Insurance is boring. A grudge purchase, from people in ties. A career that makes people at parties say ‘Oh’. Decades of marketing gloss have done precious little to shake this image.
Australian broker Spoke has declared war on boring insurance. Spoke founder Al Dart explains.
“It’s the ultimate challenge, to make insurance sexy. They say it can’t be done, and maybe they’re right, but we’re serious about this. We’ve questioned every part of the insurance process, to work out ways of making it something clients can be interested in. They love the idea of using insurance to drive revenue, rather than just being an expense,” he said.
The genesis of this approach came from Spoke’s work in the event and entertainment space. These are clients with a very different mindset to the standard business insurer.
“These clients felt that their existing brokers simply didn’t get them. You get a stiff guy in a tie applying the same templated risk strategies they use in every other industry, and it just doesn’t meet their needs,” he said.
Spoke has deliberately chosen to only deal with insurance products they find interesting, like events, entertainment, TV, promotions, and cyber crime.
In turn, this approach has allowed Spoke to attract a young, sharp team with broad
expertise in fields beyond insurance. They focus on helping clients meet their commercial objectives.
The biggest surprise for most clients is discovering how insurance can be used to stretch a small promotional budget into big results. Broadcast media has used this approach for years. The attention-grabbing listener and viewer prizes are actually insured, so the media company only pays a modest premium rather than the full prize value. Spoke is now advising a range of businesses how to leverage a small promotional spend in the same way.
“It runs from simple envelope draws to large redemption deals, or even using the weather, as in will it rain or shine, as a creative twist to a promotional trigger,” said Dart. “We’ve had a lot of interest from real estate agencies seeking to increase listings or car dealerships looking to improve convertible sales in quieter winter months.”
The only limit is the imagination, and Spoke offers a lot more imagination than the average broker.
“We’re on a mission here, and it’s getting some traction. We’ve taken clients through the process of using insurance to build their top line, and a few of them have told us that it is kind of sexy. That could be a world first for the insurance industry,” Dart said.