Insurance players should select marketing vendors that support a distributed model and integrate with legacy systems

Online marketing solutions are responding to the needs of insurers by streamlining the digital marketing process for multiple channels and across multiple location

Boston, MA (Feb. 6, 2015) – In a new report, Next-Generation Marketing Solutions for Insurance: A Vendor Landscape, Aite Group examines marketing or marketing-related solutions and tools to generate an overview of the current solutions in the insurance market and the problems these solutions are addressing. It also provides insights about managing marketing across multiple channels throughout the marketing life cycle. This marketing vendor evaluation research is presented in conjunction with an online survey of financial advisors as well as an online survey of independent U.S. P&C insurance agencies.

The research reveals that email, regular mail, and physical collateral continue to dominate the marketing efforts of insurance companies and their distributors. Financial advisors currently rely on monthly client statements and performance reports as primary content for their customers, while only a small minority, approximately 20%, provides daily updated content in channels like Twitter, LinkedIn, and blogs.

Property and casualty insurance agencies also lag with social media adoption, but those that have adopted advanced digital marketing capabilities, including active involvement with blogs and social media channels such as Twitter, are larger and growing faster than agencies that have not.

“Insurance companies need to support promising or fast-growing agencies or advisors that provide relevant content in social media or marketing channels, integrate their marketing efforts with their insurance company partners, and do so in a compliant way,” says Lindsey O’Connell, research associate in Insurance at Aite Group.

“New social media channels offer a unique opportunity for insurance companies and their distributors to connect with consumers on risk-related topics and build relevance and trust.”

Turnkey, opt-in marketing collateral and campaign solutions for advisors and agents are trending in the insurance market at the moment, according to Aite Group. These solutions will require enterprise integration, content management, analytics, customer relationship management, and other capabilities that companies like Adobe, IBM, and Salesforce can provide.

There are also hundreds of other vendors that meet particular multichannel marketing needs for insurance companies and their distributors. Yet integration is the key for insurance companies, it seems. Insurance carriers, advisors, and agents need to focus on what areas of marketing need improvement and select the vendors that will be most useful and that can actually integrate with the necessary systems, especially if there are legacy or proprietary platforms in place.

About Aite Group

Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, wealth management, capital markets, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.

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Source: Aite Group