2016 SIR_How To Succeed Final

Session Name
Speaker Name, Company
Insurance Marketing:
How to Succeed In Era of Disruption

Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
Dave Edington
Epsilon
SVP, Strategy & Innovation
@Dave_Edington

Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
3
Disruption?

7
What should research
look like now…moving
forward?

8
Source LIMRA: Big Data Analytics in Financial Services 2016
“The most active
area for big data
and analytics is
marketing.”
8

9
• An engagement maturity model
• Moving to deterministic and metronomic
• Conscious Content
Context

10
Context

Better Engagement Modelsophistication>>>
relevancy >>>
“your intent”
“their intent”

relevancy >>>
Default push
marketing:
Program-centric
(brand, channel)
messaging
sophistication>>>
“your intent”
“their intent”
Better Engagement Model

13
Push
Focus Product
Marketing Batch and blast marketing
Message Single message
Channel Single channel
Analytics Foundational
Technology No CRM, disconnected tools
Depth of customer connection
Level of
CRM
maturity
Marketing maturity building blocks

relevancy >>>
Default push
marketing:
Program-centric
(brand, channel)
messaging
Segment-driven
targeting:
Varying message by
targeting ‘like’ groups
of customers
sophistication>>>
“your intent”
“their intent”

15
Segmented
Push
Focus Product Customer
Marketing Batch and blast marketing Segmentation marketing
Message Single message Single message
Channel Single channel Multiple channels
Analytics Foundational Descriptive
Technology No CRM, disconnected tools Underutilized CRM
Level of
CRM
maturity

16
“Stop Segmenting; Start Individualizing”
Brendan Witcher

17
Stop thinking CX
Start thinking iX

relevancy >>>
Default push
marketing:
Program-centric
(brand, channel)
messaging
Segment-driven
targeting:
Varying message by
of customers
Real-time
contextual:
Varying message by
incorporating real-time
cues in context
sophistication>>>
“your intent”
“their intent”

19
Real-Time
Segmented
Push
Focus Product Customer Relationship
Automated, real-time
marketing
Message Single message Single message Targeted messages
Channel Single channel Multiple channels Cross-channel
Analytics Foundational Descriptive Strategic
Technology No CRM, disconnected tools Underutilized CRM Loyalty and/or CRM platform
Level of
CRM
maturity

20
20

2121
Insurance
+19.0%Increase in quotes
+13.5%Increase in conversion
+13.4%Increase in PLE
+16.5%Increase in LPT
42%Policies/HH

22
Source: Forrester April 2016
of marketers are
to help
achieve their goals.
63%
prioritizing the
implementation of
technology
investments
22

relevancy >>>
Default push
marketing:
Program-centric
(brand, channel)
messaging
Segment-driven
targeting:
Varying message by
of customers
Anticipatory:
Dynamically controlling
messaging by
anticipating needs /
need states
Real-time
contextual:
Varying message by
incorporating real-time
cues in context
sophistication>>>
“your intent”
“their intent”

24
Anticipatory
Real-Time
Segmented
Push
Focus Product Customer Relationship Emotional Context
Automated, real-time
marketing
1:1 dialogue, anticipatory
marketing
Message Single message Single message Targeted messages 1:1 / Dynamic messages
Channel Single channel Multiple channels Cross-channel Optimized omnichannel
Analytics Foundational Descriptive Strategic Optimized
Technology No CRM, disconnected tools Underutilized CRM Loyalty and/or CRM platform CRM with Loyalty platform
Level of
CRM
maturity

26
360
o
, real-time, actionable consumer profile - for every individual
Who they are
• 120M households; 200M consumer profiles
• Demographic composition: age, gender, HHI, occupation,
• Life-stage (new mover, pre-mover, marriage, baby)
• Automotive (year/make/model, mileage, etc.)
• Neighborhood-level and property data
What they buy
• 86 million purchases per day
• More than Amazon & eBay combined
• Over 4,000 retailer CRM integrations
• SKU level; on & offline
Cross-channel marketing activity
• 42B annual email opens
• Catalog, direct mail, loyalty activity, credit card
applications and survey
• Social media: How I share, what I follow, what I like
What they watch
• In-depth consumer understanding of contextual
video consumption
• 60MM new digital videos tracked monthly
Where they go
• 4B verified lat:long data points a day
• 200 unique points of interest
• Accurate within 10 feet
26
What’s their worth
• Value scores
• Wealth scores
• RFM data
• Economic Activity Index
How they spend
• Channel preferences, seasonality, categories, etc.
• 200+ propensity models (i.e. Uninsured health households,
insurance switchers, Medicaid potential qualified HHs, etc.)
• Self-reported purchase behaviors and brand preferences
• Unique plan-to-buy intentions not found anywhere else
What they browse
• 86B interactions a day (2nd only to Google)
• 400 days of browsing, engagement
and download activity
• 2nd largest display network (comScore)
• 170K SDK-integrated mobile apps

27
Context

28
deterministic and metronomic
vs
probabilistic and episodic

29
Episodic Metronomic
Probabilistic
Deterministic

30
Marketing technology pillars
Recognition
& reach
Brand
experience
Analytics
& insight
Marketing
operations
ID & profile
Know your
customers through
their lifestyles,
attitudes and
behaviors, and
create the most
complete
individual profile
Find and
communicate with
those customers
where they are
engaging today
Engage them with
individualized
experiences
based on what
you know and
what you are
learning in
real-time
Track the impact
of those
experiences to
optimize your
message or to
adjust for changes
in market
conditions
Assemble a
team that can
align activities
against business
objectives and
execute
flawlessly

31
Marketing technology pillars
Recognition
& reach
Brand
experience
Analytics
& insight
Marketing
operations
ID & profile
Know your
customers through
their lifestyles,
attitudes and
behaviors, and
create the most
complete
individual profile
Find and
communicate with
those customers
where they are
engaging today
Engage them with
individualized
experiences
based on what
you know and
what you are
learning in
real-time
Track the impact
of those
experiences to
optimize your
message or to
adjust for changes
in market
conditions
Assemble a
team that can
align activities
against business
objectives and
execute
flawlessly

32

33
Thru the arc of the day
6am 12pm 6pm

34
If / then decision-tree logic.
So models, business rules, logic and governance…
… that inform marketing automation / decisioning will
increasingly take more precedence.
Journey Maps

35
Context

36
Emotional Need States
Emotional Context

37
Customer Experience Trends for 2016
(The Year of Emotion)
Emotion Arising. Research shows that emotion is the component of
customer experience that has the largest impact on loyalty, but it is also the
area where companies are least adept and often seemingly ignore.
Over the past few years, neuroscience and behavioral science research has
begun to fuel new techniques for affecting human emotions.
In 2016, expect to see a major jump in the number of companies that discuss,
measure, and design for emotion.

38

39
Conscious Context: Aligning with individual’s current emotional state

40
40
Detecting Emotions on:

41
Source: Forrester April 2016
of businesses
consider improving the
72%
customer experience
a top priority.
41

42
Make progress:

43
Can Succeed In Era of Disruption

Thank You
Dave Edington
SVP Industry Strategist - Insurance @Dave_Edington
312.752.8482

2016 SIR_How To Succeed Final

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