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Insuring the Future: COVID-19 Insights for the Insurance Sector

In times of uncertainty, clear & transparent communication is vital for a successful marketing campaign. Our network worked together to analyze several business sectors that are advertising during this time, & here are some key takeaways from the insurance market.

Historically, a brand’s ability to adapt to a changing world is a good indicator of their likelihood to withstand the test of time. The coronavirus pandemic has forced this test on nearly every corner of the economy & it just might be the biggest challenge marketers have seen in modern times. In the insurance sector, health & financial uncertainties are driving online consumer searches for life insurance, with searches being up  25-50% compared to the same time last year. Consumers are also shopping their policies around to find better deals, including home, car, & disability insurance. To remain competitive & to retain business, many insurers are innovating their messaging & simplifying their processes to easily take on new customers. In short, insurers’ flexibility & shifting tone are rising to meet the needs of their consumers, & it’s driving a sense of security & purpose within this sector.

COVID-19 Insurance Refunds & Payment Relief

The insurance industry exists to protect customers in situations such as the COVID-19 pandemic. Across all verticals, insurers are showing that they understand the value of supporting their people. Health insurance companies, like Humana & Aetna, are waiving out-of-pocket costs for telehealth care & COVID-19 related co-payments. With fewer people on the road & fewer auto claims, car insurers are offering refunds to their customers & are extending support to delivery drivers by automatically covering their policies.

Allstate & Northwestern Mutual are offering delayed or deferred payments for customers facing financial challenges & some business owners are automatically receiving policy refunds. Direct-to-consumer insurance companies are providing simple solutions for those looking for coverage by offering quick & easy online forms that give quotes instantly. They are also leaning on messaging that highlights their membership perks such as prescription refills & no-cost COVDID-19 testing. By actively seeking ways to offer financial help to their customers throughout the duration of this crisis, insurers are building relationship foundations that will last long after we’ve shifted to a “new normal.”

Insurance Brands Provide a Source of Security

Insurers provide protection & emphasizing that they will continue to bring security is a key messaging component to managing consumer anxiety & expectations. By using positive emotions to counter fear, insurance marketers can lean in to their organization’s mission to lift their messaging & instill a sense of security. Considerreassuring customers that your company is financially secure to pay life insurance claims and, since lives are now more digital than ever, take a cue from Allstate & consider providing free identity protection to your customers for a year. Directly addressing new & rising concerns from customers & stakeholders removes the doubt consumers may be feeling & positions your organization as one that can be counted on.

Coronavirus Adjusted Insurance Processes

Now is the time for brands to showcase speed & resiliency to better meet the needs of customers. Pivoting to advanced technology now makes it easier for individuals to file claims & for brands to deliver new solutions. For example, dental insurers are pivoting to tele-dentistry & are extending coverage for services. Insurers are finding alternative solutions outside of medical exams to sign up new customers. This adaption to a “transient normal” is important to remain competitive in the weeks & months to come.  

How Insurance Supports the Community

Consumers are in a difficult spot & feel-good stories are helping build morale through these long days. This presents an opportunity to reinforce brand value & for businesses to embody their mission by helping their communities in times of need. Consider supporting all areas of customers’ needs—emotional, physical, & financial—with social & marketing content that offers financial & mental health tips. If possible, give back to the communities where your customers live & work.

Although many consumers are feeling a financial pinch, they also need to feel secure. The insurance sector is answering this problem by working hard to support the individual’s needs. Long-term goals are driving marketing decisions, & we expect these businesses to establish strong, positive relationships with their customer if they are on-trend with these insights. See more examples in the insurance market here: OvareGroup Insurance Communication Themes.