The digital channels in the insurance industry, despite numerous strategies, struggle to penetrate the market and remain an area ripe for further research, especially for capturing Generation Z, who will be the major customers in the next 10 to 20 years. Industry studies have shown that the youngest generations have a distinctly different approach to gathering insurance information. In the early days of the internet, consumers typically searched for well-known insurance companies seen in TV commercials or requested documents through comparison sites, but newer generations engage differently.

Many insurance companies were initially enthusiastic about digital marketing, experiencing a period of prosperity in digital channels. However, despite maintaining digital interfaces, their former momentum has waned. It is believed that this is because the traditional face-to-face channels have been able to demonstrate measurable success that digital channels have yet to surpass. In a world where spending 100 million requires earning 300 million, it is extremely challenging to continue strategies that do not yield results.

Moreover, once consumers become policyholders, they prefer 24/7 digital communication over face-to-face interactions (e.g., making address changes or handling various procedures via smartphone), which presents a dilemma as these services do not directly contribute to sales. Our company considers it crucial to explore and evaluate the effective integration of digital and real channels, providing support from governance setup (structure and KPI settings) to revisiting the use of digital channels.

Insurance products designed to function in case of unforeseen events involving oneself or one’s family may not align well with web marketing that assumes proactive consumer actions like searches, ad clicks, or taps. On the other hand, insurance companies' most potent asset is their well-established sales support systems, and face-to-face channels that are highly trained in compliance, sales techniques, and administrative operations.

To integrate the valuable face-to-face channels with digital means effectively, we examine systems that allow these two channels to function together. This includes developing intermediate KPIs to measure the contributions of face-to-face channels, using an approach distinct from traditional advertising agencies and aligned with the real conditions of the insurance industry. We support the utilization of digital tools while considering these unique industry dynamics.

• Insights into an organizational structure suitable for the digital age, involving all company departments.
• Development of intermediate Key Performance Indicators (KPIs) to visualize the effectiveness of digital marketing.
• Establishment of appropriate digital communication strategies for existing policyholders.

• Support for Digital Marketing Strategy Operations (Major Insurance Company)
• Support for Liaison Analysis Between Digital and Real Channels (Major Insurance Company)
• Consideration of Digital Services for Existing Policyholders (Major Insurance Company)

Publication: Management Research Institute Report
Title: Preparing for the Era of Generation Z as the Main Customer Group ? The Future of Digital Marketing Strategies for Insurance Companies and Agents