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

In times of uncertainty, clear and transparent communication is vital for a successful marketing campaign. Our network worked together to analyze several business sectors that are advertising during this time, and 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 and it just might be the biggest challenge marketers have seen in modern times. In the insurance sector, health and 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, and disability insurance. To remain competitive and to retain business, many insurers are innovating their messaging and simplifying their processes to easily take on new customers. In short, insurers’ flexibility and shifting tone are rising to meet the needs of their consumers, and it’s driving a sense of security and purpose within this sector.

COVID-19 Insurance Refunds and 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 and Aetna, are waiving out-of-pocket costs for telehealth care and COVID-19 related co-payments. With fewer people on the road and fewer auto claims, car insurers are offering refunds to their customers and are extending support to delivery drivers by automatically covering their policies.

Allstate and Northwestern Mutual are offering delayed or deferred payments for customers facing financial challenges and 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 and easy online forms that give quotes instantly. They are also leaning on messaging that highlights their membership perks such as prescription refills and 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 and emphasizing that they will continue to bring security is a key messaging component to managing consumer anxiety and expectations. By using positive emotions to counter fear, insurance marketers can lean in to their organization’s mission to lift their messaging and 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 and consider providing free identity protection to your customers for a year. Directly addressing new and rising concerns from customers and stakeholders removes the doubt consumers may be feeling and positions your organization as one that can be counted on.

Coronavirus Adjusted Insurance Processes

Now is the time for brands to showcase speed and resiliency to better meet the needs of customers. Pivoting to advanced technology now makes it easier for individuals to file claims and for brands to deliver new solutions. For example, dental insurers are pivoting to tele-dentistry and 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 and months to come.  

How Insurance Supports the Community

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

Additional COVID-19 Resources from OvareGroup:

Creating Engaging Experiences in Spark AR
COVID-19 Message from Jerry Preyss
Tips for the Restaurant Sector during COVID-19

More COVID-19 Resources from Scoppechio:

Retail Brand Messaging Do's During COVID-19
The “New Normal” for Restaurants
Best Practices for Remote Community Management
COVID-19 Message from Jerry Preyss

More COVID-19 Resources from Civitas:

Comfort Care Packages
Virtual Events and Conferences Guide