Attention please: Why thought leadership is essential for growth in the insurance industry

Did you know that digital data doubles roughly every two years? The amount of information available to people today is almost unimaginable and it’s growing all the time, but our attention spans and the hours in the day remain the same.

This concept, known as the ‘attention economy’ and coined by US political scientist Herbert A Simon in the late 1960s, describes the struggle against information overload. Despite the internet’s proliferation of content, attention remains finite. Which is why Thomas Davenport and John Beck, business consultants and authors, added to the debate, saying there was a pressing need to treat human attention as a scarce resource in response to this dynamic.

So, if we’re living in an ‘attention economy’ rather than an ‘information economy’, what does this mean for business leaders in the insurance sector and their communication strategies?

Insurance PR strategy: creating influential content

Most people in business understand that effective communication stands as the cornerstone for success. As competition intensifies and information grows exponentially, insurance businesses that prioritise well-thought-through communication not only attract attention from target customers but also foster understanding, trust and lasting relationships.

Thought leadership that spurs insurance leaders to rethink their challenges is a powerful tool for stimulating demand for your business’s products and services. It does far more than just create a favourable impression of your brand. Effective thought leadership exerts a surprisingly strong influence on sales and pricing. It can be a more powerful marketing tool than traditional methods and makes people more willing to seek you out – and even pay extra for your expertise.

The key attributes of trustworthy insurance thought leadership

As well as scouting for prospects, protecting your existing customers is critical. If you’re not helping your customers think about their challenges in new ways, someone else will. Thought leadership can help protect you against competitors trying to poach your clients.

But despite the clear power of thought leadership to drive business results, it seems that it’s generally under-resourced, misused and not measured appropriately. Good thought leadership has three key attributes: it cites strong research and data, helps buyers understand their business challenges, and offers concrete guidance. Doing any of these will elevate your thought leadership above the pack. Doing them all will put you in the top tier.

According to the 2024 Edelman-LinkedIn B2B Thought Leadership Impact Report, executives trust thought leadership over regular marketing materials. In fact, 73% say that an organisation’s thought leadership content is a more trustworthy basis for assessing its capabilities and competencies than its marketing materials and product sheets. And 70% say that they are very likely to think more positively about organisations that consistently produce high-quality thought leadership.

Today’s insurance business leaders mustn’t kick the can down the road. Maintaining visibility is crucial, but it’s getting harder with ongoing digitalisation and the constant competition for customers’ attention among companies in the sector.

Why connect with a public relations expert?

Engaging a PR company like Midnight Communications to help you produce thought leadership pieces for the media is a good idea for several reasons. We know the media landscape well, so we can figure out the best places to publish your content to meet your goals. We have expert in-house content writers and journalists with a knack for crafting messages that are persuasive and relevant to your target audience, while also staying true to your brand’s identity. Plus, we have strong connections with editors and media outlets, which means we can help get your content noticed and published in reputable places, boosting your credibility.

We can also adapt your thought leadership content to suit different formats and channels, making sure it fits each platform’s requirements and appeals to different types of audiences. And we have the tools to track how well your content is performing, providing insights that help us to refine your strategy for future efforts.

Click here to read more about our services.

Involving insurance leaders for a successful PR campaign

We know you’re busy, but getting insurance business leaders involved in creating thought leadership content is simply crucial. It makes it easier for us to establish your company as an authority, setting you up as the right firm with which to partner and drive innovation. It also helps us to help you attract top talent and contributes to the overall success and growth of your business.

By integrating C-suite executives into communication strategies, insurance companies also give their sales and marketing teams stronger ‘tools’ with which to navigate complex sales cycles more effectively.

Changing landscapes

After decades in the PR business, at Midnight Communications we’re really seeing thought leadership emerge as one of the most powerful avenues for insurance industry bosses to assert their authority, build trust and stay ahead in a dynamic market.

By consistently sharing insights, analyses and opinions on pertinent topics through sector media, industry leaders can position themselves as specialists in their field, enhancing credibility and reputation within the industry.

It gives you a chance to showcase your understanding of emerging trends, technologies and regulatory changes, solidifying your position as a trusted advisor to stakeholders, including clients, partners and investors. Plus, by fostering transparency and consistently providing value, leaders can build confidence levels with their audiences, laying the foundations for enduring relationships and greater business success.

With 75% of decision-makers and C-suite execs saying that a piece of thought leadership has led them to research a product or service that they were not previously considering, you’d be mad not to try it out.

Insurance PR: what about AI?

In today’s tech-driven world, many might think it’s easier to rely on AI tools like ChatGPT for their communication needs. But despite the wonders of technology, human interaction still holds immense value. Being genuine and relatable stands out amid the flood of corporate content, especially as people are becoming more aware of AI-generated feed. Being authentic and transparent is crucial for building trust, connecting with employees and boosting your company’s reputation.

In simple terms, thought leadership from C-suite executives can push your business forward. As the industry keeps evolving and the noise of information grows louder, working with professionals and embracing a strategic thought leadership approach will become essential for long-term success and growth.

Proven strategies for success in insurance PR

Midnight is a leading insurance PR agency specialising in PR, thought leadership, social media and content campaigns for insurance brokers, providers and brands operating in the insurance sector. Read more here.

Click here to read our case studies for Arch Insurance and Howden.