Latest Eastbridge research finds carriers are devoting significant resources to market their voluntary programs.
AVON, CONNECTICUT, USA (May 22, 2018)
Carriers are continuing to expand and grow their marketing efforts, according to Eastbridge Consulting Group’s most recent Spotlight™ Report, Marketing Practices of Voluntary Carriers. The study found:
- When carriers were asked to name their primary external customer for their voluntary marketing efforts, most listed all three customer groups: brokers, employers and employees.
- Most carriers have marketing communications, advertising, digital marketing, brand management, market research, competitive intelligence and customer experience staff under their marketing umbrella. In addition to their own staff, many carriers outsource tasks such as creative services and market research projects and support.
- Today, a majority of a carrier’s marketing resources is spent on the broker audience with half of carriers surveyed saying they allocate 50 percent or more of their marketing resources to recruit, support and retain brokers.
- Carriers offer a variety of marketing tools for each of their customer segments.
- They also see an increasing preference from key customer groups for digital marketing materials. In fact, half have a majority of their marketing materials available electronically.
- Carriers today make use of a variety of digital tools such as email campaigns, Internet banners, websites/portals, microsites and videos in their voluntary marketing efforts. Often these are personalized to the unique needs of the specific recipient.
While the overall allocation of resources favors the broker, evidence from this year’s Marketing Practices of Voluntary Carriers Spotlight™ Report suggests that carriers today are doing much more to support all customer groups and are using a wider variety of tools than ever before.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.