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Agenda
• Disruption
• Evolution of Consumer
• Distribution Evolution
• Need for Advice / Comparative rating
• New Face of ...
Evolution: Digital Darwinism
If time has taught us anything, it is that we must adapt and change to survive
Evolution of the Consumer
Myth: My consumer is not ready for the digital world
The Grandmother Paradigm
Silver surfers hav...
Distribution Evolution
A once dominated Captive distribution is now led by
Independent producers – they own 50% of all sal...
The Digital Revolution
Digitally enabled companies entering your industry
from another industry – Beagle Street58%
The amo...
Insurance Communication and Collaboration
Landscape
Lead Generation
Evolution: Advice
Evolution: Education and Planning
The New Face of Insurance
Simple, Friendly, Informative, Collaborative………Fun
Simple, Friendly……..
12
Digital Strategy
Rethinking you Digital Footprint, not your Website
Evolve: Rethinking your Organization
• Digital Strategy
– Not a Website redesign
– Education is key
• Consumers search to ...
Digital Strategy
18
• Goal: Create a roadmap detailing how to leverage the latest digital business
models & technologies t...
What does a Digital Strategy include?
Design,
Style,
Brand
Intranet
Externally
Facing Sites
Externally
Facing
Applications...
Consumer Enablement Maturity Curve
4
2
3
1
Customer Section in
site
• Public Information
• Start a quote
• Phone based
ser...
Distribution Enablement Maturity Curve
4
2
3
1
Agent Section in site
• Public Information
• Marketing Materials
• Phone ba...
The Digital Strategy Process:
22
• Web Traffic Review
• Competitive Analysis
• Business Strategy
• Brand Strategy
• Stakeh...
Questions?
Life Insurance Consumer Evolution
Life Insurance Consumer Evolution
Life Insurance Consumer Evolution
Life Insurance Consumer Evolution
Life Insurance Consumer Evolution
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Life Insurance Consumer Evolution

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Edgewater Insurance Consulting practice director Stacey Cheese presented ​on The Changing World of Consumers in the life insurance industry, and the impact of millennials use of technology.

Published in: Business
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Life Insurance Consumer Evolution

  1. 1. Agenda • Disruption • Evolution of Consumer • Distribution Evolution • Need for Advice / Comparative rating • New Face of Insurance • Digital Strategy • What is it? • How do we get there? 2
  2. 2. Evolution: Digital Darwinism If time has taught us anything, it is that we must adapt and change to survive
  3. 3. Evolution of the Consumer Myth: My consumer is not ready for the digital world The Grandmother Paradigm Silver surfers have embraced technology and social media as family’s spread the globe Christmas shopping across the world drives online acceptance and usage How Insurance Carriers facilitate their consumer integration and interaction
  4. 4. Distribution Evolution A once dominated Captive distribution is now led by Independent producers – they own 50% of all sales50% The number of individuals that are inclined to do their own research online, rather than through an agent74% Individuals that would purchase their life insurance online Today, if available25% P&C Direct Written business in terms of net premium (personal lines)71% Source: Limra 2014
  5. 5. The Digital Revolution Digitally enabled companies entering your industry from another industry – Beagle Street58% The amount of business revenue attributed as digital revenue by 2020 (compared to 18% in 2015)43% Believe Digital Business best describes their organization need32% Believe a Major or Widespread Transformation is required In order to adapt to the evolving market61% Source: Gartner 2015
  6. 6. Insurance Communication and Collaboration Landscape Lead Generation
  7. 7. Evolution: Advice
  8. 8. Evolution: Education and Planning
  9. 9. The New Face of Insurance Simple, Friendly, Informative, Collaborative………Fun
  10. 10. Simple, Friendly……..
  11. 11. 12
  12. 12. Digital Strategy Rethinking you Digital Footprint, not your Website
  13. 13. Evolve: Rethinking your Organization • Digital Strategy – Not a Website redesign – Education is key • Consumers search to be educated not to find an Insurer • Provide key Insurance 101 education and “What do I need?” calculators – assist your consumers – Embrace multi-channel distribution models • Ease of doing business – Go where your consumers and agents are, provide integration through engagement • Integrate options to be called, txt, online chat, connect to an agent, buy direct – let the consumer decide on the path and media – exclude no one – Focus: • audiences, sites, content management, branding and design, user experience, features and functionality, technology, marketing, mobile, social 17
  14. 14. Digital Strategy 18 • Goal: Create a roadmap detailing how to leverage the latest digital business models & technologies to achieve its business goals and establish an agile digital framework that will allow the business to innovate and adapt quickly to changing market conditions and customer / channel needs. • Top level Benefits of a Digital Strategy: • Improve the ease of doing business. Allow Customers and Channel Partners to interact in their preferred method. • Increase customer acquisition and Retention • Improve competitive positioning / advantage • Improve efficiency of providing services • Gain insight on customer needs and preferences • Improve organizational agility in responding to new opportunities and threats
  15. 15. What does a Digital Strategy include? Design, Style, Brand Intranet Externally Facing Sites Externally Facing Applications Affiliate / Channel Site Strategy Mobile Social Networking Web Technology, Tools and Integrations Traffic Generation SEO, SEM Web Governance E-mail / Digital Marketing & Communications User Experience Content Style & Best PracticesAnalytics and MeasurementAudience Segmentation, Personalization Content Governance Content writing Recruiting Lead Generation OCM
  16. 16. Consumer Enablement Maturity Curve 4 2 3 1 Customer Section in site • Public Information • Start a quote • Phone based service • Claim forms Simple Customer Self Service Portal • Secure Login • Policy information • Planning tools • Forms to print • Update address • Update contact • Pay bill – set EFT • Improved Customer Service Technologies: • IVR • Chat Customer Self Service - Advanced • Update beneficiaries • Add Products • Manage financial information • Loan request • Payment history • Improved Customer Service Technologies: • Mobile sites • Screen Sharing • Social Service • Mobile Applications • E-delivery of disclosures and bills Integrative Experience • Simple profile with quote request / application • Collaborative Workspace through medical and underwriting • eForms / E-signatures • Full Policyholder services online • Claims management online • Upsell / Cross sell • View policies across business lines • Business Process Automation technologies • Building a community
  17. 17. Distribution Enablement Maturity Curve 4 2 3 1 Agent Section in site • Public Information • Marketing Materials • Phone based service Simple Agent Communications & Self Service Portal • Secure Login • Enter new Policy • Policy search & information • Policy status • Planning tools for use with prospects • Forms to print • Pay bill – set EFT • Commissions • Messages Agent Self Service - Advanced • CRM: View all customers and be able to communicate with them • Ability to do a policy and submit for approval in one sitting • E-forms,E-signatures • View policy status and manage interactions with Prospect • View claims and status • Proactive alerts • Simple mobile tools – Education and Planning • Lead management Integrative end to end Experience • Full Agent services online • Collaborative Workspace • Integration with external data such as Funeral Homes • Business Process Automation technologies • Advanced mobile applications with offline mode. Ability to complete a policy and submit from customer home. • Location based services • Lead sharing and Agent interaction • Full CRM and marketing functionality • Agent websites
  18. 18. The Digital Strategy Process: 22 • Web Traffic Review • Competitive Analysis • Business Strategy • Brand Strategy • Stakeholder Interviews • User Interviews • Technical Roadmap Current State Future State • Vision • Scope • Measurable Outcomes • Distribution Channels • User Experience • Content & Functionality • Technology & Tools • Roadmap = Agreed upon, multi phased action plan that includes: • Recommended initiatives with scope, timelines, costs and expected benefits • Sequence of initiatives based on business value and constraints
  19. 19. Questions?

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