Tailoring Integrated Marketing Communications in Insurtech: A Comparison of B2C and B2B Approaches

By Joel Voigt-Noble

In this age of uncertainty, it is increasingly crucial to understand the differences between B2B and B2C when planning PR and marketing efforts in the insurance industry. Economic shocks caused by events such as the, Covid-19 pandemic, the war in Ukraine and fluctuating interest rates have led businesses and individuals to reassess their insurance needs. As a result, insurance brands need to focus on targeted marketing efforts and strong PR to reach specific customers and build long-term loyalty to stay ahead of the curve. By delving into the nuances of B2B and B2C insurance, brands can overcome these challenges and emerge more robust and successful. This article explores the differences between B2B and B2C insurance, examining the factors influencing decision-making in each sector.

B2C Insurance:

When selecting the right insurance provider, the decision-making process varies between individuals and businesses. Customers usually consider coverage options, premiums, customer service, and accessibility when choosing an insurance provider. Notably, during the COVID-19 crisis, 41% of customers expressed their likelihood of switching providers due to a lack of digital capabilities. 

Additionally, customers worldwide have shown a growing interest in insurers that prioritise environmental, social, and corporate governance (ESG) initiatives and promote healthy lifestyles. These insights emphasise the significance of insurance providers catering to the evolving needs of their customers.

B2B Insurance:

When businesses choose insurance providers, the decision-making process is even more intricate. They have to weigh multiple factors, including risk management, cost, customisation, reputation, network, and compliance. Since the pandemic, pricing has become the primary metric for assessing an insurance provider for small and medium-sized enterprises (SMEs). Interestingly, 20% of SMEs indicated their intent to use digital interactions more in the future, highlighting the importance of insurers improving their digital capabilities. However, these SMEs currently use digital channels in less than 40% of their interactions, indicating a lot of room for growth. Building strong relationships is crucial in B2B insurance, and insurance providers must cater to the unique needs and demands of their business customers to ensure long-term loyalty.

Does Media Exposure Have an Impact?:

Does insurtech PR and media exposure play a role in the decision-making process for individuals and businesses? Undoubtedly, yes. Positive media coverage of an insurtech provider's innovative approach to risk management could enhance its reputation and visibility among potential customers. In addition, a captivating advertising campaign or robust social media presence could attract customers seeking a fresh and contemporary insurance approach.

However, the influence of insurtech PR and media exposure might be more significant for individual customers than businesses. This is because companies generally prioritise factors like risk management and customisation, which are less likely to be affected by media coverage or advertising campaigns.
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To conclude, choosing an insurance provider is a complex decision for both individuals and businesses. Insurers must consider various factors that their customers will scrutinise, such as coverage options, premiums, reputation, customer service, accessibility, risk management, cost, customisation, network, and compliance. Nonetheless, with insurtech PR and media exposure, customers can gain insight into the latest trends and demands, while insurance providers can better cater to their needs. Furthermore, standing out in an immensely saturated market can build consumers' confidence in an insurer and motivate them to learn more.