Insurance producers and agent enablement

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Learn how digital strategy and technology can help insurers drive revenue across channels

Learn how digital strategy and technology can help insurers drive revenue across channels

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  • Dave kuhl should work on this.
  • Content on the internet tripled between 2010 and 2013 [soource: GoGlobe & Qmea]
  • Think Digital Using e-trade, a broker offers the sales opportunity and insurers bid on it digitallyCross-Channel Consistency Collaborative software for wholesale brokers allows them to search for industry news or sales materials, link to carriers at the point of a new or renewal opportunity. tools to easily create personalized correspondence for their prospects and customers. Mobile/ Tablets Mobile apps on which agents can view customers’ investment portfolio details, fund performance and payment historyReduced Operational cost Increase the amount of information captured digitally via portals and electronic uploads
  • Dave kuhl should work on this.

Transcript

  • 1. Enabling your agent/distribution channels eDynamic, Thursday, February 20, 2014 0
  • 2. Topics 1. Introduction to eDynamic 2. Key trends in Insurance channels 3. Challenges faced by carriers and producers 4. Areas of opportunity 5. eDynamic‟s channel enablement offering 1 eDynamic, Thursday, February 20, 2014
  • 3. Key trends in Insurance channels eDynamic, Thursday, February 20, 2014 2
  • 4. Did You Know? 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 they fail to embrace digital. [Source : Global Consumer Insurance Survey 2012] 3. Roughly 4 in 5 producers in 2012 agree that they are more willing to place business with carriers that offer useful websites, similar to producer sentiments found in prior years. 4. Increase of 50% in quote performance can lead directly to a 15% improvement in conversion, from 13% to 15% of consumers entering the quote process [Source : Forrester Research] 5. Gartner estimated that by the end of 2015, P&C insurers that do not offer online and mobile transactions will lose 1/4th of their current market share! 3 6. Having a good web presence can have around 68% consumers come back to your site and entice about 80% of providers to place business with the carriers. eDynamic, Thursday, February 20, 2014
  • 5. Consumers buy more directly or via agents 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, captive team/call center or a video chat with a broker. eDynamic, Thursday, February 20, 2014 Source: Bain Consumer Survey 2012 4
  • 6. Revenue by distribution channels 2008 2013 5 eDynamic, Thursday, February 20, 2014
  • 7. Reaching the end customer: Channels The sales and distribution landscape in insurance includes internal sales teams and external channels and each of these has multiple engagement touch points Carriers Internal Telesales Account Executives Captive Agents Brokers Agents/Advi sors Banks Email, phon e Email, mobile, phone, appointmen ts Email, mobile, phone, appointmen ts Web, mobile, social, Email, phone, appointmen ts Web, mobil e, social, E mail, phone , appointm ents Web, mobil e, social, E mail, phone , appointm ents Marketing Search, email, events, webinars, ATL/BTL External Search Attract Acquire Service Retain Up/cross sell End customer (B2C and B2B) eDynamic, Thursday, February 20, 2014 Loyalty/ Referral 6
  • 8. Is generating online leads enough?  On an average only 25% of new leads are sales ready.[Source : Marketo]  60% of marketers prefers quality of lead over quantity.[ Source : marketingprof]  10 % increase in lead quality is equivalent to 40% increase in sales.[Source : Marketo]  Companies that get lead scoring right have a 192% higher average lead qualification rate than those that do not.[Source: Technical marketing]  For the companies using lead scoring , close rates increased by 30%, company revenue increased by 18%, and revenue per deal increased 17%. [Eloqua Lead Scoring Solution Guide]  Organizations that nurture their leads experience a 45% lift in lead generation ROI over those organizations that do not [Source: eDynamic, Thursday, February 20, 2014 Marketingsherpa] 7
  • 9. Challenges faced by carriers and producers eDynamic, Thursday, February 20, 2014 8
  • 10. Top 5 challenges producers face 1. Carrier’s website, databases, mobile tools, and social media are not coordinated to help producers save time, connect with more prospects, make more sales, and provide better service . 2. Carriers and agencies have come a long way with websites, but some producers feel that they are hard to use. Intuitive design and simple navigation are critical. 3. Some producers still do not have access to popular online tools, such as client account information and pending business status, from their primary carriers. 4. 1 in 2 producers do not currently have but want Internet sales ready leads from carriers, and nearly 1 in 3 do not have but want tools to track marketing campaigns. 5. Producers often make 10 contacts to earn a single sale. They need tools (mobile and regular) that can save time, help make more contacts and, ultimately, help make more sales. eDynamic, Thursday, February 20, 2014 Source : LIMRA research 9
  • 11. Some ways through which Carriers Can Help… Physical and Digital Connection of the physical and digital worlds to provide consistent data and insights about the consumer Collaboration Collaborative software for agents/brokers allowing them to search for industry news or sales materials and more Omni-Channel View latest customers‟ investment portfolio details, fund performance and payment history „on the go‟… Reduced Operational cost Increase the amount of information captured digitally via portals and electronic uploads eDynamic, Thursday, February 20, 2014 Modern Producer  Digitally Educated  Digitally Enabled  Digitally Empowered Key Enablers o o o o o o o o Training/tools Pending business status Sales and Marketing Tools Commission Statements Client information 10 eSignatures Mobile/ Tablet Responsive Track marketing campaigns
  • 12. Areas of opportunity 11 eDynamic, Thursday, February 20, 2014
  • 13. Common situations and pain points  Multiple individual agency websites that are used by respective agents for demand generation  Carrier provides templates, content and collateral for these agency websites  30-50% of agents do not use carrier‟s CRM  Analytics on carrier and agency websites are either basic or have limited value and there are limited insights/trends available  Leads are being acquired through distribution/email lists or through Search, Social and Display campaigns  There is no de-duplication of lead data in place so actual incoming leads are lower in number than anticipated and poorer in quality  There is no marketing automation infrastructure in place for central execution and tracking of campaigns eDynamic, Thursday, February 20, 2014 12
  • 14. How Lead Nurturing Helps.. Consider Evaluate Buy Experience Advocate Bond Blog Identified Prospect 9 New Product Specs Anonymous Prospect Finance analysis tools 7 6 Existing Customer Understand User Personas, capture their behavior 13 Progressively profile, personalize experience and content eDynamic, Thursday, February 20, 2014 Map the Content to be served at each stage Have all data in CRM and other systems for scoring and transition Handover more sales ready leads to captive teams/agents
  • 15. Our Perspective: Carrier‟s situation  Explore and evaluate: evaluation of your current lead generation, qualification of leads, nurture and handoff process in entirety and introduction of best practices for strong alignment between you and producers  Digital body language: setup of advanced web analytics to track how prospects are engaged on your site, what are they doing,, downloading, etc.  Passing on insight: Driving key insights from your website/acquisition analytics on to your agents so that they are better prepared to service and nurture leads you distribute to them  Data Enrichment: using data providers such as Epsilon and Axciom to enrich the quality of data on inbound leads before passing it on to your producers  Thought leadership: evaluation of your content/collateral assets and mapping them to what prospects would look for at different stages/basis different needs  CRM: using central CRM where carriers have all their major producers on boarded to allow for updated customer and prospect information eDynamic, Thursday, February 20, 2014 14
  • 16. Our Perspective: Improving agency marketing A marketing automation platform might be a potentially good fit for you Marketing automation platform is your delivery tool  Think Objectives: Customer acquisition, agent recruitment or distribution channel revenue – it is the business objective that drives the need for automation.  Think Strategy: How will you get the best channel partners and how will they be able to sell effectively to end customers?  Think Programs: Every strategy should lead to a program with a logical outcome through your automation platform.  Don‟t think only emails : Your platform delivers emails but emails are tied to marketing and revenue objectives.  Marketing Automation: When you use the tool to market to your channel and end customer across their lifecycles, you achieve true automation. eDynamic, Thursday, February 20, 2014 15
  • 17. External Channels: The Lifecycle The producer lifecycle needs to be enabled at key stages Producer lifecycle Recruitment Email, phone, Web, Social Lead generation and qualificatio n eDynamic, Thursday, February 20, 2014 Education Email, We b, physical Promotion and delivery Enableme nt Email, Web Promotion and delivery 16
  • 18. Agent Engagement and Empowerment Across the lifecycle, an engagement marketing strategy can improve retention and producer effectiveness •Acquisition campaigns •Data enrichment •Messaging •Analytics Inbound acquisition Enabling agents •Transaction alerts and updates •Policy reminders •CRM •Email automation •Allowing producers to run eDynamic, Thursday, February 20, 2014 campaigns based on templates Educating agents Empowering agents •Newsletters •Automated training/education campaigns •Surveys •Webinars •Integration with offline events •Demand gen/acquisition •Product updates •Reminders/Alerts •Surveys, polls, events, webinars •Tools and calculators •Integration with website/CMS, CRM, customer portal 17
  • 19. Channel Engagement and Empowerment Channels can contribute more revenue through appropriate engagement  Improve recruitment: Improve acquisition and recruitment process  Improve engagement: Multiple on-going manual and automated touch-points ensure that the producer is engaged  Personalize communication: Through preference management and segmented marketing, communication can be made more relevant  Improve production: Know which of your agents are selling your product – nurture your best agents with specific best practice campaigns and improve production of others through production improvement campaigns  Improve efficiencies: Automation can provide up to 10X efficiencies. Further, campaigns can be rolled-out faster  Service: Service producers by sending automated alerts, CRM eDynamic, Thursday, February 20, 2014 notification and reminders 18
  • 20. Connect with us www.edynamic.net twitter.com/edynamic contact@edynamic.net youtube.com/1999dynamic 1-877-339-6264 facebook.com/edynamic.net 19 eDynamic, Thursday, February 20, 2014