PIMA Member Spotlight: TPG Direct
The following are insights from PIMA member TPG Direct on the latest insurance industry trends. Discover the company’s vision for the future and leadership lessons to get there:
Keeping Up With Innovation
Innovation is happening all around us and in every field, including insurance. From AI-fueled machine learning advances to the rise in insurtech startups, the digital landscape has become quite impressive. Now, prospective insurance buyers have greater accessibility to products, pricing, and protection. Ultimately, this is leading to increased simplicity — and a rise in the trust that’s so vital in our industry.
Since our focus at TPG Direct is on bringing an eclectic mix of creativity and science to marketing and technology, we’re highly engaged in all the up-and-coming insurance industry trends. Since our founding in 1991 as an in-house agency of AIG, we’ve become an independent, EMSDC Certified Minority-owned Business Enterprise. However, we’ve never waned in our desire to use whatever tools are available to bring real solutions to the table amid an ever-changing ecosystem.
In the insurance marketing and advertising world, staying atop of all the changes and challenges that have come to insurance is unconditionally necessary. Take urgency, for instance. The insurance environment is no longer predictable. Thanks to technology, insurance keeps getting shaken up.
The good news is that with digitization and data integration, many carriers have kept up with consumers’ fast-paced application and underwriting process expectations. However, they’re still lagging in the areas of innovative product development and effective price structuring. That’s an issue that needs to be resolved.
The insurance market is only going to grow, morph, and pivot. While solving some problems is great, all problems must be addressed and overcome to maintain consistency and deliver results. With this in mind, we have a few tips for how to do insurance marketing in such a dynamic space:
1. Leaders need to stay hungry for information.
The next generation of insurance business owners, executives, directors, and founders must maintain an appetite for constant education. To stand out, they’ll need to understand how to gather, store, and use the latest data. Their goal should be adaptability because the virtual world looks like it’s only going to get more complex. The leaders who stay alert will have the confidence to make wiser marketing moves.
2. Affinity marketing programs need to become personalized.
Most affinity marketing programs are plagued by mediocrity because they don’t leverage membership demographic and behavioral insights. Instead, they send blanket offers that don’t speak to members’ individual needs and wants. For the member, the messaging is seen as “junk mail.” The way to resolve this issue is for all marketing programs to be linked to an organization’s broader business strategy rather than being siloed.
3. Executives need to embrace creativity.
We’ve always been a creative service firm. But many people don’t realize creativity isn’t a department or an assignment; it’s a cultural necessity. Moving forward, executives shouldn’t eschew creativity — it’s too important. When paired with data and scientific curiosity, creativity delivers true digital innovation in the insurance industry.
Insurance and insurance marketing are more complicated than ever, that’s for sure. Yet, they can be exciting, rewarding, and profitable. The keys to managing all the change that’s happening are to stay curious, get personal, and be creative.
Published on March, 14, 2023.
PIMA® (Professional Insurance Marketing Association®) is a member-driven trade association focused exclusively on the group-sponsored benefits market.