Singapore is an international financial hub in the Asian-Pacific region. The island state offers attractive propositions for firms seeking access to the robust Marketing Insurance in Singapore. The Life Insurance Association of Singapore reported that the total weighted new business premiums were S$2331 million, a growth of 8% as at the third quarter of 2016 compared to the previous year.
The general insurance sector posted gross premiums of S$3.6 billion in 2016, which is a 2.6% rise from 2015. With the insurance industry set to grow bigger in 2017, how can you market your insurance services in Singapore?
Non-Traditional Distribution Channels
There is increased competition and focus on generating more returns, resulting in pilling pressure to deconstruct the traditional chain of distribution channels. Insurance startups are emerging focusing on areas they have vast experience and outsourcing where they have little or no experience primarily in underwriting and processing services. DirectAsia is an example of an insurance startup offering the customers a platform to buy insurance services by cutting out brokers and agents.
Focus On Business Growth
One of the first things that set apart a successful agency from a not-so-successful one is its focus on business growth. In this highly regulated industry, the goal is to grow as much business as possible and to stay profitable. This requires you to constantly be looking for new ways to generate more leads and to convert these leads into paying customers.
A successful agency in Singapore will understand that without new customers, they’ll never grow. The trick is in growing your business without leaving any stone unturned and in such a way that you can provide value to everyone you touch. This could mean offering different packages for different industries, developing products that are tailored to customers’ needs or raising prices on some of your existing product offers. It’s essential to understand your limitations as a business and the boundaries that you’ll need to keep within if you want to remain viable and successful.
Understand The Market
Marketing insurance in Singapore is not a niche market and is often associated with higher-end products and services. Therefore, you need to understand the market you’re operating in and the type of customers you’ll likely be interacting with. Do your research into the size of the demographic, the purchasing patterns, and the psychographics of Singapore’s insurance consumers. This will help you tailor your offering to meet their needs and the needs of your existing customers. For example, if you find that the majority of your customers are over the age of 40, you might want to consider raising your prices or offering more value-added products and services to keep their loyalty. Alternatively, if you notice that the majority of your customers are Gen Xers or millennials, you could use this as a call to action to develop more youthful-focused products and marketing materials. As noted by the marketing agency HubSpot, customer engagement begins with your website, email marketing, and social media interactions. These are the primary channels through which you’ll interact with customers and prospective customers. It’s important to develop engaging content that will compel website visitors to take action, such as making a purchase or requesting more information.
If the customer is king, then the customer’s needs should be your priority. After all, you’ll never know what kind of insurance product they might need or want in the future. One of the best things that can help you succeed in marketing insurance in Singapore is being adaptable. Not only will this make you more marketable to the customer, it will also allow you to better understand their needs. If you want to be successful in this highly competitive industry, you’ll need to develop the skill of quickly pivoting and adapting to new situations. You might need to modify your approach or change tactics on the fly if needed. For example, if you notice that the majority of your customers are choosing not to purchase optional coverage, you could shift your attention to developing a no-nonsense approach to selling insurance.
While being adaptable is essential, you also need to be skilled at what you do. In order to succeed as a marketer in Singapore, you’ll need to meet certain educational requirements and possess at least a Bachelor’s degree in Marketing, Insurance, or Business. After all, being skilled means that you’ll have the ability to provide value to your customers and be able to develop effective marketing campaigns that will drive engagement and conversion. If you’re looking to make the jump from agency life to owning your own business, consider the Master of Marketing (MMin) offered by the European Masters in Marketing. This is a joint venture between the European Federation of Marketing Associations (EFA) and the Chartered Institute of Marketing (CIM) and is aimed at those who want to take the reins on their own marketing strategy. The 16-month, full-time program not only teaches you how to market effectively, but also how to develop a marketing plan and execute on it. You’ll also have the opportunity to study in London, one of the world’s most exciting cities.
Finally, you’ll need to be brave enough to take the leap and start your own agency. As a solo practitioner, you’ll have to be confident enough to stand on your own without any backing. Being brave means being ready to fail. Sometimes. But more often than not, that’s how you learn and grow as a brand or business. Besides, as an individual, you can apply for a business loan from a bank or loan provider with little to no collateral or credit score. This is because the bank or lender sees you as a business owner and not as a person, which makes you more eligible for credit. If you want to succeed in marketing insurance in Singapore, start your own agency and be brave enough to put your all into it.
Choose Your Business Location Carefully
When choosing a location for your agency, make sure that it’s viable. This means finding an area that’s close to high traffic. You don’t want to settle for less than you deserve because you didn’t consider all potential locations. Also, make sure that the area is within reach of schools, universities, and other learning institutions. This will help you attract and retain top talent needed to grow your agency.
If you want to succeed in marketing insurance in Singapore, it’s best to start small. This means establishing yourself as an independent agent first, rather than going head-to-head with a company that’s already established. Established players in this industry usually have a significant advantage, but that doesn’t mean that it’s impossible to compete. If you want to succeed at marketing insurance in Singapore, go against the grain and carve out a niche for yourself. Find a way to provide value to your customers that they didn’t receive from an established agency. For example, if you notice that a majority of your customers are in the technology sector and you’re not particularly tech-savvy, you could develop a strategy to educate potential and current customers about the benefits of various insurance products.
Join Conferences And Meetups
There are plenty of conferences and meetups taking place in Singapore that you can attend to continue your education and to meet professionals in your field. For example, the Insurance Agents Association of Singapore (IAGS) hosts the Singapore Insurance Industry Conference and the Asian Insurance Summit (AISA) every year. These events are a great way to keep up to date on the latest trends and technology and to network with professionals in your field. You can also take advantage of these platforms to reach potential customers, as many agencies and insurance firms use these channels to display their products and services.
Singapore is a city-state in Southeast Asia. The country is made up of a confluence of micro-climates that support agriculture and wildlife. It is most famous for its tropical climate that encourages residents to spend time outside, engaging in activities such as fishing, hiking, and snorkeling. This climate also encourages the growth of various citrus fruits, making it a paradise for those who love their booze Jagermeister! The island-nation has established itself as a major banking center and a place where business can flourish. In order to support Singapore’s status as a financial hub, the country requires an extremely high level of insurance coverage. Those who are considering operating a marketing agency in this city-state should take note of the multiple restrictions and regulations that the industry is subjected to. As a company that wants to do business in Singapore, you must adhere to the guidelines set forth by the Monetary Authority of Singapore (MAS) to ensure that your operations are fair and transparent. You must also register with the Regulatory Commission of Singapore (RCS) and obtain a business license. Finally, you must ensure that your employees receive sufficient training and education on insurance and marketing best practices.
The world of marketing has changed and evolved with the digital age. And for good reason; the Internet has made it much easier to find information and connect with others. When it comes to marketing insurance products, the use of technology is a must. This means using online platforms to connect with customers and potential customers, using email campaigns to stay in touch and offer special deals, and utilizing various social media platforms to engage with customers and prospective customers.
Invest in R&D
The insurance consumer landscape is rapidly changing given the increase of the millennial generation in the market for insurance services. Except for the general services like health, motor vehicle et al. insurance covers, you should have a robust R&D department to know what the new age consumers want and develop the right kind of products and services to suit them.
With companies like GoBear who provide insurance service comparisons, it is of paramount importance to have your services perform better than your competition.
Offer Alternative Risk Transfer
Alternative Risk Transfer (ART) allows consumers to acquire cover and transfer risk without the use of traditional insurance. This includes captive insurers, risk retention groups (RRGs), and insurance pools. Insurers offering the ART service include Alps Insurance PLC, Cementhai Captive Insurance PLC, Vermont Captive, et al.
Statistics show that over 89% of the residents in Singapore have access to the internet. With reports that the government set to cut the internet on all public servants’ computers, more people will now start accessing the internet from their mobile devices. This calls for mobile optimized websites with quality content. Invest in our SEO services to improve the ranking of your site on search engines ensuring that you invest in user conversion strategies like CTAs, PPC, et al. Dial (65) 6789 9852 to speak to one of our customer care representatives.
Understand The Evolution Of The Market
The first step to successfully entering the market is understanding how the industry has changed and evolved in recent years. This is particularly important in today’s ever-changing world of digital marketing and new technologies. To put it simply, if you’re not keeping up, you’ll likely find yourself in the dark. Luckily, the following will discuss several significant evolutions that can help you navigate this rapidly evolving ecosystem.
Online Marketing Vs. Offline Marketing
With the explosion of the internet and social media, many considered offline marketing, which consists of marketing activities that occur in real life – such as knocking on doors, making phone calls, etc. – to be somewhat archaic. Instead, they focused on online marketing, which can be largely defined as the use of digital and social media platforms to promote a product or service.
Though many saw online marketing as a safer and more reliable way to reach an audience, and in some cases, it can be, the truth is that online marketing can be quite the opposite. For example, in 2016, almost all of Geolocation’s business came from its online marketing efforts, which consisted mainly of its website, blog, and social media accounts. While these tools are still significant to the company’s success, it has also benefited from substantial investment in a CRM system, which streamlines its inbound marketing strategy and processes. This enabled the company to see a 24% increase year over year in revenue at the time of this article’s writing.
Personal And Digital Marketing
If you’re reading this article, I assume that you’re either an insurance agent or a digital marketer – someone who understands the value of a good marketing strategy and the role of analytics in determining the success of online marketing campaigns.
What is important to note about the marketing of insurance policies is that, unlike most other industries, marketing insurance policies can occur both online and offline. That is, your potential customers can find you both online and offline, whether they’re searching for car insurance providers or general insurance providers in Singapore.
While your offline marketing efforts, which include events such as road shows, seminars, and conferences – are still active and relevant, your digital marketing strategy has now evolved to become a significant portion of your overall marketing mix. That is, nowadays you might spend more time and effort promoting your products and services online than you do through more conventional methods.
This evolving landscape has significant implications for how you can market insurance in Singapore, and potentially, in other countries as well. First, it is essential that you integrate your digital marketing strategy into your overall marketing plan and spend the necessary budget to see traction.
Another important evolution that occurred around the same time as the above evolution is the rise of cross-platform marketing. If you’re not familiar, cross-platform marketing entails using different platforms to promote your product or service, whether that’s Facebook, Instagram, or Twitter, etc. While this might seem like an easy way to reach a wider audience, the danger is that you can end up diluting your brand’s identity, especially if you don’t have a significant budget for digital marketing.
For example, let’s say you are a real estate agent and you use social media to promote your business. If you also happen to be a Twitter user, but haven’t built a brand identity around being a real estate agent on social media, you can dilute the effectiveness of your campaign. Especially since your Twitter audience might not be that relevant to your potential customers, who are likely searching for real estate agents on Google.
To protect yourself from diluting your brand identity, make sure that the various platforms you use to market your insurance agency reflect your brand’s values. In the example above, your Twitter account should primarily reflect your brand’s identity – it should only occasionally promote your insurance agency. The same goes for any other social media platforms you might use to market your agency.
The Importance Of Building A Reliable Brand
One of the most important things you can do to succeed in marketing insurance policies is to establish a reliable brand. This is particularly important if you’re entering a highly competitive industry, where your competitors are likely to appear as well-known, reputable companies, such as Allianz and Mandy Brown. Through a reliable brand, you can position yourself as a company that customers and potential customers can depend on for insurance products that they need, and that continue to meet or exceed their needs.
To create a reliable brand, you have to put in the necessary work to ensure it reflects your expertise in a consistent and trustworthy manner. This might mean creating multiple identities, one for each platform you use to market your agency. It might also mean developing a marketing material library, where you can find the assets you need to create the perfect marketing collateral, such as brochures, business cards, email templates, etc.
For instance, let’s say you are a dentist and you use Facebook, Twitter, and LinkedIn to promote your practice. If you also want to use YouTube to educate your viewers about dental issues and treatments, make sure you create a brand for YouTube, as well, which can be used to position your practice. This will help ensure that your various platforms reflect your expertise and trustworthiness as a marketing agency.
Keep Your Clients Close By Developing Strong Relationships
Marketing insurance policies is a bit like dating – it’s all about keeping your clients satisfied, while also attracting new customers. One way to do this is by developing and maintaining strong, mutually beneficial relationships with your existing clients. This can be achieved by regularly interacting with your customers via online and offline channels, which enables you to build a more personal connection and to gain their trust.
This is why you should always be looking at ways to engage with your existing customers, especially if you want to keep them as clients. One effective strategy is to regularly ask your customers questions about their insurance needs, listen to and act on any feedback, and make suggestions based on the results of your research. By regularly doing this, you can establish yourself as a thought leader and gain credibility with your customers.
Another important consideration if you want to succeed in marketing insurance in Singapore is to make sure you develop a rapport with your clients. This means you have to put in the necessary effort to understand their needs and wants, and work to align your actions and your company’s products and services to meet their goals.
To create a good rapport with your clients, try to be familiar with their concerns and question their assumptions about the industry. For example, if you’re a life insurance agent, make sure you ask your customers about their fears related to death and dying – about what concerns them most, as this will help you determine the type of life insurance products they need most.
This is a significant evolution for those entering the industry, as well as those already in it. The changes are significant, and while there are many challenges, the rewards can be significant as well.