Data breaches and ransomware have hit every sector in the last few years, and companies in the P&C insurance vertical are aware of the vulnerability of vast stores of personal data. According to Deloitte research, 68% of insurance companies surveyed plan to increase spending on cybersecurity this year.
Companies with solutions for cyber security in the insurance industry have plenty of opportunity ahead, whether your brand is well-established in the vertical or ready to expand. And you’ll gain more wins faster with account intelligence that guides you through the purchasing process and helps you address buyers’ objectives directly.
Pinpoint the Challenges of Cybersecurity in the Insurance Industry
Insurers, like other companies, are having a hard time hiring experienced, in-house security professionals, so they’re looking for outside experts and technology to fill some of that role. Meanwhile regulators are increasing scrutiny around the data insurers collect and how they use it.
While cybersecurity is on their minds, insurers looking for enterprise solutions are likely to do initial research themselves on software options before they choose to engage with you directly. Outreach marketing that addresses common challenges of cyber security in the insurance industry will raise awareness for your offerings.
However, you’ll have the biggest impact if marketing content addresses the concerns each account cares about. For example, some companies are trying to patch security holes after they scrambled to increase automation and remote worker access in the pandemic. Other firms may be shoring up against ransomware attacks, and still others are most concerned with protecting legacy systems.
Before designing your outreach campaign, consult someone with industry knowledge who can identify the best companies to target for your solution and the pain points they’re most worried about.
Craft Sales Strategies Based on Insurance Vertical Needs
When your targeted marketing has drawn some interest from prospects, you’ll want to build on the intelligence you have to define a successful sales strategy. In particular, find out what knowledge gaps buyers have around cyber security. For example, if an account is grappling with the ramifications of current and upcoming PPI regulations, focus sales interactions around providing expertise and advice in addition to presenting your solution. Also, most insurers have a large percentage of data in legacy systems, so they may need thought leadership about securing older storage.
Also, don’t overlook corporate culture. Your accounts are looking for vendors who understand and align with their way of doing business. Observe how the buying committee likes to communicate, run meetings, and evaluate options before setting up sales plans.
Work with your champions or a consultant who understands your account very well to define the business objectives of the buyers. Determine what each decision maker needs from solutions like yours and how cyber security makes their jobs easier.
Align Sales and Marketing Actions with the Account’s Purchasing Process
Insurance executives, like everyone, get an onslaught of emails, texts, and messages from vendors and colleagues every day. To capture their attention, your team needs to share the information prospects need when they need it. So you have to know where buyers are in the purchasing journey and what they’re thinking about at each point.
Insight about the process will tell your team when to offer a pilot or proof of concept, when to engage in an architectural discussion, or when it’s time to ask for meetings with the C-suite. The purchasing steps and how buyers move through them are tightly coupled with the company’s culture, the makeup of the buying committee, and the power dynamics.
Fine Tune Sales Messaging with Industry and Account Expertise
Your sales team will close deals faster if you know what buyers want to hear and how to say it in their language. As part of crafting your messaging, consider where your solution’s strengths will play best for cyber-security in the insurance industry. Assess the account’s current tech stack, culture, and risk tolerance. Also look for the hidden drivers that matter to your account, such as your ability to partner over the long term or provide thought leadership about coming challenges.
Dig deeper to learn how security initiatives impact buyers personally. Listen carefully in meetings for hints about their values, motivations, and concerns. And consult their preferences on how they like to engage and the kind of data they need to see before selecting a vendor.
With good insight into the priorities of individual buyers, you can use messaging to help clear out internal obstacles. For example, if the CISO is interested in your solution, but the CEO is not willing to devote budget to it, your experts can arm the CISO with data, ROI analyses, and threat assessments that help convince other executives to invest.
If you have a trusted champion, ask them to review messaging and presentations and help you customize them. And use your insight about the account’s purchase process to share the content decision makers are looking for. With messaging that resonates, delivered to the right people at the right time, your deal will move forward quickly.
Take the Inside Track with P&C Insurance Sales
Recent Emissary research emphasizes the value of account intelligence for increasing sales. But developing the relationships and experience you need to understand a company’s culture, power dynamics, and purchasing preferences could take years.
Fortunately, you have an option to consult with someone who’s already spent years at your target account and knows it well – an Emissary Advisor. When you work with Emissary’s human intelligence network, you’re connected with an Advisor who’s recently left a leadership role at your prospect company.
Advisors educate your team about the account details you’ll rarely find in public business data sources. You’ll learn which voice carries the most weight in technical purchases, what kinds of case studies make an impact, and how to speak your buyers’ language. With Advisors’ intelligence in your toolkit, you’ll execute more successful sales actions and capture a higher share of the P&C insurance market.