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Roberto Hortal  Successful integration of  the Internet into your  Insurance distribution  model
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Roberto Hortal Successful integration of the Internet into your Insurance distribution model

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  • 1. Successful integration of the Internet into your Insurance distribution model Roberto Hortal Head of eBusiness MORE TH>N
  • 2. Agenda > Designing the e-process, e-subscription, e- management, e-marketing and effective after-sales service > Managing the relationship between an insurance company and a client via the Internet > Utilising the power of the Internet to drive your business forward > Benefitting from a cost-effective Internet business model > CRM perspective: needs and expectations of online customers > Reduce costs using online distribution channels
  • 3. Designing the e-process, e- subscription, e-management, e- marketing and effective after- sales service
  • 4. Visitor behavior and Usability > People “forage” information that leads them to their goal > Jakob’s law – Users spend most of their time on other sites > The Page paradigm – On any given Web page, users will either click something that appears to take them closer to the fulfillment of their goal, or click the Back button on their Web browser > A 2006 study by Akamai on 1000 users found – If a shopping web site took longer than 4 seconds to load, 75% of the participants would not return to the site. – 30% of the user's formed a negative perception about organizations with poorly designed web sites (poor navigation, long checkout process)
  • 5. Accessibility > Legally enforceable – UK: Section3 of the DDA (October 1999) – EU Council and Parliament (2002) and Commission (2003) – http://www.w3.org/WAI/Policy/ > Unlimited fines > The business case for Accessibility - Legal & General – 50% increase in natural search engine listings – Number of visitors receiving quotes doubled in 3 months – Conversion rates increased by 300% – Site maintenance costs down by 66%
  • 6. Process Design - Persuasion Architecture > Usability no longer enough > The buying decision and the sales process must work in tandem – Don’t help the business sell better, help the customer buy better > There is no average user – Building persuasion scenarios around personas > Getting more value from existing investment – Acquisition costs go down – Retention rates go up – Lifetime value goes up
  • 7. Process Design - Persuasion Architecture > Uncovery – Identify business objectives, value of business to prospects, sales process buying process – Merge sales and buying process – Identify strategies, keywords and phrases, define personas and narratives > Wireframing – Identify responsibility of each persuasion entity, entry and exit points for PE – Establish scenarios – Identify calls to action, points of resolution
  • 8. Process Design - Persuasion Architecture > Storyboarding – Conceptualize copy, identify and prioritize design elements, select images, develop layout (grayscale, colour, HTML) > Prototyping – Iterate through user testing > Developing – Technology as enabler > Optimizing – Test, measure, do it again!
  • 9. Managing the relationship between an insurance company and a client via the Internet
  • 10. First contact – the initial sale > Persuasion – Address objections – Identify differentiation – Reinforce positives > Direct – reinforce the brand > After sales – Acknowledge transaction details at once • Receipt • Contact channels – Strive to fulfill instantly • Online documentation • Immediate access to customers’ area
  • 11. A growing relationship > Remain top of mind – Contact schedule – Add value – offers, tips, community > Maximize business – Customer hub model – Intertwine servicing and sales > Take the long view – Flexible segmentation – Lifetime contact model
  • 12. Time of need – claim experience > Maximum flexibility – Allow customers to select channel – Let them move across channels – Gently push towards online as claim progresses > Claim initiation and follow-up online – Mobile opportunities > Proactive works best – Still in progress better than no progress at all > Integrated experience for maximum business opportunity – Back to the customer hub
  • 13. Utilising the power of the Internet to drive your business forward
  • 14. Unlimited reach > Online = instant worldwide/nationwide reach > White label capability – Multiple direct brands at the tips of your fingers – Even more brands through partnerships > Standards available – Lowest barriers to entry ever Growing retention > Personalization and collaborative filtering – The right message at the right time, all the time
  • 15. Benefitting from a cost-effective Internet business model
  • 16. Internet - really cost-effective? > Possible pitfalls – when the Net becomes expensive – Cannibalization – Duplication of efforts – Churn – Intermediation and commoditization > Cost-effective opportunities – Online-only products and brands – Personalization and high-value offerings
  • 17. Online-only products and brands > Real cost savings – Online-only sales – lower cost of sales – 100% self service – lower cost to serve – Selection, low bundling, low retention Personalization and higher value > The new Internet standard in retail > Same cost, higher value > Positive selection, high bundling, high retention
  • 18. CRM perspective: needs and expectations of online customers
  • 19. Demanding online customers > Customer service 24x7 > All interactions available online > Transactions take effect immediately > Competition is only a click away > No compromise on price or quality > The online high street: you’re next to Tesco, Amazon, Google
  • 20. Reduce costs using online distribution channels
  • 21. Online distribution channels > Search – the battle’s on > Affiliates > Aggregators > Partnerships and sponsorships
  • 22. Roberto Hortal Head of eBusiness roberto.hortal@uk.royalsun.com

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