Insurance Marketing

The insurance industry is ripe with opportunities for those who wish to pursue a career in marketing. These positions will sometimes require an applicant to have a bachelor's degree in marketing, but there are plenty of opportunities for people who chose other majors.

Insurance marketing professionals have to help position their product and their company well in an exceptional marketplace.

The first challenge for an insurance marketer is getting consumers’ attention. This is getting more and more difficult with each passing day. There are hundreds of insurance carriers and thousands of agents in the United States, each offering dozens of products. The array of product alternatives is dizzying. The insurance marketer must find innovative ways to cut through all of the clutter in the market and get consumers to understand their protection needs.

In today's internet age, that often means mastering and staying on top of social media, such as Twitter and Facebook, email marketing, and having a website that's not only optimized for search engines but is also an efficient lead generator. Once the consumer knows he or she has a need, the marketer must arm sales staff with the tools to sell the product that will best meet those needs.

Another formidable challenge for the insurance marketer is to gain consumer trust. Insurance protection at its fundamental core is a promise to make payment in the future. The marketer must convince the buying public that the company is reputable, will be around when needed, and capable of meeting its financial obligations. This is particularly pertinent in today’s environment where consumer confidence in the entire financial service industry is low.

Marketing professionals can pursue a couple of different tracks in their insurance career. One track is to pursue a career with a company or carrier. This is a product marketing career path. Critical job functions involve determining the products that should be offered, the target market, how best to reach the target market, price, and how consumers will be introduced to the products.

Marketing professionals who work for carriers also do a good deal of brand marketing. This type of marketing is intended to build consumer awareness, increase goodwill, and build brand loyalty.

Another career track for a marketing professional is to work in an insurance agency of brokerage. These marketing professionals develop strategies to promote the agency or brokerage. They help the sales team find the clients and market directly to those clients.

Regardless of the marketing track pursued, the following skills are required:

Insurance Marketing
  • Knowledge of insurance concepts. Marketers must know how insurance works. They should believe in the value of the product they promote.
  • Understanding of the selling process. The distribution and sales process in insurance is unique. Marketers must understand the role each stakeholder plays and develop key marketing touch points or opportunities throughout the sales process.
  • Good analytical skills. Marketers must track the progress of marketing campaigns and promotions to determine what works and what does not.
  • Consumer orientation. Insurance companies rely on the marketing staff to create impactful marketing messages, campaigns, and promotions. Marketers must be able to apply research and marketing fundamentals to determine which approaches will succeed with the target audiences.
  • Creative thinking. The way in which consumers receive, process, and validate information is remarkably different than it was even a decade ago. Insurance marketers must be innovative and knowledgeable of the latest techniques in consumer marketing.

According to Payscale.com, insurance company marketers earn between $38,617 and $66,787 annually. Brokerage firm marketers earn on the average of $37,111 and $64,533 a year. The average salary for health insurance marketers is slightly higher than other industry segment marketers—between $40,352 and $67,797.

Last Updated: 04/07/2013

© 2017 Copyright | Insurance Careers Tips | All Rights Reserved