Insurance Marketing Statistics You Need to Know in 2023 – Part I

Insurance marketing has evolved in the past few years and is more complex and multifaceted than ever. With the rise of digital marketing and the emergence of new technologies, insurance marketers must be more creative, strategic, and data-driven than ever to stay ahead of the competition.

In this blog post, we’ll look at 12 insurance marketing statistics that will help you understand the industry’s current state and plan your marketing strategy for the coming year.

Table of Contents:

1. Inbound Phone Calls Are Often the Most Valuable Conversion for Insurance Marketers
2. Insurance Marketers Are Personalizing the Caller Experience to Boost Conversions and Revenue
3. Conversation Intelligence Data from Phone Calls Helps Insurance Marketers Deliver Better Personalization and Drive Revenue
4. Learn More About Insurance Marketing with Freedom & Faith Insurance

Inbound Phone Calls Are Often the Most Valuable Conversion for Insurance Marketers

As an insurance marketer, you must understand the importance of inbound phone calls. After all, customers who call in are already interested in your product or service and have taken the time to reach out to you.

Here are some key insurance marketing statistics to keep in mind:

• According to Forrester, 78% of B2B customers use the phone to make purchase decisions.
• A study by Velocify found that phone calls are 10 to 15 times more likely to convert into customers than web leads.
• The same study also found that phone leads are more likely to purchase high-value products and services.
• In a survey by BIA/Kelsey, 90% of customers said they would prefer to purchase insurance over the phone.

These numbers show that it’s important to invest in technologies and strategies that will help you convert more of these leads from inbound calls into customers.

Insurance Marketers Are Personalizing the Caller Experience to Boost Conversions and Revenue

To maximize the value of inbound phone calls, you need to increase your focus on personalizing the caller experience. This can be done in several ways, from providing personalized recommendations to collecting data on each caller.

Here are some key insurance marketing statistics related to the personalization of messages:

• According to Salesforce, 78% of customers say they’re only likely to engage with personalized messages.
• A study by Accenture found that personalization can increase revenue by up to 15%.
• In a survey by Infosys, 84% of customers said they’re more likely to purchase from companies that provide personalized experiences.
• A study by Microsoft found that personalization can increase customer loyalty by up to 20%.

These numbers show that personalizing the caller experience is an effective way to boost conversions and revenue for insurance marketers.

Conversation Intelligence Data from Phone Calls Helps Insurance Marketers Deliver Better Personalization and Drive Revenue

In order to provide a personalized experience to each caller, you need to collect data on each call. This is where conversation intelligence technology comes in. Conversation intelligence technology can record and analyze phone calls in real time, providing valuable insights into customer behavior.

Here are some key statistics to support this claim:

• A study by Harvard Business Review found that conversation intelligence technology can increase conversion rates by up to 27%.
• In a survey by Call Miner, 87% of companies said that conversation intelligence technology helped them increase customer satisfaction.
• A study by Marchex found that conversation intelligence technology can increase revenue by up to 10%.
• According to Forrester, conversation intelligence technology can reduce customer attrition by up to 15%.

Hence, by investing in conversation intelligence technology, you can gain valuable insights into customer behavior and deliver a better customer experience.

Learn More About Insurance Marketing with Freedom & Faith Insurance

As insurance agents and marketers, it’s important to understand the current state of the industry and the key trends that are shaping it. The insurance marketing statistics outlined here will provide you with valuable insights into the current state of the industry. If you want to know more insights and learn how to increase your revenue, contact us today. At Freedom & Faith Agency, we have a team of insurance experts who will answer all your questions and help grow your business.

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