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Great Expectations

October 2013

Derek Martin

www.derekfmartin.com
All Rights Reserved
AGENDA
• Expectation Based Loyalty
• The Great Awakening
• Life Insurance Industry
• MetLife Direct Business
• Using Big D...
Loyalty on the Customer Engagement Journey
Loyalty

Customer
Expectations

Thrill Me
Make it Beautiful

Make it Easy
Get i...
Customer Expectations
While Insurance providers are middle of the road in meeting customer expectations, their performance...
The Great Awakening: Customer Revolution
Self- Service
Special

Educated

Global

Connected

Social
Life Insurance in the USA is in decline
% USA Citizens with Life Insurance
2012, total = 100%

None, 30%

Individual
&
Emp...
MetLife Direct Distribution

Our Mission
Enable everyone to protect family and loved ones

Provide affordable Life Insuran...
How to Sell Life Insurance?
Traditional Life Insurance Sales Process = 50 – 100 Days
~ $750 / App
Research

1. Highly Regu...
Life Insurance Sales Process Evolution
Traditional Term Life
5 min

Lead

1-2 weeks 0.5 hours 2 hours 2-4 weeks 2-4 weeks ...
Direct Life Insurance Sales Process
Direct Term Life Product :
5 min

Lead

5 min

Quote

1 hour

1-4 weeks

Application

...
Simple to Research
Research:
Products and Benefits
Calculator: How
Much Insurance do I
need?

Walmart:
Insurance in a box
Generic Application
Ask what we MIGHT need to know for the most complicated
Product
Questions
All health
questions

Brief ...
Big Data Application
What do we know that would suggest the right product?
Low

Med

High

None

Age

Full Term

Simplifie...
Smart and Simple Application
Ask only what we need to know
All health
questions

Risk
questions

All health
questions

Dat...
Time To Complete an Application: Generic

% Completed
100

ATC
Customer 3 Weeks

50

0
1

2

3

Weeks to Complete

4

5

1...
Time To Complete: Segment
ATC
Seg 1 2 Weeks
Seg 2 3 Weeks
Seg 3 4 Weeks

% Completed
100
80
60
40
20
0
1

2

3

4

Weeks t...
Time To Complete: Individual

ILLUSTRATIVE

% Completed
100
90
80
70
60
50
40
30
20
10
0

ATC
<40 East Fit

2 Weeks

<40 E...
Direct Life Insurance Sales Process
Direct Term Life Product :
5 min

Lead

5 min

Quote

1 hour

1-4 weeks

Application

...
Net promoter scores tell it all

Direct +46

Agent -4
Q&A

Visit me at:
www.derekfmartin.com
#derekfmartin
http://betterbusinessbanter.blogspot.com
We Know Simplicity Pays

2012 Global Brand Simplicity Index, Siegel+Gale, October 2012

21
Simple Leads:
Connect with customers across digital channels
Online
Email

Social

Mobile
• Gather Behavior
• Define Custo...
Simple to Pay
1. Bank Draft or Check
2. Set Pay Date
3. Multiple Payors
4. Credit & Debit Card
5. Gift
6. SMS Payment Aler...
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Using Big Data to Manage Customer Expectations

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Loyalty usa v6

  1. 1. Great Expectations October 2013 Derek Martin www.derekfmartin.com All Rights Reserved
  2. 2. AGENDA • Expectation Based Loyalty • The Great Awakening • Life Insurance Industry • MetLife Direct Business • Using Big Data to Set and Achieve Customer Expectations 2
  3. 3. Loyalty on the Customer Engagement Journey Loyalty Customer Expectations Thrill Me Make it Beautiful Make it Easy Get it Right Give Me Value Time
  4. 4. Customer Expectations While Insurance providers are middle of the road in meeting customer expectations, their performance is not keeping up with accelerating expectations and other industries ability to meet them. 2010 2008 4
  5. 5. The Great Awakening: Customer Revolution Self- Service Special Educated Global Connected Social
  6. 6. Life Insurance in the USA is in decline % USA Citizens with Life Insurance 2012, total = 100% None, 30% Individual & Employer 44% Employer only, 26% Source: LIMRA 6
  7. 7. MetLife Direct Distribution Our Mission Enable everyone to protect family and loved ones Provide affordable Life Insurance alternatives with great customer experience
  8. 8. How to Sell Life Insurance? Traditional Life Insurance Sales Process = 50 – 100 Days ~ $750 / App Research 1. Highly Regulated 2. Emotional Product Payment Quote Agent 3. Long & Complex Purchase Process Application
  9. 9. Life Insurance Sales Process Evolution Traditional Term Life 5 min Lead 1-2 weeks 0.5 hours 2 hours 2-4 weeks 2-4 weeks 2-4 Weeks Agent Quote Applic ation Medical Under writing Approve ~100 Days $750/app & Pay Direct Term Life 1 min Lead 5 min Quote 1 hour 1-2 weeks 1-2 weeks 1-2 weeks Applic ation Medical Under writing Approve & Pay ~40 Days $500/App Direct Simplified Issued Term 1 min Lead 5 min Quote 20 minutes Applic ation 1minute Approve 27 minutes $200/App & Pay
  10. 10. Direct Life Insurance Sales Process Direct Term Life Product : 5 min Lead 5 min Quote 1 hour 1-4 weeks Application CUSTOMER Easy to find & understand 1-4 weeks Medical Underwriting 1-3 Weeks Approve & Pay EXPECTATIONS Painless, Transparent, Competent, Expedient Competitive Self Service
  11. 11. Simple to Research Research: Products and Benefits Calculator: How Much Insurance do I need? Walmart: Insurance in a box
  12. 12. Generic Application Ask what we MIGHT need to know for the most complicated Product Questions All health questions Brief health exam Afflictions, Recent Hospital, History Hight, Weight, BPS, Blood, Urine Risk questions Driving Record, Skydiving, Intl Travel Database checks Name Age State Traditional Term Criminal, Driving, Other Name, DOB, Address, Soc Sec
  13. 13. Big Data Application What do we know that would suggest the right product? Low Med High None Age Full Term Simplified Term Health Affordability Seg 1 Seg 2 Seg 3 TV Lead Web Final
  14. 14. Smart and Simple Application Ask only what we need to know All health questions Risk questions All health questions Database checks Database checks Brief health exam Risk questions Some health questions Some health questions Some health questions Some health questions Database checks Name Age State Name Age State Name Age State Name Age State Name Age State Name Age State Guaranteed Simplified Simplified Plus Simplified Premium No UW Simplified Underwriting Simplified Premium Plus Rapid Brief health exam Risk questions Database checks Name Age State Traditional Fully Underwritten
  15. 15. Time To Complete an Application: Generic % Completed 100 ATC Customer 3 Weeks 50 0 1 2 3 Weeks to Complete 4 5 15
  16. 16. Time To Complete: Segment ATC Seg 1 2 Weeks Seg 2 3 Weeks Seg 3 4 Weeks % Completed 100 80 60 40 20 0 1 2 3 4 Weeks to Complete 5 16
  17. 17. Time To Complete: Individual ILLUSTRATIVE % Completed 100 90 80 70 60 50 40 30 20 10 0 ATC <40 East Fit 2 Weeks <40 East Norm 3 Weeks <40 West Fit 2 Weeks <40 West Norm 3 Weeks >40 East Fit 4 Weeks >40 East Norm 5 Weeks >40 West Fit 1 3 Weeks >40 West Norm 5 Weeks 6 Weeks HI Risk 2 3 4 Weeks to Complete 5 17
  18. 18. Direct Life Insurance Sales Process Direct Term Life Product : 5 min Lead 5 min Quote 1 hour 1-4 weeks Application CUSTOMER Easy to find & understand 1-4 weeks Medical Underwriting 1-3 Weeks Approve & Pay EXPECTATIONS Painless, Transparent, Competent, Expedient Competitive Self Service
  19. 19. Net promoter scores tell it all Direct +46 Agent -4
  20. 20. Q&A Visit me at: www.derekfmartin.com #derekfmartin http://betterbusinessbanter.blogspot.com
  21. 21. We Know Simplicity Pays 2012 Global Brand Simplicity Index, Siegel+Gale, October 2012 21
  22. 22. Simple Leads: Connect with customers across digital channels Online Email Social Mobile • Gather Behavior • Define Customer Segment • Customize message & channel • Reduce cost/ application Outdoor
  23. 23. Simple to Pay 1. Bank Draft or Check 2. Set Pay Date 3. Multiple Payors 4. Credit & Debit Card 5. Gift 6. SMS Payment Alerts 7. Mobile Landing Page to Accept You are approved! Mobile acceptance

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