Next Generation Insurance Websites

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Learn how insurance companies can deliver a personalized and engaging web experience that drives conversion

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Next Generation Insurance Websites

  1. 1. A Digital Solutions Firm delivering Marketing and Technology Solutions New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi Next Generation Insurance Websites Aseriesof2webinars
  2. 2. 1 Next Generation Insurance Websites PART 1 – Increasing Acquisition on Insurance Websites PART 2 – Increasing Engagement & Retention on Insurance Websites and Portals
  3. 3. 2  General state of Insurance websites – areas of opportunity  Key elements of acquisition strategy  Content strategy  Search Engine Optimization  Microsites  Online video streaming  Multi-channel engagement  Digital technologies that enable acquisition Agenda PART 1: Increasing acquisition on Insurance websites
  4. 4. 33 General state of Insurance websites – areas of opportunity
  5. 5. 4 Company-centric websites make browsing difficult Sites are often designed around internal departments/teams of insurers Consumers are compelled to understand how the company is organized Content is missing, repeated, and poorly worded Inconsistency in content structure/presentation Key/logical content missing A study on Insurance websites Self-service on industry websites is poor overall despite the growing preference of consumers to use online resources to manage their accounts Site Search just doesn’t work for typical tasks Many sites have no search option Too much information presented in search results, not all is relevant Search scored lowest in the study with an industry average of just 3.6 on a 10-point scale. “The average rating for the industry was 5.2 on a 10 point scale” Source : The Customer Respect Group June 11, 2012
  6. 6. 5  The eight most common features present on the websites were all items of information  Most websites could not give customers specific price information, a feature present only in those sites that had the ability to generate instant quotes  Many insurance companies choose to cater to all their customers through the same global website A study on digital adoption The Insurance industry has not kept pace with digital features and functions that can elevate customer acquisition Source: University of Regina Regina, CANADA
  7. 7. 6 Digital adoption by Insurance companies  The Insurance industry, in general, regards their websites as a medium for one-way communication of product information and company image  Websites contained static web pages with little or no interactive or dynamic functionality  Largely, insurance companies do not include a statement explaining why customers should have or need insurance
  8. 8. 7 Dominance of traditional marketing Source: Survey by JasonHoeppner @B.H.Burke&Co
  9. 9. 8 Marketing ROI 62 % of respondents said they do not measure the Marketing ROI Source: Survey by JasonHoeppner @B.H.Burke&Co
  10. 10. 9 Changes in buyer behaviour Buyers have choices and options—they look for the most convenient, lowest risk and highest comfort options
  11. 11. 10 1995 Informational •Brochure-ware •Webmaster bottleneck 2000 Transactional •IT-driven •Commerce •Portals •Personalization 2007 Persuasive •Marketing-driven •Focus on business solution 2011+ Contextual & Collaborative •Social •Personal •Interactive •Mobile Changes in the direction of websites The content and experience of next generation websites is driven by visitor context
  12. 12. 11 Focus • Presence • Brochure-ware • KPI’s are traffic related • Use web to grow revenues • KPI’s are related to business objectives • Social media is about listening • Optimize digital presence to get higher engagement • Optimize marketing spend • KPI’s have monthly targets • Social is optimized to enhance the brand and drive leads • Nurture prospects and customers • Support is automated through peer-to-peer and self help communities • KPI’s are tied with lead generation and revenue • Social is automated & integrated w CRM • Relevant 1-to-1 conversations with customers, blending offline and online behavior • Building Customer profile with relevant data • KPI’s are linked to CRM and measure wins, revenue & loss through integrated online / offline cross- channels • Deep relationships are formed with advocates Goals • Basic website for branding • Newsletter • Web analytics • Multichannel with mobile presence • Cross-channel engagement analytics • Sales Enablement (B2B) • Segmented e-mail campaigns • Campaign management • Rules based personalization • Optimization • Personas & Profiling • Predictive personalization • Cross digital channel automation • Trigger based e-mail dialogue • Reduced cost • Bridging the online and offline - one view of customer • Integration to CRM • Online and offline automation • Up/cross sell • Effective onboarding • Increased LTV Where are you on the Curve? By preparing a plan to move up the digital maturity curve, marketers can create truly engaging experience Static Tactical Optimizing Automation Engaging
  13. 13. 1212 DOES YOUR WEBSITE CONVERT VISITORS INTO PROSPECTS?
  14. 14. 13 YOUNEEDASTRATEGIC ROADMAP!  Understand how clients buy and get organized  Be multi-channel  Get your strategies right - content strategy, exceptional website, acquisition strategy, SEM/SEO and social  Get the insight you need  Join the dots with your technology
  15. 15. 14 Key Elements of an Acquisition Strategy Your assets and strategies across the acquisition process need to be aligned Driving Traffic Conversion Nurturing Sales Acquisition Process • Listening to the customer • Drive traffic • Social media marketing • Thought Leadership • Lead management • Dynamic experiences • Analytics • Lead scoring • Personalization • Lead nurturing tactics • Email and marketing automation • Marketing and sales enablement • Sales force automation Website
  16. 16. 1515 DIGITALMARKETINGNEEDSTOWRAP AROUNDTHEBUYINGLIFECYCLETO IMPROVEACQUISITION If your marketing efforts are able to influence the buying lifecycle, you will have a large influence on acquisition
  17. 17. 16 Execute initiatives across the buying lifecycle The buying lifecycle provides direction to your digital marketing initiatives
  18. 18. 17 Segment your audience Who is buying from you? Understand the distinct buying groups within your prospect population Understand your Buying Cycle Segment your audience Map the Messages Implement the Platforms
  19. 19. 18 Understand your buying cycle  Understand your customer’s mindset through the buying cycle journey Segment your audience  Determine the target groups within your audience Map the messages  Understand and align the messages with the segment and their objections Implement the platforms  Implement the multi-channel platforms Using buying cycle to define engagement Use the buying cycle to understand how, when and with what to engage prospects at each step of buying process Understand your Buying Cycle Segment your audience Map the Messages Implement the Platforms
  20. 20. 19 COMPANIES WITH IMPROVED CONVERSION ARE USING 90% MORE WAYS TO SEGMENT THEIR VISITORS AND CUSTOMERS VS. THE COMPANIES WITH LOWER CONVERSION RATES. Source: eConsultancy and RedEye Report
  21. 21. 20 Align content to the segmentation Identify content that address customer expectations. Consider buying cycle, segmentation, pain points and motivators Understand your Buying Cycle Segment your audience Map the Messages Implement the Platforms
  22. 22. 21 Mapping content  Per stage in the buying cycle  Per segment Put yourself in their shoes  What questions would they have at this stage?  What information would they need to move forward?  What fear, uncertainty and doubt (FUD) must be overcome? Map the messaging Objective: Understand prospect needs and motivations per segment per stage, walk the buying cycle like they would
  23. 23. 2222 CONTENT STRATEGY
  24. 24. 23 The challenges with content According to a poll of 103 marketers across various industries including insurance: Source: Brafton Poll
  25. 25. 24  Define your business goals and objectives  Evaluate your customers  Become a one-stop resource for local community information, advice about insurance, including ways to cut insurance costs, and provide useful tips for preventing accidents from happening.  Add value – create a whitepaper, video, or a fun contest to keep visitors engaged while also providing value.  Measure – last, but not least, it’s important to measure the impact of your content strategy. Content strategy for Insurance companies Insurance can be complicated. When creating content, especially for your blog and emails, think about disseminating information in small, digestible chunks 5 steps to a successful content strategy
  26. 26. 25  Provide an incentive to fill out forms  Create whitepapers with landing pages  Drive traffic to your blog  Look at engagement metrics such as entrances, page views, bounce rate, and average time on page  Don’t skip over looking at goal completions and traffic sources Content strategy for Insurance companies The goal of your content strategy should be to be able to generate quality leads
  27. 27. 26 Show them what you know Thought Leadership Marketing (TLM) The principle of TLM is simple enough: You give away a little valuable intellectual property to establish your potential usefulness to the client, in the expectation that the client will use your expertise and services Rolf Jester, VP, Gartner, 2010
  28. 28. 27 Content marketing example Source: http://knowledge.allianz.com/ The site targets individuals who recognize and support the need to improve social, economic, and environmental living conditions worldwide. This target audience is likely to be influenced by the insurer’s well- documented alignment of its business activities with sustainability criteria
  29. 29. 28 Content marketing example The content strategy focused on key concepts like Demography, Mobility, Environment, Finance FinanceEnvironment Demography Mobility
  30. 30. 29  Blog (the posts are really like mini whitepapers)  Facebook  Twitter  Newsletters  eCards and other unique digital media  YouTube Content marketing example Some of the key content delivery channels
  31. 31. 30  Timely content  Compelling content  Customer need centric content  Well-organized content  Sales-neutral content Five key content characteristics for success
  32. 32. 31 Employ a closed-loop engagement cycle  Build the profile, analyze the profile and respond to the prospect Characterize prospect  Properties include buying cycle state and segmentation parameters Develop content to align with the prospect expectations  Content will speak directly to a prospect profile Automate the closed-loop prospect engagement  Use web CMS and marketing automation platforms to automate the engagement cycle Understanding context Context is about leveraging information about the visitor to optimize the interaction and engagement across all channels Here is how Visitor generated: Implicit information captured from the website journey—the “digital footprints” left by the visitor  Indicators of preference, predispositions, lead maturity Visitor supplied: Explicit information supplied by the visitor as they complete questionnaires, quizzes and other facilities  Common demographics—name, age, gender, interests Externally supplied: Information captured by external service providers, emerging context-enriched services  Location, presence, social attributes, cross-vendor buying habits
  33. 33. 32 Delivering personalized messages across channels to customers requires a common understanding of the customer Challenges  Customer information—both behavioral and profile—is stored in “siloed” systems  Integrated or third-party analytics platforms, along with the CRM platform, are typically disparate systems Context requires a common view Consistent personalization across multiple channels requires that each channel has the same customer view Coremetrics and Bloomberg BusinessWeek Report on Optimizing Online Marketing 2009
  34. 34. 33 Deliver the messages and capture the reaction  Use analytics and forms to capture behavior and profile Understand the customer context  Analyze the customer context Align the content to customer expectations  Package the content to align with the customer context Closed-loop engagement cycle The closed loop engagement cycle is the model used to gain customer understanding, adjust and communicate the message
  35. 35. 34 COMPANIES THAT ADOPT A STRUCTURED APPROACH ARE NEARLY TWICE AS LIKELY TO HAVE SEEN A LARGE INCREASE IN SALES. Source: eConsultancy and RedEye Report
  36. 36. 35 SEARCHENGINEOPTIMIZATION
  37. 37. 36 Direct insurers and insurance aggregators are increasing the pressure on the more traditional insurers to stay applicable in the modern era of insurance marketing These new role players are focused on search engine “visibility and findability” These new players are competent enough of taking away market share from those insurers who underestimate the power of direct and online marketing SEO for Insurance companies Any new content must meet minimum requirements for search optimization before it can go live on your website
  38. 38. 37 Don’t ignore the basics!  Meta data , target keywords, research, tags, on-page activities Rich Snippets  Adding a star rating that links through to an independent review site can improve the click through rate of your listing SEO for Insurance companies The insurance industry is hugely competitive. There are plenty of companies out there going for gold on Google
  39. 39. 38 On-Page Credibility  Having all of the required legal disclaimers, licensing information and company details within the footer of the website is very important Checkout Process  Always keep forms and payments on a distinct section/page where possible or use a known trusted service like PayPal to complete transactions Target the Long-tail  Search in insurance is always competitive and targeting these keywords will cost you big money on paid search advertising SEO for Insurance companies
  40. 40. 39  Set up rules that allow every page to exist with unique SEO elements  Customize these individual page elements as needed to optimize them against your competition for the search engines  Adding 301 redirect fields on every page within the CMS would allow sites to better manage their content and actively optimize for SEO SEO for Insurance companies If your website already has a content management system (CMS), you can customize it for better search engine optimization (SEO) results
  41. 41. 4040 MICROSITES / LANDING PAGES
  42. 42. 41 Example A number of insurance companies use microsites for strategic branding and focused lead generation Betterteendriving.com: 46K Visitors Allstateteendriver.com Teensafedriver.com Source : comScore
  43. 43. 42 Example Liberty Mutual Advertises (online and offline) two microsites – Responsibilityproject.com and Whatsyourpolicy.com www.whatsyourpolicy.com Visitors: QE Aug 08 – 352K QE Aug 09 – 188K www.responsibilityproject.com Visitors: QE Aug 08 – 526K QE Aug 09 – 1,775K 96 26 Responsibilityproject.com Whatsyourpolicy.com Total Display Ads Viewed (in Millions) QE Aug 2009 Source : comScore
  44. 44. 43  The pages in the microsite should be kept to very few  The content on the pages should be meaty—more than a paragraph and a few bullets  There should be a strong, consistent visual theme binding these pages together  The microsite pages should be ‘readable’ - optimized Flash, optimized images/videos – good for SEO and enables A/B and multivariate testing Best practices for microsites  The content should say its story with rich details  Simple tab navigation  Each tab should focus on a specific deep-dive subtopic  There must be a clear call- to-action form (replicated on all pages)  The user experience design of the microsite should be compelling, but not overwhelming
  45. 45. 44 Challenge: To generate leads for their compliance solutions for the Health Insurance Portability and Accountability Act (HIPPA). Solution: Asegmented landing page was created to direct respondents down conversion paths focused on the needs of their hospital based on size Result: conversion rates still soared 556%, based in large part on the directed paths and audience-specific messaging. And further testing of the segmented landing page resulted in an almost 2,500%lift in conversions. Case Study – impact of microsites A B2B health insurance company Source : b2bmarketinginsider
  46. 46. 45 Challenge: To increase lead volume and quality with a new campaign in order to increase conversions and revenue. Solution: Amicrosite that responds in real time to visitor information and changes to fit the visitor, in terms of matching the right content with the visitor's profile and needs. Result: The company's lead volume went from 700 per week to 1,332, generated on average $125,000 in additional revenue per month Case Study – impact of microsites A B2C auto insurance company Source : marketingprofs
  47. 47. 4646 ONLINE VIDEO STREAMING
  48. 48. 47 Video streaming on Insurance websites Source : comScore
  49. 49. 48 People weren’t searching for videos using broad terms such as “life insurance” or “car insurance.” Instead, they were discovering, watching, and sharing videos about “Identity theft,” particularly on social networking sites Creating video ads that spoke to the consumer concern connected to the audience Impact of online video streaming - example A fortune 300 insurance company - reached prospective customers earlier in the consideration cycle, video views increase 646%
  50. 50. 4949 Multi–Channel Engage with your audience where they spend their time—where they get their information.
  51. 51. 50 Mobile media usage Mobile browsers, application users and downloads are growing 20% year on year 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 20.0% 22.0% 24.0% 26.0% 28.0% 30.0% 32.0% 34.0% 36.0% 200806 200807 200808 200809 200810 200811 200812 200901 200902 200903 200904 200905 200906 %Device<2MonthsOld % Mobile Media Users and % New Device Owners Mobile Media Users Device < 2months old (one month snapshot data) Source : comScore
  52. 52. 51 The iPhone craze Source : comScore  7.8M iPhone users – only 10% of mobile users browse, use an application or download  14.2M Blackberry users, 6.9M Windows mobile users
  53. 53. 52 Mobile advertising - examples Insurance mobile banner creatives on top publisher sites mlb.com Mobile Yahoo! Mobile abc.com Mobile 411.com Mobile Perez Hilton Mobile USA Today Mobile ESPN Mobile NASCAR Mobile
  54. 54. 53 “We're just now starting to think about mobile first and desktop second for a lot of our products.” Kate Aronowitz, Design Director Facebook Adopting a mobile-first strategy A mobile-first strategy Think about your website as MOBILE site first—start with mobile as the premise for your site Why mobile-first? 1. Opportunity: A growing use of tablets and smartphones 2. Constraints: Screen size, Network speed, Modes of use 3. Capabilities: Location (GPS), Visual input, Gesturing “We really need to shift now to start thinking about building mobile first. This is an even bigger shift than the PC revolution.” Kevin Lynch, CTO Adobe
  55. 55. 54 Getting to a mobile-first strategy Responsive design 1. One website: Not a separate mobile and desktop site 2. HTML5 & CSS3: New technologies to create sites that respond to screen sizes and orientation 3. Future proofing: Do you know what is next?
  56. 56. 5555 TECHNOLOGY
  57. 57. 56 Which technologies impact conversion? Several platforms engage to drive conversion
  58. 58. 57 1. Content Management (CMS): Supports personalized interactions on the web site 2. Marketing Automation Platform (MAP): Supports personalized interactions via outbound digital channels 3. Customer Relationship Management (CRM): Supports personalized interactions involving members of the sales team 4. Integration and Mapping: Integrating the three systems to create centralized buyer profiles that could then be mapped to a defined buying process 5. Measurement and Reporting: Implementing the dashboards and measurement tools necessary to support ongoing performance measurement and management Leveraging digital platforms CMS + MAP + CRM + Context = Increased acquisition. It takes both platforms and approach to drive improved acquisition
  59. 59. 58 Web content management systems Web CMS can drive website conversions and acquisition for insurance companies  The content management system provides incredibly valuable data since it stores the history of the claims that the company has received  Expand online presence and serve customers by providing relevant content in convenient context  Create dynamic messaging and visual experiences across your websites, microsites and campaigns from a single, easy to use CMS platform that empowers all your marketing users  Improve customer satisfaction with existing clients with timely and accurate information with an engaging customer experience  Improve traceability, transparency and adherence to rules of compliance  All data you record, structure, archive and publish are protected against unauthorized access  Leverage online resources with seamless integration with member databases, transaction records, and legacy systems
  60. 60. 59 Analytics Analytics implications for insurance companies  Highly sophisticated analytical and predictive modeling tools on insurance claim data to provide an automated approach to identifying claims with the greatest potential for fraud  Content analytics can help improve operational processes including customer care because it provides agents with a more complete view of the customer and with more accurate information about them.  Customer Intelligence data leads to continuous product improvement
  61. 61. 60  Empowering agents to send localized, customized campaigns without jeopardizing brand or regulatory standards, and allowing corporate marketing to send personalized “ On behalf of” campaigns  Each agent can access customizable media templates, extensive product information and materials, better lead distribution and reporting  Real time tracking and reporting across all channels Marketing Automation Platforms Marketing automation implications for insurance companies  Improving communications with channel partners (banks, credit unions)  Facilitating agent to agent sharing and communication  Improved tracking and reporting  Personalized landing pages for campaigns/microsites  Matrices that show who is engaged with provided content  Automated policy related forms
  62. 62. 61 Customer Relation Management (CRM) CRM implications for insurance companies Insurance Process Benefits Product Definition • Reduces the time it takes to add or make product changes • Gives more control to business user Distribution • Provides faster communication, reduces cost of distribution on paper • Improves response time and customer satisfaction Underwriting • Customers get answers more quickly about their insurance applications Issuance • Reduced printing and mailing time • Decreasing cost Servicing • Provides policy holder more control over their insurance process Claims • Can reduce the volume of call the service center receives
  63. 63. 62 The Trifecta for richer engagement Unifying three technology platforms delivers an customer experience based on a common context Web CMS Marketing AutomationCRM Common Customer Context
  64. 64. 63 Connect with us 1-877-339-6264 www.edynamic.net contact@edynamic.net twitter.com/edynamic youtube.com/1999dynamic facebook.com/edynamic.net

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