Secret to Effective Digital Connection for Insurance Marketers

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Join us to learn 6 key insights and best practices to help insurers better engage with their customers.

Join us to learn 6 key insights and best practices to help insurers better engage with their customers.

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  • 1. 0 eDynamic, Wednesday, May 21, 2014 0 SecrettoEffective ConnectiononDigital InsightsforInsurance Marketers
  • 2. 1 eDynamic, Wednesday, May 21, 2014 1 1 2 3 GREENFIELD OPPORTUNITY FOR MARKETERS KEY INSIGHTS HOW MATURE IS YOUR DIGITAL MARKETING? 4 THE WAY AHEAD
  • 3. 2 eDynamic, Wednesday, May 21, 2014 DidYouKnow? Retail/B2C 1. Increase of 50% in quote performance can lead directly to a 15% improvement in conversion,from13%to15%ofconsumers entering the quote process [Source : Forrester Research] 2. 68% of customers who had a positive experiencesaythey“definitelywill”returnto thewebsite,comparedwith21%percentof those who had a negative experience. [Source : JD Power Rankings] 3. Requesting a quote and finding policy information are the two most difficult tasks among online insurance buyers [Source : JD Power Rankings] Commercial/B2B 1. Roughly85%brokers/producersin 2013 agree that they are more willing to place business with carriers that offer useful websites, similar to producer sentiments found in prior years. [Source : LOMA and LIMRA] 2. More than 70% brokers in 2013 agree that they need personalized engagement and thought leadership enablement to drive higher premium renewals. [Source: Forrester Research]
  • 4. 3 eDynamic, Wednesday, May 21, 2014 TheMarketer’sperspective WEB MOBILE EMAIL SOCIAL Cross-channel Engagement YOUR FIRM: WEB EXPERIENCE YOUR FIRM: MOBILE EXPERIENCE YOUR FIRM: EMAIL EXPERIENCE YOUR FIRM: SOCIAL EXPERIENCE
  • 5. 4 eDynamic, Wednesday, May 21, 2014 YOUR FIRM: ONE BRAND AND CONTENT EXPERIENCE TheCustomer’sperspective COMMUTING IN MEETINGS AT LUNCH AT THEIR DESK AT HOME Device: TabletDevice: DesktopDevice: PhoneDevice: TabletDevice: Tablet Channel: WebChannel: EmailChannel: TwitterChannel: WebChannel: Email
  • 6. 5 78% 78 PERCENT OF MARKETERS INTERVIEWED BY FORRESTER BELIEVE THAT CROSS-CHANNEL MARKETING IS “IMPORTANT” OR “VERY IMPORTANT” TO THEIR BUSINESS. Forrester, 2012
  • 7. 6 54% 54% OF MARKETERS WHO HAVE IMPLEMENTED WEB PERSONALIZATION GENERATED POSITIVE ROI WITHIN MONTHS OF IMPLEMENTATION Neolane Survey, 2013
  • 8. 7 69% 69 PERCENT OF SENIOR MARKETERS BELIEVE THAT WEBSITE PERSONALIZATION IMPROVES CLIENT CONVERSION. eMarketer, 2011
  • 9. 8 72% 72% OF MARKETERS SEE THE IMPORTANCE OF ONLINE PERSONALIZATION BUT DON’T KNOW HOW TO INCORPORATE IT. eConsultancy, Realities of Online Personalization, 2013
  • 10. 9 PERSONALIZATION—MARKETERSAREDOINGALOTOFITNOW PERSONALIZATION IS BEING TAKEN FROM ANY OR ALL OF THE FOLLOWING SOURCES OF INSIGHT 1. Users' profiles and preferences: everything they’ve told you about themselves (if you already know them). 2. Customers' history with you: using intelligence from what they’ve done on your site, in your community, in response to your emails, etc. 4. How they found you: the search terms that delivered them, or a tagged campaign URL that they clicked on. 5. Their immediate behaviors: what they’re doing in the current session (clickstreams, site searches, etc.). 6. Customer life stage: leveraging insight - a new prospect reading up on you, a past/inactive customer or an existing customer looking to do more with you, a wholesale broker or retailer that’s considering placing more business with you.
  • 11. 10 RIGHTMESSAGE RIGHTTIME RIGHTDEVICE
  • 12. 11 SIMPLE EXAMPLES LOCATION BASED PERSONALIZATION THAT MAKES SENSE CLIENT-DRIVEN PRACTICE PAGES—SPECIFIC TO LOCATION AND INDUSTRY
  • 13. 12 SIMPLE EXAMPLES DEVICE BASED PERSONALIZATION THAT PROVIDES BETTER EXPERIENCES Web Version Tablet Version Mobile Version
  • 14. 13 MARKETERS ARE MOVING DOWN THE RIGHT PATH  Returning customers are bring treated like returning customers. Even the smallest acknowledgement that you know who they are goes a long way.  Geography is providing a simple start to targeting. One hotel chain improved bookings by serving up different offers to visitors from different countries.  For B2B (business to business) firms, starting with vertical industry targeting is a no-brainer. Marketers are using IP-lookup plug-ins (e.g. DemandBase) to find out customer/prospect whereabouts and personalizing, in real time. STARTINGSMALLANDGROWINGBIG
  • 15. 1414 1 2 3 4 GREENFIELD OPPORTUNITY FOR MARKETERS KEY INSIGHTS HOW MATURE IS YOUR DIGITAL MARKETING? THE WAY AHEAD
  • 16. 15 eDynamic, Wednesday, May 21, 2014 15 Insight- Digitalhaschangedthe game
  • 17. 16 eDynamic, Wednesday, May 21, 2014 Digitalhaschangedthewaycustomerssearch…andbuy 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, captive team/call center or a video chat with a broker.
  • 18. 17 eDynamic, Wednesday, May 21, 2014 HowDigitalPlaysaRole…acrosschannels 1 2 3 4 5
  • 19. 18 eDynamic, Wednesday, May 21, 2014 18 Insight- Customersneeddirect engagement
  • 20. 19 eDynamic, Wednesday, May 21, 2014 Pre-Purchase Research RFP/Purchase Quote to buy Service, Up/Cross Sell 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 during purchase Multi-Channel Support Quick Quote Instant Query Assistance Easy Renewal Process Policies available for download, self service, claims Timely Notifications First notice of leaving Personalized Profile, NBP 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 TheBuyingLifecycle
  • 21. 20 eDynamic, Wednesday, May 21, 2014 1. Thecustomerischangingchannels whilebuyingInsurance–Web,Mobile,Agent Interaction,Social 2. DigitalandSocialchannelinfluencing ofconsumerdecisionsaremadeduringthe considerationphaseofthebuyingcycle 3. Consumersarebecomingmoreindependent butexpectthe“Agent like” consultativeexperienceonline 4. Consumers demandgreatersimplicityandtransparencytohelpthemmakebetter informeddecisionsandtakegreatercontrolofthepurchasingprocess. 5. Customerscarrymentalmodelsfromnon-financialindustriesandincreasingly expectthesamefrominsurerssuchasGamification,Rewards,etc. OurPOVonCustomerEngagement
  • 22. 21 eDynamic, Wednesday, May 21, 2014 21 Insight- Howcancustomer engagementbeenhanced?
  • 23. 22 eDynamic, Wednesday, May 21, 2014 Customerswantsimplicity,visibilityandcontrol.  Understandwhothecustomer is:Understand customersegmentsandhowtheybuy  Beaconsultanttothecustomer :Suggest productsinlinewiththeneeds  Simplifyproductsthataresoldonline: Gamification,policydetails  ConnectonMultiplechannels:enable customertoswitchchannelsseamlesslyand withoutlosinginformation  Provideconnectwiththerightintermediaryfor complexproducts -videochatswith underwritersandadvisors  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 /Brokers Review what other customers are buying Premium Quote/ Calculation Gamification and Decisioning Tools OurPOV:HowMarketersMustRespond..
  • 24. 23 eDynamic, Wednesday, May 21, 2014 23 Insight- DigitalMarketing TechnologiesareCritical
  • 25. 24 eDynamic, Wednesday, May 21, 2014 OurPOV:Marketingtechnologiesarecritical BROKERS/ AGENTS
  • 26. 25 eDynamic, Wednesday, May 21, 2014 CONTENT MARKETING WITH CONTEXT SMART MARKETERS ARE ENTICING CUSTOMERS TO REACT AT VARIOUS POINTS SUPERIOR DEMAND GEN BEING DRIVEN BY REDUCING THE GAP IN ADOPTION OF CONTENT
  • 27. 26 eDynamic, Wednesday, May 21, 2014 DOVETAILING CONTENT TO AUDIENCE AND STAGE SMART MARKETERS ARE WEARING THEIR CUSTOMERS’ HATS WITH CONTENT SUPERIOR DEMAND GEN BEING DRIVEN BY OVERCOMING THE FUD’S OF PROSPECTS AT STAGES THROUGH CONTENT
  • 28. 27 eDynamic, Wednesday, May 21, 2014 MARKETERS GETTING MORE SOPHISTICATED CONTEMPORARY CONTENT MANAGEMENT TECHNOLOGY IS DELIVERING WHAT MARKETERS NEED 1. Rules based personalization— the visitors behavior triggers personalization 2. Persona based personalization— the visitor “looks like a…” is informing personalization 3. Cross-channel personalization (contextualization)—broad analytics from web, email, social and other channels are informing personalization
  • 29. 28 eDynamic, Wednesday, May 21, 2014 OurPOV: Marketingtechnologiesarecritical Marketingautomationplatformisyourdeliverytool  ThinkObjectives:Customeracquisition,brokerengagementor distributionchannelrevenue–itisthebusinessobjectivethatdrives theneedforautomation.  ThinkStrategy:Howwillyougetbrokers/agentstobeabletosell effectivelytoendcustomers?  ThinkPrograms:Everystrategyshouldleadtoaprogramwitha logicaloutcomethroughyourautomationplatform.  Don’tthinkonlyemails:Yourplatformdeliversemailsbutemailsare tiedtomarketingandrevenueobjectives. Amarketingautomationplatformmightbeapotentiallygoodfitforyou
  • 30. 29 eDynamic, Wednesday, May 21, 2014 BASIS OF CONTEXT AND PERSONALIZATION MARKETERS ARE USING DATA FROM ONE SYSTEM TO POWER ANOTHER Web CMS, Video Delivery platform, Content Posting platform Social Marketing Management Marketing Automation CRM Common Customer Context
  • 31. 30 eDynamic, Wednesday, May 21, 2014 OurPOV: Marketingtechnologiesarecritical 1. Assessandproviderecommendationsoncontentassetsbeingused formarketingmappedtothecustomerlifecycle 2. Evaluatehowleadsbeinggeneratedarebeing‘engaged’ornurtured throughthecustomerlifecycleandrecommendaseriesofstepsto improvethis 3. Chartoutabestpracticesbasedmethodologyfromleadgenerationto handofftobrokersinclusiveofleadscoring,qualificationandnurture 4. Recommenddigitalplatforms/assessleveragingofexistingplatforms thatwillbeneeded toimproveacquisition–analytics,marketing automation,CRM,dataenrichment,videocontentmarketing,content marketingplatforms
  • 32. 31 eDynamic, Wednesday, May 21, 2014 31 Insight- Customerengagement shouldbeallthrough
  • 33. 32 eDynamic, Wednesday, May 21, 2014 Acquiringcustomerseffectively CustomerAcquisitionOfferingprovidescarrierswiththeabilityto generate,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
  • 34. 33 eDynamic, Wednesday, May 21, 2014 Acquiringcustomerseffectively CustomerAcquisitionOfferingprovidescarrierswiththeabilityto generate,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 Broker/ Underwriter chat Broker contact/Agen cy 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
  • 35. 34 eDynamic, Wednesday, May 21, 2014 34 1 2 3 GREENFIELD OPPORTUNITY FOR MARKETERS KEY INSIGHTS HOW MATURE IS YOUR DIGITAL MARKETING? 4 THE WAY AHEAD
  • 36. 35 eDynamic, Wednesday, May 21, 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 OurPOV: Howmatureisyourdigitalmarketing?
  • 37. 36 eDynamic, Wednesday, May 21, 2014 OurPOV: Howmatureisyourdigitalmarketing? Identified Prospect Anonymous Prospect Existing Customer Understand Customer Personas Create Content Strategy and map aligned with buying cycle Determine Digital Touch Points Map to Buying Journeys Search Web Email Social Partner Sites Newsletters Blogs Website Testimonials Reviews Social Ads Surveys Surveys
  • 38. 37 eDynamic, Wednesday, May 21, 2014 OurPOV: Howmatureisyourdigitalmarketing? Consider Evaluate Buy Experience Advocate Bond Understand User Personas, capture their behavior Progressively profile, personalize experience and content Map the Content to be served at each stage Blog New Product Specs Finance analysis tools Have all data in CRM and other systems for scoring and transition Identified Prospect Anonymous Prospect Existing Customer Handover more sales ready leads to captive teams/agents 9 7 6
  • 39. 38 eDynamic, Wednesday, May 21, 2014 38 1 2 3 4 GREENFIELD OPPORTUNITY FOR MARKETERS KEY INSIGHTS HOW MATURE IS YOUR DIGITAL MARKETING? THE WAY AHEAD
  • 40. 39 eDynamic, Wednesday, May 21, 2014 Thewayahead…. Responsivedesign(Devices)  Onewebsiteforalldevices:Nota separatemobileanddesktopsite  HTML5&CSS3:Newtechnologiesto createsitesthatrespondtoscreensizes andorientation TargetedExperience(Personas)  ExplicitTargeting- HaveSeparate sections,navigationfordifferentusers  ImplicitTargeting -Understandtheuser withtheirdigitalbodylanguage-click- streamanalysis,IPbasedtargeting,etc.to serverelevantcontent CustomerEngagement  DefinetheLifecycleofengagement: howwillyouengagewithprospects, customersandbrokersatdifferent touchpointsofthebuyinglifecycle andpostbuyscenarios  Determinequalificationcriteria:lead scoring,nurturingandoverall mechanism Marketingtechnologies  Marketer’sCMS  CRM  MarketingAutomation  Analytics  ContentMarketing  Marketingdataenrichment
  • 41. 40 eDynamic, Wednesday, May 21, 2014 Connectwithus 1-877-339-6264 www.edynamic.net contact@edynamic.net twitter.com/edynamic youtube.com/1999dynamic facebook.com/edynamic.net