Marketing health insurance is one of the most difficult jobs in insurance marketing. This is because of the perpetual conflict between the insurance companies which want to make a profit and the insured person who wants to get as much compensation as possible from the insurance company. Commissions for the health companies are very low and they seldom make profits from health insurance.
Marketing Health Insurance: Reasons
In the past, health insurance policies for young children and health people have had low premiums, resulting in little profit. Those who paid high rates of premium were the older people who often got ill, with the result that the health insurance companies had to compensate for that. However, nowadays health insurance premiums are almost the same for a healthy young adult and an old person who just has had a major operation.
Marketing Health Insurance: Advertising and Informing
In order to advertise and market their products, health insurance companies use fliers and banners that inform clients about their range of products. Another strategy in marketing health insurance is to offer free health checks to the insured. It is important that health insurance companies give policyholders, existing or potential, a chance to understand the benefits the insurance company is presenting to them. This makes clients feel comfortable and cared for. If this is done regularly by the company, there are high chances of attracting new customers.
Marketing Health Insurance: A Competitive Field
Marketing health insurance products has invited tough competition as most health insurance companies offer similar types of premiums and facilities. So it has become very important for life insurance companies to focus on health insurance marketing and attract as many people as possible to their company.
Marketing Health Insurance: Know the Target Audience
It is hence mandatory for one to know about the market target and the needs of the customers before proceeding with health insurance marketing.
It is easy to capture the potential insurance holder's attention if the insurance company knows its targets and aims clearly. So, it is important to conduct a survey (of what?) and then aim at attracting people.
Health Insurance Marketing: Strategies