Mortgage breakfast UK

1. How social networks and digital media can help Life and Pensions
industry
THE NEXT DIGITAL
FRONTIER
Chris Andrew
Managing Director, Hearsay Social Europe
candrew@hearsaycorp.com
@chriswandrew

2. 2
HEARSAY HELPS ADVISORS, INDEPENDENTS AND
WHOLESALERS GROW BUSINESS ON SOCIAL
100,000+
Users
SOLID FOUNDATION BUSINESS GROWTH & EXPANSION
$51M
Funding
170+
Employees
90%+
YoY Revenue Growth
COMMITTED TO FINANCIAL SERVICES CONTINUED INNOVATION & INDUSTRY LEADER
Content Partners
Global Expansion
Leader in
Forrester Wave™: Social
Risk and Compliance
Solutions, Q2 2014Industry Associations
Archiving Partners
Recognized as AlwaysOn
2014 OnDemand 100 Top
Private Companies
96%+
Annual Renewal Rate

3. PROVEN MARKET LEADERSHIP ACROSS FINANCIAL SERVICES
INSURANCE WEALTH/BANKING
7 of 10
global
financial
firms
3

4. 72% of L&P consumers turn
to IFA’s for information and
advice on retirement
planning
Accenture Life and Pensions Survey report 2014
But 48% of consumers
that think they need
advice never actually
seek it
Advice
Gap

5. 5
CONSUMER ENGAGEMENT IN LIFE AND PENSIONS MARKET IS
AT AN ALL TIME LOW
60%
Of customers are not
satisfied with their provider
39%
Strongly agree that products are
complicated and confusing
63%
Feel their insurer does not
provide clear
communication
Source: Accenture 2014 UK Financial services customer survey

6. SOCIAL AND MOBILE HAVE CHANGED L&P CONSUMER
EXPECTATIONS
6
Online sources influence
offline purchases
Ability to communicate
on their terms
Personalized and
personal service

7. LIFE AND PENSION PROVIDERS NEED TO
UP THEIR GAME AND IMPROVE
RELATIONSHIPS WITH CUSTOMERS
BOTH BY GIVING THEM THE DIGITAL
CONVENIENCE THEY WANT BUT ALSO BY
FINDING WAYS OF MEETING
CUSTOMERS’ DESIRE FOR PERSONAL
CONTACT
- PETER KIRK, MANAGING DIRECTOR ACCENTURE
DISTRIBUTION AND MARKETING
7

8. DIGITAL IS AN EFFECTIVE TOOL FOR
Educating
consumers
Increasing
Trust
Engaging with
customers
IFAs or end-consumers

9. 9
BEFORE: HOW ADVISORS SOLD
Limited channels, linear progression

10. 10
TODAY: ADVISORS MUST ADAPT TO STAY RELEVANT
Numerous, mostly digital
channels, nonlinear engagement

11. 11
THE AGE OF THE TRUSTED
OMNICHANNEL ADVISOR
• High-Touch at Scale
• Personalized and Personable
• Informed by Data, Built on Relationships

12. SAYHEAR
12
HEARSAY ENABLES THE OMNICHANNEL ADVISOR
Predictive Content Library so
you can share the right
message to the right person
at the right time
Scale across your sales
organization with a
single enterprise and
compliance platform
Cut through the noise to home
in on customer buying signals
and engagement opportunities
SCALE

13. 13
1 2 3 4 5
Alert: An advisor’s
acquaintance, Henry,
shared on Facebook that
his first child was born.
Henry views content on
the rising costs of
education on advisor’s
website.
Advisor receives mobile
notification that Henry is
the top lead.
With a predictive content
engine, Advisor receives
personalized suggestions
and subsequently emails
Henry relevant, helpful
info.
The email resonates with
Henry, he meets with the
Advisor and becomes a
customer.
• High-Touch at Scale
• Personalized and Personable
• Informed by Data, Built on Relationships
PREDICT à PRESCRIBE à PERSONALIZE

14. 14
WITHOUT THE RIGHT TOOLS, ADVISORS ARE FINDING
IT DIFFICULT TO RETAIN CLIENT AND CLOSE NEW
BUSINESS
Advisors are not sure what
to say or how to get started
Complex regulations
and company policy
Multiple channels to capture
and manage client
interactions

15. 15
HEARSAY’S PREDICTIVE OMNICHANNEL SUITE FOR ADVISORS
HEARSAY
SOCIAL
OTHER
CHANNELS
HEARSAY
MESSAGES
(SMS)
HEARSAY
SITES
HEARSAY
MAIL
PREDICT ! PRESCRIBE ! PERSONALIZE

16. 16
PROVEN ROI FOR LIFE INSURANCE FIRMS
“75% had impact on enhanced brand
reputation”
– Leading multi-line insurance
company
Life Insurance Firms
Report
3-35%higher new customer
business for agents using
Hearsay Social
“50% of my sales are from social media.
Everything is referral-based or from social.”
– Denise, Multi-Line Agent
“95% of my total business comes from
activity and referrals from Facebook”
– New Rep, Regional Firm
“I sold 5 life insurance policies attributed to
my [social] connections.”
– Top Agent, leading US insurance company”
The average life insurance firm has 3000+
advisors on social
360+Connections
157Social Signals
/Quarter
16Posts
/Quarter
The average advisor has:“22% sales uplift”
—Fortune 500 financial services fraternal organization
“35% higher new customer business”
– Leading multi-line insurance company
CONFIDENTIAL - NOT FOR DISTRIBUTION

17. 17
• Clear policy and guidelines
POLICY &
TRAINING
COBS 4.10.1
ü System (training, policy) to enforce
policies
• Content should be fair, clear,
and not misleading
CONTENT
COBS 4.3.1R
MCOB3
ICOBS2.2
CONC 3.4.1R
ü Pre-approved content library
ü Robust content review
ü Notifications
ü Targeting
• Adequate record keeping
• Third party archiving
RECORD KEEPING
COBS 4.11
MCOB 3.10
ICOBS 2.4
ü Automatic record-keeping
ü Partnerships with leading security and
archiving systems
• Monitoring
• Sign-off of content
ü Flexible review and approvals
ü Lexicon based notifications
ü Pre-approved content library
ü Pro-active monitoring of rogue social
accounts
SUPERVISION
SYSC 3.1.6R, 3.2.6R,
4.1.1R and 4.3.1R
COBS 4.3.1R
MCOB 3.9 and 3.11,
ICOBS 2.2
MCOB3
WITH A PROVEN COMPLIANCE LAYER BUILT TO FCA
GUIDELINES

18. THANK YOU!
Chris Andrew
Managing Director, Hearsay Social
@chriswandrew
candrew@hearsaycorp.com