The insurance companies in Singapore operate as licensed insurers or foreign insurers. The latter are required to adhere to the stipulated foreign insurer scheme and regulations. In 2015, the insurance industry recorded total gross premiums of S$3.6 billion and a growth rate of 2.6%. The booming economy and the implementation of the CPF system are two of the inherent factors that drive this industry. Marketing is crucial to the success of any insurance company in the country whether local or foreign.
Here are two expert tips on how to market insurance services in Singapore.
Financial institutions such as banks enjoy a large clientele base which they sell insurance policies to using their dense network of branches. Virtually all the local banks in Singapore have a partnership agreement with an insurance company to sell specific policies to their customers. The term Bancassurance is used to describe this form of mutual associations.
The bank personnel work as insurance agents – giving potential customer’s information the insurance policies and general advice. However, they are supported by the insurance company through provision of product information, sales training, and marketing campaigns. The staff is also required to undertake a licensing examination and pass before they are permitted to sell insurance policies or offer insurance-related guidance to customers.
Online Internet Portals
The number of direct-to-consumer insurance companies that sell individual policies such as travel, motor, and health to customers has significantly increased in Singapore over the last three years. This business model entails direct underwriting through a website that is supported and monitored by a staffed contact center. Investing in such an online portal will greatly help you to reach out to the targeted audiences as the internet is considered one of the most reliable sources of information in the country.
Through the portal, you will be able to interact with customers directly, provide quotations, and distribute
soft copies of marketing materials such as brochures. The information garnered such as email addresses can be used to set up email marketing campaigns.
These are the two surefire ways of marketing insurance services to the current savvy customer base in Singapore. Be sure to make the website mobile friendly to allow clients to access it using their mobile devices. Go an extra mile and hire an SEO expert to make sure that the site is compliant with the latest search engine algorithms as well as digital marketers to carry out SEM and social media marketing campaigns.