Insurance Advertising Agency Digital Marketing

An average Insurance business should spend between $7,500,000 and $15,000,000 a year on marketing and advertising expenses, or roughly 7.5% – 15% of annual gross revenue. The total amount may be higher if you are in a highly competitive industry, want accelerated growth or your business generates high revenue during the holiday shopping season. 

Insurance business owners are often heavily involved with the day-to-day operations of their business. Some of the most common challenges for a Insurance business include: 

Insurance companies, including those in the Life Insurance, Property Insurance, and Direct Insurance sectors, encounter various challenges in their operations. Here are five significant obstacles they face:

1. Regulatory Compliance: Insurance is a heavily regulated industry with laws and regulations that vary by region and type of insurance. Ensuring compliance with these regulations, whether related to policy pricing, underwriting standards, or consumer protection, is a constant challenge. Insurance companies must invest significant resources in legal and regulatory affairs to navigate this complex landscape.
2. Risk Assessment and Underwriting: Accurately assessing risk and underwriting policies is fundamental to an insurer’s success. Insurers in Life Insurance, Property Insurance, and Direct Insurance must continuously refine their underwriting processes to evaluate risk effectively while remaining competitive in the market. This involves collecting and analyzing vast amounts of data, which can be a resource-intensive task.
3. Claims Management: Efficient and fair claims processing is critical for customer satisfaction and cost control. Insurance companies face the challenge of verifying claims, preventing fraudulent claims, and streamlining the claims process. In Life Insurance, ensuring prompt payouts to beneficiaries is vital, while Property Insurance companies must manage claims related to natural disasters and property damage.
4. Digital Transformation: The insurance industry is undergoing a digital transformation, driven by changing customer expectations and technological advancements. Adapting to digital trends, such as online policy purchases, claims processing via mobile apps, and data-driven underwriting, requires significant investment. Insurers also face concerns about data security and privacy in the digital realm.
5. Competition and Pricing: Intense competition is a hallmark of the insurance industry. Companies in Life Insurance, Property Insurance, and Direct Insurance must balance competitive pricing to attract and retain customers while ensuring profitability. This challenge is exacerbated by factors like price-sensitive consumers and evolving market conditions. Agency brokers, who act as intermediaries between insurers and customers, also play a role in pricing negotiations.

Because insurance businesses are so focused on these challenges, it often becomes very efficient to bring in outside experts to help manage and ensure specific tasks are done correctly. Marketing and advertising are two of the most commonly outsourced areas businesses use because they are so critical to the business’s success. 

Insurance Lead Generation 

Many Insurance companies are focused on generating leads. This can include building an internal email list for marketing purposes or generating high-value leads that can be quickly contacted to grow revenue. Lead generation typically involves creating a specific incentive, offer, or informational guide, then driving prospects to a landing page to collect their information. You can also collect the prospects information on a lead form hosted by the ad platform. Both options can be connected with your CRM or email marketing system so automatic calls, emails, and SMS messages are sent directly to your new prospect. If you want to help set up a lead generation for your Insurance office, please contact the team at AdvertiseMint to discuss your options. 

Increasing Insurance Sales 

The most popular of all advertising objectives for Insurance companies is sales. Increasing revenue is essential for every Insurance company to succeed. Many ad platforms have new tools that allow you to pass through values for each customer, which means they associate more weight towards the customers spending the most. This allows them to find more customers like your top spenders. If you want to help grow your Insurance, please contact the team at AdvertiseMint to discuss your options. 

Insurance App Installs

Perfect for any Insurance business that has a mobile app. The mobile app objective allows you to run ads either for new app installs or for app events, which are specific events set up inside of your app, such as account creation, payment method added, or transaction complete. It can also monitor usage inside the app or if users are reaching a certain area. This allows you to display highly targeted ads that are relevant to each user who sees your ads. The most common types of apps are games, utilities, or informational mobile apps. If you want to help grow sales or usage from your Insurance mobile app, please contact the team at AdvertiseMint to discuss your options.  

Insurance Local Traffic 

Many insurance companies have locations they are looking to drive local foot traffic to. This can be for a special event, promotion, grand opening, or daily usage. Local ads can be targeted down to a single zip code or a 1-mile radius around a spot on a map. This ensures you can reach the individuals that are located close to your insurance location and get your ads in front of them. If you want to increase foot traffic for your insurance location,  please contact the team at AdvertiseMint to discuss your options. 

Insurance Brand Awareness 

As your Insurance company grows, it will become essential that you stay ahead of your competition. This is generally done by Brand Awareness campaigns, which focus on reaching a wide number of targeted users consistently over a long period of time. This ensures that your insurance company stays at the top of mind for your consumers, and they continue to purchase your products and services. If you want to increase your Brand Awareness, please contact the team at AdvertiseMint to discuss your options. 

Advertising has experienced a seismic shift in recent years. No longer are audiences swayed solely by flashy commercials or celebrity endorsements. In today’s digital era, content is king. And insurance companies? They’re not just sitting on the sidelines; they’re spearheading some groundbreaking campaigns using content marketing. But why are insurance companies turning to content marketing?

1. Building Trust Through Value: At its core, content marketing isn’t about direct selling. It’s about providing value. Consider this: An insurance company publishing articles on “How to Safeguard Your Home Against Natural Disasters” or “Understanding the Fine Print of Your Health Policy.” By offering valuable insights and actionable advice, these companies position themselves as trusted advisors rather than just service providers. When consumers feel educated, they’re more inclined to trust the source of that information.
2. Engaging with Personalized Content: Remember the one-size-fits-all advertising approach? It’s history. Today, it’s all about personalization. Insurance companies are employing advanced analytics to curate content tailored to individual needs. For instance, a young family might be targeted with content about “Why Life Insurance is Crucial for New Parents”, while a college student could receive articles on “Balancing a Budget: Why Renters Insurance is Affordable.” Personalization increases engagement, which in turn boosts conversion rates.
3. SEO – Climbing the Digital Ladder: Every company wants to be on the coveted first page of search engine results. High-quality, relevant content is one of the best ways to improve search engine ranking. By producing content that resonates with their target audience, insurance companies foster organic reach and position themselves as industry leaders.
4. Driving Social Shares and Engagement: Today’s consumer is socially connected. A well-crafted piece of content can go viral, reaching audiences far and wide. Insurance companies can amplify their content’s reach and foster community discussions by leveraging platforms like Facebook, LinkedIn, and Twitter.
5. Humanizing the Brand: Insurance, by nature, can seem impersonal—a mere transaction of premiums for promises. However, through content marketing, companies have an opportunity to showcase their human side. Stories that highlight real-life incidents where insurance played a savior, or even behind-the-scenes glimpses of the company, can resonate on a deeply personal level.

The world has changed for insurance, looking to increase their marketing and advertising efforts using AI. Various new tools now enable automation and AI to be used in areas like sales, graphic design, video production, content creation, voiceovers, spokesperson, video creation, blog writing, and more. 

The current average cost per click (CPC) on Google ads for the term “Insurance” is $54.91 and is expected to increase over time. SEO generates these same clicks from targeted keywords for free. There is tremendous value from SEO as you can generate a high volume of traffic for your key business segments, however, SEO is a long-term investment. We recommend that insurance companies should be willing to plan for 6-12 months of SEO services before expecting an increase in results from these efforts. Please know that with SEO, the work is foundational, which means each task builds on top of each other. Each action ads more credibility to your website in the eyes of Google and other search engines. AdvertiseMint only believes in high-quality SEO, or long-game efforts, when building SEO. Most SEO tricks or gimmicks often work for a bit but later end up hurting your insurance company when updates are made to the search engines. The only way to move forward regarding SEO is by doing a lot of the right things and doing them faster than your competitors. Insurance SEO involves three main areas. The first is onsite optimization, which means the pages of your website contain content and are optimized for the search engines. The second step is to build more topical authority around your business to help Google understand that you are an expert in the insurance area. This is done by writing consistent blogs between 500-2000 words on core topics relating to your business. The final area is off-site linking, which means other websites are linking back to your site and using specific anchor text. This can be achieved by public relations, outreach, and building relationships with other websites. When these three are done together, the result is that your insurance SEO will improve, and your organic ranking will start to increase, thus sending more traffic to your website. If you are looking to improve your SEO, please contact AdvertiseMint. 

Yes. Every insurance should have email marketing and SMS marketing for their company. Email marketing has continually been proven to be one of the most profitable marketing channels for insurance companies. Email marketing allows you to reach your prospects and customers with specific messaging based on where they are located in your customer journey. These “flows” can be set up so that every person experiences the same informational process regardless of when they join. This ensures your company is communicating 24/7 with the people who are most interested in your insurance services and products. SMS messaging is also becoming highly profitable for breaking through all the noise and reaching your most valuable prospects via text message. There are many rules regarding SMS marketing and how to add and remove people from your insurance SMS marketing. If you want to learn more about optimizing your Email and SMS marketing for your insurance company, AdvertiseMint is here and ready to help. 

Yes, insurance businesses face various advertising restrictions. These regulations are designed to protect consumers from misleading or deceptive marketing practices. While the exact rules can differ by country or region, several common principles and guidelines are typically observed across the globe:

1. Truthful Advertising: All claims made in advertisements must be accurate. Misrepresentations, exaggerations, or false promises can lead to sanctions, fines, or even legal action.
2. Clear and Conspicuous Disclosures: Important terms, conditions, limitations, or exclusions related to a policy must be clearly stated. It’s essential that consumers are not misled by the omission of significant details.
3. Testimonials and Endorsements: If customer testimonials or endorsements are used, they must be genuine and not taken out of context. Some jurisdictions also require disclosures if the endorser is paid or has a vested interest in the company.
4. Comparative Advertising: When making comparisons to competitors, insurers must ensure the comparisons are fair, accurate, and not misleading. Using outdated data or comparing different types of insurance products without clarification can be considered misleading.
5. Use of Statistics: Any statistics or figures used in advertising must be based on valid and recent data. The source of these statistics, especially if they make a product seem more favorable, often needs to be disclosed.
6. Price Advertising: If advertising focuses on price, such as discounts or special rates, the ad must clearly state any applicable restrictions or conditions.

You can find examples of insurance competitor ads online in several places. Here are the instructions for how to view competitor ads running on Facebook, Google, and TikTok ad platforms. 

View Insurance Competitor Facebook Ads 

1. Go to Facebook Ad Library 
2. Select the country where the ad appeared. 
3. Select ad category (All, Politics, Housing, Employment, Credit).
4. Search by keyword or advertiser.
5. Review Facebook ads.

View Insurance Competitor Google Ads 

1. Go to Google Ads Keyword Planner
2. Sign into Google Ads.
3. Click ‘Tools and settings’ in the top nav.
4. Click ‘Keyword Planner’ under the ‘Planning’ heading.
5. Click ‘Discover new keywords’
6. Type a relevant keyword into the box.
7. Click ‘Get Results’
8. Review Top of page bid and Google ads. 

View Insurance Competitor TikTok Ads 

1. Go go TikTok Ad Library 
2. Select ad target country 
3. Select ad type.
4. Select ad published date.
5. Enter in the desired keyword or advertiser.
6. Hit search. 
7. Review TikTok ads. 

For most companies, revenue is the KPI (key performance indicator) we monitor when determining whether marketing and advertising efforts are successful. The revenue can be used to determine the ROI or ROAS for your campaigns over a set period of time. ROI (Return on Investment) is calculated by subtracting the initial cost of the investment from the final value, then dividing this new number by the cost of the investment, and finally, multiplying it by 100. ROAS (Return on Ad Spend) is determined by dividing the total revenue by the total ad spend for a specific period of time. 

In addition to revenue, other companies may use metrics such as CPL (Cost Per Lead), CPA (Cost per Acquisition), or CPI (Cost per Installs) for mobile apps. Monitoring these costs over time can help understand factors increasing or decreasing these numbers. They can be affected by various factors, such as landing page optimization, time of the year, and competitors. 

For companies interested in branding and spending over $100,000 on advertising, many digital ad platforms offer a tool called the brand lift study. This study is used to measure the impact on the perception of your brand when running ads. A brand lift study splits a specific audience into two groups. The first group is shown your ads over a specific period of time; the second group sees none of your ads. At the end of the study, users in both groups were shown a survey by the ad platform. The difference between the first and second groups is called the brand lift, or the increase of consumer awareness of your brand due to running advertising.