Insurance Marketing - Changing Focus (1,584 words)
Today there are only four companies able to accept applications, bind or pay policies and issue over the 'Net. There is a host of others who are capable of using integrated fulfillment to accomplish these tasks: the integration of the Web site, the telephone, e-mail and direct mail.
There is even a greater number who provide "brochureware" or portal access to quotes for everything from business coverage to auto insurance to life policies to health protection.
But keep in mind those three strategic imperatives:
First, the Internet is a medium for carrying your messages to customers and prospective customers. It cannot stand alone. It requires integration and interactivity—everything from media to process.
Truth be told, the technology is evolving so rapidly it is hard to know exactly what business models will emerge. But it is safe to say that new business models will emerge more frequently than at any time in the past.
Second, to the swift go the spoils. Companies able to adapt and adopt these new models fast and first will achieve an enviable competitive advantage.
Now, the notion of proliferation.
More than 340 insurance companies are using elements of the insurance direct marketing concept today.
That is a 100 percent increase since 1995!
As non-insurance organizations and leaders embrace the ideas of measurement, customer relationship management, database and data mining, the number of companies following the concept will surely increase.
Creating value is what it's all about— for customers, prospects, shareholders and employees.
And that is exactly what the insurance direct marketing concept is all about.
You can see why it is indeed a most wonderful time. If the concept can capture Allstate, those insurance companies choosing to survive will follow.
Don Jackson is chairman of the Jackson Consulting Group, Ltd, in Middletown, DE, and chairman of The Bermuda Executive Workshops in Insurance Direct Marketing. He can be reached at (302) 378-0218 or by e-mail at firstname.lastname@example.org.