The insurance market is more unpredictable than ever, thanks to increased claim costs, investment challenges, and greater competition. Finding ways to stand out is essential.
We sat down with our finance and real estate client manager, Andy Mundy, to discuss the benefits of insurance thought leadership.
We touched upon how thought leadership can help insurance providers set themselves apart and explored the best topics thought leaders can comment on, besides much else.
Andy Mundy (AM): Insurance providers can benefit a lot from thought leadership.
Research shows that the public wants to hear from the insurance bosses themselves.
Thought leadership is an effective way for insurance bosses to demonstrate their expertise in the sector.
Bosses can lead important discussions about industry trends.
Insurance providers can consistently weigh in on the newest regulations hitting the sector.
Thought leadership PR isn’t mutually exclusive either; it works hand-in-hand with your company’s marketing and advertising mix.
AM: Insurance thought leaders can discuss more than just niche industry topics.
Leaders could discuss the latest AI & blockchain developments in underwriting, a groundbreaking report from EY, or even current affairs like the home insurance crisis affecting the US.
But most importantly, thought leaders should approach a topic from a completely different angle.
Perhaps insurtech startups that use blockchain to execute contracts are making a mistake?
AM: The UK is a global leader in insurance – but why don’t we hear anything about their leaders?
Insurance executives who engage with their audience can help to lift the mask off their company and demonstrate their role in the sector, community, and economy.
The most popular way for thought leaders to engage with their audience is by posting regularly on social media platforms such as LinkedIn and X, and by speaking at important industry events and conferences.
It's also important to be an active voice in the news cycle, which is why earned coverage, such as an opinion article in a trade publication like Insurance Times, is a great way to reach an important, targeted audience.
Companies that use a blend of communications channels for their thought leadership campaign yield the best results.
Posting your recent interview with The Times on LinkedIn is an effective way to squeeze as much value out of that opportunity as possible."
AM: It’s never been more important to have an active and visible digital profile.
But it's not just potential customers that insurance leaders should be targeting. There are other, often forgotten, audiences that they should consider too.
These include employees, trade associations such as the ABI, and potential investors in your business.
Important individuals always perform a Google search before they meet with you or engage in any business activity.
It’s important to make sure that you formulate your messaging with them in mind.
AM: The insurance sector is full of bright and confident people. So I find that insurance providers have quite an easy task at hand when identifying suitable thought leaders in their company.
The best thought leaders are confident public speakers, passionate about their job and the sector more widely, and have a credible track record.
They might have even picked up an award or professional accreditation.
But one consideration is a must. They must be willing to stick their head above the parapet and be prepared to say something that is against prevailing wisdom in the insurance sector.
AM: Executing an effective thought leadership campaign requires careful planning.
You’re playing with live ammo from day one. Without a carefully thought out strategy you risk upsetting employees and damaging long-term relationships with the media.
Most importantly, you risk damaging the reputation of the business.
Having a clear and precise strategy helps you target the right journalist.
Ensure that your chosen thought leader is aligned with the speaking topics.
Guarantee that your strategic messaging puts your firm's best foot forward.
AM: Thought leadership campaigns don’t bear fruit overnight.
They are long-term strategies that once you turn it on, need to be kept going to ensure that your firm looks genuine with its intentions.
When a thought leader shares high-quality content for a few months and suddenly stops posting on social media, appearing in video interviews, or arguing for fewer captive insurance providers in an op-ed, the activity will appear to outsiders like a contrived virtue-signaling exercise.
Importantly, operating a thought leadership campaign over a long period works hand in hand with your marketing mix, including SEO campaigns, organic referrals on socials, and earned editorials in top business titles.