How to Transform Your Insurance Marketing with Generative AI
By now, you’ve likely heard extreme opinions about artificial intelligence (AI), ranging from “this is going to make us rich” to “AI is going to mean the end of our jobs.” The truth is that the power, value, dangers, and ethics of generative AI are unfolding before us in real time—and that it may be a while before we have a firm understanding of its implications. What’s already clear is that generative AI will change work as we know it—from marketing campaigns to onboarding new employees.
Insurance agencies and brokerages, which have traditionally been viewed as somewhat staid, are no exception to this change. It’s already impacting us, whether we know it or not. With the emergence of ChatGPT, the world got a preview of what AI can do for content creation, language translation, and even writing code. But that is just an early example of AI— more will follow and provide insurance brokers with plenty of opportunities to capitalize. How positive or profitable these changes are for a particular organization—or an individual’s career—will be heavily influenced by one behavior: evolution. But before we get to that, let’s take a quick look at how AI got here and its application for insurance marketers.
What is Generative AI?
ChatGPT—which is just one of many in the rapidly evolving AI space—is a sophisticated integration of some of the world’s largest language models (LLMs) and AI-fueled learning techniques. What has made the ChatGPT platform different from existing AI tools is its ability to recall and synthesize any previous conversations and the unimaginable volumes of data accessible on the internet. In the context of marketing, this can translate to creating tailored content, advertisements, or even innovative product suggestions.
Applications for Insurance
Organizations that adapt quickly and learn how to use AI to transform work and create value will enjoy significant competitive advantages. Here are several ways generative AI can impact insurance marketers’ work today:
- Personalized Marketing Campaigns: Generative AI can analyze vast amounts of customer data to identify patterns and preferences, enabling insurance agencies to create highly personalized marketing campaigns. Instead of generic advertisements, agencies can now produce content specifically designed for segmented audiences; increasing engagement and conversion rates.
- Automating Content Creation: Creating unique content for different platforms and audiences can be resource-intensive. With generative AI, insurance agencies can automate the content creation process, generating everything from blog posts to social media snippets tailored for specific demographics or customer personas.
- Chatbots & Customer Support: Generative AI can power chatbots that provide real-time, personalized assistance. For insurance agencies, this means customers can get instant quotes, policy explanations, or claim updates without having to wait on hold or navigate through multiple web pages.
- Enhanced Data Visualization: Visual representation of data can make complex insurance products easier to understand for potential clients. Generative AI can transform intricate data sets into interactive and engaging visuals, making it easier for marketers to communicate value propositions.
A Path Forward
The integration of generative AI in marketing for insurance agencies is not just about automation; it’s about evolution. It offers insurance agencies the chance to elevate their customer interactions, personalize their approach, and stay ahead in a competitive market. But they need to be open-minded and willing to embrace how AI will change the way they’ve done things for so long.
As technology continues to advance, the early adopters of AI’s capabilities will undoubtedly position themselves as industry leaders who deliver unmatched value to their clients. To get an even bigger head start, brokerages should think about the applications of AI across their sales and marketing teams, ensure that their technology platforms support these use cases, and create optimization processes to test, fail, and iterate. The future of insurance marketing will be driven by AI. How and by how much remains to be seen, but the possibilities are incredibly exciting.
About the Author
As General Manager of Insurance, Ilya Filipov leads vertical growth and works directly with customers and prospects to address industry pain points. With more than 15 years of experience leading growth strategies for several large insurance carriers in p and c and life insurance, Ilya brings deep insurance expertise to help agents drive immediate value in their sales and customer engagement.
About Total Expert
Total Expert is a purpose-built customer engagement platform trusted by more than 200 financial enterprises. The platform unifies data, marketing, sales, and compliance solutions to deliver the perfect customer journey across every financial milestone, in any market. Total Expert turns customer insights into actions to increase loyalty and drive growth for banks, lenders, credit unions, and insurance companies, and is now available to purchase through the AWS Marketplace and Salesforce AppExchange. For more information, visit totalexpert.com.