In an unpredictable world, everyone just wants to feel secure and protected, don’t they? That’s why having insurance is a great safety net to safeguard against all that life can throw at you. And with insurance affiliate programs, you can not only promote security but also earn profits. But with the many offers and tough competition out there today, how do you succeed in the market? Don’t worry; we’ve got you covered! Let’s begin by deepening your understanding of insurance affiliate programs and the industry itself. Then, we’ll share with you what it takes to succeed in promoting these financial safety nets to your audience.
Understanding the Insurance Affiliate Vertical: Your Precursor for Joining Insurance Affiliate Programs
There are many verticals in affiliate marketing by which you can provide value to your target market. For most of them, there aren’t many special rules or considerations, except that you should create content that resonates with your target market. However, if you want to earn through insurance affiliate programs, that may not be enough. So, before discussing in-depth how you can better earn from the program, let’s first talk about all the considerations connected with getting into an insurance affiliate program.
Types of Products and Services with Insurance Affiliate Programs
Even though insurance is a financial product, you don’t just have to be in the finance industry or vertical to be able to promote it. Of course, there will be more freedom in joining affiliate marketing programs for insurance publishers; however, serving other markets doesn’t cut you out of the potential commissions here. As you can see below, there’s a great range of available products (and their associated insurance affiliate programs). Today, there’s one for practically everything! Although, for our discussion, we will only cover the most common products.
Health Insurance
Health insurance is one of the more common types of insurance policies that individuals and families get for themselves. And because of the considerable market, it’s not hard to find a health insurance affiliate program that you’ll like. Health insurance is often understood as either of the following:
- An HMO/PPO that provides you with access to a network of medical professionals and services that may be covered after you meet a deductible;
- A catastrophic health plan with a high deductible that’s most beneficial if you’ve become seriously ill or injured.
Insurance affiliate programs that have these offers can be great for those in the health and wellness space. If your target market is those who are concerned about their health, such as people with chronic illnesses, this would work, too!
Dental Insurance
There are also many dental insurance affiliate programs. Dental insurance usually sells well for families, especially those with young children. Considering the differences in coverage between dental insurance affiliate programs and policies, then those interested in purchasing will want a comprehensive comparison. But more than just the ability to see various comparison points, it’s important to gather real insights from actual experiences. People are well aware that some insurance affiliate programs pay better than others. Through an honest, comprehensive review, you can showcase your credibility.
Life Insurance
Life insurance is a product that protects those who will be left behind with the financial disaster of losing a loved one. In insurance affiliate programs, there are two types that you may be able to sell.
- Term insurance: This is only effective for a certain number of years and is the cheaper option.
- Permanent insurance: This one is effective until the end of your life for as long as there are enough funds to keep the plan active. There are many subtypes, such as whole life and variable universal life.
A life insurance affiliate program tends to be a great fit with retirement planning and even general finance.
Auto Insurance
For most states in the US, you legally can’t drive a car unless you have both a driver’s license and auto insurance. Since practically every American will need one, it’s no surprise that there are so many insurance affiliate programs to choose from. There are many kinds of auto insurance, including collision and comprehensive policies. Uninsured motorist coverage may also be offered by an auto insurance affiliate program! Apart from comparing rates, it can also be useful to provide tips on the discounts that various providers offer. For example, some companies behind insurance affiliate programs may offer discounts to younger drivers if they have good grades.
Property and Casualty Insurance
Property and casualty insurance is more of a general term that applies to every instance policy that covers damage or theft to property. Insurance affiliate programs may offer:
- Home insurance;
- Renter’s insurance;
- Flood insurance;
- Earthquake insurance;
- Landlord insurance.
The great thing about such offers is they’re not just applicable to individuals. Through insurance affiliate programs, companies can also purchase products that limit or eliminate their risk exposure against unexpected events. Whether you’re in home improvement, real estate or even the legal sector, we’re confident that property and casualty insurance affiliate programs will have at least one offer that you can promote to your audience.
Travel Insurance
Are you traveling in or out of the country? Having travel insurance is considered a smart move either way. And if you’re in the travel niche, look into every travel insurance affiliate program out there. See if they have products that will be a great fit for your market. What can this type of insurance product protect the purchaser from?
- Trip cancellations
- Medical costs incurred abroad
- Lost luggage
- Delayed flights
Research the offers available within the insurance affiliate programs to understand exact coverage, since it can vary between offers. Your research will enable you to be seen as a trusted source for summarized, accurate information.
Business Insurance
For a business insurance affiliate program, there may be a lot of offers on the table. This can include the involving:
- Worker’s compensation;
- Commercial property;
- Umbrella insurance;
- Product liability;
- Professional liability.
However, what you’ll see in business insurance affiliate programs will definitely go beyond these offers. Since businesses have a lot of risk exposure, there are more products offered to them. Assessing the risk that the insurance company is taking will be more complicated than a product meant for individuals. So, if you decide to go with insurance affiliate programs with offers for businesses, expect the sales cycle to be longer.
Pet Insurance
With pet insurance affiliate programs, you can provide a product that will ease some of the financial burden on pet owners. What you offer will help take care of routine care, illnesses and injuries. What will be covered? It will depend on the actual insurance product. There are lower-cost options that only cover accidents. Meanwhile, more comprehensive coverage usually includes preventive care. There are many pet lovers out there nowadays, so expect to have a lot of insurance affiliate programs to choose from.
Market Segmentation and Target Audiences
Remember how we mentioned that practically everyone with a voice online can join insurance affiliate programs? That’s because insurance products are not tied to a single market segment or a distinct target audience. Literally anyone who is capable of reading a page on a website can benefit from an offer from an insurance affiliate program. However, what they will be most likely to get depends on multiple factors. For example, a college student with their first car is more likely to get auto insurance than business insurance. So, it’s all about finding the best match for you.
Regulatory and Compliance Considerations
Since what you’re selling through insurance affiliate programs is considered a financial product, you may need to comply with the same regulatory measures. For instance, if you’re using an affiliate link for any of the insurance affiliate programs, you must explicitly state that you may receive a commission. And depending on where you’re promoting the products, you may even need to become a licensed broker. You should also look into data privacy laws to prevent your site from being blocked or banned.
Key Nuances of Working with Insurance Affiliate Programs
As you can see from the previous section, the insurance industry is very unique and vast! Literally, anyone can be part of your target market, which means that you can easily add insurance affiliate programs to your potential income stream. However, you will still face challenges. In the previous section, we dug deeper into what insurance affiliate programs can offer. So now, let’s focus on how you can maximize your potential in this industry. When you are aware of its unique aspects, it will be easier for you to win with the right insurance affiliate programs.
What Issues Can You Face in the Industry?
These are some of the things that you need to address if you want to promote insurance products.
- Regulatory compliance: Since it’s part of the finance industry, you’re held to the same standards as any other business in this sector. For example, you’ll have to comply with data protection laws. As mentioned in the previous section, you may need to be a licensed broker or insurance agent to promote products from insurance affiliate programs.
- Price shopping: If you’re paid per sale, you may lose leads if the insurance product you’re offering doesn’t offer the best value.
- High competition: There are many insurance affiliate programs, which means you’ll have to compete with many marketers for every lead.
Target Audience Behavior and Preferences
When it comes to insurance, your target market may behave differently. Of course, like with any market, people want to get the most value for the lowest price. But when they look at offers from insurance affiliate programs, they will be more particular. The coverage will be examined, and even the terms of the insurance will be dissected. As for preferences, it will depend on their current circumstances. If your audience is composed of car enthusiasts, then insurance affiliate programs that offer car insurance may do well.
Best Practices for Creating Content and Brand Voice
For your affiliate content to resonate well with the target market, keep these tips in mind:
- Focus on education: Authority is very important if you want to be able to sell offers from insurance affiliate programs. By simplifying complex terms and processes, they’re more likely to buy from you.
- Create comparative guides: Doing so will allow you to better illustrate the value of each option. Plus, it shows that you really know what you’re talking about.
- Go for a friendly yet professional tone: Be a professional conversationalist! This way, you help support the credibility of products from insurance affiliate programs without being too cold and alienating to your readers.
What Does It Take to Build Successful Partnerships Through Insurance Affiliate Programs?
What do we mean when we talk about successful partnerships? Since this is affiliate marketing, you should consider the commissions you will receive from various insurance affiliate programs. But it definitely takes more than that to be considered a successful partnership. Your experience with the affiliate platform itself also matters. So, how can you make insurance affiliate programs an instrument for your success? You need to do these three things.
Select the Most Suitable Insurance Affiliate Programs
You know how they say that the chain is only as strong as the weakest link? This age-old adage can also apply to your selection of the best-fit insurance affiliate programs. Here, you may consider the following:
- Current offers: The number one requirement is that what they offer is a good fit for your target market. There are many insurance affiliate programs out there, so don’t worry that you won’t be able to find a good one!
- Rules surrounding commission earning and withdrawal: Ideally, there shouldn’t be a lot of restrictions.
- Reputation of insurance affiliate programs: It’s also important to take into account the actual experience of existing affiliate partners.
- Profitability: A favorable commission model and a strong offer are great determinants of profitability.
Choose the Commission Model That Works Best for You
Many insurance affiliate programs base their commission on the sales closed using the leads you referred. But within the insurance industry, it’s common to be paid based on the lead itself! Because we don’t see that a lot, it makes insurance affiliate programs even more appealing. What other things can affect your commissions?
- Commission rates: Needless to say, the higher, the better!
- Commission ceilings: Great insurance affiliate programs will continue to incentivize you for the income you help generate.
- Cookie duration: Longer cookie durations are preferred because they mean that you can still be credited for a click that happened a long time ago.
Go for Nurturing Affiliate Relationships
The partnership that you get when joining insurance affiliate programs should be a two-way street. Think about how they’re helping you win! Are they providing sufficient resources to make sure that every affiliate has what they need to promote their offers properly? Many insurance affiliate programs also have rules regarding the way that you can sell their insurance products. Are these clearly outlined in their terms and discussed in plain language? Like any relationship, the one that you have with insurance affiliate programs should be built on support and transparency.
Top 5 Best Insurance Affiliate Marketing Programs
As you know by now, there are many programs that you can join and even more products that you can promote. But of all these, which insurance affiliate programs have proven themselves better than the rest? To determine the best of the best, let’s go back to the factors discussed earlier:
- Existing offers;
- Reputation of insurance affiliate programs;
- Rules surrounding commission earning and withdrawal’
- Profitability.
These factors can affect your overall experience with any available insurance affiliate programs. But if you don’t find a suitable one from our list, don’t worry! These are just general recommendations. Go with what suits you best.
Liberty Mutual Affiliate Program
Liberty Mutual is an insurance provider that’s known for its diverse insurance products. What we like about this option is that you can reliably collect a certain amount based on the leads they generate through you:
- $10 for every completed quote for auto or home insurance;
- $3 for every completed quote for renter’s insurance.
We love how, despite the brand recall that they already have, they’re still pretty generous. This is one of the few insurance affiliate programs where there’s significant flexibility in terms of your potential payout. If you consistently deliver high-quality leads, they’ll improve your commission per lead.
Lemonade Insurance Affiliate Program
If you’re already selling other products that complement what Lemonade offers, then you’ll love this. It pays up to $20 for the first quote created by each user. So far, it also has one of the best platforms in insurance affiliate programs, making it easy for you to track your activities and the effectiveness of the links you place. And with AI being all the rage right now, it will be easier for you to get people to sign up. After all, who doesn’t want to see an insurance policy created quickly using artificial intelligence? That will be hard for other insurance affiliate programs to compete with!
Ethos Life Affiliate Program
If you want partners who are eager to help you get started right now, then Ethos is one of the insurance affiliate programs that you don’t want to miss. Using Impact as its tracking platform, you’ll always be able to access the most relevant data and tools. This way, you’ll always have what you need to grow and scale your operations. And because a medical exam is not needed to get their life insurance, you’ll be able to secure payouts from leads quickly. And with a payout of as much as $55 per qualified lead, you can easily rake in huge paydays on Ethos.
SafetyWing Insurance Affiliate Program
How does a 10% commission sound to you? Unlike the first three insurance affiliate programs that we covered, this one pays per sale. For subscription-based insurance products, you also get paid the same percentage for the first 12 months. So, what do you have to promote to get this benefit? You can go for travel insurance, which provides coverage during set travel dates. However, to get a consistent commission, we recommend selling nomad health or remote health, which are insurance products paid monthly like your usual health insurance plan.
Bestow
If you prefer insurance affiliate programs that are more hands-on, then Bestow is worth considering. Not only do they have a quick sign-up process, but they also have a strong support team that can help you with anything, from creating custom pages to generating marketing tips. And with a $25 payout for every qualified lead, what they offer is a pretty sweet deal! Like the other options that we showed you on this list, they also have a strong product. However, unlike the other insurance affiliate programs, Bestow only has one offer: life insurance. So, if that’s something that your audience may be interested in, then you should definitely check them out.
MGID’s Insurance Vertical Case Studies and Success Stories: A Look into What Success in Affiliate Program Insurance Implementation Can Look Like
Talking about it is one thing, but actually doing it is another. Now that you have selected the most successful partnerships through the best insurance affiliate programs, your next move is to actually make it happen! Each case is different, so what will work for you may not work for someone else. However, all your efforts in reaching your overarching goal of generating money through insurance affiliate programs should be grounded on solid marketing principles and emerging trends and data. For example, the demand for native advertising has been growing a lot in recent years because it allows affiliate marketers to bypass banner blindness. We hope the following considerations help you promote offers from insurance affiliate programs.
Converting High-Intent Audiences into Customers
A large insurance company in India wanted to capture high-intent audiences and direct them into buying term insurance. To improve the relevance of their ads, the ads shown were dependent on the time of the day. We also targeted the audience based on interest and optimized ad placement based on user response. From the initial results, we went with the best-performing creatives and headlines. What made this a sure winner was the automated conversion bid strategy so that a larger chunk of the budget was allocated to the highest-performing ads. **The result? 730k ad clicks and 7k conversions. **
Introducing an Insurance Product to the Target Market
For selling offers from insurance affiliate programs, this case study reinforced the need to test based on what you already know about the target market. In this case, the company wanted to focus on young professionals and entrepreneurs who were interested in insurance products. However, they had not yet chosen the company they’d get them from. So, we tested six versions each for branded and unbranded ad content. Using what we learned from the results, we adjusted the landing page to get an even better outcome from the campaign assets. Through our efforts, we were able to drive down the cost per lead 45% lower than expected. We also increased the rate of contactable leads to 50%.
You Decide the Level of Success You Get with Insurance Affiliate Programs
There are so many programs out there! Because insurance is required for a lot of things, you can easily find suitable insurance affiliate programs for your target market. However, selecting the highest-paying program may not always be the best decision. Consider various relevant factors, such as reviews from other insurance affiliate program members, cookie duration and requirements for withdrawal. Of course, your strategy for bringing in sales will matter a lot as well. So, why not try methods that have already worked for insurance affiliate programs in the past? When you try native advertising, have the best team (that’s us!) behind you. Sign up today to enjoy top-level tools and resources to make your every effort a success.
