Those of you that have worked in the insurance industry for a long period of time will remember the days that customers used to come visit your branch to arrange their insurance policies. This would usually include filling out paperwork (by hand!) and potentially even calling up and talking to actual human beings in order to arrange a policy.
Then came the Internet. Soon, customers were able to visit your website and purchase a policy online. However, this is where customers started to become savvy: now it only took them a few minutes to get a quote from home they could start comparing companies – a fact quickly cottoned onto by price comparison websites which customers now flock to in their thousands on a daily basis.
Today the insurance industry is facing a new change thanks to the introduction of what has aptly been named “FinTech” (financial technology). Even though technology for financial institutions has been around for a while now, over the past few months investors across the globe have been pumping billions of pounds into web startups that specialise in technology such as Big Data, analytics, mobile and security.
These days it’s uncommon for an insurance broker not to have some kind of online presence, however unless you have some experience in online technology it can often be daunting knowing what options are right for your business. Over the years QuoteSearcher has utilised a number of online marketing strategies including SEO, PPC, social media, affiliate programmes, conversion rate optimisation, quote form development and web design (to name a few!)
Having had years of experience in online technology I believe I can safely say that investing in FinTech is something that most, if not all, insurance companies may want to consider in the near future. FinTech takes the technology we already have one step further; for example Big Data and analytics will provide lead generation companies greater understanding of their customers, their behaviour and therefore their likelihood of converting.
As someone who runs a lead generation website I have found data invaluable when it comes to ensuring that our leads not only have the possibility of converting but also providing a profit. Data enables brokers to better understand the buying habits of numerous demographics, such as whether they prefer to buy via a desktop, tablet or mobile, and then target these demographics accordingly.
However, FinTech goes one step further than traditional online marketing. Since users have been able to purchase financial products online there has always been the concern that financial details won’t be safe online – a worry that companies such as PayPal has capitalised on massively over the years. Now, FinTech startups are creating new technology with cybersecurity at its core, enabling customers not only to purchase financial products online quickly but also securely.
Brokers who are looking to lead generation sites such as QuoteSearcher to bolster their businesses can therefore benefit massively from the introduction of FinTech. As QuoteSearcher has spent years integrating online technology solutions with traditional brokering we are excited of the possibilities that FinTech offers both us and our partners. Watch this space!
Ben Moore is the General Manager of QuoteSearcher – a free to use insurance comparison website partnered with niche business insurance providers across the UK. To find out more about our services follow Ben on Twitter @BenMoore_QS or email firstname.lastname@example.org