Hyper-Personalization in Insurance Marketing | How to make it work effectively

Hyper personalization leverages real-time data and AI to build more personalized buyer experiences.  These personalized experiences may be applied to deliver relevant content and products or services based on the buyer’s current behavior. Implementing over-allocation requires more strategic thinking and planning.  Brands need to develop their own framework, which is flexible enough to accommodate their customers, but also efficient enough to leverage the right technology and pivot when necessary.

How does Hyper Personalization in Insurance Marketing?

 Hyper personalization uses customer information to customize content, products, and services according to the customer’s wishes and preferences.  The data used includes profile data, demographic data, location, browsing and purchasing decisions.  This data is analyzed to create a customer profile and inform dynamic customization of content and offers.

  To some, this may seem like an impossible feat.  But many brands approach their products or services with this level of customization already.  The technology is built, the capabilities are there – now it’s about connecting customer data with traditional personalization efforts and personalized service to create uniquely customized experiences.

Does Hyper Personalization in Insurance Marketing work?

  Most brands already have personalized service or personalized customer experiences, and over-customization may not seem like an incremental step beyond that.  But appearing the ways customers expect isn’t just about a highly customized strategy – it’s about turning them into exhilarating and impactful experiences.

  Consumers are no longer seen as static and unchanging archetypes, but instead as fluid and ever-evolving.  They are active participants in their buying journey, selecting offers to suit their changing needs, and selecting products and services tailored to them.  They demand that each experience be unique, entertaining, engaging and tailored.  It is up to the marketers to listen, interact with and present these experiences.

  The real criterion for over-allocation is one-to-one interaction with individuals, not segments.  However, anticipating one’s desires at any given time requires having deep customer insight, which comes from accurate data analysis.  Rewards programs are frequently used to capture additional data because customers are, in effect, giving brands permission to collect data in exchange for something of value.

What are the benefits of Hyper Personalization in Insurance Marketing

  • Building customer relationships

  Over-personalization helps you develop deeper relationships with customers.  Customers appreciate that you understand their unique needs and concerns, and in-depth customer knowledge helps you deliver better experiences that lead to higher satisfaction.

  • Use feedback loops to improve profiles

  The use of artificial intelligence in hyper-customization allows you to create and modify customer profiles in real time.  AI algorithms can incrementally reset behavioral data based on each new interaction, making marketing campaigns incrementally smarter as they roll across more customers and channels.

  • Standardization of over-allocation adoption

  As AI technologies become readily available, it has become easier to integrate AI tools into websites.  For example, chatbots with natural language processing can integrate with customer data sets and seamlessly integrate them into customer interactions.  Email campaigns use increasingly sophisticated tools that can dynamically modify messages, even the timing and type of email sent to each individual customer.

  • Anticipate user interaction

  Machine learning and artificial intelligence can help you reliably predict user engagement, making it possible to scale and monetize campaigns based on static data.  Knowing in advance what kind of customers will respond to what kinds of messages, at what time and with what potential to convert or buy takes campaign planning to a whole different level.

  • Collection and use of all important consumer data

  It will be difficult to customize content and offers for specific customers if you do not know any details about them.  This is why the critical first step in achieving hyper-personalization is to collect, organize, and use as much data about consumers as possible.

  This type of data gives you insight into behavior patterns and helps you create an ideal customer profile.  It also enables you to create highly customized messages, products, and services to attract and retain your ideal audience.  The strength of your hyper-personalized marketing strategy depends on how well you know your customers – so you may want to experiment with combinations and even alternatives to the tools we’re about to mention until you have the perfect system for collecting and using important consumer data.

How to implement Hyper Personalization in Insurance Marketing

  • Measure and Analyze: Ad hoc interactions must be analyzed on an ongoing basis, collecting metrics that affect the bottom line.  There should be a continuous feedback loop that collects data from interactions to improve personalization for similar customers in the future.
  • Data collection: Obtaining data to learn customer needs and preferences.  This means collecting information on all customer segments.  To do this, collect data from web analytics, CRM, and customer support interactions.  Some of the more important factors include geolocation, brand interaction history, average spend, demographics, and level of satisfaction.
  • Customer Segmentation: Once you have collected and analyzed your information, you can begin to segment your customer base.  Segmentation helps you produce highly customized messages and interactive customer paths.  Over-allocation requires automation of hashing at some level; otherwise it becomes not feasible at scale.
  • Targeted Journeys: These are the possible paths for every hyper-personal interaction with the customer.  Over-personalization can help you select the right channel, timing, messaging, and offerings that are just right for an existing customer.

How to make Hyper Personalization work in Insurance Marketing

·         Create highly personalized content

  Armed with the powerful data and insights you just gathered in the previous step, you are ready to create content.  In this step, the task at hand is to create highly personalized content that inspires engagement, action, and loyalty among your existing customers and ideal new potential customers.

 The highly personalized experience goes beyond simply knowing who the consumer should recognize and respond to, where they are physically located, and where they are most digitally active.  Once you can get your content into the right context, it’s time to move on to the fun part: the experiment!  In essence, most successful business and marketing strategies — including hyper-customization — are about creating something, observing how your audience interacts with that thing, and then using what you’ve learned to iterate and create a better version of something.  Try these tools to help you do just that when it comes to creating highly personalized content.

·         Distribute via touch points

  This happens when you combine the content you’ve created with data you’ve collected about your audience to create conversations across the right channels and devices.  The consumer data you collected in Step 1 guides you to preferred channels, devices, time of day, and connection types for “correct” or preferred consumers – and your highly personalized content does the rest of the work to engage them!

  Use the following tools to share highly personalized content that makes sense in the context of the platform and consumers’ needs, keep your brand relevant and priority, and create a positive experience.

·         Consolidate your Hyper-Personalization Suite

  Finally, it’s time to put it all together.  From the tools you use to collect consumer data to the platform where you create content to the final distribution step, managing all of this technology, your ever-changing business, and your marketing strategy at the same time can be understandably overwhelming.  That’s why we recommend a single laser-focused tool that unifies all your other tools to make your journey through the marketing lifecycle seamless.

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