I moderated a panel on data and marketing at A.M. Best's fifth annual Insurance Marketing and Advertising Summit in November.
The panelists discussed how data can help identify the types of communication strategies companies want to use. For coverage of IMAS, please turn to page 20 and our cover story, "Crafting the Message."
To discover more about data's importance in marketing, I interviewed Mike Hayes of Geomentum, a media services agency. Geomentum uses proprietary geospatial technology and data to help clients achieve strategic marketing investment plans. Reaching out to customers on a local level should be the most important marketing objective for insurers in 2011, said Hayes, the company's chief strategy, development and operations officer. Advertisers make the mistake, he said, of bombarding customers with different points of view that are not locally relevant. He recalled being in Florida and seeing advertisements from insurers who don't write in that state. "One size fits all is an old way to market; it's irrelevant to consumers."
Another marketing expert also believes this to be true. Carol Drake, vice president of marketing for Grange Insurance, said in an e-mail interview, "In a soft market and weak economy, it is more important than ever for insurance companies to segment their customers and their distribution so they can better understand their needs to win and retain their business."
We're also premiering a new monthly feature spotlighting specialty producers and how they develop their niche programs. The premiere piece, "Land of Opportunities," page 44, reports how two companies, All Risks Ltd. and Rockhill Insurance Group, developed programs when they realized that the number of Americans 65 and older is expected to almost double--to 72.1 million--over the next 20 years. One program will target the home health care industry, while another will cover mental health outpatient centers and clinics, as well as substance abuse treatment centers.
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