A digital revolution is re-shaping the insurance industry landscape and re-inventing the way protection is offered and delivered. Using effective digital solutions that seamlessly fit into the customer’s lifestyle, insurance providers are able to be more strategic in the way they target customers, thereby increasing loyalty and business.
Consumer brands need to look beyond just singular products sold via a singular channel but create multi-dimensional eco-systems that use collaborative selling approaches across both online and offline channels.
Creating digitally integrated affinity partnerships is the key to success in optimising consumer reach, driving sales, increasing revenue and strengthening customer loyalty. Consumers need to feel their exact needs at that precise moment in time are being met. This is most effectively achieved with collaborations that implement cleverly tailored digital marketing initiatives.
So, what are the four main ways that digital solutions can unlock new revenue streams through an affinity partnership?
Increased ‘add to cart’ conversion rates – by providing complimentary insurance solutions to a partner’s core customer journey increases its perceived value and helps to convert sales.
For example, eWallet partners sought to promote trust in their brand. By attaching relevant purchase protection insurance in real-time, it enhances trust between the brand and its customer.
Another example of an effective partnership: The offering of real-time insurance solutions that have been dynamically rated when customers activate global roaming on their mobile devices whilst abroad. This can be a highly effective combined proposition that can see strong conversions as a result. It is a successful way to differentiate partner products and provide a value-added service beyond a simple discount strategy.
Affinity partnerships using creative digital solutions are a strategic way to establish business relationships that create added value. We must all strive to be proactive in how we maximise returns and customer loyalty in the present but also the future, so we can continue to remain highly competitive especially in this ever changing digital market.
Jon is the Vice President & Regional Head of Partnership Distribution for Chubb in Asia Pacific. In this role, he works with leading consumer brands to grow their business even further and enhance customer loyalty through implementing digital solutions and strategic partnerships with Chubb.