:

The interactive nature of influencer campaigns and social media provides the perfect conditions to build a thriving community. These customers can turn into brand advocates who spread the word about your brand, bringing in more business.

Expand your customer base:

Influencer marketing allows you to test out new audiences, increase your reach, and target profitable sub-niches you might miss when targeting the masses through avenues like radio and TV ads.

Drive down marketing costs and increase your ROI:

Unlike other marketing avenues, you can tailor influencer campaigns to suit your company's budget. Since campaigns can be done affordably, you could see a higher return.

Know Your Customers Needs

Today's customers demand a seamless experience across both traditional and digital touchpoints. Never has there been a more important time to understand changing consumer preferences and trends in the insurance industry. Let’s dive in.

The rise of the digital native

Consumers have changed. Their expectations, requirements, and tech know-how have exploded in recent years, giving rise to a different kind of consumer — the digital native. Digital natives expect a digital-heavy user experience and wish to eliminate unnecessary complexities in the insurance process. They also want more control when deciding what products or services are best for them. These shifts make influencer marketing a fantastic way to stay top of mind at all times.

Fast and reliable product recommendations

These days, time is precious for consumers’ who lead increasingly busy lives. So gone are the days of searching through catalogs and newspapers to find insurers. Consumers now use technology to find, test, and pay for the right products and solutions as well as relying on recommendations from friends and family. In fact, consumers spend less than 4 hours on average researching insurance products before making a commitment. With this in mind, your influencer campaigns will need to be clear, snappy, with prompts for the next steps to inspire action.

Trust building with brand humanization

Over the years the insurance companies have earned a hardened reputation for being strictly business. But some innovative insurers have turned over a new leaf to earn consumers’ trust by showing the human side to their brand (e.g. Sharing real-life customer stories). So, your influencer marketing must follow suit to show customers your insurance brand is run by real humans and impacts real humans’ lives.

Top Tips for Insurance Influencer Marketing Success

Create campaigns for each customer journey stage

To get prospects to go from stranger to buyer, it's essential you craft influencer campaigns that'll guide prospects through your customer journey. Don't forget to use the right social channel — that is the platform your target customers spend the most time on. For example, 70% of YouTube users tap into the platform to assist with an issue they're having in their life. So, research the different segments within your target audience to establish:

Current wants, needs, and concerns
What kind of content catches their eye
Where they spend time on social media
Which topics do they care about

Once you have this information, use it to guide your influencer selection and content type. Pick influencers your chosen segment knows, likes, and trusts. For example, Millenials are 2.8 times more likely than Gen Xers to buy a one-month home insurance plan, preferring to be free from long contracts. So, if you’re selling home insurance to younger audiences it can be profitable to highlight your brand short, with no ties or quibbles solutions. It's also a good idea to test influencers with varying audience sizes to uncover profitable sub-niches and new potential markets. Don't forget to stay in line with regulations and be transparent that the campaigns are sponsored to maintain credibility and avoid legal issues.

Unlock your Creative Potential

When covering important topics like Insurance, it can be tempting to be rigid with your messaging. But the fact that you're promoting serious products shouldn't stop you from producing creative content. So, have fun with your influencer campaigns. Look for relatable and interesting things your target market would use your insurance products in and feature your brand naturally. When you put an interesting spin on your products and services, you position your brand to win. Why? Because you'll stand out in the sea of insurers that choose a more traditional way of marketing and will have content that can compete for attention on social channels.

Expand your content creation horizons

As social media platforms become more sophisticated, the ways we can communicate with your target audience is growing too. Take advantage of the expansive content types and channels to increase your brand's relevancy and reach more people. People like to consume content differently, so repurpose your influencer campaigns into multiple formats to get the most bang for your buck. You can even look to other industries for inspiration on storylines, settings, and content formats. The key is to experiment until you find the right fit for your brand, then optimize them continually to generate maximum conversions. To help you communicate the value of expanding the content formats you use, here are some stats that demonstrate its importance:

87% of video marketers say video gives them a positive ROI.
After 3 days people remember 65% of what they're told when combined with an image but only 10% without.
Video could account for 82% of consumer internet traffic by 2022.
Over 500 million Instagrammers use Stories daily.

Make your influencer campaigns personal

Consumers love relatable brands that have a human touch and are easy to connect with. A great way to fulfill these consumers’ wants is by injecting authentic human stories into your influencer campaigns. Bring your insurance products to life by encouraging influencers to share how your offerings have impacted their lives. Encourage influencers to up their storytelling and empathy to take viewers on the emotional rollercoaster with your brand. This strategy will make your campaign more memorable and increase your brand's likability to increase engagement. It will also communicate your mission and brand values to attract your tribe. For example, you could find influencers to share stories about taking their first trip abroad, insuring their first car, buying a home, or preparing to go on an adventurous expedition.

4 Stellar Influencer Marketing Campaigns to Inspire Your Own

It can be challenging to know where to start on your influencer marketing journey. You have to ask yourself, can I do this alone or should I partner an influencer marketing agency? Good question. With some inspiration and proper planning, creating and managing influencer campaigns becomes a simple process. These next few Insurance companies show how curiosity-sparking it can be to partner with content creators from all walks of life:

John Hancock X micro-influencer

Tapping into micro-influencers in 'at home' settings, John Hancock brought attention to its life insurance and Vitality program. Influencers created Instagram images featuring them spending quality time with their family while using branded hashtags and natural brand mentions to promote John Hancock.

TIAA

Life insurance company TIAA used influencer marketing to cover personal stories like saving for retirement. They combined photos from influencers' personal photos with emotive messages on how TIAA is helping them achieve their future financial goals to ensure they won't be without in their elderly years.

Aflac

Aflac teamed up with influencers of all walks of life to create Instagram posts on their struggles and fears, like being injured without adequate insurance. The content creators then shared how Aflac has helped them gain peace of mind.

The Right Way To Do Influencer Marketing in the Insurance Industry

With rising social media rates and a growing content creator market, now is the perfect time to tap into influencer marketing to grow your insurance company. Much of your work will be research-based to establish a winning strategy you can execute with well-matched influencers. It'll take some experimenting to find your flow but stick with it as your diligence will pay off in the end. To expedite your success, seek out a reputable Influencer marketing agency that can help you skip the huge learning curve to produce hard-hitting campaigns consistently. So, get started on your influencer marketing journey today and watch your insurance company flourish.

Ready to get started with influencer marketing? Find out how Open Influence can help.

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