Post by account_disabled on Jan 21, 2024 19:41:00 GMT -8
The pandemic has accelerated the digitalization process of insurance companies. According to Willis Towers Watson, global investment in insurtech amounted to $7.1 billion, the highest level since the segregation of the segment. The domestic insurance market lags behind leading countries in terms of investment volumes and the pace of technological development. And while artificial intelligence, predictive analytics and a computer system for recognizing auto damage are being widely implemented in the Insurance niche in the West, post-Soviet insurers are still unable to create full-fledged mobile-friendly websites. The reason is simple - lack of target audience. A deeply rooted tradition of not trusting insurance means that large-scale investments do not pay off. To realize their potential, Insurance companies are entering the Western market: Europe and the USA. How to do this correctly will be discussed in the article. How to promote an insurance company in the USA and Europe Differences between Western and domestic promotion for companies providing insurance services In the West, it is easier and more difficult for Insurance companies to advance at the same time.
Metaphorically speaking, there is more fertile soil there, but it will have to be shared with many strong and developed companies. Several key features can be identified in the promotion of the middle class in the West: you no longer have to prove the need for the product - in the USA, buying insurance is as common as going out to buy bread; they trust you . The domestic market is oversat B2B Email List urated with fly-by-night companies and dubious agencies, and they are viewed with skepticism. In the West, the insurance business is subject to strict control; companies are trusted by default; here is a different attitude towards Insurance products . If for compatriots insurance is a luxury, then for Americans it is the norm; to be in trend, you need to become mobile-friendly . All purchases in the West are made through a smartphone, and insurance is no exception; You can't do without a regional representative . Yes, digitalization has reached the level where no one will go to the office to take out insurance - it takes a long time and is useless, it’s easier to buy it online.
Another question is to explain the complex in simple words. Insurance is not the easiest product for amateurs to understand, so you definitely need a manager who is a native speaker. And the last key difference is the price. Since the beginning of 2021, global insurance rates have increased by 18%, which is a logical continuation of the growth dynamics that could be observed over the past 5 years. At the same time, prices in the USA, Germany, and Great Britain are an order of magnitude higher than in the rest of the world. Differences between Western and domestic promotion for insurance companies Source: forinsurer.com The nuance is in the unspoken law that applies in any hypercompetitive environment: before you receive substantial money, you must first invest it. Many Western companies set a marketing budget at the business planning stage. It’s hard to compete with them, but perhaps the main thing is to avoid the mistakes that 90% of domestic SEOs make: when entering the Western market, they try to use familiar methods and tools. It doesn't work that way.
Metaphorically speaking, there is more fertile soil there, but it will have to be shared with many strong and developed companies. Several key features can be identified in the promotion of the middle class in the West: you no longer have to prove the need for the product - in the USA, buying insurance is as common as going out to buy bread; they trust you . The domestic market is oversat B2B Email List urated with fly-by-night companies and dubious agencies, and they are viewed with skepticism. In the West, the insurance business is subject to strict control; companies are trusted by default; here is a different attitude towards Insurance products . If for compatriots insurance is a luxury, then for Americans it is the norm; to be in trend, you need to become mobile-friendly . All purchases in the West are made through a smartphone, and insurance is no exception; You can't do without a regional representative . Yes, digitalization has reached the level where no one will go to the office to take out insurance - it takes a long time and is useless, it’s easier to buy it online.
Another question is to explain the complex in simple words. Insurance is not the easiest product for amateurs to understand, so you definitely need a manager who is a native speaker. And the last key difference is the price. Since the beginning of 2021, global insurance rates have increased by 18%, which is a logical continuation of the growth dynamics that could be observed over the past 5 years. At the same time, prices in the USA, Germany, and Great Britain are an order of magnitude higher than in the rest of the world. Differences between Western and domestic promotion for insurance companies Source: forinsurer.com The nuance is in the unspoken law that applies in any hypercompetitive environment: before you receive substantial money, you must first invest it. Many Western companies set a marketing budget at the business planning stage. It’s hard to compete with them, but perhaps the main thing is to avoid the mistakes that 90% of domestic SEOs make: when entering the Western market, they try to use familiar methods and tools. It doesn't work that way.