The role of the digital marketing professional is ever-changing. New techniques and tools are developed at a steady rate, causing marketing strategies to shift to leverage these advances. One of the most exciting and powerful developments in recent years has been the concept of predictive analytics; in very simple terms, this concept involves looking at statistical data to predict trends. In online marketing for insurance agents, predictive analytics can unlock new opportunities, giving agencies the ability to reach new customers more efficiently than ever before.
Global analytics software provider SAS defines predictive analytics as:
“The use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.”
The concept behind predictive analytics goes back many years, but it was only recently that computer processing power, efficient software interfaces, and data availability made it possible to implement the practice, which is gaining favor rapidly among online marketing professionals. The development of machine learning systems and “AI”, or artificial intelligence, has also significantly contributed to the growth and capability of predictive analytics. This innovative data analysis practice can be used across industries and at numerous points in the business chain, including marketing/advertising, product development, sales, and management.
Online marketing for insurance agents requires unique approaches to identify and target potential insurance customers. Predictive analytics can made those approaches more efficient and more effective. To begin, marketers evaluate data on previous customer interactions and buying habits using specialized software algorithms. This data is collected at point of sale or customer service systems by insurance companies of every size and type. By better understanding those habits and preferences, predictive analytics can help anticipate trends – even before they emerge. These trends can include future buying habits, new market opportunities, or even demand for new products and services.
There are several areas where predictive analytics can be applied, giving insurance agents the information needed to more effectively reach target audiences. These areas include:
Thanks to developments in computer technology and the increased availability of consumer data, predictive analytics represents an exciting new toolset for digital marketers. Effective online marketing for insurance agents requires spending resources wisely, and predictive analysis ensures that those resources are directed to the areas where profitability and customer satisfaction are all but guaranteed.
Agency Tsunami is the digital marketing division of Neilson Marketing Services, who has provided the insurance distribution sector with innovative marketing and communication solutions for over twenty-five years. With our Agency Tsunami program, we have implemented an integrated marketing strategy that includes optimized, professional websites supported by high-quality SEO and Social Media for hundreds of insurance retailers and wholesalers. Our goal is to help your insurance business perform and generate new opportunities. Give us a call at (800) 736-9741 to learn more about how we can do that for you.