The PIMA Insights Awards are given annually to PIMA members that have developed expertly crafted insurance marketing strategies that not only display an unmatched level of creativity, but also deliver measurable results.
The 2021 Judges’ Choice in our solicitation for guaranteed-issue/simplified-issue product category went to Franklin Madison. With 50 years of industry experience, Franklin Madison's team of industry experts and marketing specialists provide insurance marketing, data, and distribution expertise to forward-thinking banks, credit unions, retailers, insurtech platforms, and insurance carriers.
Creating a Proven Insurance Product Marketing Strategy
Identifying and meeting customer needs is a core function of marketing. It's with this mindset that the team at Franklin Madison approached the strategy for its new affinity client’s accidental death and dismemberment (known as AD&D) marketing campaign, launched in fall 2020. The marketing strategy for the client's AD&D insurance products was to quickly exceed the client’s historical results through benchmarking against previous marketing KPIs by monetizing untapped member segments, exceeding underperforming creatives, and establishing optimal frequency.
The campaign simultaneously built statistically significant response data for a client-specific model while driving revenue through creative testing. Based on data from continuous testing, the campaign rotated two top-performing creative controls — “Docupack” and “Account Benefit Update” — across member touchpoints to engage fresh leads and initial non-responders. Each creative conveyed a different positioning of key selling points. The concise, compelling messaging balanced the dual member benefits of credit union-paid rewards and additional affordable coverage.
What set this particular insurance marketing strategy apart from the competitors — beyond the campaign itself — was the point-of-purchase experience. Franklin Madison continually works with insurance carriers to simplify the enrollment form as a way of meeting customer needs for ease and convenience. This approach optimizes the perceived product value reflected in the simplicity of enrollment, all while driving revenue for the client and protection for the member.
The Results of Franklin Madison's Award-Winning Marketing Campaign
Within just three months of campaign launch, Franklin Madison's insurance marketing strategy outperformed the company's and the client's expectations. Performance soared above the client's total AD&D book of business generated from its campaigns of the past 10 years, before working with Franklin Madison.
The client's AD&D business grew to almost five times the billable premium, more than doubling all insured members. Using a combination of proprietary data analytics, multiple controls, and strategic timing, Franklin Madison was also able to deeply penetrate the member base — reaching even previously unresponsive and unmarketed leads. The results were a premium-per-total membership lift to $5.27, up from 27 cents before the client worked with Franklin Madison.
Considerations for Developing Effective Marketing Strategies for Insurance Products
Franklin Madison knows that transitioning a client from a completely different insurance marketing strategy with known results is never easy. However, after explaining the advantages and sharing the projected performance of a more data-driven, member-focused approach, buy-in was no longer in question for the client. Franklin Madison advises coming to clients prepared with the facts on what has been proven to work best for similar offers and affinities. This often dispels any lingering doubts around the new direction for a marketing strategy.
Make no mistake: Franklin Madison didn’t take a cookie-cutter approach to the campaign. By tapping into the client’s response and retention data, the team was able to capture potential insureds’ sentiments and then build on that base with continual customization through creative testing of member-preferred messaging. Additional layers of information — using results analyses and member attributes to create customized models — were used to further target the campaign strategy to the intended audience. With robust testing and data-backed insights, creating and communicating the value of a new marketing strategy for a client's members generated collaboration and success.
If you’d like to learn more strategies for boosting your marketing performance or receive recognition for your own campaigns, become a PIMA member today to participate in the 2022 PIMA Insights Awards.
Published on January 11, 2022.
PIMA® (Professional Insurance Marketing Association®) is a member-driven trade association focused exclusively on the group-sponsored benefits market.