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Insurance Marketing To The Modern Consumer

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Michael Jans reveals the latest research on fast growth secrets for independent agents & brokers. Michael is the founder and CEO of Agency Revolution, the most trusted marketing & communication automation software for independent agents and brokers. Watch the recording at http://go.agencyrevolution.com/how-to-win-in-2016

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Insurance Marketing To The Modern Consumer

  1. 1. © 2016, Agency Revolution, All Rights Reserved Insurance Marketing To The Modern Consumer Why it’s different. What agents do wrong. How to do it right and win.
  2. 2. © 2015 Agency Revolution, All Rights Reserved
  3. 3. © 2016, Agency Revolution, All Rights Reserved Download At go.agencyrevolution.com/13conversations Visit Us At http://go.agencyrevolution.com/modern- consumer-3
  4. 4. © 2016 Agency Revolution, All Rights Reserved Thank You Industry Partners
  5. 5. © 2016 Agency Revolution, All Rights Reserved Thank You Sponsors
  6. 6. © 2016, Agency Revolution, All Rights Reserved Michael Jans CEO, Agency Revolution blog.agencyrevolution.com www.facebook.com/AgencyRevolution https://twitter.com/michaeljans
  7. 7. © 2014 Agency Revolution, All Rights Reserved 81% Research online before shopping 72% Trust online reviews as much as personal recommendations 91% Check email at least once a day 71% Adults use Facebook Consumer Behavior Has Changed Sources: Pew Research Center, ExactTarget, Search Engine Journal
  8. 8. © 2014 Agency Revolution, All Rights Reserved And it’s not just millennials 15 Time spent online by Baby Boomers (more than millennials) hours/week 1. http://www.bizjournals.com/phoenix/blog/techflash/2015/10/can-you-guess-which-group-is-online-even-more-than.html
  9. 9. © 2016, Agency Revolution, All Rights Reserved These are just a few of the new digital competitors who want your clients.
  10. 10. © 2014 Agency Revolution, All Rights Reserved And it’s not just personal lines 84% Deloitte: 84% of small business owners would purchase online to save money So Far, So Close, James Colaço, Senior Manager, Monitor Deloitte, and Leader in Deloitte's P&C Insurance Practice
  11. 11. © 2014 Agency Revolution, All Rights Reserved Industry observers think agents & brokers have been too slow to respond… "There are signs now, however, that the economics of the traditional agent model are beginning to unravel." “For US property-casualty insurers, 2016 will be a year of ongoing disruptive change. Digital technologies…will continue to transform the market landscape, recalibrating customer expectations and opening new ways to reach and acquire clients…often faster than traditional mechanisms can react.” “Reimagining Insurance Distribution: ”Our research shows that digital is playing an increasingly important role in the majority of customer interactions Insurers need to confront this rapidly evolving marketplace. Their decisions about how to engage customers in the digital age will impact the kind of businesses they will be…” “...the stars are aligning to threaten the prevailing agency-centric model.”
  12. 12. © 2016, Agency Revolution, All Rights Reserved So we decided to find out the answer: what do the fastest growing agencies & brokerages in North America Do Differently? (How do they market to the modern consumer?)
  13. 13. © 2016, Agency Revolution, All Rights Reserved We surveyed some of the fastest growing agencies & brokerages in North America and discovered 7 Secrets(Who are we? Agency Revolution has delivered training and technology solutions to over 10,000 insurance agents and brokers for more than 20 years.)
  14. 14. © 2016, Agency Revolution, All Rights Reserved “Marketing is too important to be left to the marketing people.” David Packard Founder, Hewlett Packard Secret #1: Agency-brokerage leadership takes responsibility for marketing. Hint: they don’t do it all. But they own it all.
  15. 15. © 2016, Agency Revolution, All Rights Reserved Secret #2: They know the consumer has changed. So they’ve changed the way they market to them. (Hint: JD Power showed that agents & brokers who use“emerging technology”to communicate have the most satisfied clients. And they get rewarded with higher retention, more referrals and more policies.)
  16. 16. © 2016, Agency Revolution, All Rights Reserved Secret #3: They know where the “real money" is in marketing. The purpose of a customer is to get a sale. Novice marketers think…
  17. 17. © 2016, Agency Revolution, All Rights Reserved The purpose of a sale is to get a customer. Advanced marketers know… …because your single most valuable asset is a customer. And your most valuable customer is a loyal customer.
  18. 18. © 2016, Agency Revolution, All Rights Reserved Secret #4: They use a full spectrum marketing model to guide the entire customer journey. I want a quote from: to: I love my broker customer journey
  19. 19. © 2016, Agency Revolution, All Rights Reserved They have different marketing processes to guide the each step in the customer journey: 1. One that ATTRACTS people into their marketing funnel 2. One that CONVERTS prospects into buyers 3. One that OPTIMIZES customer relationships 4. One that RETAINS customers as long as possible
  20. 20. © 2016, Agency Revolution, All Rights Reserved Secret #5: They focus their marketing resources strategically where it gets the most leverage: on their customers.
  21. 21. © 2014 Agency Revolution, All Rights Reserved Hint: too many agents & brokers try to grow just by getting new customers, without having systems to turn new customers into loyal customers. (That’s kinda like trying to fix a leaky bucket by pouring more water into it.) (Fix the bucket first!)
  22. 22. © 2016, Agency Revolution, All Rights Reserved Another hint: they don’t rely on empty platitudes. We take really good care of our customers!
  23. 23. © 2016, Agency Revolution, All Rights Reserved Online shoppers who view a video on a web page are 1.6 times likely to purchase (Most insurance clients aren’t too impressed…)
  24. 24. © 2014 Agency Revolution, All Rights Reserved Advanced insurance marketers know how valuable that loyal customer really is… The Highly Loyal Insurance Client renews at 97% See Bain & Co.: Customer loyalty in P&C insurance.
  25. 25. © 2014 Agency Revolution, All Rights Reserved They buy 25% more insurance See Bain & Co.: Customer loyalty in P&C insurance.
  26. 26. © 2014 Agency Revolution, All Rights Reserved They give 250% more referrals See Bain & Co.: Customer loyalty in P&C insurance.
  27. 27. © 2016, Agency Revolution, All Rights Reserved Earn my loyalty, and I’l reward you. 97% retention 2.5 referrals 25% more insurance The Highly Loyal Insurance Client Delivers… …SEVEN times the Lifetime Customer Value of a low loyalty client and THREE times the value of a neutral client! Yup, SEVEN times!
  28. 28. © 2016, Agency Revolution, All Rights Reserved But don’t I have to sell on price? nope. see next page…
  29. 29. © 2014 Agency Revolution, All Rights Reserved 57% don’t take the lowest quote
  30. 30. © 2014 Agency Revolution, All Rights Reserved Rather, they take quotes that are 19-53% higher
  31. 31. © 2014 Agency Revolution, All Rights Reserved Price doesn’t go away…but relationship matters to people… …it helps give them peace of mind.
  32. 32. © 2016, Agency Revolution, All Rights Reserved Secret #6: They create Lifelong Relationships by creating Lifelong Conversations. How? By delivering the right message to the right person at the right time
  33. 33. © 2016, Agency Revolution, All Rights Reserved For example, they might do something like this… (Remember: it’a about delivering the right message to the right person at the right time.) Thank you. Let's agree on how we’ll protect you. Here's your journey. Meet the team. Our values. Any changes in your life or business? Share your feelings (and perhaps a referral) New customer Happy birthday 5 month check in Would you do me a favor? Here's why we are different. New lead I’m sorry. But I still want a relationship with you. Lost lead They say it’s your birthday!
  34. 34. © 2016, Agency Revolution, All Rights Reserved Sympathy. Here to help. Expertise. I'm a nuisance. But it's because I care. "Deepening relationship”. I won't give up on our relationship. Lost SoulClaim Possible gaps Account Renewal Then they might do this:
  35. 35. © 2016, Agency Revolution, All Rights Reserved Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Then they deliver valuable safety and protection bulletins throughout the year…
  36. 36. © 2014 Agency Revolution, All Rights Reserved Then, they might segment their customer base and offer more opportunities for protection…
  37. 37. © 2016, Agency Revolution, All Rights Reserved How do they do that? How can they possibly reach out to thousands of leads & customers with the exact right message at the right time?
  38. 38. © 2016, Agency Revolution, All Rights Reserved Secret #7: They use modern technology to reach the modern consumer. Marketing Automation
  39. 39. © 2016, Agency Revolution, All Rights Reserved They use a marketing automation platform that integrates with their agency or broker management system… Marketing Automation Management System …so they can…
  40. 40. © 2016, Agency Revolution, All Rights Reserved Send the right message to the right person at the right time… Marketing Automation Management System And everyone is treated like an individual…
  41. 41. © 2014 Agency Revolution, All Rights Reserved But does email marketing really work? Yes! “Email marketing yields an average 4,300% return on investment…” direct marketing association
  42. 42. © 2014 Agency Revolution, All Rights Reserved “Companies using email to nurture leads generate 50% more sales-ready leads and at 33% lower cost.” “Email is nearly 40 times better than Facebook and Twitter at acquiring customers.”
  43. 43. © 2016, Agency Revolution, All Rights Reserved Let’s make insurance a relationship business again I fulfill the old school promise with new school technology.
  44. 44. © 2016, Agency Revolution, All Rights Reserved Bonus Secret: How much can I get? Novice marketers think that marketing is all about…
  45. 45. © 2016, Agency Revolution, All Rights Reserved Bonus Secret: How much can I give? Advanced marketers know that marketing is all about…
  46. 46. © 2016, Agency Revolution, All Rights Reserved Secret #1: Agency-brokerage leadership takes responsibility for marketing. Secret #2: They know the consumer has changed. So they’ve changed the way they market to them. Secret #3: They know where the“real money" is in marketing. Secret #4: They use a full spectrum marketing model to guide the entire customer journey. Secret #5: They focus their marketing resources strategically where it gets the most leverage: on their customers. Secret #6: They create Lifelong Relationships by creating Lifelong Conversations. Secret #7: They use modern technology to reach the modern consumer. QQuestions? michael@agencyrevolution.com
  47. 47. © 2016, Agency Revolution, All Rights Reserved Download At go.agencyrevolution.com/13conversations Visit Us At http://go.agencyrevolution.com/modern- consumer-3
  48. 48. © 2016 Agency Revolution, All Rights Reserved Thank You Industry Partners
  49. 49. © 2016 Agency Revolution, All Rights Reserved Thank You Sponsors
  50. 50. © 2016, Agency Revolution, All Rights Reserved Michael Jans CEO, Agency Revolution blog.agencyrevolution.com www.facebook.com/AgencyRevolution https://twitter.com/michaeljans

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