Insuritas: Boost Income and Expand Wallet Share by Engaging the Digitally Disinterested


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  • Growing your programme means not slipping into the all too common comfort zone of a/b or basic MVT Set yourself quarterly objectives or mile stones Where do I want to get to in 3 months from now, where do I want to get to in 6 months from now? Like Dan is doing at Lloyds – he’s thinking about planning for cross channel optimisation months in advanced – it’s a key business objective
  • The world has become a lot more complicated The always-on, digital world presents a huge array of challenges, especially when acquiring new members
  • A great example of of ‘everything being tested’ is the Obama campaign I loved this quote from Dan Siroker, “every visitor to our website was an opportunity” The sooner YOUR business / organisation realises this to be true, the sooner your culture of optimisation will develop
  • When we build a website, we need to define the target audience, typically defined as a group of 3-5+ Personas Sketches of these individuals: who they are, what they need, how they behave, barriers to success, decision criteria, etc.
  • Using A/B testing to optimize any website process (account open, member login, etc.)
  • Personalization means that what is shown on the site and what is delivered through marketing campaigns can be driven by what we know about the member/prospect Every prospect is no longer treated in the same way
  • Through eye-tracking studies, we’ve learned about the general value of the real estate of a web page Well known that the top left corner is the first place that users look – earned the name golden triangle
  • Insuritas: Boost Income and Expand Wallet Share by Engaging the Digitally Disinterested

    1. 1. Brochure-ware to E-Commerce Your Website’s Journey Begins Engaging the Uninterested Boston - 2013
    2. 2. Jeffrey Chesky • President & CEO - Insuritas • Founder, BIS/Insuritas • Contact Information • • 860.653.1134 Welcome
    3. 3. Member Engagement on the Web “Even though marketers are very intuitive and creative people, and even though they have a strong marketing background and basic understanding of their target customer, the sheer scale of activity in the digital space and its dynamic nature far outstrip the marketer’s ability to predict what is going to resonate online with customers and prospects at any point in time.” Alex Yoder, CEO
    4. 4. Preamble • The Backdrop • Bankers vs. the Techies • Apologies in advance • Engage, question & dig deep • All new – no foolish questions
    5. 5. Why we know what we know • Run insurance agencies – Financial institutions nationally – Avg. $1.8 billion asset ($73m - $23b) – 4.3 million Consumers – 235,000 Commercial accounts • No Agents • CU Generates All Shoppers • No Reward & Recognition • 5,000 shoppers, 35,000 visitors/month
    6. 6. • SEO – WSO • CXM • Presentation Layer • Look to Book • A/B Testing – Multivariate Testing • Shopping Cart – Rated & Best of Breed • Anything Else? • Single Check-Out Some Definitions
    7. 7. The Financial Website Today The Financial Website Emerging The Financial Website Tomorrow x.asp
    8. 8. What Does Do?
    9. 9. Web Site Analytics •Log files •Hits and Links •On Premises •Webmasters Web Analytics •JavaScript •SaaS •Visits, Funnels, Sources, Pages •Aggregate reporting •Out of the box reports •Web Analysts, Digital Marketing Digital Intelligence •Multi Channel •Site, Social, Mobile emerge •People, not aggregate •Highly customizable •Intense pressure on ROI/Business results •Technology + Expertise •Data mobility and integration •Digital Marketer, VP - Digital Automated Digital Optimization •Cross Channel •Site, Social, Mobile Mature •Explosion of individual data sources •Real-time •Action-oriented •Automation •Elegant visualizations •Leveraging data across all channels •CMO & CIO Evolution of Digital Intelligence Cycle I BusinessValue($) Cycle II Cycle III Cycle IV PARADIGMSHIFT PARADIGMSHIFT PARADIGMSHIFT
    10. 10. The Maturity Curve Optimization Maturity Phases Operational Reporting •Web Analytics •Measurement •No Testing •Ad Network Targeting “Crawl Phase” •A/B/n Testing •Basic MVT-1-3 areas •1 Element Targeting •1 Project at a Time “Walk Phase“ •More Advanced MVT •In-session Segmentation •Multi Element Targeting •Frequent “Run Phase” • Personalization • Integrated Optimization • External Segment Use • Social & Multi-Channel • On-going Conversions
    11. 11. The Challenge / Yesterday’s Path To Success
    12. 12. The Opportunity/ Today’s Path To Success
    13. 13. “We started with just one simple experiment back in December of 2007. This experiment taught us that every visitor to our website was an opportunity” Dan Siroker – Ad Director and Analytics for Obama Campaign Everything was Tested
    14. 14. The Results… LoanINSURE®
    15. 15. Are You Doing ‘Analog’? • Paper-Based • Direct Mail • Annual Solicitation • Paper Applications • Data Entry Enrollments • Hard Copy Certificate • Paper Bills, Collections • “Trust Me” The Past: “Analog” X 3 X 3 X 3
    16. 16. Are You Doing Digital? Yesterday: “Digital Links” X 1 X 1 X 1 • Web links to vendors – no return • Caution – Toxic Site Ahead • Digital applications – Your first name? • Electronic data capture • .PDF fulfillment • Online collections • “Trust Me” For Credit Unions: No Controls. A Sales Generator or a Lead Generator? For Members: Was this like shopping
    17. 17. • Demographics • Technology Profile • Key Decision Factors • Key Tasks • Online Behaviors • Barriers Strategy – Personas
    18. 18. Testing & Optimization – Process Website visitors are randomly split where x% presented Option ‘A’ , 100-x% shown Option ‘B’ Only difference is attributed to ‘Option’ presented to visitor Statistical analysis used to determine if lift sustainable or due to chance
    19. 19. Level 1 (Control) Level 2 Level 3 Level 4 Total Clickthrough Rate +8.09% Confirmation Rate - 19.48% Total Clickthrough Rate +19.47% Confirmation Rate - 27.36% AB/n Test
    20. 20. Fairwinds CU
    21. 21. Fairwinds Rater Traffic Pre-Quick Quote: 107 Visitors/Week Log-Out Quick Quote: 945 Visitors/Week
    22. 22. CMS and Personalization
    23. 23. Nurturing a Conversation Click here if you are having trouble viewing this message. Dear Member, Thank You forVisiting Us Online. Shopping for Insurance Can Be a Challenge! Our crew members at Fairwinds Insurance Services are standing by ready to help at (800) 632-9541. Give us a call and talk to one of our licensed agents who can assist you with the online process. We will provide you with competitive personal insurance quotes from some of the area’s top rated carriers. Just so you know; 4 out of 10 Fairwinds members save when they purchase their insurance with us. Many of our members saved even more after talking with an agent and finding additional policy discounts. Don’t hesitate; we can help you take the next step and get your free quote comparison today! Call toll free: (800) 632-9541. From the Insurance Experts at Fairwinds Insurance Services, LLC. Call one of our crew members and start saving today 800-632-9541 *Insurance products which are available are not deposits of the Financial Institution and are not protected by any type of deposit insurance, are not obligations of or guaranteed by the Financial Institution, and may be subject to risk. Any insurance required as a condition of the extension of credit by the Financial Institution need not be purchased from our Agency but may, without affecting the approval of the application for an extension of credit, be purchased from an agent or insurance company of the customer's choice. Click here if you don't wish to receive these messages in the future.
    24. 24. Online X-Date Fee Generator 34,000 – 90 days
    25. 25. The Digital Exchange – Early Days Today: “Digital Exchange” ALL • Multi-product purchase system • Single data entry • Single bill • Single customer portal for service (24/7/365) • Full transparency A Sales Generator
    26. 26. The Digital Exchange Experience Today: “Digital Exchange” ALL • Multiple carriers • Multiple products • Shopping cart • Controlled environment • Single application process • Single payment process • Real time fulfillment • Branded customer portal • Always-available
    27. 27. How Users Scan Websites The Golden Triangle
    28. 28. 53.4%
    29. 29. Disruptive Ideas • Member’s Voice… One Stop Shopping • Eliminate intermediaries • Increase shopping cart values • Drive repeat shoppers • Expand fee income, wallet share and promote retention
    30. 30. Closing Thoughts • What Do You Members Want from your Web Portal • What will vendors do to support those needs • Is Web Site a “Permanent Aisle in the Store” • Do you know how to manage monetization • On-line Banking key for sales