Insuring America's Multi-generational Workforce. Re-humanizing the online buyer journey.

1. Insuring
America’s
Mul1genera1onal
Workforce.
REHUMANIZING
THE
ONLINE
BUYER
JOURNEY
Prepared
for
Workplace
Benefits
Summit,
Orlando
2015.

2.
THE
POWER
OF
PERSONALIZATION
:

3.
THE
CHALLENGE
IN
2015
:
Exchanges
and
Enrollment
portals
are
largely
product
based.
They
take
no
account
of
the
major
demographic
and
psychographic
differences
between
customers.
They
don’t
get
to
know
your
customers
and
allow
their
ac1ons
to
shape
their
customer
experience.

4.
Most
“personalizing”
is
simply
macro-­‐segmen5ng
visitors
based
on
their
age,
loca5on,
gender
and
income
to
deliver
more
relevant
products.
PERSONALIZATION:

5.
Most
“personalizing”
is
simply
macro-­‐segmen1ng
visitors
based
on
their
age,
loca1on,
gender
and
income
to
deliver
more
relevant
products.
Products
and
price
define
s5ll
define
most
buyer
journeys.
PERSONALIZATION:

6.
Most
“personalizing”
is
simply
macro-­‐segmen1ng
visitors
based
on
their
age,
loca1on,
gender
and
income
to
deliver
more
relevant
products.
Products
and
price
define
s1ll
define
most
buyer
journeys.
Targe5ng
visitor
experiences
in
this
way
is
segmenta5on,
not
personaliza5on.
PERSONALIZATION:

7.
Most
“personalizing”
is
simply
macro-­‐segmen1ng
visitors
based
on
their
age,
loca1on,
gender
and
income
to
deliver
more
relevant
products.
Products
and
price
define
s1ll
define
most
buyer
journeys.
Targe1ng
visitor
experiences
in
this
way
is
segmenta1on,
not
personaliza1on.
Targe5ng
visitor
experiences
based
on
their
ac5ons,
behavior
or
previous
purchases
is
personaliza5on.
Period.
PERSONALIZATION:

8.
Psychographics
is
the
study
of
personality,
values,
opinions,
a[tudes,
interests,
and
lifestyles.
True
personaliza1on
uses
psychographic,
demographic,
purchase
and
behavioral
data
to
convert
even
casual
website
visitors
into
loyal
and
profitable
customers.
TRUE
PERSONALIZATION:

10.
Personaliza5on
requires
real-­‐1me
data
analy1cs
and
the
ability
to
dynamically
change
your
messaging,
your
journey,
content,
products
and
your
sales
engagement
process
for
each
customer.
This
rehumanizes
the
online
buyer
journey
and
drama1cally
increases
sales
and
loyalty.
PERSONALIZATION:

11.
WHY
DOES
IT
MATTER?

12.
:
Individual
life
insurance
1960
-­‐72%
-­‐
today
44%

13.
THE
DIGITAL
NATIVE
GENERATION
:

14.
THE
DIGITAL
NATIVE
GENERATION
:
The
genera1on
who
have
grown
up
in
the
technological
age
are
demanding
the
same
seamless
insurance
buying
experience
as
the
best
retailers
like
Amazon
and
Ebay.
Percentage
of
UK
adults
that
are
digital
na1ves.
Source:
PWC

15. PERSONALIZATION
DRIVES
CUSTOMER
ENGAGEMENT
AND
SALES:
80% of consumers cited more
personalized service as
important or very important in
their decision to switch to a
new insurer**.!
“82
percent
of
respondents
say
that
personal
interac5on
is
what
drives
policy
holder
enrollment.”
**
**Accenture
survey
February
2014

16.
A
staggering
77%
of
shoppers
abandoned
their
cart
before
making
a
purchase
last
year
.
That’s
three
out
of
every
four
shoppers
who
never
completed
their
purchase.
YOU
WOULDN’T
DITCH
YOUR
CART
IN
THE
MIDDLE
OF
THE
SUPERMARKET
SO
WHY
DO
IT
ONLINE?
ONLINE?

17.
ABANDONEMENT:

18. ENGAGE
YOUR
CUSTOMERS
ON
THEIR
TERMS.
SELL
MORE
FINANCIAL
PRODUCTS.
IT'S
THAT
SIMPLE.
PERSONALIZE:

19. INFORMATION:
/
”

20.
▪ People
are
more
emo1onal
more
than
they
are
ra1onal,
and
personality
and
empathy
hugely
increases
engagement
and
sales.
▪ It’s
the
reason
why
one-­‐to-­‐one
sales
always
deliver
the
best
results.
▪ Today’s
technology
allows
you
to
understand
and
empathize
with
each
unique
buyer
as
if
you
were
in
front
of
them.
PERSONALIZING
THE
CUSTOMER
EXPERIENCE:

21.
PERSONALIZATION
:

22.
.
PERSONALIZATION
MEANS:
Shaping
the
customer
experience
around
each
buyer,
and
more
importantly
around
their
ac1ons.
Gaining
trust,
empathizing,
communica1ng
in
a
manner
and
tone
that
each
customer
relates
to.
Knowing
and
understanding
them,
adjus1ng
to
their
unique
demographic
and
psychographic
behavior.

23.
.
PERSONALIZATION
MEANS:
Asking
relevant
ques1ons
and
responding
by
name
why
a
male
of
35
with
2
children
age
4
and
8
(not
applicant
or
child
1,
2
etc.)
specifically
needs
life
insurance
or
any
other
relevant
product.
Measuring
individual
behavior
and
ac1ons
and
using
self-­‐learning
algorithms
to
op1mize
each
buyer
journey.

24.
.
DATA,
DATA,
DATA….
Integrate
known
customer
data
with
‘live’
real-­‐1me
behavioral
data.
Analyze
this
data
in
real-­‐1me
and
use
it
to
gain
insights
and
to
op1mize
each
buyer
journey
to
create
a
unique
streamlined,
highly
personalized
customer
experience.
An
experience
that
measures
all
ac1vity
around
the
buyer.

25.
Millennials
make
their
own
rules
and
present
themselves
and
communicate
differently
than
older
genera1ons.
They
no1ce
and
appreciate
their
individuality.
Millennials
are
in
a
hurry.
They
believe
that
every
transac1on
should
be
as
quick
and
painless
as
buying
something
from
Amazon
or
iTunes.
Be
concise
and
to
the
point.
Divulge
and
disclose
everything.
.
PERSONALIZATION
-­‐
MILLENNIALS:

26.
Millennials
love
freebies
and
giveaways
and
instant
gra1fica1on.
They
want
educa1on,
guidance
and
advice
rather
than
a
sales
pitch.
Peer
orientated
–
‘people
like
me’.
Millennials
overes1mate
the
cost
of
life
insurance
by
213%,
Millennials
overes1mate
the
cost
of
life
insurance
by
213%
(Gen
x
by
113%)
.
PERSONALIZATION
-­‐
MILLENNIALS:

27.
Babyboomers
–
concerned
over
complexity,
too
many
decisions,
takes
too
long.
Least
sa1sfied
with
the
online
experience
means
lowest
engagement.
50+
women
wield
more
spending
clout
than
any
other
-­‐
$19
trillion.
Convenience,
func1onality
speed,
and
informa1on
security
is
paramount.
.
PERSONALIZATION
-­‐
BABYBOOMERS:

28.
Men
value
speed
and
convenience
over
choice,
even
if
it
costs
more.
So
reduce
the
comparison
op1ons
to
no
more
than
3
products
with
limited
op1ons.
Women
would
rather
con1nue
to
shop
in
the
hope
of
finding
a
perfect
solu1on.
Women
are
more
selec1ve
and
do
much
more
research.
So
provide
much
greater
choice,
detail
and
research
and
provide
mul1ple
op1ons.
.
PERSONALIZATION
–
MEN
VS
WOMEN:

29.
.
BEHAVIORAL
INSIGHTS:

30.
.
COUNTRIES
WITH
THE
BIGGEST
LATINO
POPULATIONS:
1. MEXICO
108.7M
2. UNITED
STATES
50.5M
3. COLUMBIA
44.4M
4. SPAIN
40.4M
5. ARGENTINA
40.3M
6. PERU
28.7M
7. VENEZUALA
26.0M
8. CHILE
16.3M

31.
.
PERSONALIZATION
–
HISPANICS:
Hispanic
consumers
don’t
want
to
be
sold
to,
they
want
to
connect
with
brands
and
service
that
embrace
their
culture
and
commit
to
long-­‐term
and
trustworthy
rela1onships.
Family
orientated,
eager
to
find
customized
life
insurance
solu1ons.
Adopt
imagery
and
language
that
speaks
to
their
their
culture
to
gain
trust.

32.
.
PERSONALIZATION
–
MINORITIES:
In
Texas,
California,
Hawaii,
New
Mexico
and
the
district
of
Columbia
minori1es
account
for
more
than
50%
of
the
popula1on.
In
10
States,
Texas,
California,
New
Mexico,
Mississippi,
Maryland,
Georgia,
Florida,
Arizona,
Nevada,
the
share
of
children
who
are
minori1es
has
already
passed
50%.

33. ▪ If
you
don’t
know
who
you’re
talking
to,
it’s
almost
impossible
to
be
relevant.
TRUTHS
OF
CUSTOMER
ENGAGEMENT:

34.
THE
SOLUTION
:

35.
BUILD
A
PERSONALIZED
USER
JOURNEY:
Over
65’s
-­‐
increase
font
size
Mobile
-­‐
change
layout
and
reduce
copy
for
mobile

36.
BUILD
A
PERSONALIZED
USER
JOURNEY:
Behavioral
preference,
speed.
More
info,
less
info.
Language
varia5ons.
Imagery.
Tone
of
voice

37.
BUILD
A
PERSONALIZED
USER
JOURNEY:
Relevance
-­‐
almost
50%
of
women
<35
have
a
taxoo
Behavioral
/context
based
videos
An5cipa5ng
drop
offs-­‐
triggering
-­‐
call
center
interven1on
800
numbers
/
free
call
back
for
high
earners

38.
A
four
second
delay
on
the
consent
screen
signals
abandonment.
Security
is
a
major
concern
–
especially
for
baby
boomers
-­‐
so
iden1fy
them
and
reassure
them
when
they
stall.
Iden1fy
your
at
risk
customers
&
trigger
an
immediate
call
back
or
live
chat.
UNDERSTAND
BUYER
CONCERNS:

39.
BUILD
A
PERSONALIZED
USER
JOURNEY:
Measure
and
change
everything
in
real
1me
to
op1mize
sales
conversions.
Like
good
sales
people,
websites
should
change
their
pitch
and
tone
for
every
person
they
speak
to.

40.
BUILD
A
PERSONALIZED
USER
JOURNEY:
“Only
marketers
who
are
customer
obsessed
and
adapt
to
changing
customer
behavior
in
real-­‐1me
will
succeed.”
Forrester
research.

41.
LESSONS
FROM
OUTSIDE
THE
US:
Understanding
the
consumer
is
key:
–
Data,
Data,
Data!
–
Market
Segmenta1on
–
Data
Analy1cs
/
Predic1ve
Modeling
■
Products
must
be
simple,
low
cost
and
relevant
■
Integrated
mul1-­‐channel
approach
■
Strong
‘test
and
learn’
discipline
■
Digital
Marke1ng
&
Personaliza1on
is
in
infancy
stage

42.
THE
FUTURE
IS
BRIGHT:
■
There
is
a
big
opportunity
to
re-­‐engage
buyers
based
on
their
unique
demographics
and
psychographics.
■
These
people
would
like
to
buy
but
don’t
relate
to
the
current
‘product
focused’
buying
processes.
■
A
non-­‐tradi1onal
approach
is
required,
where
innova1on
is
the
driver.
■Personalized
web
portals
and
technology
are
major
enablers.

43.
The
key
message
is
that
each
web
visitor
has
uniquely
personal
emo5ons,
needs
and
desires.
SUMMARY

44. Rehumanizing
the
customer
buying
experience
will
significantly
increase
your
sales
and
reten5on.
Your
customers
will
love
you.
SUMMARY

45.
Real
5me
data
/
analy5cs
allow
you
to
op5mize
your
marke5ng
messages
and
sales
methods
to
each
customer
based
on
their
unique
behaviour,
interests
and
needs.
!
SUMMARY

46.
Your
ability
to
influence
real-­‐5me
customer
buying
behaviour
will
create
measurable
and
significant
ROI.
SUMMARY

47. Cloud
based
technology
can
do
this
today
by
extending
not
replacing
your
exis1ng
systems.
Convert
your
poten5al
buyers
into
loyal
customers
by
rehumanizing
their
online
buyer
journeys.
SUMMARY

48. AFINIUM
LTD
83
CAMBRIDGE
STREET
LONDON
SW1V
4PS,
UK
www.afinium.com
403
GREENWICH
COURT
NEW
HOPE,
PENNSYLVANIA,
18938,
USA
00
1
(0)
215
862
3080
00
1
(0)
703
862
5715
QUESTIONS?