Marketing Technology Solutions Designed for Insurance Gaining Traction
Niche marketing technology insurance solutions focus on social and mobile in field dominated by large, horizontal vendors: Novarica’s Insurance MarTech 100 report
Boston, MA (May 5, 2020) – As insurance companies become increasingly aware of the importance of digital marketing technologies (MarTech) across a range of functions, the field of vendors is dominated by large, horizontal vendors advertising single-platform solutions for the whole marketing life cycle. In a new report, Insurance MarTech 100: Overview and Vendor Index, research and advisory firm Novarica classifies 100 vendors as cross-industry leaders, new or noteworthy, and even those with a known insurance focus. Some vendors have developed insurance solutions specifically to orchestrate the agent sales cycle, with a focus on mobile and social media.
“Digital engagement has become so important that insurers can no longer ignore the data analytics, personalization, and automation tools available within a mature MarTech stack,” said Paul Legutko, VP of Digital Marketing and Analytics, and lead author of Novarica’s new report. “Insurers should watch startups for new capabilities and carefully navigate the continuous cycle of acquisitions as large, holistic providers try to consolidate their market share.”
Among the key findings of the report are:
- Second-generation technologies are no longer small startups. Solutions that grew out of social, mobile, and big data have had the time to make significant penetration into the marketplace.
- Acquisitions have fueled the dominance of holistic solutions. Dozens of major acquisitions over the past decade have left about a dozen companies advertising single-platform solutions for the whole marketing life cycle.
- Insurance-specific solutions focus on social and mobile. Vendors who have developed solutions specifically to orchestrate the agent sales cycle tend to focus on mobile and social media.
Click here for the table of contents or to access the report.
Report Summary
Insurers can no longer ignore the data analytics, personalization, and automation tools available within a mature marketing technologies (MarTech) stack. This report provides snapshot profiles of 100 MarTech vendors, with a specific eye toward solutions common among insurance companies. Although the MarTech landscape in insurance is dominated by large, horizontal vendors, niche solutions for specific functions within the marketing life cycle, as well as solutions that advertise to the specific needs of insurers, have been gaining traction.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
Tags: Novarica
Read the original article at Insurance-Canada.ca