Insurance Marketing through Digital Tools - Opportunities and Challenges

Abstract

Insurance is not a product it is a service to provide a customer an experience of a life time but of course, the experience should be amazing and not awful. This difference in experience is most of the times created because of difference in how the service is marketed and sold to clients viz. a viz. how it is delivered and executed when the claims arise. Looking at marketing strategies there is an array of tools available like advertising, be it television, radio, bill boards, print, magazines, industry publications, fliers and business cards of agents or any other digital mediums like social media. Irrespective of any of the tools or strategies applied the need of the people to get their life, homes, vehicles, health and other properties covered against risk of loss is inevitable.  Fintech firms are emerging as major disruptors in financial services therefore the existing firms which can catch up with the pace to be digitally enabled are only going to rule the roost. The Fintechs specifically in the context of insurance industry are now being identified as InsureTechs. The study found that a collaborative approach between traditional insurers and budding InsureTechs is a key to provide an enchanting customer experience to Gen Y customers in the times to come.