Insurance is for everyone, but people take it only when required.
I heard this a lot from my dad who has been working in the insurance sector for well over 25 years now.Insurance is complex and only because of internet it has become easier for people to understand insurance policies and finalise one (mostly to save tax).
Until early 2000, only PSUs had the monopoly to run this sector and hence no competition. Post FDI there has been a lot of fight and hassle.Clients have also become smarter and are mostly dependent on internet research to finalise their insurance partner.
The same scenario was highlighted by one of our prospects. They were in shortage of leads and were looking towards Inbound Marketing. Actually their trouble was much more than just lead generation.
A repository regulation by IRDA states that customer data cannot be stored out of India. So if they plan to buy HubSpot (which they initially intended to) IRDA needs to approve the deal. Well, this left the deal hanging but our first interaction with an Insurance firm made it clear that Inbound Marketing and Insurance are the perfect match.Here are the reasons why -
1) Not many insurance companies are doing Inbound Marketing
The early you start, easier it will be for you to capture the untouched market space. Despite being an increase in the number of insurance companies India remains an unpenetrated market.
2) People are still uninformed
There is a lot of scope to publish content around the insurance sector. People want to learn and then adopt these days.
3) Time for a change
All the insurance giants have relied on till nw for marketing is Outbound. Its hightime they give inbound an opportunity to show its magic.
Coming back to the deal - When are you making one with an Inbound Marketing Agency ?