What are the most effective communication strategies for introducing insurtech products?

Local legislation could define the customer's behavior. Some insurance products, such as car insurance, are mandatory in specific locations. This characteristic determines the customer's decision-making process and the level of information you need to provide about your product's benefits.

Clearly communicate the advantages your insurtech product offers. What problem does it solve for the customer? Is it saving them money, simplifying the process, or offering a more personalized experience? Is it faster, more convenient, or more personalized than traditional insurance options? Showcase how your product leverages technology to create a better user experience.

Use storytelling in your communication. For instance, share a narrative of a client who significantly reduced claim processing times using your insurtech solution. This story should vividly illustrate the problem faced, the insurtech solution applied, and the tangible benefits experienced, such as increased efficiency and customer satisfaction. Stories like this resonate deeply, making the abstract concrete and demonstrating real-world value.

To introduce your insurtech product, try to talk about the following: 1- What problem do you solve from which customer? 2- What solution do you use to solve the problem? 3- What is the role of technology in better solving the customer's problem? 4- If your solution is used, what benefits will be created for the customer? 5- How much money do you save? 6- What emotion do you want to impress on the customer?

Forget the jargon. We have the bad habits of thinking in terms of technicalities and this is wrong. Most of the paradigms around insurance involves complexity and not being transparent. Prove/show why and how your product can impact the consumer's needs as if you were explaining it to a seven year old kid.

Most insurance brokers address customer concerns by having personal interactions. Insurtechs address this challenge using more efficient platforms such as text content, videos, chatbots, or phone calls. Clarifying all doubts is essential to ensuring the customer selects the products that best suit their needs.

Potential customers might be hesitant about a new insurance option. Acknowledge their concerns and proactively address them through transparent communication about coverage, pricing, and exclusions. In other words, you need to focus on the problem space and analyze it. Don't dive into your solution and stick to it.

Consider creating a transparent and easily accessible FAQ section on your website that addresses common concerns. For example, if privacy is a concern, detail how data is encrypted and stored, and the user's rights over their data. Providing clear, concise answers not only allays fears but also positions your company as trustworthy and customer-centric.

Engaging clients through interactive webinars. Organize a session that not only introduces the insurtech product but also invites live Q&A, encouraging active participation. Highlighting user stories or case studies during these sessions can further personalize the experience and demonstrate the product's impact.

The insurance business is about building trust and credibility. The secret is engaging with clients at each step of their customer journey.

As an Insurtech expert with a decade of product management experience, I firmly believe that client engagement is a cornerstone of effective communication strategies. Here's how a multi-channel approach helps: By actively engaging with customers through outbound calls, chat, surveys, etc., InsurTech companies gain deep insights into customer needs and pain points. This ongoing dialogue generates actionable feedback that drives product roadmap decisions, ensuring solutions that directly address customer challenges. Consistent engagement builds trust, leading to increased customer satisfaction and brand loyalty. This approach not only helps companies refine existing products and identify new opportunities to solve emerging customer problems.

I have this perspective that the industry doesn't really work thinking in the consumer first. We need to change this, having a deeper understanding of what truly wants. Jobs to be done can be helpful.

First target the right audience: Insurance needs vary depending on age, life stage, and risk profile. Tailor your message to resonate with the specific concerns and interests of your ideal customer. Traditional media like print and TV might work for older demographics, while social media can be a powerful tool for reaching younger generations. Then, don't just talk to potential customers. Use interactive tools, social media, or open Q&A sessions to create a dialogue and build trust. Don't forget that it is the customer who has to choose what they want to buy and from whom they want to buy it. So the customer should always be at the center of attention so that we don't forget his wishes

Leverage augmented reality for an immersive demonstration. This can allow clients to see how the insurtech solution integrates into their current systems and processes in real-time, providing a compelling visual representation of the product's functionality and ease of use.

Product demos are crucial, but to truly showcase the power of Insurtech solutions, companies need a two-pronged approach: 1. Insurtech companies need to go beyond static presentations, wherein they must engage potential users with interactive demos that allow them to experience the product firsthand and understand how it solves their specific pain points.E.g. role-playing scenarios or simulating real-world workflows. 2. In addition, companies should also offer free trials that demonstrate measurable improvements in key metrics users care about, such as efficiency, productivity, etc. By experiencing the product's impact on metrics, users gain confidence in the value proposition. This makes them more likely to convert into paying customers.

An essential step in the user experience is the quotation process. At this stage, insurtech companies need additional information from the customer to define the insurance product. This requirement presents friction during the customer process, so Insurtech must offer a reward to maximize its conversion rate. After defining the insurance product, insurtechs must demonstrate its characteristics and benefits using all available resources, such as videos, screenshots, infographics, or interactive tools.

Showcase the user-friendly features of your insurtech product. Consider using explainer videos, infographics, or interactive demos to make the product's functionality clear and engaging. Focus on simplicity: Insurance policies are often packed with jargon and complex terms. Insurtech products often aim to simplify this process. Make clear, concise communication a priority. Explain the benefits of your insurtech product in plain language, highlighting how it solves a specific problem for the customer. Transparency is key: Build trust with potential customers by being upfront about coverage details, pricing, and exclusions. Utilize infographics, short videos, or interactive tools to explain complex features in an easy-to-understand way.

Personalize follow-up communication. Utilize the data gathered during initial interactions to tailor follow-up messages, addressing specific needs or interests shown by the client. This demonstrates a commitment to understanding and meeting their unique requirements, significantly enhancing the likelihood of a positive response.

Don't leave potential customers hanging. Provide multiple channels for them to ask questions and ensure a smooth onboarding experience if they decide to purchase your product. Embrace social media: Social media platforms provide a great way to connect with potential customers and spread brand awareness. Use social media to share educational content, answer questions, and build a community around your insurtech product. Invest in customer support: Having a reliable customer support system is crucial. Customers should be able to easily get answers to their questions and resolve any issues they encounter.

Acquiring an insurance product involves a significant decision-making process, requiring time and access to information. Throughout this intricate journey, the customer must be guided effectively. To succeed, brokers should utilize various communication channels, such as emails, WhatsApp messages, or phone calls.

The secret in any Insurtech is continuous improvement. Initially, you formulate several hypotheses that you implement. You must register the results, analyze the information, identify your strengths and weaknesses, and optimize your performance and outcomes. As fast and cheaply as you repeat this process, you will improve your performance and be able to adapt and enhance your business results.

Understand the audience - DO NOT begin with what you believe are the benefits. It's a typical mistake especially for startups to be blinded by their products and services, and focus all energy explaining how awesome they are, while at the same time not paying attention to the potential customers' needs and wants. It all begins with a thorough understanding of the value your partners / customers seek, and then find ways of mapping your products and services to address those. And you have to be prepared to realize that the specific segment you're looking at IS NOT suited or ready for your products and services.

In the last few years, we have seen a revolution in embedded insurance. Companies such as Mercado Libre or Nubank have distributed millions of low-premium Insurance in an innovative way.