Digital strategy for insurance companies

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While insurance companies all understand that digital is having an impact on their business, few appreciate how fast and how fundamentally the business is changing. In a recent McKinsey survey of the digital practices of more than 30 leading U.S. and European P&C and life insurers, 39 percent had not articulated a digital strategy across the customer decision journey at all. While most insurers do focus their digital efforts in marketing (83 percent) and sales (78 percent), carriers have focused on the early stages of the customer decision journey (supporting research and quotes) and lagged in their post-purchase ability to serve existing customers digitally).

Digital strategy for insurance companies

  1. 1. TURN STRANGERS INTO CUSTOMERS AND FANS IN DIGITAL.FOR Insurance Companies A Quick-guide on how to
  2. 2. TOP-PERFORMING INSURANCE COMPANIES (IN THE US) DO THE FOLLOWING THINGS TO TURN STRANGERS INTO CUSTOMERS AND FANS.
  3. 3. THEY ALL HAVE A WELL DEFINED STRATEGY SYNCHED WITH marketing, sales AND service, AND WELL-INFORMED BY CUSTOMER INSIGHTS.
  4. 4. THEY BET ON A digital future* AND INVEST TO RAPIDLY BUILD THOSE CAPABILITIES. *SUCH AS MOBILE
  5. 5. THEY integrate DIGITAL FUNCTIONS INTO BROADER BUSINESS UNIT ACTIVITIES.
  6. 6. THEY HIRE GOOD TALENT WITH experience IN DIGITAL, AND EDUCATE THEIR STAFF.
  7. 7. THEY TEST-AND-LEARN.
  8. 8. THEY REWARD risk-taking AS PART OF THE LEARNING PROCESS.
  9. 9. THEY EMPHASISE analytics AND ROI.
  10. 10. ALL THESE ACTIVITIES ARE PART OF WHAT CAN BE CALLED A DIGITIZATION PROGRAM.
  11. 11. ACCORDING TO HARVARD BUSINESS REVIEW (2014)*, A THOUGHTFUL DIGITIZATION PROGRAM CAN RESULT IN A 65 percent COST REDUCTION, 90 percent REDUCTION IN TURNAROUND TIME ON KEY INSURANCE PROCESSES AND IMPROVE CONVERSION RATES BY MORE THAN 20 percent. *http://blogs.hbr.org/2014/03/insurance-companies-untapped-digital-opportunity/
  12. 12. WHERE TO START?
  13. 13. FIRST, GAIN A DEEP UNDERSTANDING OF CONSUMERS AND THEIR SHOPPING JOURNEY'S, BOTH WHAT CHANNELS AND THROUGH WHAT devices.
  14. 14. DO THIS BY INVESTIGATING THE websites THEY VISIT, THE WORDS THEY SEARCH, AND THE social media posts THEY MAKE.
  15. 15. AND LET THIS INFORM WHAT battles ARE MOST CRITICAL FOR SUCCESS.
  16. 16. THE battlefield IS THE CUSTOMER JOURNEY AND IT'S VARIOUS TOUCH- POINTS. AWARENESS → CONSIDERATION → PURCHASE → LOYALTY → ADVOCACY
  17. 17. STARTING WITH awareness, GIVE PEOPLE A GOOD REASON TO BUY WHAT YOU OFFER. AND DO SO MAINLY THROUGH PAID MEDIA (ATL, SEARCH ADS, ONLINE AND FACEBOOK ADS). AWARENESS → CONSIDERATION → PURCHASE → LOYALTY → ADVOCACY
  18. 18. ONCE YOU HAVE THE ATTENTION OF YOUR AUDIENCE, GIVE THEM A GOOD REASON WHY TO BUY FROM YOU AND WHY NOW? AND DO SO MAINLY ON OWNED MEDIA (FACEBOOK PAGE AND WEBSITE THROUGH A/B TESTING AND UX / CONVERSION OPTIMISATION). AWARENESS → CONSIDERATION → PURCHASE → LOYALTY → ADVOCACY
  19. 19. BANG! AWARENESS → CONSIDERATION → PURCHASE → LOYALTY → ADVOCACY
  20. 20. MAKE SURE CUSTOMERS HAVE A REASON TO STAY AND BUY AGAIN. DO SO BY INNOVATING AND SERVING EXISTING CUSTOMERS DIGITALLY* PLUS GREAT CUSTOMER SERVICE, EMAIL MARKETING AND NEWSLETTERS.. AWARENESS → CONSIDERATION → PURCHASE → LOYALTY → ADVOCACY *EXACTLY WHAT SERVICES AND PRODUCTS, YOU KNOW BETTER THAN US.
  21. 21. GIVE YOUR CUSTOMERS THE MEANS TO SPREAD THE WORD. THIS HAPPENS NATURALLY BY GREAT PAID AND EARNED MEDIA, ALSO BY PROVIDING GREAT, USEFUL CONTENT THROUGH SOCIAL CHANNELS (CRM). AWARENESS → CONSIDERATION → PURCHASE → LOYALTY → ADVOCACY
  22. 22. ONCE YOU HAVE COVERED THE ENTIRE FUNNEL WITH DIGITAL ACTIVITIES, YOU HAVE AN ecosystem LOOKING SOMETHING LIKE THIS: PAID OWNED EARNED Banners, Mail, SEM/ Paid Search, facebook ads etc Website, microsite, community, platform, facebook page, twitter profile, Instagram, mobile apps etc. Word of mouth, social channels, blogs, forums, articles etc. STRANGERS CUSTOMERS FANS
  23. 23. CONGRATULATIONS. YOU ARE NOW TURNING strangers INTO customers AND fans.
  24. 24. OH, AND.. MEASURE AND EVALUATE.
  25. 25. HOW MUCH AD EXPOSURES THE CAMPAIGN ADS HAD AND TRAFFIC DID IT GET? (Reach, Impressions, Open rate etc.) ! HOW MUCH OF THIS TRANSLATED INTO PROSPECTS, LEADS, CONVERSIONS, ETC. (CTR, Cost per lead etc.) ! DID YOU MEET THE EXPECTED ROI OR SALES THROUGH THE CAMPAIGN PERIOD? (ROI etc.) Paid
  26. 26. DID YOUR OWNED MEDIA GET ENOUGH TRAFFIC AS EXPECTED? (Traffic Sources, Visits, Unique visitors, Time on site, Pageviews, Keyword performance etc.) ! DID YOUR OWNED MEDIA DO ITS JOB IN EFFECTIVELY DRIVING CONVERSIONS? (Conversion Rate etc.) Owned
  27. 27. HOW MANY POSTS OR MENTIONS DID YOUR BRAND HAVE? (Fans, fan growth, PTAT, Engagement Rate, Back-links, etc.) ! DID THE CONVERSATIONS THROUGH EARNED MEDIA YIELD POSITIVE GROWTH IN POSITIVE SENTIMENTS OF YOUR BRAND? (Sentiment Analysis) Earned
  28. 28. MEASURE AND EVALUATE. DEPENDING ON THE TIMING OF PAID MEDIA CAMPAIGNS. ! HOWEVER, IT IS RECOMMENDED TO MEASURE MONTHLY, AND REPORT AT 1, 3 AND 6 MONTH INTERVALS.
  29. 29. SOME EXAMPLES OF INNOVATIONS THAT SERVE EXISTING CUSTOMERS DIGITALLY FROM INSURANCE COMPANIES IN THE US.
  30. 30. AN APP, WHICH MAKES BUYING INSURANCE SIMPLE BY GENERATING QUOTES FOR AUTO INSURANCE FROM JUST A PHOTO OF THE APPLICANT’S LICENCE. (PROGRESSIVE USA)
  31. 31. PROGRESSIVE “SNAPSHOT” WHICH monitors DRIVING BEHAVIOUR, AND OFFERS UP TO A 30% REDUCTION IN PREMIUMS. ! (ALREADY 1 MILION SOLD IN THE US)
  32. 32. APPS THAT ALLOW PEOPLE WHO'VE BEEN IN AN ACCIDENT TO FILE CLAIMS VIA THEIR PHONES DIRECTLY FROM THE SCENE OF THE ACCIDENT, OFTEN ELIMINATING THE NEED FOR AN APPRAISER.
  33. 33. USE SOCIAL MEDIA DATA TO PROVIDE YOUR AGENTS WITH REAL TIME INFORMATION ABOUT THEIR POLICYHOLDERS’ LIFE EVENTS (MOVES, JOB CHANGES, NEW BABIES) FOR SALES, AND SIMILARLY USING DATA TO PREVENT FRAUDULENT CLAIMS.
  34. 34. A FINAL THOUGHT FROM THE HBR STUDY..
  35. 35. MOST INSURERS FOCUS THEIR EFFORTS IN MARKETING (83 PERCENT) AND SALES (78 percent), AND LAG IN THEIR POST- PURCHASE ABILITY TO SERVE EXISTING CUSTOMERS DIGITALLY.
  36. 36. WE CAN HELP YOU IN ALL OF THESE AREAS. symbiodigital.com/work
  37. 37. THANK YOU. ! NICOLAS MAKELBERGE Digital Strategy nicolas.makelberge@symbiodigital.com ~    SYMBIO | Digital Creative Agency     SYMBIO Digital, s.r.o., Na Maninách 14, Prague 7, Czech Republic    [web] http://www.symbiodigital.com   [tel] +420 233 370 509  [fax] +420 233 374 555

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