Getting Serious about Fee Income (Credit Union Conference Session Presentation Slides)

Fee IncomeTime to Get Serious July 2012

Host Jeffrey Chesky • President & CEO - Insuritas • Founder, BIS/Insuritas • Contact Information • jchesky@insuritas.com • 860.653.1134

AGENDA • What’s the goal of your CU web site? • What your members want vs. what you offer • Your Web Portal is a sleeping sales machine. • What is the ‘Insurance Aisle’ teaching us? • What you want to be working on now.

Some Definitions • Web Portal vs. Web Site • E-Commerce • SEO • Enterprise Solution – Incremental Solution • ‘Aisle in your Store and on the Web’ • Credit Union Driven Integration • Shopping Cart • Anything Else? • Single Check-Out

Why we know what we know • Run insurance agencies for over 40 financial institutions nationally – Avg. $1.8 billion assets, total 4.3 million Consumer & 235,000 Commercial accounts • Our Credit Union partners do not have insurance agents anywhere in market • We do no prospecting – no marketing – no cold calling – Credit Union generates ALL shoppers • CU employees are not allowed to earn reward or cross- selling fees • Process over 5,000 member auto/home quotes each month • Member’s put additional products in ‘their’ shopping cart • Web Portals are Sales Engines!

Agenda  Market Overview  Fee Income – Serious at Last  Web Portal  Ecommerce – Really!  Radical Ideas

A Convergence of EventsBanks Lost $3.6 Billion inOverdraft Revenue in 2011 Between 2010 and 2020, the number of agencies below $2.5mm will decrease by 28.6%.Number of U.S. Online Banking CustomersContinues to Grow Despite ChallengingFinancial Environment Quote, Compare & Buy Online

The Store is Changing Wells Fargos Stumpf Eyes Insurance Pick-Ups MAY 31, 2012 4:26pm ET Wells Fargo (WFC) continues to eye acquisitions of niche businesses. Chief Executive John Stumpf said during an investor conference in New York Thursday that the bank is in the market to buy insurance companies. A key reason: Wells is one of the largest originators of mortgages and used-car loans and that those borrowers all need insurance, he said. "I love the insurance distribution business," he said at the Sanford C. Bernstein conference.

‘I want it all about me’ … your member Source: Voice of the Personal Lines Insurance Consumer Surveys, Deloitte Research, 2011

Really… 80% + Source: Voice of the Personal Lines Insurance Consumer Surveys, Deloitte Research, 2011

Fee Income @ Work • Shop, Compare… • Now… Buy On Line • LoanINSURE® • Online Chat • CSR 24 • Shopping Cart • Increase ‘Look to Book Rates’ • Reduce Acquisition Costs

Your Insurance Quotes in MinutesShop, Compare…

First In Nation ‘Your MemberFirst… and its about time’

Shop, Compare, Buy On Jan 28, 2012, at 11:48 AM, FairWinds Credit Union Agency wrote: 1/28/2012 Dear Jason Breaker, Thank you for choosing Fairwinds for your insurance needs. We have received your payment of $557.60. Your insurance ID cards will be e- mailed to you shortly, and within the next 1 -2 weeks you will be mailed a copy of your insurance application, finance agreement (if applicable), declaration page, and an additional copy of your ID cards.

Quantum Agency Platform®Collapsing the Price Offering Time-line – Converting Data to Fee Income Borrower Data

12:03 am… Batch Files Arrive – Loan App & Appraisal12:15 am… Quoted, Priced and Ready for Delivery Borrower Data

Quantum Agency Platform ®Instant Auto Quotes Borrower Data

The Results…Data – Fee IncomeLoanINSURE®

Live Chat –Fee Income Accelerator

CSR 24 ®Expanded Service = more fee income • 24/7 Internet access • Policyholder self-service • After-hours or 24/7 call center • Online Certificates of Insurance • Certificate Tracking • Live CSR for claim reporting after hours • Agency-branded service

CU Portal 2.0 There is a wide array of intentions among the people who are engaging online. Some people want to do business. Some people are doing research. You need to be prepared to help them all. Google CEO, 06/05/12

E-Commerce Work Beginning

Traffic Increasing Monthly

Shopping Cart Live AD&D Auto Prescription Card

What Does Amazon.com Do?

FAIRWINDSBill-PayLogout

Online X-Date Fee GeneratorNot a matter of if… just when and how

Auto Dealer or Branch Kiosk

Shop, Compare & BuyIntroducing E-Commerce Website traffic is a valuable commodity… drives business…so it’s incumbent on organizations to make the most of that commodity and to make sure that website traffic has the greatest impact that it possibly can… companies need to ensure that customer experience efforts are resonating and driving measurable results.

Multi-Variant Testing

Customer Engagement Investment “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.” Webtrends CEO

‘Look to Book’ – Key to Fee Income

Listening to Millennials Source: Voice of the Personal Lines Insurance Consumer Surveys, Deloitte Research, 2011

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” • Leverage infrastructure capabilities • On-line Banking can also sell • Plan for Additional Sales • Remember, you often get what you measure

Questions? Jeffrey Chesky, CEO Insuritas jchesky@insuritas.com

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Getting Serious about Fee Income (Credit Union Conference Session Presentation Slides)

by NAFCU Services Corporation on Aug 27, 2012

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