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eDynamic, Wednesday, October 21, 2015
0
1
eDynamic, Wednesday, October 21, 2015
• How Digital is transforming …
insurance, its customers and agents
• MarketingAut...
2
What this is
- A view of the insurance sector
and specific statistics around
what is going on in the market
place
- Spec...
33
Digitalization in
Insurance
4
TheLandscapeisChanging
Buyer is informed Buyer Journey
is dynamic and cross channel
(channels and devices)
Abundance of
...
5
TheDigitalImperative
 Gartner estimated that by the end of 2015, P&C insurers that do not
offer online and mobile trans...
6
AcrossChannels
 80-83% of Insurance customers use multiple channels , 2014
Global Consumer Insurance Survey
 Customers...
7
eDynamic, Wednesday, October 21, 2015
The insurance landscape is changing - digitalization is fundamentally
affecting di...
8
eDynamic, Wednesday, October 21, 2015
The behavior of customers and how they engage with
insurers and their intermediari...
9
eDynamic, Wednesday, October 21, 2015
Agents and brokers need sales tools, access to data and automation to
function eff...
10
Beginner
• Stillfiguringouthowtoexperimentwithdigitaltools.
• Slowtoinnovateandarelikelytohavealotofmoneyinvestedinolde...
11
eDynamic, Wednesday, October 21, 2015
Improving Communications to Insurance
Customers
With the increasing demand for re...
12
eDynamic, Wednesday, October 21, 2015
12
Marketing
Automation
13
eDynamic, Wednesday, October 21, 2015
Marketing automation is a category
of technology that allows companies
to streaml...
14
eDynamic, Wednesday, October 21, 2015
Value of MarketingAutomationApproach
“80%ofmarketingautomationuserssawtheirnumber...
15
eDynamic, Wednesday, October 21, 2015
Scaling Marketing withAutomation
Marketing automation helps streamline lead gener...
16
eDynamic, Wednesday, October 21, 2015
How can Marketing
Automation Help?
• A tool that can help meet demand for relevan...
17
eDynamic, Wednesday, October 21, 2015
17
Capabilities of MarketingAutomation
Marketing Automation Capabilities Include:...
18
eDynamic, Wednesday, October 21, 2015
Marketing
Automation for
Insurance
19
eDynamic, Wednesday, October 21, 2015
MarketingAutomation for Insurers
Marketing automation can help insurers:
 Bridge...
20
eDynamic, Wednesday, October 21, 2015
MarketingAutomation for Insurers cont
Marketing automation can help insurers:
 S...
21
Reaching the end customer
Thesalesanddistributionlandscapeininsuranceincludesinternalsalesteamsand
externalchannelsande...
22
eDynamic, Wednesday, October 21, 2015
MarketingAutomation in Insurance Buyers Journey
 Communications around brand rec...
23
eDynamic, Wednesday, October 21, 2015
CustomerAcquisition
Strategies
Benefits:
 Increased response rates from personal...
24
eDynamic, Wednesday, October 21, 2015
Retention and Nurture
Strategies
Benefits:
 Implementing nurturing and retention...
25
eDynamic, Wednesday, October 21, 2015
Cross-sell and Upsell
Strategy
Benefits:
 Customers that are better targeted wit...
26
eDynamic, Wednesday, October 21, 2015
Agent Engagement
Marketing automation can act as the hub and spoke for several co...
27
eDynamic, Wednesday, October 21, 2015
Agent Engagement (cont.)
Retain - build effective working relationships to minimi...
28
eDynamic, Wednesday, October 21, 2015
Next Steps
29
eDynamic, Wednesday, October 21, 2015
Way ahead for Insurers
 Exploreandevaluate:evaluationofyourcurrentleadgeneration...
30
eDynamic, Wednesday, October 21, 2015
Platform Selection
Look at Capabilities
–Processes based on best practices
–Syste...
31
eDynamic, Wednesday, October 21, 2015
Gartner Magic Quadrant
32
eDynamic, Wednesday, October 21, 2015
Connect with us
1-877-339-6264
www.edynamic.net
contact@edynamic.net
twitter.com/...
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Marketing automation best practices for insurance companies

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Learn how insurance marketers can make the best use of marketing automation to improve marketing effectiveness.

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Marketing automation best practices for insurance companies

  1. 1. 0 eDynamic, Wednesday, October 21, 2015 0
  2. 2. 1 eDynamic, Wednesday, October 21, 2015 • How Digital is transforming … insurance, its customers and agents • MarketingAutomation what is it, value, capabilities • Leverage MarketingAutomation for Insurance uses for customers and agents Discussion Topics
  3. 3. 2 What this is - A view of the insurance sector and specific statistics around what is going on in the market place - Specific practical guidance to help you develop a marketing automation strategy - Give some ideas for specific initiatives around the customer and agents What you will get from this webinar This webinar provides specific guidance that can be translated to your marketing automation strategy for the insurance sector. What this isn't - A guide to implementation of marketing automation - This is not intended to replace all marketing strategy and deals only with how marketing automation can help
  4. 4. 33 Digitalization in Insurance
  5. 5. 4 TheLandscapeisChanging Buyer is informed Buyer Journey is dynamic and cross channel (channels and devices) Abundance of Information, Little focus
  6. 6. 5 TheDigitalImperative  Gartner estimated that by the end of 2015, P&C insurers that do not offer online and mobile transactions will lose 1/4th of their current market share!
  7. 7. 6 AcrossChannels  80-83% of Insurance customers use multiple channels , 2014 Global Consumer Insurance Survey  Customers are researching on multiple channels and devices. Sirius Decisions estimates that 67% of this is done before they ever reach out to an insurer.
  8. 8. 7 eDynamic, Wednesday, October 21, 2015 The insurance landscape is changing - digitalization is fundamentally affecting distribution strategies and the entire customer journey Where once the consumer did all of his insurance activities through his agent or broker, he now expects to interact with his insurance provider or advisor through multiple channels at various times. Therefore, communications are increasingly fragmented across different interactions or touchpoints between insurance carriers, intermediaries and customers. The New Buyer Journey
  9. 9. 8 eDynamic, Wednesday, October 21, 2015 The behavior of customers and how they engage with insurers and their intermediaries is changing.  Insurers can better reach customer by deliver quality and personalized customer experiences across all digital touchpoints through the web, mobile, email and social media  By capturing behavioral data, insurers can better target customers, make adjustments to their marketing strategy, all based on customer responsiveness and feedback. Digital Channels byActivity
  10. 10. 9 eDynamic, Wednesday, October 21, 2015 Agents and brokers need sales tools, access to data and automation to function effectively within the new modern multi-channel model. The evolved producer
  11. 11. 10 Beginner • Stillfiguringouthowtoexperimentwithdigitaltools. • Slowtoinnovateandarelikelytohavealotofmoneyinvestedinoldertechnologies. • Theirorganizationisprobablysiloed,andtheircultureismostlikelyconservative. • Bainestimates60-70%ofinsurancecompaniesfitthiscategory. Intermediate • Somedigitalinitiatives,withaverageinfrastructure • Newdigitalinitiatives,trackingprogress • 30-40%ofinsurancecompanies Expert • Unifiedculture,highlevelofdigitalcapabilitiesandfewskillsgaps. • Onlyahandfulofinsurancecompanieshavereachedthisstage,includingUSAAand ProgressiveintheUS Digitalization, assessingwhere your companyis
  12. 12. 11 eDynamic, Wednesday, October 21, 2015 Improving Communications to Insurance Customers With the increasing demand for relevant and timely communications to customers across their lifecycle, marketers need tools that can help. Based on the 2014 Global Consumer Insurance Survey, there are significant opportunities to improve customer communications  Only 14% of customers were very satisfied with current outbound communications from insurers.  44% customers have had interactions with their insurers during the last 18 months.  36% of customers would consider using email, 23% a mobile app and 20% video tutorials and guides for a range of interactions including seeking general information about a new or existing policy, asking for financial advice, checking on a claim and renewing or cancelling existing policies.  A full 57% of global insurance consumers, across all product types, prefer to hear from their providers at least semi-annually. Today, only 47% receive that level of contact.
  13. 13. 12 eDynamic, Wednesday, October 21, 2015 12 Marketing Automation
  14. 14. 13 eDynamic, Wednesday, October 21, 2015 Marketing automation is a category of technology that allows companies to streamline, automate, and measure marketing tasks and workflows, so they can increase operational efficiency and grow revenue faster. Marketo What is MarketingAutomation?
  15. 15. 14 eDynamic, Wednesday, October 21, 2015 Value of MarketingAutomationApproach “80%ofmarketingautomationuserssawtheirnumberofleads increase,and77%sawthenumberofconversionsincrease.”–VB Insight  ImproveROIbyupto10X  Lowoperationscostandlowcostofacquisition  Personalizeyourcontentwithcustomerprofileandcontext  Reachyourcustomerswheretheyareatanytime  Berelevantandpersistentthroughscoringandnurture  Improvethequalityof acquisition Amarketing automation platform can transform the way you talk to your customers and has a variety of benefits.
  16. 16. 15 eDynamic, Wednesday, October 21, 2015 Scaling Marketing withAutomation Marketing automation helps streamline lead generation, segmentation, lead nurturing and lead scoring, customer lifecycle marketing, cross-sell and up-sell, customer retention, and marketing ROI measurement. A central marketing database Customer Demographics Customer Interactions Customer Behavior Segmentation An engagement marketing engine Management & Automation Marketing Processes Conversations An analytics engine Test, Measure, Optimize Marketing ROI Impact on Revenue
  17. 17. 16 eDynamic, Wednesday, October 21, 2015 How can Marketing Automation Help? • A tool that can help meet demand for relevant and timely communications across their lifecycle • Capability to drive timely marketing campaigns across multiple channels and devices • Help with the definition, scheduling, segmentation and tracking of marketing campaigns • Makes processes that otherwise would have been performed manually, much more efficient • Ability to send personalized, 1:1 targeted messages • Analytics provide valuable insight into customer behavior.
  18. 18. 17 eDynamic, Wednesday, October 21, 2015 17 Capabilities of MarketingAutomation Marketing Automation Capabilities Include:  Email Marketing  Landing Pages  Campaign Management  Prediction/Scoring  Lead Management  CRM Integration  Social Marketing  Marketing Analytics  Automation Marketing Automation can help provide a one-to-one digital marketing platform with a long list of features.
  19. 19. 18 eDynamic, Wednesday, October 21, 2015 Marketing Automation for Insurance
  20. 20. 19 eDynamic, Wednesday, October 21, 2015 MarketingAutomation for Insurers Marketing automation can help insurers:  Bridge the gap between marketing, sales and compliance: it is a platform that gives marketers a way to easily modify, implement and track all communications and remain compliant with industry  Seamlessly integrate with CRM and other marketing systems: a well- selected marketing automation platform will seamlessly integrate with any other marketing platform.  Manage their funnels: move prospects and customers through their customer journeys with lead qualification, lead scoring, nurture and handoff processes.  Personalize their customer interactions: provide more frequent, meaningful, personalized communications.
  21. 21. 20 eDynamic, Wednesday, October 21, 2015 MarketingAutomation for Insurers cont Marketing automation can help insurers:  Segment and customize their communications: provide multiple communication streams for both intermediaries (agents, brokers, and consumers.  Pass on insight: drive key insights from your customers to your agents that prepare them better to service and nurture leads that you to them.  Use sales enablement tools: marketing automation’s sales enablement tools give insurers the control they need to manage brands and compliances, while providing local agents with the flexibility they need customize collateral and messaging which works best for their  Leverage thought leadership: provide evaluation of your content/collateral assets and map them to what prospects would look at different stages, based on their different personal needs.
  22. 22. 21 Reaching the end customer Thesalesanddistributionlandscapeininsuranceincludesinternalsalesteamsand externalchannelsandeachofthesehasmultiple engagementtouchpoints Telesales Internal Account Executives Email, phone Email, mobile, phone, appointments Email, mobile, phone, appointments Captive Agents Agents/Advi sors External Banks Web, mobile, social, Email, phone, appointments Web, mobile, social, Email, phone, appointments Web, mobile, social, Email, phone, appointments Brokers Carriers End customer (B2C and B2B) Awareness Consideration Purchase Service Retain Advocacy Marketing Search, email, events, webinars, ATL/BTL
  23. 23. 22 eDynamic, Wednesday, October 21, 2015 MarketingAutomation in Insurance Buyers Journey  Communications around brand recognition and competitive landscape. Information gathering through all channels  Persona building.  Policy Interest Request through form fill, call.  Test of messaging.  Scoring prospects to determine when it is time for a prospective call/video chat with agent or direct.  Presentation of multiple options and scenarios.  Ability to provide comparison of multiple carriers.  Communications for behavioral activity including cart abandonment.  Providing a positive customer experience for direct online purchases or purchases through agents (mobile, online).  Contract and contract management.  Triggered Communications with policy details, customer service avenues.  Continual availability 24x7 through multiple channels.  Access to pertinent service contact information.  Access via mobile applications.  Sales enablement prompts for low NPS or behavioral red flags.  Taking advantage of cross-sell, up-sell opportunities that are identified.  Regular communications to check in with customers.  Entire digital support infrastructure to manage and support claims to speed and support customers in their time of need.  Follow-up calls and personalized emails with incentives to remain a customer.  Building automated loyalty programs that reward customers.  Providing opportunities and benefits for referrals through all communications - social and online.
  24. 24. 23 eDynamic, Wednesday, October 21, 2015 CustomerAcquisition Strategies Benefits:  Increased response rates from personalized communications and optimization of offers and messaging with in ROMI (Return on Marketing Investments).  Reduced time to market for new offers through effective customer/prospect segmentation and an automated process.  Quick adjustment of campaigns to gain the highest rate of return based on feedback from analytics and testing.  Building an integrated demand generation strategy so you can better manage leads across website, emails, mobile, social, agent portals and sales tools.  Advanced marketing automation analytics can help to mine demographic, behavioral and other data.  Campaign and segmentation including buyer personas that allow marketers to exponentially increase the variables in a single campaign.  A/B testing within the automation tool can help marketers test multiple offers efficiently and in-market simultaneously.  Progressive profiling throughout customer interactions; using unified customer views and cookies to prevent duplicate requests for information.  Content mapping to customers profiles.
  25. 25. 24 eDynamic, Wednesday, October 21, 2015 Retention and Nurture Strategies Benefits:  Implementing nurturing and retention activities improve loyalty and therefore increase NPS.  By adding customized touchpoints through lead scoring based on content and engagement, you improve marketing’s revenue contribution.  The value of promoters is significant to your revenue streams. If you can incline a passive customer to become a promoter, you can add considerably to the lifetime value of such a passive customer through acquisitions driven by his/her promotion.  Building customized trigger events within marketing automation such as automated quotes or immediate requests for proofs of insurance.  Place a customer in an automated program to ensure they receive regular check-ins and a platform to provide feedback.  Utilizing analytic tools to identify potential red flags for defection.  Following up calls with automated, personalized emails containing additional information, opportunities for resolution or incentives to remain a customer.  Building automated loyalty programs through advanced lead scoring techniques that reward customers for certain behavior.  Identifying advocates through demographic, behavior and cross channel activities; targeting them for promoter nurture campaigns including friend/family referral programs.
  26. 26. 25 eDynamic, Wednesday, October 21, 2015 Cross-sell and Upsell Strategy Benefits:  Customers that are better targeted with fully integrated solutions that meet all their needs have NPS and a higher lifetime value.  It is more cost effective to market to your existing customers than to go after new ones.  Multiple product lines extend the life of the customer.  Utilizing your customer personas or demographic data collected throughout customer journeys to determine best fit targeting and cross-content opportunities.  Integrating cross-sell or up-sell content throughout your communications where appropriate.  With behavioral tracking, determining interest and pushing to sales enablement tools to prompt an outbound call to accelerate the additional purchase.  Integrating cross-sell and up-sell into customer service or inbound call inquiries.  Dependent on relevance, stop current messaging for disinterested customers or add them to a specific nurture campaign if qualified during service or inbound inquiry calls.  Providing discount messaging for customers that qualify for package deals.  Building seasonal campaigns for demographic areas that may be impacted by certain types of inclement weather, such as flood, wildfire, and rainfall.
  27. 27. 26 eDynamic, Wednesday, October 21, 2015 Agent Engagement Marketing automation can act as the hub and spoke for several corrective measures to improve the marketing, sales and distribution relationships in insurance companies through delivery of effective, timely, relevant and enabling communication. Recruiting - effectively recruiting agents/brokers while improving their experience with the insurer  Use integrated, multi-touch nurture campaigns that provide quality on- boarding. Including time and event triggers for education on tools, training programs and financial requirements agents need to be successful.  Provide communications with achievements and next steps when key milestones are reached in on-boarding.  Provide digital and automated support with product information and benefits; service agents with critical product updates in a timely manner.
  28. 28. 27 eDynamic, Wednesday, October 21, 2015 Agent Engagement (cont.) Retain - build effective working relationships to minimize, churn and support insurers’ relationships with their partners  Give the agent/broker an access to analytics and reporting that can provide insights into their customers’ digital and service behaviors.  Support events with communications - pre-event, during the event and post-event.  Provide timely communications updates with compliance information, regulatory information, etc.  Utilize support tools and facilitate instant access for customers to relationship managers through account mapping between CRM systems and marketing automation tools.  Know which agents are selling – nurture performers with specific best practice campaigns and production of others through production improvement campaigns. Enable - provide enablement for agents to preserve their value proposition – personalized service and long-lasting relationships  Support agents with consolidated information, customer data around engagement through agent portals.  Provide multiple, on-going manual and automated co-branded touchpoints to customers to ensure that the producer is engaged with their journeys.  Service producers by sending automated alerts, CRM notifications and reminders for their customers.
  29. 29. 28 eDynamic, Wednesday, October 21, 2015 Next Steps
  30. 30. 29 eDynamic, Wednesday, October 21, 2015 Way ahead for Insurers  Exploreandevaluate:evaluationofyourcurrentleadgeneration, qualificationofleads,nurtureandhandoffprocessinentiretyand introductionofbestpracticesforstrongalignmentbetweenyouand producers  ThinkObjectives:Customeracquisition,agentrecruitmentordistribution channelrevenue–itisthebusinessobjectivethatdrivestheneedfor automation.  ThinkStrategy:Howwillyougetthebestchannelpartnersandhowwill theybeabletoselleffectivelytoendcustomers?  ThinkPrograms:Everystrategyshouldleadtoaprogramwithalogical outcomethroughyourautomationplatform.  Don’tthinkonlyemails:Yourplatformdeliversemailsbutemailsaretied tomarketingandrevenueobjectives.  MarketingAutomation:Whenyouusethetooltomarkettoyourchannel andendcustomeracrosstheirlifecycles,youachievetrueautomation. Amarketing automation platform might be a potentially good fit for you
  31. 31. 30 eDynamic, Wednesday, October 21, 2015 Platform Selection Look at Capabilities –Processes based on best practices –System administration –CRM platform integration –Integration with CMS, Social, DMS, other tools (engage across multi- platform –Lead Architecture –Hosted forms and landing pages –Email –Data management and Segmentation –Privacy, integrity –Analytics Training & Support Resources Size (enterprise) Service Partners
  32. 32. 31 eDynamic, Wednesday, October 21, 2015 Gartner Magic Quadrant
  33. 33. 32 eDynamic, Wednesday, October 21, 2015 Connect with us 1-877-339-6264 www.edynamic.net contact@edynamic.net twitter.com/edynamic youtube.com/1999dynamic facebook.com/edynamic.net

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