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How to Stand Out in a Thorny Insurtech Market

by Ioana Botzoman

The evolution of the financial services industry is driven by the emergence of new technologies and advancements of existing ones that are aimed at achieving efficiencies, saving time and money, and making companies more competitive. The insurtech market is a case in point of how technology is revolutionizing the insurance industry, generally considered traditional, slow to embrace change, and arguably, more resistant to adopting technological advancements than many other sectors. 

The insurtech market is expected to generate $158.99 billion globally by 2030 growing at a CAGR of 32.7% from 2021. 

To succeed in this increasingly competitive market, insurtech companies need to cut through the noise and that’s where public relations can make all the difference. Building an effective PR program requires creating engaging content, leveraging proprietary data and generating ideas that produce relevant media coverage opportunities across different competitive beats – technology, insurance, insurtech, financial services, fintech, and more. 

 

Communicate differentiation through value

In the insurtech industry, it is more common than not to see companies using similar narratives, which undermines their ability to stand out. Crafting messages that distinguish their company from the competition is essential. However, this is easier said than done. Communicating differentiation in the insurtech industry is challenging because it is most often rooted in the technology itself, which the target audience, such as investors and traditional insurance industries, is not intimately familiar with and is often uninterested in “what is under the hub.”  

To that end, rather than focus on the features of their offerings, insurtechs should educate and engage key audiences on their value and impact – the end result. What specific set of challenges are being addressed? What insights would be of interest to prospective clients? Focusing on answering these questions enables businesses to articulate the meaning behind the work they do and positions them to think big. 

Leverage case studies

Obtaining media results requires consistency and “valuable” insights. Reporters are constantly seeking new sources and differentiated arguments rooted in facts and supporting data. White papers and case studies are an effective way to capture their attention, even more so if others can speak to the company’s value as well. Editors and journalists want to hear about products and services from customers not just the company’s executives or other internal stakeholders. 

Target top-tier publications, but don’t forget the trades

Securing a placement in a top publication such as The Wall Street Journal or The New York Times will go a long way toward increasing brand awareness and establishing a company’s reputation, but it may not necessarily put the company in front of the audiences who are most interested in the products or services it offers. Mentions in industry trade publications for some companies are as, if not more, meaningful as securing top-tier coverage. 

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