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Turning your Web Portal into a Sales             Machine         NAFCU Annual Conference                 2011
Insurance Aisles
Host  Jeffrey Chesky       • President & CEO -         Insuritas       • Founder, BIS/Insuritas       • Contact Informatio...
Why we know what we know   • Run insurance agencies for over 35 financial institutions     nationally – Avg. $1.1 billion ...
AGENDA • What’s the goal of your CU web site? • What your members want vs. what you offer • Your Web Portal is a sleeping ...
Some Definitions   •   Web Portal vs. Web Site   •   E-Commerce   •   Enterprise Solution – Incremental Solution   •   SEO...
Why an ‘Insurance Aisle’ in your Store?                                                                             80-90%...
The Failure Trap                   16%                    78%                    74%                         64%          ...
The Science of the Instant ofInterest • There are TWO times   when your member needs   to talk about insurance   1. Loan R...
Leveraging Loans - Transfer Triggers     Activity        Trigger           Action       Loan                             L...
GatheringExpirationDatesPushing & Pulling•Gas Cards•Gift Cards•LCD TVs   $168.00
X-Date Plan ’10
Managing a Multi-Channel,   Process & Product Centric Approach    Channelpresentation             Branch          Loan    ...
Where are your members shopping?90% of Consumers Research                                                     Out of Finan...
What your Web Portal Does   •   Describes Products   •   Provides Content/Education   •   Rates & Costs   •   Helpful Dire...
What Does the Member Want?  •   Price  •   Convenience  •   Selection  •   Service
“Insuring Everything Important in your Life”        Insurance Agency Marketing Calendar                                   ...
Google Analytics
Insurance will rank #2Behind online bill pay                                AD&D                         Auto             ...
Carriers Competing For Member’sBusinessInsur ance Carrier                               Status             Result         ...
Member Share - 2010
What We’re Working On  • CSR 7/24  • Full Integration into your core  • Consumer portals live – driving all online    shop...
Closing Thoughts    • What Do You Members Want from your Web      Portal    • What will vendors do so support those needs ...
QUESTIONS?
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Turning Your Website into a Cross-selling Machine (Credit Union Conference Presentation)

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Research shows that online bankers visit their financial institution’s homepage an average of 3.8 times a month. The top two bills paid include loans and insurance (auto insurance ranked first). While most businesses would spend huge marketing dollars to achieve this level of return viewership, credit unions experience this member engagement every day. In this 2011 NAFCU Annual Conference session you see how some credit unions are driving tremendous cross-sell revenue by offering insurance online.

Presented by Jeff Chesky, CEO, Insuritas

More info at http://www.nafcu.org/insuritas

Published in: Business, Economy & Finance
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Transcript of "Turning Your Website into a Cross-selling Machine (Credit Union Conference Presentation)"

  1. 1. Turning your Web Portal into a Sales Machine NAFCU Annual Conference 2011
  2. 2. Insurance Aisles
  3. 3. Host Jeffrey Chesky • President & CEO - Insuritas • Founder, BIS/Insuritas • Contact Information • jchesky@insuritas.com • 860.653.1134
  4. 4. Why we know what we know • Run insurance agencies for over 35 financial institutions nationally – Avg. $1.1 billion assets, total 3.8 million Consumer & 63,000 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 leads • CU employees are not allowed to earn reward or cross- selling fees • Process over 5,000 member auto/home quotes each month • Web Sites becoming Sales Engines!
  5. 5. 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.
  6. 6. Some Definitions • Web Portal vs. Web Site • E-Commerce • Enterprise Solution – Incremental Solution • SEO • ‘Aisle in your Store and on the Web’ • Credit Union Driven Integration • Shopping Cart • Anything Else? • Single Check-Out
  7. 7. Why an ‘Insurance Aisle’ in your Store? 80-90%1. 100% Members Buy HIGH SPECIALITY DIFFERENTIATED Annually Large2. Create Insurance Commercial Customers Every Day Perceived3. Annuitizing Fee Income Added Value THRESHOLD COMMODITY Sub4. Protects from Incursion Standard Standard Small5. Drives Earnings Personal Personal Commercial LOW6. Promotes Retention7. Expands Wallet Share LOW Competitive HIGH8. Expands Market Share Intensity
  8. 8. The Failure Trap 16% 78% 74% 64% Conversion Rates 34% 85% 46% 38% 22%
  9. 9. The Science of the Instant ofInterest • There are TWO times when your member needs to talk about insurance 1. Loan Requires Insurance 2. Renewal Notice in Mail • There is new place Response Instant of Interest where your members are Rate comfortable shopping Time
  10. 10. Leveraging Loans - Transfer Triggers Activity Trigger Action Loan Lead Insurance1 Application Required Form Completed Sent Commitment Insurance Lead2 Letter Listed as Form Generated Contingency Sent Loan Insurance Lead3 Approved Closing Open Form Item Sent Scheduled
  11. 11. GatheringExpirationDatesPushing & Pulling•Gas Cards•Gift Cards•LCD TVs $168.00
  12. 12. X-Date Plan ’10
  13. 13. Managing a Multi-Channel, Process & Product Centric Approach Channelpresentation Branch Loan Internet Phone On-Board Channelspecific process customization Channel Referral Platform Referral Platform agnostic Capture X-Date Buy Now process Process platform Agency Web Service Policy Renewal Date Insurance Instant of Interest CIF Database Agency Database Product-specific processes with reusability potential Credit Renewal Accounts Loans Cards Date
  14. 14. Where are your members shopping?90% of Consumers Research Out of Financial Services Products, Online Before Buying Auto Insurance is Ranked #2 Researched Online 1% Percentage of applicants who researched online: 9% Young Old 25% US Gen Y Gen X (28- Boomers Boomers Seniors Applicants (18-27) 41) (42-51) (52-62) (63+) Credit Cards 59% 66% 68% 51% 48% 33% 27% Auto Insurance 51% 58% 58% 49% 44% 27% Mortgages (refinance) 48% 63% 57% 45% 38% 31% Mortgages (purchase) 47% 52% 54% 40% 31% 25% Home Equity 45% 52% 57% 40% 30% 26% 38% Savings Accounts 44% 42% 58% 37% 35% 24% Checking Accounts 38% 37% 50% 32% 26% 23% Life Insurance 34% 32% 36% 33% 35% 27% Always Often Sometimes Rarely Never Source: iCrossing Online Retail Report, 2007 Source: Forrester Research, North American Technographics Benchmark Survey
  15. 15. What your Web Portal Does • Describes Products • Provides Content/Education • Rates & Costs • Helpful Directions • Community Involvement • On-Line Bill Pay • On-Line Visitors
  16. 16. What Does the Member Want? • Price • Convenience • Selection • Service
  17. 17. “Insuring Everything Important in your Life” Insurance Agency Marketing Calendar Agency Web Web Direct Statement Rack Call Social Product Partner Platform Splash Sales Mail Stuffers Brochure TAD Platform Bill Pay Center Radio TV Email Twitter NetworkingTerm Life Quick Quote 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Medical One Health One 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Vision Careington 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Dental Caretington 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Prescription Careington 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Auto Warranty Rte 66 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Home Warranty Old Republic 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Roadside Assistance TripMate 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5AD&D Affinion 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5ID Theft Affinion 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Whole Life Quick Quote 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Travel Insurance TripMate 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Pet Insurance Hartville 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Arts & Collectibles AXA 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5Wedding Insurance Travelers 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 www.unitedfcu.org
  18. 18. Google Analytics
  19. 19. Insurance will rank #2Behind online bill pay AD&D Auto Prescription Card
  20. 20. Carriers Competing For Member’sBusinessInsur ance Carrier Status Result Auto - Succeeded Auto - $608.70 (6 Months) Home - Succeeded Home - $215.00 (12 Months)The lead selected the quote from this carrier: Auto - Succeeded Auto - $628.00 (6 Months) Auto - Succeeded Auto - $655.00 (6 Months) Home - Succeeded Home - $165.00 (12 Months) Auto - Succeeded Auto - $1,665.00 (12 Months) Home - Succeeded Auto & Home - $1,976.00 (12 Months)
  21. 21. Member Share - 2010
  22. 22. What We’re Working On • CSR 7/24 • Full Integration into your core • Consumer portals live – driving all online shopping/researching/purchasing • Shopping Cart goes live • On-line Insurance Portfolio • Straight Through Binding for P&C in 2011 • Email partial interview to personalized link • Automatic remarket using previous year info
  23. 23. Closing Thoughts • What Do You Members Want from your Web Portal • What will vendors do so support those needs • Two CEO questions: – % of Members Using Agency – % of Members with X-Dates START TODAY • Permanent aisle in the store • Leverage infrastructure capabilities • On-line Banking can also sell • Control all insurance products • Plan for demand loads
  24. 24. QUESTIONS?
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