Growth Hacking For InsurTech

Growth hacking is one of the major aspects of the start and successful run of any company. It focuses on the crucial part of effective marketing. Knowing these factors earlier in the company’s journey will help set up effective plans for the long run. These techniques have been used for a long time and many firms have found tremendous success through the same.

Insurtech surely needs to check these aspects and implement them according to their products and services. Every domain explores its opportunities and then eventually gets results from any of the growth hacking methods. Insurtech is a growing domain and is constantly improving by innovating and creating a great user experience. Many of the growth hacking techniques would certainly be used by insurtech.

What Does Growth Hacking Mean?

There is a lot of speculation around growth hacking. Many people are confused about what aspects to include and what is not part of growth hacking.

Growth hacking is an experiment-driven procedure to determine the most real methods of growing a business. In simple terms, marketing, development, design, engineering, data, and analytics are a part of an effective growth hacking strategy.

The one who curates these strategies is called a growth hacker because he finds quick, relevant, and cost-effective strategies. These methods are often different from traditional working methods, as they promise better and faster results.

Various types of approaches like content promotion, viral marketing, email advertising, SEO, A/B testing, or reverse engineering are used for devising an effective growth hacking strategy. It is certainly a crucial and challenging task, as so many companies have their experienced and effective growth hacking team that clearly sets goals and also implements the strategies that are formed.

Here are some important growth hacking tips for your insurtech company:

• Hostile Content Strategy:

Content is the fuel that your company will require to run fast and efficiently. Having a perfect content strategy is a vital first step. Following a chronological pattern helps to align with the algorithm of various social media applications.

As insurtech is always working on their technological domain, including artificial intelligence and machine learning, they are likely ignoring this effective growth hack method, so having a dedicated team focused only on content creation and marketing is essential.

The team should focus on all forms of content, including video, audio, and written ones. Amongst these, video content has become the central part of content strategy due to its high engagement.

Targeting an accurate audience is the most crucial part of the strategy for insurtech companies. Your well-curated content should reach the perfect crowd. So, having a proper strategy before announcing your social media presence is important: create highly shareable content with a touch of emotional connection and eventually see the rise of impressions and ensure that you receive.

• Build A Loyal Social Media Community:

Social media is indeed the most important part of your marketing strategy for insurtech. All types of insurers have a social media presence in either one or many applications. So, after creating a great content strategy, following it judiciously is necessary.

The key to success on social media is consistency. Putting out content that adds value to the consumer as well as solves the purpose of insurtech is the crux for a strong presence. Start by posting content on the top three social media applications where you can reach a wider and targeted audience.

Building a loyal community will take time, but starting strong and early and improvising along the way is the best approach insurtech can follow. Take advantage of a large amount of time people spend on social media, use value-added content, and follow the various trends to maintain a significant presence for your insurtech company.

Fig: Reaction of the social media community

Fig: Acquiring loyal customers

• Make It Exclusive:

Though there is no doubt that insurtech is always innovating its services and providing a great user experience, there are a lot of factors that can be included which are missing from the services offered by other insurtech firms.

Studying all the services provided by the competitors, deeply understanding them, and coming up with potential solutions for any flaws spotted will help to create more exclusive and user-friendly experiences. Exclusivity not only means providing unique and new products but also modifying the existing ones for better experiences.

Usually, it takes time for mass adaptability of exclusive products, like in the case of Pinterest, which had only 3000 registrations from the launch period to three months, but with an exclusive offering and continuously innovating approach, it is one of the most successful social media platforms.

Showing faith in your exclusive approach will help in the long run for a successful insurtech presence.

Fig: Customer retention

• Make New Brand Partnerships:

Business partnerships are one of the best methods for effective growth hacking. Branding and collaborating with existing successful companies become important while starting in a domain like insurtech. It helps to target and reach a wider audience, allowing proper advertising of your services.

Also, when people see a trusted brand supporting a new one, they tend to support it more than other service providers in the same niche. Such partnering will ensure that your insurtech company gets better visibility and news coverage, eventually driving massive sales.

There is no specific thumb rule for partnerships; many successful partnerships have been into completely unrelated fields, like in the case of Flipboard (a news app) and Airbnb (a room sharing app) that permits users of one brand to influence the powers of the other partner, where Flipboard offers modified content to Airbnb users who could then make informed choices when booking residences through Airbnb.

Fig: Marketing approach

• Unleash the power of influencers:

There are a lot of marketing strategies that insurtech follows for a better rich. Partnerships are some of the most operative ones, but in the initial stages of your insurtech company, it will be difficult to find worthy partners. Moreover, the task of collaborating with big firms will take a lot of time. So, to tackle this issue, working with various influencers is the best growth hack that can be applied.

Collaborating with influencers to endorse your product can yield good results both in the short and long term. Data suggest that influencers with 50,000+ followers are the best option for successful branding.

Influencers have already gained the trust and attention of a mass population, and when influencer marketing is done right, it can be of great benefit for insurtech. Giving your services or products to the influencers for testing and then promoting them with their real-life experience after using the product is a great option to start with.

• Do Not Ignore The Potential Of Email Marketing:

In times of growing social media, email marketing remains one of the most effective strategies. This is a crucial part of growth hacking, and having a potential email list will be a great place to start.

Effective emails have the same potential as any good social media post. Emails have always been a professional and proficient way of marketing. A catchy subject line that provides some great value to the customer will be addressed positively.

Insurtech surely needs to take advantage of email marketing. A list of potential customers can be prepared and targeted for better results. As insurtech innovates and provides personalized policy plans, these can also be sent to the customer through the means of a well-curated email.

• Use Referrals And Send A Variety Of Gifts:

Data suggests that all companies that have found success in quick time have used the referrals method. People always tend to spread the word about the products and services they are satisfied with. So, accurate use of referrals will impact insurtech companies.

Referrals are beneficial not only to the company but also to the customers. Many different types of referral schemes are used, one of them being the refer and earn, where the customer is treated for spreading the word, it can be either monetary benefits or discounts on various policies available.

Everyone appreciates personalized gifts, ranging from pens to office supplies that have the company’s logo and name, which are great ways to start. Make sure to keep your loyal and valuable customers happy. Devise plans to send valuable gifts to those. Personalized gifts are also a great way to market the company’s expertise.

Fig: How growth hacking strategy works?

Conclusion

So, these were some of the crucial aspects of growth hacking in insurtech. There are a lot more opportunities, but the ones which are mentioned above are crucial and effective for the insurtech domain. Look for the various feasible options and start to implement them effectively and quickly. The earlier these methods of growth hacking are applied, the better results are expected in the future. Also, as insurtech continuously keeps innovating and improving, it needs to make the audience aware of their efforts and updated services, and growth hacking is the best way to do that.

Another aspect that the team and founders have to understand is that these methods will take some time to yield desired results, so not giving up in any campaign that you start is vital. Integrating with the above-mentioned aspects with the likes of insurtech needs to be done, as growth hacking techniques are mostly common to all fields, they still need to be customized accordingly for getting better results.

Following these basic but crucial steps for your growth hacking journey will give you a significant positive change in your insurtech company.