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Posts in ‘Direct Mail’

Overcoming the Challenges of Life Insurance Marketing

Sep 30

According to a study by LIMRA, the leading research firm for the life insurance industry, ownership of life insurance has been steadily declining for decades and is at a 50-year low. Industry analysts believe there are a number of factors behind the downward spiral.

In the glory years of the industry, families depended heavily on one wage earner. Premature death of the sole breadwinner would spell financial disaster. With the rise of the two-income family, longer life spans, and a shift toward investments as a means to provide for the future all combined to create a false sense of security and diminish the motivation to buy life insurance.

Insurance agents began looking for new ways to market the product, positioning it as a tax-deferred savings vehicle. In pursuit of high net worth consumers, many agents walked away from the middle to lower income market.  The combined effect of agent neglect and consumer indifference combined to drive life insurance sales to historic lows.

It was in this environment that Bodden Partners was hired to help the National Education Association sell life insurance to its members. Through a variety of database marketing strategies and creative techniques, we create a breakthrough program that has garnered unprecedented policy sales and a trophy case full of industry awards. If you would like to put our insurance team to work for you, contact Mark Silverman for a custom consultation

Bodden Partners Wins PIMA Award

Jul 29

Our direct marketing team added another trophy to the shelf at this year’s Professional Insurance Marketing Association (PIMA) Marketing Methods competition. The annual contest highlights the best work in the insurance marketing industry and recognizes excellence in marketing strategy, creative strategy and results.

We are particularly proud of our entry for the NEA Members Insurance Trust. Their AD&D offering is a mature product that has been marketed through stand alone direct mail for decades. The typical buyer is a member who has been with the NEA for several years. Given their repeated exposure to the same product, a large part of our challenge was to change the dynamic of how is product is sold, without increasing the budget or using any additional marketing channels.

Our experienced team of insurance marketers completely re-engineered the marketing strategy, sales approach and creative design to arrest attention, engage the member with a deeper level with a greater sense of urgency. The results were unprecedented in NEA’s history. Using the same budget as the previous control, we were able to nearly triple both response and conversion.

If you would like to put our insurance team to work for you, contact Mark Silverman at msilverman@boddenpartners.com