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Teachers Life - an Online Case Study by Doug Baker

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Session 4 from Acceptiv Online Distribution Conference Sept 2017. Three years’ ago, Teachers Life moved to an exclusively digital strategy; learn from their experience, what they would do differently and why they feel they are in a much stronger position today to capitalize from early mover advantage.

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Teachers Life - an Online Case Study by Doug Baker

  1. 1. On Line Distribution September 2017
  2. 2. • We are a small fraternal insurer • Based in Toronto; founded in 1939 • Provincially regulated until 2008 in Ontario • Expanded from 1 province to full national licencing in 2015 • 2016 Celent award – technology transformation • Online Platforms • Continuous improvements launched through 2017 • ‘White-labelled’ partners • Growing group business
  3. 3. What we have learned….or, let’s tell the end of the story first…. • It does not happen overnight • Must be prepared for some detours….you are allowed to screw up • Must break down walls • Size doesn’t matter • You just don’t ‘build it and they will come’ • Marketing approach must change • Partner with organizations you know, like and trust
  4. 4. LESSONS FROM GIN GIN IT’S NOT A DESTINATION IT’S A JOURNEY
  5. 5. WE LEARNED A LOT ALONG THE WAY
  6. 6. KEEPING COMPETITIVE • Punching above our weight • ADVANTAGE: our size • DISADVANTAGE: our size • Confront our strengths and weaknesses
  7. 7. Growth • New relationships • Building awareness Technology is the gateway to Staying relevant as a business through our pursuit of technology innovation
  8. 8. A COMPANY WITHOUT WALLS • CRM software – to stay focused on our customer • New platform partners – to drive product innovation • Gathering Data (must be relevant) Embracing the NEW in our industry
  9. 9. • AD&D portfolio grows to 165,000 in 2017 • Expanded business lines: white labelling and middle and back office services • 6 partners across 9 platforms • 2017 Exploring more B2B opportunities • Working with Tech Company to improve all of our process • Expansion to selling nationwide opening up new individual markets, new partnerships GROWTH BEYOND OUR TRADITIONAL BORDERS
  10. 10. SMARTER BUDGETS Must differentiate and target better
  11. 11. SMARTER BUDGETS • Know the policyholder you want/can get • Be clear on what makes you different/unique • Invest in removing any additional pain points • Invest in insights you can use
  12. 12. REMOVING BARRIERS • WIIFM marketing – “what’s in it for me?” • Helping policyholders – remove all friction • Disrupt their complacency • Support through self service Help empower policyholders to buy insurance
  13. 13. INSIGHTS WE USE: EDUCATORS & LIFE INSURANCE • 37% think insurance is a luxury they can’t afford • 60% would prefer a free iPhone over free insurance for a year • 29% are afraid to get a medical exam – 9% higher than general population • 54% are overwhelmed by the choices – 9% more than general population
  14. 14. SOME KEY METRICS cont’d 6.1% 6.6% 9.9% 17.5% 7.6% 12.9% 11.6% 14.4% 14.4% 13.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% T10 T20 T30 T40 Aggregate Profit Margin (On-line Term) Actual Expected • Within Term 10, 20 and 30 - There is a skew to lower profit margin cells • Distribution (T10-40) • Average Face Value - $283,440.00 • Average Premium is $409.33
  15. 15. SOME KEY METRICS: • Volumes are still relatively low (less than 750 policies) • Distribution (T10-40) – over 50% are T20 or less • Average age: 39.8 Female/41.0 Male • 55% Female Policy Holders • 45% Increase in sales (July/16 over July/17) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% T10 T20 T30 T40 Distribution of Business (On-line Term) Actual Expected
  16. 16. NEXT CHAPTER Insurance innovation for policy holders
  17. 17. NEXT CHAPTER Leading a series of data-gathering trials for policyholders • Digital marketing: hypertargeting of interests on people’s geo-locations • Investments in analytics – data collection is a big step forward for us • Automating more personalized communications • Solving some service pain points
  18. 18. THE ENTERPRISE JOURNEY CONTINUES KEEPING OUR MOMENTUM GOING BEYOND 2017 • Deeper investments in data, technology • New white-labelled services • Improved back-office & administration • Implementing a CRM for anticipated growth
  19. 19. IT’S A JOURNEY NOT A DESTINATION • There is no “build it and they will come” • Stay open to the new and different – seek trusted partners • Investments in technology must be supported by changes to people, processes • Small insurers can succeed – work our advantages • And… be prepared to visit Gin Gin on your journey! IT’S A JOURNEY NOT A DESTINATION (A Re Cap..)
  20. 20. Teachers Life in 2017
  21. 21. Q&A

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