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.
In our lead-generation marketing strategies category, the 2021 Bronze award was presented to Prudential Financial, which helps individuals and companies protect and improve their financial well-being through various products and services. These include health and life insurance, retirement plans, investment management, annuities, and mutual funds.
Lead-Generation Marketing Strategy Inception and Development
In the fourth quarter of 2020, The Prudential Insurance Company of America decided to rethink its insurance marketing strategy for CPA Life, a life insurance product for members of the American Institute of Certified Public Accountants (also known as AICPA). Research showed that members were most interested in the product’s affordability, the factors that made AICPA coverage better than what they might get on their own, and an understanding of the need for coverage within their current life stage.
Prudential started by analyzing CPA Life’s existing landing page. Through qualitative testing, it found that it did not provide enough context about the product. The landing page also presented two enrollment processes that confused some AICPA members and affected potential enrollment. The team arrived at a three-tiered goal:
- Help members understand their life insurance needs,
- Better explain the value of the product, and
- Increase conversion rates on the marketing pages by including dynamic and personalized content.
Prudential’s team decided that part of the new insurance marketing strategy would include a paid search component, ensuring that members would see a compelling message communicating CPA Life’s value proposition when they searched for the brand. The strategy also included a test of the new landing page focused on that value proposition and personalized to the individual. The goal was that members would understand their coverage needs for their life stages — no matter what stages they were in.
Because the page was dynamic, users were no longer running into obstacles in the enrollment process. Instead, the website directed them to the appropriate application based on information they provided. It also gave Prudential insight into how members were arriving at the page. With that information, the Prudential team discovered that many eligible users were searching for the brand with increasing interest to apply for coverage online.
Results of Prudential’s Award-Winning Marketing Campaign
Prudential’s new marketing strategy for this insurance product began gaining traction with a messaging approach that complemented the landing page, highlighting the product points the research identified as most compelling. While paid search ads increased landing page traffic, a new landing page better educated members on the need for the CPA Life product. This led to a 21% higher conversion rate over the previous landing page.
The dedicated team of marketing experts in the association space allowed for a more focused approach that started with the customer. Prudential’s innovative insurance marketing strategy succeeded because the team acted on the research and AICPA member sentiments, and then created experiences for customers that met their specific needs.
Considerations for Developing Successful Marketing Strategies for Insurance Products
When reimagining marketing strategies for insurance products, the Prudential marketing team would advise pulling legal and product stakeholders into the process early to share the customer experience. When these teams are added into the process early on, they can better understand the “why” behind changes in lead-generation marketing strategies. They can then work from a business perspective, all while still keeping the customer at the forefront of their efforts.
Although you always want to minimize risk, the main goal is to improve the user experience from the landing page throughout all time spent with your digital brand. Prudential suggests being passionate about optimizing the customer journey through the user experience. Think about the small, recursive changes that, over time, lead to big impacts. Be sure to test and pivot along the way should the need arise.
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.
Group Insurance coverage is issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, New Jersey.