Next Generation Insurance Websites- Part 2

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Learn how insurance companies can deliver highly personalized and engaging web experiences.

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Next Generation Insurance Websites- Part 2

  1. 1. A Digital Solutions Firm delivering Marketing and Technology Solutions New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi Next Generation Insurance Websites Part2ofaseriesof2webinars
  2. 2. 1 Next Generation Insurance Websites PART 1 – Increasing Acquisition on Insurance Websites PART 2 – Increasing Engagement & Retention on Insurance Websites and Portals
  3. 3. 2  General state of Insurance websites – areas of opportunity  Key elements of acquisition strategy  Content strategy  Search Engine Optimization  Microsites  Online video streaming  Multi-channel engagement  Digital technologies that enable acquisition Review of Part 1 PART 1: Increasing acquisition on Insurance websites
  4. 4. 3  Existing customers ( The policy holders)  Prospects  Partners / Agents / Distributors  Carriers Who will benefit from better engagement? More and more insurance will be ‘bought’ by customers as opposed to being ‘sold’ by agents destroying the age old wisdom of ‘Insurance is sold and not bought’. 86% of consumers said they would pay more for a better customer experience 73% of consumers who stated that they would expand their purchases with a vendor by 10% or more if the customer experience was superior - 2011 Gartner research In recent research, LIMRAfound that 86% of producers agree that they are more willing to place business with carriers that offer them useful Web sites
  5. 5. 4 Need Recognition Information Search Evaluate Options Decision Engagement Insurance -amount of coverage needed -explanation of the various insurance products in line with needs -List of different types of coverage you are considering Address doubts regarding Insurance -Brand reputation and track record-Demonstrate the ability to solve their specific problem -Review of the current insurance policy -Solicit competitive quotes Ongoing support and upsell References Research website to find information Buying Cycle – end buyer perspective Insurance buyer looking to buy auto insurance
  6. 6. 5 Buying Cycle – partner perspective Partners and Carriers must align and influence the buying process by aligning on the buying lifecycle Segment your Audience Understand Motivations/Pain Pts Map the Messages Understand Communication Channels
  7. 7. 6  Customer engagement and retention – never too early to start!  Explore digital marketing channels  Manage brand reputation online  Leverage analytic and big data  Embrace digital technologies  Drive engagement  Multi-device approach  Integrate all marketing systems Agenda PART 2: Increasing Engagement & Retention on Insurance websites and portals
  8. 8. 77 % of customers switching brands has increased sharply – doubling from 2005 to 2011, rising sharply since 2008. Source: McKinsey Consumer and Shopper Insights, “Consumers Shake Up the Insurance Market”, June 2011
  9. 9. 88 Insurers’ efforts to retain customers Source: Global Consumer Insurance Survey 2012, Ernst and Young
  10. 10. 99 80% of your company’s future revenue will come from just 20% of your existing customers Source: Gartner Group Statistics
  11. 11. 1010 Even in a negative economy, customer experience is a high priority for consumers, with 60% often or always paying more for a better experience 81% of companies with strong capabilities and competencies for delivering customer experience excellence are outperforming their competition 86% of consumers quit doing business with a company because of a bad customer experience, up from 59% 4 years ago Source: Peppers & Rogers Group, 2009 Customer Experience Maturity Monitor Source: Harris Interactive, Customer Experience Impact Report Source: Harris Interactive, Customer Experience Impact Report
  12. 12. 1111 Engaging Web Experience is the Key to Customer Retention
  13. 13. 1212 Best-in-class companies achieved 91% customer retention on an annual basis, versus 59% for all other organizations. Best-in-class companies achieved 88% current customer satisfaction rates, versus 69% for all other organizations. 75% of best-in-class companies increased customer loyalty as a result of customer engagement initiatives, versus 53% of average industry organizations. Source: Aberdeen report – Customer Experience Management: Engaging Loyal Customers to Evangelize Your Brand
  14. 14. 1313 c Next generation Insurance websites and portals Empowers an informs, engages with prospect/customer More than just a portal/website - A ‘Digital Platform’ that extends across all channel touch-points, across devices and enables engagement across the customer lifecycle Through ease-of-use, engages users and ensures that the insurance provider is easy to buy from Enables the Insurance provider to have a unified view of the customer Drives engagement and collaboration between the Insurance provider and its channels Flexible platform that continuously evolves
  15. 15. A Digital Solutions Firm delivering Marketing and Technology Solutions New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi YOUNEEDASTRATEGIC ROADMAP!  Explore digital marketing channels  Drive channel collaboration  Leverage analytics  Embrace technologies  Integrate marketing systems  Drive engagement
  16. 16. 15 45 percent have plans to deploy customer-facingmobile applications, while 41 percentwill use social media for external brand promotion, and 39 percent expect to use it for recruiting purposes over the next year Exploring digital marketing channels Insurance executives plan to use digital, social, and mobile technologies in a variety of ways over the next 12 months Source: KPMG Insurance Industry Outlook Survey 2012
  17. 17. 16 The Social ecosystem The social ecosystem spans across internal and external communities
  18. 18. 17 1. Leverage the Web, Social Media to engage with customers 2. Build communities for brand positioning and customer engagement 3. Become newsworthy with Twitter 4. Leverage LinkedIn - discussions, updates, posts, blogs….etc. 5. Build internal communities, link social to your marketing assets such as your website and email 6. Utilize social media to connect with partners Social Media Build your reputation online! 17
  19. 19. 18  Google Alerts  Social Mention  BoardReader  Topsy  Loudpixel  Engag.io  Brandwatch  Sysomos  Hootsuite  RSS Readers Social media listening tools
  20. 20. 19 Insurers also have to invest in managing their brand online to ensure that blogged and tweeted comments reflect their brand values. Managing their reputation online is not something insurers have had to do a lot of in the past Manage brand reputation online Source: Global Consumer Insurance Survey 2012
  21. 21. 20  Train producers to use technology  Offer desired functions on producer websites  Build (or redesign) sites to be easy to use  Involve producers in technology implementation  Develop a social media policy for the field  Explore greater use of additional technology tools, such as document management, CRM, and customized marketing tools Enhance partner – carrier collaboration Carriers still lag behind producers’ desires in terms of online applications and digital technology Source: LMIRA Research
  22. 22. 21 Enhance partner – carrier collaboration Technologies that would encourage producers to place more business with carriers Source: LMIRA Research
  23. 23. 22 “About 1 in 3 producers have and use tools to track their marketing campaigns, and an additional 1 in 3 would like to have them available from carriers” “Only about 1 in 4 producers receive and use Internet leads from their carriers, but more than 1 in 2 would like to have them” Enhance partner – carrier collaboration Sales and marketing tools - to track marketing campaigns and Internet sales leads Source: LMIRA Research
  24. 24. 23 Leveraging analytics and big data Analytics is increasingly becoming a game changer for insurers
  25. 25. 24 BI provides the historical view of the data Predictive analytics allows you to gain a forward-looking viewpoint so you can proactively take steps to improve customer retention  provide highly tailored and personalized services across sales, service and marketing channels  claim handling processes can be simplified  accurately determine the premium rates  reduce the operational costs Leveraging analytics and big data Business intelligence (BI) and predictive analytics to achieve customer retention and growth
  26. 26. 25 Leveraging analytics and big data Standards and industry frameworks/models will remain as critical as ever in the next decade
  27. 27. 26 Embrace digital technology at each stage of the overall process Source: deloitte research Portal Technologies CMS, CRM CMS, Analytics and Customer Insight Marketing Automation, CRM Analytics and CMS Online Applications, CMS, CRM Online Applications, CMS, Doc and Knowledge Management Online Application s, CMS, CRM and additional sales tools Online Applications, CMS, CRM
  28. 28. 27  Educating customers  Helping customers find the required information in line with their needs  Instant online and comparative quotes, Web-based documentation and faster claims processing  Enabling users to complete monetary transactions  Checking customers’ transaction status in a user-friendly way User experience Need to improve all touch-points with the customer online
  29. 29. 28 Drive engagement Improve engagement with users across channels by improving the user experience, streamlining and augmenting capabilities Keep audience informed and engaged with ongoing communication Utilize notifications and alerts to drive usage Provide tools to help manage and service book of business Seamlessly integrate capabilities to streamline business processes across portal and LOB functions Streamline sales process through re-engineering, automation and guidance Improve user experience to drive ease of use Provide personalization to improve ease of use Engaging marketing collateral to position the brand effectively to prospects Cobranded content and assets Drive Engagement Business intelligence to enable producers and carriers
  30. 30. 29 Multi – device approach Improves access to all capabilities removes key pain points Improve Accessibility An unified digital platform that personalizes the experience for each channel and user type Provide mobile access to capabilities to improve accessibility in the field Seamless access across all capabilities
  31. 31. 30  Social  Mobile  Web  emails Multi – Device approach High performers are set to invest about 50 percent more than the average across integrated multichannel strategies over the next three years - Accenture global survey of 125 insurers 2012 Responsive design  One website: Not a separate mobile and desktop site  HTML5 & CSS3: New technologies to create sites that respond to screen sizes and orientation  Future proofing: Do you know what is next?
  32. 32. 31  Multi-channel shoppers spend 50 percent more than single channel shoppers  Satisfied multichannel users have higher brand loyalty  84 percent of insurance consumers in North America say that it is important to them that the products and services offered by their insurance provider are identical (same functionality, support, cost and so forth) across the different channels available The need for cross channel integration 89 percent of insurers believe that the ability to tailor customer experiences is important or critical—an advantage that depends on cross channel integration Source: Interbrand Design Forum, Facts & Figures: New Consumer Behaviors, Accenture Insurance Consumer Survey in North America, Accenture Global Multi-Channel Executive Survey
  33. 33. 32 Personalized content may be advertising, recommended items, screen layout, menus, news articles, or anything else accessed via Web Personalization enhances site or portal “stickiness,” that is, an increased likelihood that customers will bookmark and return to your site. Customers return more frequently to sites where they receive specific benefits, and personalization provides these benefits Personalization Customers who feel they are treated as individuals are more satisfied with their experience and more inclined to remain loyal
  34. 34. 33 Relevantcasestudy–NewYorkLife PortalContentModel–ConditionalRenderingusingCMSfor personalization,engagement,crossandupsell ConditionalrenderingreferstotheabilityoftheCMS enginetomanipulatethepresentationcontrols usedtoserviceawebrequest,suchasincludingor excludingarendering.Thisincludesdefinitionof:  Conditions  Actions  Rules  Presentation Asanexample,ifauser,whohasbeenacustomerfor over15years,landsuponthepageandactivatesthe PrivilegedCustomer’smenuoptionsonthepage,hewill gettoobservediverseconditionalrenderingscenarios
  35. 35. 34 Relevantcasestudy–NewYorkLife Implementationofprofilematchingusingrealtimeanalyticsbehindlogin thattriggerscontentpresentation,engagement,crossandupsell Analyticsthroughcontentweights:  eDynamic’ssolutionalsoallowsNYL marketerstoassigndifferentweightsto contentbasedonthecurrentuserprofile  Forexample-Aparticularvideocanbe assignedaweightof80forusersabove60 yearsofageandweightof20forusers below80yearsofage  eDynamic’ssolutionallowsNYLtousereal timeanalyticstoservedynamiccontentto sitevisitors.Thisenablesrelevant informationandauniqueuserexperience eachtimeNYLclientsvisittheportal
  36. 36. 35 Assemble andAutomate Campaigns Welcome campaigns > Follow-up Campaigns > Sales Accelerator Campaigns > Objection Campaigns > Inactive re-engagement Campaigns
  37. 37. 3636 Integrate marketing systems
  38. 38. 37 Understand your technical infrastructure
  39. 39. 38 Get the systems talking to each other – a unified engagement platform Web CMS, market automation and CRM offer a common view of the customer that drives personalization across web and email Delivering context-driven, multi-channel experiences across the buying cycle
  40. 40. 39 Do you segment and target your marketing based on an integrated view of the consumer’s behavior? The integrated view Top performers use an integrated view to deliver personalization across multiple channels Forbes | Insights Bringing 20/20 Foresight To Marketing 2011 What information does this integrated view include?
  41. 41. 40 • Strong information architecture • Structured content • Develop an effective customer retention function by communicating proactively to those who are most valuable (and likely to switch) • CMS that drives structure and allows ease of use and management Deliver engaging content If insurers understand customers’ needs and offer the right propositions in the right way, they can cross-sell, up-sell, repeat-sell and retain effectively
  42. 42. 41 Deliver the messages and capture the reaction  Use analytics and forms to capture behavior and profile Understand the customer context  Analyze the customer context Align the content to customer expectations  Package the content to align with the customer context Closed-loop engagement cycle The closed loop engagement cycle is the model used to gain customer understanding, adjust and communicate the message
  43. 43. 42 Test, review, optimize
  44. 44. 43 Touching Each Stage of the Customer Lifecycle
  45. 45. 44 Solutions  InsuranceCMSAcceleratorthatprovidesfirmsa“headstart” withtheirwebsites  Digitalstrategytransformation,websitecreation,email-based prospectnurturingandscoring  Contentmigrationfromlegacysystemstothenewwebsiteand systemsintegration  Agent,customerportals,intranets,customerselfservice, demandgeneration/salesandclaimsapplications  Digitalmarketing/demandgen–Search,Social Technologies  Webcontentmanagementsystems  Marketingandemailautomation  Mobile  CRM  Analytics InsuranceIndustryExpertise DeepexpertiseintransformingdigitalsolutionsforleadingInsurance companies Weenabledigitaltransformation  Executionofthedigitaleco-system  Multi-channel,multi-deviceengaging experiences  Strongcreativeanduserexperienceexpertisein theinsurancespace TeamandSMEs  Over11yearsofexperienceservicingcustomers intheInsurancespace&150+projectstodate intheInsurancespace  Teamofover50peopleintheInsurancepractice comprisingInsuranceSMEs,technologists, strategists,UXdesigners&demandgenexperts
  46. 46. 45 Representativesolutions  Corporatewebsites  Multi-device,userexperiencedesignand usability  Multi-deviceCMSimplementations  Digitalstrategytransformation,websitecreation, email-basedprospectnurturingandscoring  Agent,customerportals,intranets,customerself service,demandgeneration/salesandclaims applications  Digitalmarketing/demandgen–Search,Social  Demandgenoperationsandinfrastructure  Digitaleco-systemintegration–CMS,marketing automation,CRM,Analytics RepresentativeClients:InsuranceandFinance WehaveexperienceworkingwithFinancialServices,LifeandGeneral insurancecompanies
  47. 47. 46 Representativesolutions  Corporatewebsites  Multi-device,userexperiencedesignand usability  Multi-deviceCMSimplementations  Digitalstrategytransformation,websitecreation, email-basedprospectnurturingandscoring  Agent,customerportals,intranets,customerself service,demandgeneration/salesandclaims applications  Digitalmarketing/demandgen–Search,Social  Demandgenoperationsandinfrastructure  Digitaleco-systemintegration–CMS,marketing automation,CRM,Analytics RepresentativeClients:InsuranceandFinance WehaveexperienceworkingwithFinancialServices,LifeandGeneral insurancecompanies
  48. 48. 47 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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