Opportunities are brought about with change in business. And those states where gay marriage is now legal show opportunities in marketing to sell insurance products for gay couples.
According to the merge media based in Texas, the gay market is humongous in the US. It says that about $800 billion in policies is bought by bisexuals, transgender, lesbians and the gay community. These communities usually have powerful allegiances to one brand in particular.
Merge media that has clients like Coors and hotels.com and BMW say that about 89% of these communities usually buy brands that are advertised directly to them.
It was seen that one of the 4 adults of LGBT were reported to have switched brands to a company that supported them. Massachusetts, Vermont, lowa, Connecticut and New Hampshire are the 5 states that have accepted the laws favoring gay marriage in the recent years.
Although some agencies are very enthusiastic about selling insurance to gay couples, some agencies are not lucrative about it.
The owner of PFT&K brokers of insurance, Kevin B Foley from New Jersey where gay civilian unions was passed by the legislature is a stunning example. In response to this, many of the carriers of insurance began to give attention to coverage of the LGBT in civil unions.
Even though it is one of the most common ideas in life and health insurance, there are lines like casualties and properties where the partner’s recognition is very important to get benefits like discounts on several products and compensation for workers.
Foley writes auto insurance for travelers who wrote to the agents asking them to increase their discounts to the customers of LGBT who were initially in the civil unions. Since Foley markets commercial property and personal property, he took out this opportunity to publish monthly ads in favor of the LGBT.
A lot of other marketers say that extending their markets and targeting LGBT will have a great impact in the coming years to their business.
“LGBT consumers place a high value on brands, including health insurance companies that earn and grow respect within the community. LGBT consumers are among the most motivated to ‘vote’ with their dollars and to seek out brands they believe to be very friendly and supportive of the LGBT community.”
Same sex marriage is recognized in new work. But till now there hasn’t been any exceptional marketing strategy says Tim dodge, brokers and insurance agents’ spokesman.
From a marketing point of view, some insurance companies in those states where gay marriages are not approved of are made to develop partnerships and look at the policies and the policy holders.
“When buying insurance, domestic partners need to take a few extra precautions,” OFIR Commissioner Ken Ross said. “Asking the right questions before you buy can save you time and money.”