Offering embedded pet insurance is a great way for companies that already serve pet owners to bring in an ongoing source of revenue. But just like every other product out there, marketing and advertising are key contributors to your overall sales. If you’re new to the industry, here are six insurance marketing tips to keep in mind when selling pet insurance.
1. Offer Pet Insurance At The Point Of Sale.
Because pet insurance is still relatively new in the US, some of your customers may not even be aware that it’s an option. So how do you convert them?
From industry experience, we know that customers are most likely to sign up for insurance when it’s offered as a complement to their existing pet purchase. If you can make them this offer at the point of sale as an add-on to what they’re already buying, you are much more likely to win that additional revenue (and turn a one-time customer into an ongoing one).
2. Leverage Your Customer Data.
Your existing relationship with your customers can help you make the right insurance offer at the right time. From their purchase records, you probably already know what kind of pet(s) your customer has, and how much they tend to spend on pet expenses.
Leverage that data in your pet insurance marketing strategy. A customer who regularly buys vitamins and specialty food for their pet might be interested in a wellness package. A customer with several pets might be interested in a multi-pet discount offer.
Additionally, you likely have a database of prospects that you’ve identified as your target audience, but who haven’t purchased with you yet. Since you’re already actively marketing to this group, you can add your pet insurance offer into the mix and the additional value may help nudge them over the conversion line.
3. Make Your Pet Insurance Marketing Clear And Simple.
Insurance is complicated, and sometimes consumers miss out on coverages they need because the details are confusing or buried in legalese. As a trusted source for information about their pet, your brand is in a great position to break it down for them.
In your marketing, offer detailed explanations of how your pet insurance works, and what is or isn’t included, in clear, natural language that your customers can easily understand. Avoid confusing your customers with jargon or complicated legal statements, and don’t try to hide details in small print. Everything in your insurance advertising should be understandable by the average consumer, and any information about what is or is not included needs to be easily visible.
4. Showcase Your Customers’ Success.
One of the most powerful sales tools you can get is a real-life story about how your customer’s pet insurance made a difference for them. Consider reaching out to insurance customers who save on big bills, and see if they’d be willing to share their stories so you can leverage these in your pet insurance marketing.
When sharing testimonials for insurance, there are a few things to keep in mind:
Make sure that your testimonials reflect the customer’s own words and their current opinion.
Testimonials should be addressing the current version of your pet insurance product. If you make changes to what’s included in one of your plans, you can’t use testimonials for the original version to market the new one.
If you’re marketing a certain insurance product, make sure that your testimonials are related to that specific product. For example, if you’re marketing a wellness endorsement for your pet insurance, don’t use a glowing customer quote about your accident & illness plan. This helps avoid customer confusion.
5. Be Transparent And Cite Your Sources.
This sounds like a marketing no-brainer, but this is particularly important for insurance advertising. If a state insurance commissioner finds your ads to be misleading or deceptive, you could be hit with fines and other enforcement actions, so it is always advised to be transparent when selling white-label pet insurance.
If you use any statistics in your insurance ads, you’ll need to clearly cite where that information came from. It pays to go the extra mile for good, credible sources - a great statistic isn’t so great if you have to attribute it to “koolstats4u.biz” in your ad.
6. Keep Tabs On Your Insurance Advertising.
It’s a good idea to make sure that nothing related to insurance goes live without first passing a compliance review. If you use external marketing agencies for things like paid search ads, set up a review process to ensure that all insurance-related copy is vetted by your team before going live, including for A/B tests and similar experiments.
If your company offers pet-related products or services, selling pet insurance is a great option and it is so easy to do with Boost. If you’re just getting started with pet health insurance, our team is here to help. Get in touch with us today.
