Integrating AI with marketing efforts to increase leads
Most auto and homeowners insurers are using AI tools in their marketing efforts to reach new policyholders.
Finding qualified leads is crucial to any marketing plan. Traditional lead generation methods are time-consuming and may not reach the right audience, as up to 50% of people who see ads aren’t a good fit for the advertised product, according to Sales Insights Lab. Some generative artificial intelligence (gen AI) programs have honed in on lead generation and qualification, offering insurers a streamlined approach to reach new potential policyholders.
AI in P&C insurance
The use of AI in P&C insurance covers a broad spectrum of the process, from helping find new policyholders through lead generation to streamlining underwriting and claims. While the human touch is still vital to the industry, AI is helping bridge some of the gaps in services and talent.
AI is already providing insurers with faster, more efficient processes. A survey by the National Association of Insurance Commissioners (NAIC) found that about 136 out of 194 (70%) surveyed homeowners insurers already use gen AI software or are interested in using it in their businesses. Another NAIC survey of auto insurers reported that 88% of respondents currently use or plan to incorporate AI or machine learning in their daily operations. The 2024 Independent Insurance Agent Survey from ALM, PropertyCasualty360 and the National Association of Professional Insurance Agents reported that 45.7% of surveyed agents use AI for marketing communications.
The NAIC’s home insurer survey expanded on how industry professionals are using AI, reporting:
- 54% of respondents use AI for claims.
- 47% use AI software for underwriting and marketing
- 42% utilize AI for fraud detection.
- 35% of respondents use AI for rating.
- 14% use AI for loss prevention.
AI for leads
There are many technologies insurers are tapping into to expand their reach and bring in new policyholders. Lead generation is often the top challenge in marketing, with 61% of marketers reporting it as their biggest issue, according to HubSpot. Some of the available AI tools for lead generation and qualification are listed below.
- Exceed.ai is a personalized marketing software that automates lead qualification faster than traditional products and people, freeing insurers to focus on other, more intensive tasks. The AI technology employs human-like conversations with potential policyholders and can schedule meetings or calls with the appropriate insurance agent.
- Saleswhale is a Software-as-a-service (SaaS) program that uses AI to find and reach out to neglected leads to convert them into sales by sending automated follow-ups, handling referrals and gauging interest for lead qualification.
- Akkio is another AI program touted for its churn reduction technology and augmented lead scoring. Akkio finds leads with the greatest chance of conversion using data-driven insights.
- Bant.io offers lead generation with targeted social outreach, automated pay-per-click ads, email services, retargeting ads and a sales chatbot.
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