Customer Lifecycle Engagement for Insurance Companies


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Customer Lifecycle Engagement for Insurance Companies

  1. 1. 0 eDynamic, Friday, May 2, 2014 0 CustomerLifecycle Engagement forInsurance
  2. 2. 1 eDynamic, Friday, May 2, 2014 Agenda 1. Anintroduction 2. Keycustomeracquisitiontrends 3. Ourpointofview-areasofopportunityfor insurers 4. Howdoyouimproveengagementand acquisition?
  3. 3. 2 eDynamic, Friday, May 2, 2014 DigitalexpertiseforInsurance Experiencebackedbyexpertiseacrossstrategy,designandtechnology Whodoweworkwith? Life,Health,P&C,Specialtyinsurers sellingtoB2CandB2Bcustomers 10+yearsofexperienceand100+ projectsdelivered Wehaveaproventrackrecordindigital solutions Differentiators Customeracquisitionmarketing solutions Channelenablementsolutions Agentempowermentsolutions Sr.QAResource Richbodyofwork Workacrosswebsites.portals,digital marketing CustomerssuchasNewYorkLife,Aviva, Bupa,LibertyMutual,Tokio
  4. 4. 3 eDynamic, Friday, May 2, 2014 Engagement Offerings ServicePortfolio Strategy Experience Design Technology Implementation Websites Digital Marketing Social Platforms& Communities CRM Digital Strategy Mobility and Gamification Marketing Automation Portals Analytics and Reporting Intranets Document Management Managed services ServicesforInsurance Demand Generation Collaboration
  5. 5. 4 eDynamic, Friday, May 2, 2014 4 Keycustomer acquisitiontrends
  6. 6. 5 eDynamic, Friday, May 2, 2014 DidYouKnow? 1. 63% people who bought a financial services product in 2012 researched it online! [Source : Global Consumer Insurance Survey 2012] 2. 46% of life insurance companies believe that “customers will ultimately leave us” if theyfailtoembracedigital. [Source : Global Consumer Insurance Survey 2012] 3. Roughly4in5producersin2012agreethattheyaremorewillingtoplacebusinesswith carriersthatofferusefulwebsites,similartoproducersentimentsfoundinprioryears. 4. Increase of 50% in quote performance can lead directly to a 15% improvement in conversion,from13%to15%ofconsumersenteringthequoteprocess[Source : Forrester Research] 5. More than two-thirds i.e. 68% of customers who had a positive experience say they “definitely will” return to the website, compared with 21%percent of those who had a negativeexperience. [Source : JD Power Rankings] 6. Requestingaquoteandfindingpolicyinformationarethetwomostdifficulttasksamong onlineinsurancebuyers[Source : JD Power Rankings]
  7. 7. 6 eDynamic, Friday, May 2, 2014 Changesaresweepingtheindustry  Changing Consumer Thechallengeisto understandwhat drivescustomerbehaviortodayinallthe geographies,sectorsandchannelswhere consumers operate  Changing Regulation Asaresultofthefinancialcrisis,regulators aroundtheglobearefocusingon new regulations toprotectconsumerintereststhat insurersneedtocomplywith  Changing Competition Competewith directandindirect aggregators,intermediariesandproviders  Changing Technology EmergenceofnewtechnologiesinDigital suchas marketingautomation,content marketing,etc.
  8. 8. 7 eDynamic, Friday, May 2, 2014 Consumersbuymoredirectlyorviaagents Source: Bain Consumer Survey 2012 Buying directly from a carrier or via agents are still highly preferred but … Customers want to be able to use the channel convenient to the moment, whether that’s a website, call center or a video chat with a broker.
  9. 9. 8 eDynamic, Friday, May 2, 2014 Pre-Purchase Research Purchase Quote to Buy Service Claims Search Interactive services- Web Chat, Expert advice Compare Products Relevant Content Decision Support Tools Instant Query Assistance Multiple Payment Options Cross Sell/ Upsell Products Multi-Channel Support Quick Quote Instant Query Assistance Easy Renewal Process Policies available for download Timely Notifications FNOL Personalized Profile Track Claims Agent/Broker Locator Research and inquire about insurance products Get quote, get detailed product information and buy product Premium payments, policy renewal, claims assistance Consider Evaluate Buy Experience Advocate Bond Cross-Buy Loop DigitalBuyingLifecycleforInsuranceConsumers
  10. 10. 9 eDynamic, Friday, May 2, 2014 HowDigitalPlaysaRole.. 1 2 3 4 5
  11. 11. 10 eDynamic, Friday, May 2, 2014 ToSumitup.. “Consumers now expect consistent purchasing experience from national carriers, regional insurers or agency websites, including instant quoting capabilities, application prefill, interactive tools, online configurators, edutainment videos, and pricing comparisons, and our data indicates that traditional insurers are working as fast as they can to provide those online experiences.” - Forrester Research
  12. 12. 11 eDynamic, Friday, May 2, 2014 11 Areasof Opportunity OurPointOfView
  13. 13. 12 eDynamic, Friday, May 2, 2014 TheMarketer’sView DIGITAL TOUCH POINTS ACROSS THE ONLINE INSURANCE BUYER JOURNEY Discovery Awareness Consideration Purchase Retention AdvocacySEO Email SEM/ PPC Social Ads Reviews Insurance Portal Search Decisioning Empowerment SOLUTION ELEMENTS REQUIRED Search, Social, Display and email marketing Portal with quote/RFP, bind and buy decision enablement Nurturing and cross- selling with progressive profiling Direct Mail Social Page (LinkedIn) Newsletters Blogs Website Testimonials Newsletters Acquire RetainEngage MARKETING GOALS AND KPIS
  14. 14. 13 eDynamic, Friday, May 2, 2014 Acquiringcustomerseffectively edynamic’sCustomerAcquisitionOfferingprovidescarrierswiththeability togenerate,manage,nurtureanddistributeleadseffectively Search Decisioning Empowerment SOLUTION ELEMENTS REQUIRED Search, Social, Display and email marketing Portal with quote/RFP, bind and buy decision enablement Nurturing and cross- selling with progressive profiling Search Engine Optimisation SEM/ Pay Per Click Email Marketing Social Media Marketing Website /Mobile Site Content Lead Generation Email Marketing Recommenda tions and cross-selling Persona based Selling Integration with backend systems Online Payment Agency Sites Cross-Selling Renewal/ Reminders Claim Tracking Financial Planning Tools Customer Portals My Profile Goals : Acquire More Leads Goals : Convert leads to customers Goals : Retain and Cross-Sell
  15. 15. 14 eDynamic, Friday, May 2, 2014 1. Thecustomerischangingchannels whilebuyingInsurance–Web, Mobile,AgentInteraction,Social 2. DigitalandSocialchannelsinfluence ofconsumerdecisionsmade duringtheconsiderationphaseofbuyingcycle 3. Consumersarebecomingmoreindependent butexpectthe“Agent like”consultativeexperienceonline 4. Consumers demandgreatersimplicityandtransparencytohelpthem makebetterinformeddecisionsandtakegreatercontrolofthe purchasingprocess. 5. Customerscarrymentalmodelsfromnon-financialindustriesand increasinglyexpectthesamefrominsurerssuchasGamification, Rewards,etc. OurPOVonCustomerEngagement
  16. 16. 15 eDynamic, Friday, May 2, 2014 Customerswantsimplicity,visibilityandcontrol.Thisbehavioralchangeis moreprominentamongyoungercustomers  Understandwhothecustomer is:Understand customersegmentsandhowtheybuy  Beaconsultanttothecustomer :Suggest productsinlinewiththeneeds  Simplifyproductsthataresoldonline: Gamification,policydetails  ConnectonMultiplechannels:enable customertoswitchchannelsseamlesslyand withoutlosinginformation  Provideconnectwiththerightintermediaryfor complexproducts  Encouragedialoguebetweencustomerson productsandservices Research and compare various policies view policy details, make policy changes Pay premium bills Contact agents/brokers Self-service portal Cross-Sell Opportunities Key Functions on Digital Search for the right policy Getting Educated about the nuances of policies Consult financial Advisors Review what other customers are buying Premium Quote/ Calculation Gamification and Decisioning Tools OurPOV:HowMarketersMustRespond..
  17. 17. 16 eDynamic, Friday, May 2, 2014 16 Howdoyouimprove engagementand acquisition?
  18. 18. 17 eDynamic, Friday, May 2, 2014 OBJECTIVES  BasicPresence on web  KPIs aretraffic related ELEMENTS Website |Newsletter | Analytics |Search Entry Stage OBJECTIVES  Grow revenues directly, withagencies  KPIs aretied to business growth ELEMENTS Website |Mobile| Cross- channel Analytics |Sales Enablement | Outsourced SEO/SEM/SMO Tactical Stage OBJECTIVES  Optimising web engagement with digital platforms such asCMS&marketing automation  KPIs aretied to effective demand gen ELEMENTS Website |Mobile| Analytics |Campaign Management |CMS Marketing Automation Automation Stage 1 2 3 4 5 OBJECTIVES  Nurture prospects andcustomers to close sales  KPIs aretied to revenue, leads & progress ELEMENTS Website |Mobile| Analytics | Segmentation | Targeting |Overall Digital Automation OBJECTIVES  Online/Offline channel Integration  KPIs aretied to business growth, sales, offline online integrated analytics ELEMENTS Integrated Marketing Technology |Offline/ Online Analytics | Seamless Customer profiling andtargeting Optimisation Stage Closed Loop Stage OurPerspective: Improvingengagementandacquisition 1.AssessyourMaturityLevel
  19. 19. 18 eDynamic, Friday, May 2, 2014 OurPerspective: Improvingengagementandacquisition 2.CreateyourDigitalMarketingTacticsStrategy Identified Prospect Anonymous Prospect Existing Customer Understand Customer Personas Create Content Strategy Determine Digital Touch Points Map to Buying Journeys Search Web Email Social Partner Sites Newsletters Blogs Website Testimonials Reviews Social Ads Surveys Surveys
  20. 20. 19 eDynamic, Friday, May 2, 2014 OurPerspective: Improvingengagementandacquisition Responsivedesign(Devices)  Onewebsite:Notaseparatemobileand desktopsite  HTML5&CSS3:Newtechnologiesto createsitesthatrespondtoscreensizes andorientation  Futureproofing:Doyouknowwhatis next? TargetedExperience(Personas)  ExplicitTargeting- HaveSeparate sections,navigationfordifferentusers  ImplicitTargeting -Understandtheuser withclick-streamanalysis,IPbased targetingetc.toserverelevantcontent DemandGeneration  DefinetheLifecycleofDemand: Multi-channel,multi-touch automatedprogramtemplate creation  DeterminetheLeadQualification criteria:LeadScoring,nurturingand overallmechanism ContentManagement  Therightcontent,therighttime, therightdevice—visitorshaveit theirway  Presentmessagingtheevokes specificactions--thenextsteps 3.MaptotheRightTechnologyElements
  21. 21. 20 eDynamic, Friday, May 2, 2014 OurPerspective: Improvingengagementandacquisition Consider Evaluate Buy Experience Advocate Bond Understand User Personas Progressively profile, personalize experience and content Map the Content to be served at each stage Blog New Product Specs Finance analysis tools Score leads/prospects and nurture Identified Prospect Anonymous Prospect Existing Customer Handover more sales ready leads to Sales 9 7 6 4.ContinuousImprovementandMonitoringwithLeadScoringandNurturing
  22. 22. 21 eDynamic, Friday, May 2, 2014 Connectwithus 1-877-339-6264