Successful integration of
 the Internet into your
 Insurance distribution
         model

       Roberto Hortal
      Head...
Agenda
> Designing the e-process, e-subscription, e-
  management, e-marketing and effective after-sales
  service
> Manag...
Designing the e-process, e-
subscription, e-management, e-
marketing and effective after-
sales service
Visitor behavior and Usability
> People “forage” information that leads them to their
  goal
> Jakob’s law
   – Users spen...
Accessibility
> Legally enforceable
   – UK: Section3 of the DDA (October 1999)
   – EU Council and Parliament (2002) and ...
Process Design - Persuasion
Architecture
> Usability no longer enough
> The buying decision and the sales process must wor...
Process Design - Persuasion
Architecture
> Uncovery
   – Identify business objectives, value of business to
     prospects...
Process Design - Persuasion
Architecture
> Storyboarding
   – Conceptualize copy, identify and prioritize design
     elem...
Managing the relationship
between an insurance company
and a client via the Internet
First contact – the initial sale
> Persuasion
   – Address objections
   – Identify differentiation
   – Reinforce positiv...
A growing relationship
> Remain top of mind
   – Contact schedule
   – Add value – offers, tips, community
> Maximize busi...
Time of need – claim experience
> Maximum flexibility
   – Allow customers to select channel
   – Let them move across cha...
Utilising the power of the
Internet to drive your business
forward
Unlimited reach
> Online = instant worldwide/nationwide reach
> White label capability
   – Multiple direct brands at the ...
Benefitting from a cost-effective
Internet business model
Internet - really cost-effective?
> Possible pitfalls – when the Net becomes expensive
   –   Cannibalization
   –   Dupli...
Online-only products and brands
> Real cost savings
   – Online-only sales – lower cost of sales
   – 100% self service – ...
CRM perspective: needs and
expectations of online customers
Demanding online customers
>   Customer service 24x7
>   All interactions available online
>   Transactions take effect im...
Reduce costs using online
distribution channels
Online distribution channels
> Search – the battle’s on

> Affiliates

> Aggregators

> Partnerships and sponsorships
Roberto Hortal
         Head of eBusiness

roberto.hortal@uk.royalsun.com
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Roberto Hortal Successful integration of the Internet into your Insurance distribution model

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Roberto Hortal Successful integration of the Internet into your Insurance distribution model

  1. 1. Successful integration of the Internet into your Insurance distribution model Roberto Hortal Head of eBusiness MORE TH>N
  2. 2. Agenda > Designing the e-process, e-subscription, e- management, e-marketing and effective after-sales service > Managing the relationship between an insurance company and a client via the Internet > Utilising the power of the Internet to drive your business forward > Benefitting from a cost-effective Internet business model > CRM perspective: needs and expectations of online customers > Reduce costs using online distribution channels
  3. 3. Designing the e-process, e- subscription, e-management, e- marketing and effective after- sales service
  4. 4. Visitor behavior and Usability > People “forage” information that leads them to their goal > Jakob’s law – Users spend most of their time on other sites > The Page paradigm – On any given Web page, users will either click something that appears to take them closer to the fulfillment of their goal, or click the Back button on their Web browser > A 2006 study by Akamai on 1000 users found – If a shopping web site took longer than 4 seconds to load, 75% of the participants would not return to the site. – 30% of the user's formed a negative perception about organizations with poorly designed web sites (poor navigation, long checkout process)
  5. 5. Accessibility > Legally enforceable – UK: Section3 of the DDA (October 1999) – EU Council and Parliament (2002) and Commission (2003) – http://www.w3.org/WAI/Policy/ > Unlimited fines > The business case for Accessibility - Legal & General – 50% increase in natural search engine listings – Number of visitors receiving quotes doubled in 3 months – Conversion rates increased by 300% – Site maintenance costs down by 66%
  6. 6. Process Design - Persuasion Architecture > Usability no longer enough > The buying decision and the sales process must work in tandem – Don’t help the business sell better, help the customer buy better > There is no average user – Building persuasion scenarios around personas > Getting more value from existing investment – Acquisition costs go down – Retention rates go up – Lifetime value goes up
  7. 7. Process Design - Persuasion Architecture > Uncovery – Identify business objectives, value of business to prospects, sales process buying process – Merge sales and buying process – Identify strategies, keywords and phrases, define personas and narratives > Wireframing – Identify responsibility of each persuasion entity, entry and exit points for PE – Establish scenarios – Identify calls to action, points of resolution
  8. 8. Process Design - Persuasion Architecture > Storyboarding – Conceptualize copy, identify and prioritize design elements, select images, develop layout (grayscale, colour, HTML) > Prototyping – Iterate through user testing > Developing – Technology as enabler > Optimizing – Test, measure, do it again!
  9. 9. Managing the relationship between an insurance company and a client via the Internet
  10. 10. First contact – the initial sale > Persuasion – Address objections – Identify differentiation – Reinforce positives > Direct – reinforce the brand > After sales – Acknowledge transaction details at once • Receipt • Contact channels – Strive to fulfill instantly • Online documentation • Immediate access to customers’ area
  11. 11. A growing relationship > Remain top of mind – Contact schedule – Add value – offers, tips, community > Maximize business – Customer hub model – Intertwine servicing and sales > Take the long view – Flexible segmentation – Lifetime contact model
  12. 12. Time of need – claim experience > Maximum flexibility – Allow customers to select channel – Let them move across channels – Gently push towards online as claim progresses > Claim initiation and follow-up online – Mobile opportunities > Proactive works best – Still in progress better than no progress at all > Integrated experience for maximum business opportunity – Back to the customer hub
  13. 13. Utilising the power of the Internet to drive your business forward
  14. 14. Unlimited reach > Online = instant worldwide/nationwide reach > White label capability – Multiple direct brands at the tips of your fingers – Even more brands through partnerships > Standards available – Lowest barriers to entry ever Growing retention > Personalization and collaborative filtering – The right message at the right time, all the time
  15. 15. Benefitting from a cost-effective Internet business model
  16. 16. Internet - really cost-effective? > Possible pitfalls – when the Net becomes expensive – Cannibalization – Duplication of efforts – Churn – Intermediation and commoditization > Cost-effective opportunities – Online-only products and brands – Personalization and high-value offerings
  17. 17. Online-only products and brands > Real cost savings – Online-only sales – lower cost of sales – 100% self service – lower cost to serve – Selection, low bundling, low retention Personalization and higher value > The new Internet standard in retail > Same cost, higher value > Positive selection, high bundling, high retention
  18. 18. CRM perspective: needs and expectations of online customers
  19. 19. Demanding online customers > Customer service 24x7 > All interactions available online > Transactions take effect immediately > Competition is only a click away > No compromise on price or quality > The online high street: you’re next to Tesco, Amazon, Google
  20. 20. Reduce costs using online distribution channels
  21. 21. Online distribution channels > Search – the battle’s on > Affiliates > Aggregators > Partnerships and sponsorships
  22. 22. Roberto Hortal Head of eBusiness roberto.hortal@uk.royalsun.com

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