The first health insurance companies started business in the US at the turn of the 20th century. Electricity had only just reached most homes, Ford model Ts crowded the streets of New York, and, thanks to those pioneering insurers, healthcare finally became widely available. Their aim: to enhance the wellbeing and access to healthcare of the people in their communities. Yet, a lot has changed for them since those early days.
Back then, all it took them was an affiliation with their local hospital to have a steady and growing flow of policyholders and customers. By affiliating with other hospitals in their local or neighboring areas, they would see those numbers rise automatically.
Now, fast-forward 100+ years to a much more familiar environment: cut-throat competition, disruptors, millennials, and marketers armed with never-seen-before technologies. Health insurers are no strangers to the challenges of modern-day marketing. So how can they make sure they cut through the competitive noise and appeal to younger generations?
A millennial-proof brand identity
The biggest challenge that health insurers face in 2020 is to become more palatable to prospective customers without changing their product. Insurance marketers need to become creative in order to attract new policyholders, retain existing ones, and differentiate their brand. As for many other industries, the solution they seek lies in digital marketing paired with the right creative know-how.
True to their nature, millennials are disrupting every market they have access to. And as they grow in age, so does the number of markets they explore. Not the teenagers they used to be ten years ago, today millennials need insurance policies.
Famous for taking exception to being told what to do, millennials don't enjoy dealing with pushy sales agents and do their own research online. Easily attracted to sophisticated online shopping experiences, they want their policy-choosing process to look no different. And, just like for their online shopping, they will use their smartphones to compare insurance providers.
According to Blue Corona, over 50% of users will search for insurances from their mobile devices and over 75% of them will judge the company's credibility based on the look of their website.
Millennials are voracious consumers of all things digital. They will avidly consume hours of videos per week in search of answers to their innumerable questions. But they will also read. According to Forrester, they will read an average of 11.4 pieces of content (a.k.a. blogs) before making their final purchasing decision. But not before having scrutinized every aspect of an insurance company's social media presence, including the social action they take and the causes they support.
So what does all this branded content mean for the health insurer planning to scale their reach beyond the usual channels and beat the competition?
It means plenty of assets to create, repurpose, store, retrieve, distribute, and collaborate on. It also means the need for seamless collaboration between the marketing, creative, and sales teams and a DAM solution that can make all of this happen. A cloud-based DAM is a hub for all your company's digital assets. It is accessible anytime, anywhere, and securely to internal and external stakeholders.
DAM fuels collaboration to achieve scalability
Streamlining collaboration between internal and external teams involved in content creation and distribution is paramount to the success of any marketing campaign. Customers use a product or a service because they are drawn to the brand. It is the joint work of designers, marketers, and strategists that results in how a brand differentiates from its competition.
Having all key clients and creative performers logged into the DAM, we can share and produce work collaboratively—reaching the aim of brand consistency across markets.Nicola Castelow
Creative Team Manager at innocent drinks
Collaboration between teams on asset creation and distribution through a DAM system results in the message and vision of a company and affects virtually all aspects of the customer and brand experience. Companies in healthcare as well as the insurance sector know that design consistency is a powerful conversion tool and strategies based on it are pivotal to support every phase of growth.
Most companies today can count on in-house creative teams to drive business results. But sometimes, having too many internal and external stakeholders cooperating on projects can lead to frictions. This hinders the development of brand identity and it often results in bottlenecks in the workflow process. A DAM in place ensures smooth collaboration around asset creation, management, and distribution and gives teams more time to focus on value-adding activities.
A solution for frictionless collaboration among all teams
The good health of a company is guaranteed when creatives speak the marketing language and marketers wear a designer's hat.
With our Bynder DAM, Creative Workflow, and Brand Guidelines we help 1800+ companies to manage their digital assets to fit their marketing needs, achieve their branding goals, and speak a common language to drive ROI.
Find out how a major health insurance company has found in Bynder's DAM solution a way to empower its teams to collaborate and drive business value. Read the full story here.