Why Insurtech startups need to get their PR plan perfect

Insurtech is making an impact in the news agenda right now, and if you’re one of the companies involved in this exciting sector then you need to be aware of this.

 

A catch-all term for platforms and technology that is driving fundamental changes in insurance, ‘Insurtech’ is being covered by publications and outlets such as the Telegraph, CNBC, Reuters and the like.

 

While some aren’t keen on the clumsy portmanteau, what we can all agree on is that Insurtech is set to have a massively disruptive - but largely positive - effect on the insurance industry.

 

There are many interesting players in this emerging market, and we’ll highlight a handful of them in a post later this week. In the meantime, here’s how companies operating in this market can get an edge on their competitors by thinking about how they plan their PR strategy.

 

Move fast

There will inevitably be interest in new markets within the media - the press, after all, is interested in new trends and right now Insurtech is hot. There's a golden opportunity to become a leading voice in this sector - no clear market leaders have emerged yet. So, if you’re operating in this space you need to move fast to take advantage of this.

 

One of the most important things you’ll need to do is develop an overarching strategy, which we will come to at the end of this article. But while this will take some time to pull together, there is no harm in doing everything you can to begin to get yourself noticed.

 

Make yourself useful

If you want to be considered ‘newsworthy’, you’ll need to do everything you can to be helpful to journalists. If a media outlet is considering covering your company, you can boost your chances of making the cut if you provide journalists with easy access to helpful materials on your website. These include:

 

-High resolution logos and headshots of key spokespeople

-Any press releases that you have issued in the past

-A factsheet with relevant information about your business and the industry you operate in

 

These materials should make up your ‘Press Kit’ hosted on your website. In addition, you should be responsive to any inbound requests you receive from the press - whether by phone, email or social media - if you want to be considered useful.

 

Be a thought leader

Establishing a reputation as a ‘go-to’ voice in the industry is more than just being useful, though. You need to have something interesting to say. As you will have a deep knowledge of your industry - Insurtech - this shouldn’t be too difficult. Specialist journalists covering your area are likely to have a similar level of knowledge, so expect some detailed conversations. The quality of your insights and your preparedness to take a controversial stance will play a big part in whether you find yourself having regular contact with these journalists in the future.

 

With other journalists who aren’t necessarily specialists - many of them will be generalists covering a number of different beats - you may have to spend more time explaining the complexities of your business, how the sector operates and so on. However, you don’t want to dumb down your insights, or be any less controversial - these are intelligent people you are talking to, and they will understand what you tell them. And if you can position yourself as a useful guide, you will find them beating a path to your door the next time they cover the sector.

 

Define your message

This is slightly trickier, and is something that a good PR agency will be able to help you with. The important things to remember here are that you need to create messages that will both resonate and stand the test of time. Let’s take each of these points in turn.

 

Resonance is important - your messages have to cut through to your core audience so they know exactly what it is you do and why you are different. You can’t simply mimic your competitors - you need to stand out. Don’t forget, also, that you should tweak your messaging for media. While your customers will understand and regularly use industry buzzwords, media generally have little time for this kind of language. Keep it simple and straightforward.

 

Longevity is also very important for your messaging, especially in a new industry sector such as Insurtech. While you establish your reputation you need consistency in everything you do - it is an option to be chopping and changing and rebranding all the time. Settle on something strong and stick to it.

 

Set your strategy

Again, it’s a big task to come up with a comprehensive PR strategy, so you need to be prepared to put in a lot of time and get the support of a good agency in order to achieve this.

 

There are several things you’ll need to think hard about. Who are your primary spokespeople, and have they been media trained? Which are your priority publications and news outlets, and what kind of coverage are you hoping to see from them?

 

In addition to this, you’ll need to consider how you create any supporting materials you might need. You might want to commission research into your industry in order to come up with compelling material for media, for example, or write thought-provoking articles to place in relevant publications under your byline.

 

Then you have to consider how your PR strategy fits in with other marketing, branding and social media initiatives you are conducting. It’s often best to approach this in a cohesive way, integrating all of these elements into an overall strategy - again, a PR agency worth its fee will be able to advise and manage this for you.  

 

If you want to find out more about how PR can help your Insurtech business, get in touch below!

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