Digital journey of Aegon, Marketing & Insights Event (MIE) #MIE15
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Presentation by Robert Collignon, RM - SVP Brand & Customer Strategy at Aegon NV. The presentation Digital Journey of Aegon offers a couple of examples of what we do and What we have learned along the way. It was presented at Marketing & Insights Event #MIE15, 5 February 2015. For further information contact Robert Collignon: Robert.Collignon@aegon.com.
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Digital journey of Aegon, Marketing & Insights Event (MIE) #MIE15
- 1. 1 This is a divider page example Text divided over two lines FOR MORE THAN 150 YEARS, OUR BUSINESS HAS BEEN
- 2. The digital journey of Aegon Robert Collignon RM – SVP Brand & Customer Strategy Aegon NV February 2015 FOR MORE THAN 150 YEARS, OUR BUSINESS HAS BEEN
- 3. 3 € 2.0 billion Underlying earnings before tax € 20 billion Claims paid to customers 2013 Total investments € 503 billion AA- rating >27,500 Employees 20+ markets 38+ million customers Aegon at a glance
- 4. 4 WE ARE IN THE LIFE EVENT BUSINESS! Accumulation Assets AgeWorking life RetirementPurchase of house Protection Retirement
- 5. 5 The Aegon Digital Agenda E-Ventures E-Sales Digital Transformation Investing in future potential New – internet – distribution channels Digital capabilities
- 7. 7 E-Sales
- 8. 8 3. Convert leads GENERACIÓN DEMANDA CONVERSIO N SALE CPC Email MK SEM CPM RICH MEDIA SOCIAL MENTIO NS VISIT TO LANDING/SITE PRESCORE (origen, microsegmentatio n & navigaton) AFFILIATION SEO VIDEO PREROL RTB MOBILE Lead Registry ID LEAD (WALMERIC) + COOKIE BEHAVIORAL ANALYSIS OFF-SITE CUSTOMER PROFILE INFERENCE VENTA ONLINE Does not register COOKIE (e.g.l WEBORAMA) SMS EMAI L LLAMA DA DISPLAY (RTB) CONTACT CENTER LEAD NURTURIN G ONLINE SALE NON VALID SCORE LEAD NURTURING (CTC) INTERESTED USER CONVERSION TO SALE LEAD ELIMINATIONParameters (Products, microsegmentation, scoring models, ID-publisher) 1. Driving traffic to site PRESCORE 2. Leads nurturing
- 9. 9
- 10. 10 Through experience, we learn… Compelling Concise Clear A transparent claims counter builds faith in the company Voice assist, improves conversion
- 11. 11
- 12. 12
- 13. 13
- 14. 14 DIGITAL TRANSFORMATION “Without data, you’re just another person with an opinion.” Andreas Schleicher DATA “Impeccable customer service is not an initiative, it’s a quest; a relentless pursuit” Steve Dorfmann PROCESS “You can design and create, and build the most wonderful place in the world. But it takes people to make this dream a reality .” Walt Disney CULTURE “Automation is Voldemort: the terrifying force nobody is willing to name.” Jerry Michalski IT
- 15. 15 Differentials • It is the brokers publicity on the web • Broker has the freedom to decide which products to display on the store • Area for personalized videos • Online financial education • Integration between brokers and direct sales • Differentiated customer treatment
- 16. 16
- 17. 17
- 18. 18 Purpose based marketing Customer service Life event service design Customer data analytics Omni-channel
- 19. Thank you for your attention Email Robert.Collignon @aegon.com Telephone +31 6 139 63 12 Robert-Collignon R_Collignon
- 20. 20
Editor's Notes
- Robert Collignon Work with Aegon Corporate Center – Int’l holding of Aegon Scope: Brand – Experience – Digital Innovation – Customer Data Analytics Share with you: Digital Journey of Aegon; couple of examples of WHAT we do + What we have learned along the way
- Aegon’s core business is providing life insurance, pension solutions, and asset management products - focused on what we characterize as the life-cycle needs of our customers. We operate in more than 25 countries around the world. We have over 27,500 employees worldwide. Aegon has a strong financial position with a AA- financial strength rating. Underlying earnings before tax over 2013: EUR 2.0 billion. EUR 503 billion in revenue generating investments as per June 30, 2014. In 2013, we paid out EUR 20 billion in claims and benefits to policyholders.
- What we do…. We are in the life event business! Differs per country, our core = life insurance Interesting… we play a role in key moments in people’s life. E.g. when buying a house, start a family, first job, changing jobs, retirement… until passing away. Those are ‘our moments of truth’.
- Aegon wants to help customers take responsibility for their financial future. We believe everybody deserves to retire in grace and dignity. To help people better we need to be closer to the customer; digital ‘tooling’ helps. More than that: it transforms the organisation. Internationally we have adopted the tag line: Transform Tomorrow. It appeals to the fact that when you buy an insurance today (say life insurance): you are influencing the future. However, Transform Tomorrow also is an internal call to action: we are transforming as well. The Aegon digital agenda has 3 components: eVentures, eSales and most fundamentally: the Digital Transformation
- E-Ventures - Transamerica Venture Capital Fund from which we invest in promising new technology companies in the financial sector. We also set up new ventures ourselves or in partnerships. This is GoBear.com. A technology start up currently in beta testing phase in Singapore. GoBear is a a meta search engine helping customers compare insurance products on their mobile in seconds It basically is an: Product database – all car and travel insurance products are in the GoBear database Meta-Aggregator – like kayak.com or Skyscanner: comparing insurances for your profile from many sources Tripadvisor – collecting customer feedback in a social way GoBear is a technology start up aimed at helping people find better insurances in a part of the world where the middle income class is growing and demand for insurances is growing heavily. Also, the Asian population is completely mobile and social with little private time available. Very exciting!
- eSales is a new distribution channel - 10 Aegon markets have started with DtC internet sales for life insurance In Spain Aegon sells life insurances through brokers, agents and through the network of Banco Santander. Consumers can also purchase directly from Aegon the life and health insurance. In Spain we spend ATL and BTL to drive brand awareness and traffic to site. Our online activities have greatly helped us become more customer centric (dealing directly with customers). Interesting: it also helped our brokers and Banco Santander do better business! In the UK we sell retirement products. We have developed a platform where you can consolidate all your retirement savings. Our DtC activities largely focus on worksite marketing and financial eduction. E.g. through our tool Retiready one can calculate your ‘retire readiness score’ and do social benchmarking versus e.g. colleagues, the people in your street or city.
- Our eSales activities have taught us important lessons… It’s a machine! With 3 different parts. Driving traffic to site. This is a challenge as the insurance industry was always about ‘push’ and not ‘pull’ marketing. Suddenly we need to be ‘nice’ and ‘likeable’! We’ve learned that Consumers typically require more than one impact to convert to a lead. This has impacted our media spendings. We are spending more on BTL than on ATL in most markets. Nurturing the lead. A consumer doesn’t wake up in the morning to buy a life insurance. When he needs one… we need to be in his evoked set and easily accessible. We’ve learned that ‘digital’ actually involves a lot of human contact. E.g. in Spain: 80% of sales had a contact center ‘touchpoint’ in the online journey Convert leads. We want to help people. We need to offer a relevant product and our consumers need to make an informed decision. Purchasing life insurance is not an impuls activity. E.g. for life insurance: the average time from lead to conversion can be more than a month
- Lean start up = book by Eric Ries Although lean start up is essentially written for start-ups. It has proven to be very applicable to Aegon as well. We have drawn some key lessons such as: Value proposition & marketing: Be different: launch with clear customer value proposition Use ‘lean start up’ methodologies: use ‘pretotyping’, test small scale, tweak and improve, only scale up when traffic and conversion are on desired levels. Also implications for research: test in practice!!! Invest in SEO and SEM first, when the model is proven successful invest in brand building Design & Delivery Use data and analytics in the beginning, middle and end Ensure flexible IT support for the customer facing front end Define contact center support Required Resources Use dedicated cross-functional Direct Teams to include: - Product Development functions - Marketing Specialists - Contact Center support - Front end IT support
- And we are learning continuously. E.g. through AB testing. The cool thing is… we are learning globally and in parallel. To capture the learnings we have internally organised with communities and councils. Within communities and councils we share best practices and organise forums to dive in to details.
- Another learning from our eSales investments is that the lizzard brain always wins. Visual is better than text, an impression is formed in the first 3 seconds, keep it simpel, emotion creates memories. It’s not enough to know the customers, we need to understand our customers. Understand the ‘lizzard’ brain.
- A key change we have seen is on research. The traditional – waterfall methodology – is changing into continuous learning. This is in the online world via AB testing or pretotyping. The online people say: “I don’t care about the why, I care about the actual behavior”. But also offline we are making customer insight research an operational task. As you can see we are building at Aegon NL our own Customer Experience Center where weekly we are inviting customers in to provide feedback. This is next to other research activities such as online panels or customer arena’s.
- A key change we have seen is on research. The traditional – waterfall methodology – is changing into continuous learning. This is in the online world via AB testing or pretotyping. The online people say: “I don’t care about the why, I care about the actual behavior”. But also offline we are making customer insight research an operational task. As you can see we are building at Aegon NL our own Customer Experience Center where weekly we are inviting customers in to provide feedback. This is next to other research activities such as online panels or customer arena’s.
- The most complex part of our digital agenda is the Digital Transformation. This is not about new companies or new business channels but about changing the existing Aegon companies. The transformation is largely about building new capabilities. We have defined those in 4 categories. Data. The data we have should allow us to develop more relevant propositions. To improve our services. And it has.. On the basis of our data we can now warn our customers in Hungary whether in their neighbourhood a wave of car theft is taking place. On the basis of data we are able to deliver you a more accurate and relevant mortgage offering. Imagine however, the effort required for traditional insurance companies to make this happen. We need to collect data, store the data, combine the data, have the right people to analyse the data and lastly.. Have marketeers who can translate the customer insights into campaigns, products and services. IT… Aegon has invested a lot in IT over the last 2 to 3 years. In many markets we have build a new – cloud based – CRM infrastructure. On this basis our contact center employees are able to have more relevant and engaging conversations with our customers. Process. IT has allowed us to bring some standard processes online – such as address changes – and therefore have more relevant conversations at the contact center. Some of the conversations can be quite impactfull. Frequently a person calls us to inform us that a family member passed away. At those times it is very helpful to have a contact center employee which has the overview of all the products of the customer and provide immediate answers. However, to makes this happen requires fundamental change of our service design. Culture. People at Aegon are very solution driven and want to be smart. Also, at the core we all want to be customer friendly – after all we are often a customer ourselves. But to be good in customer services is not enough. We want to excell in customer service. A program which we run in most of the Aegon markets is therefore a ‘customer license’ program. All employees – particularly managers – are required to spend yearly a minimum of 25 hours with customers. They need to write a report about it as well with their recommendations for improvement. This program has already brought a lot of eye openers to many.
- Although the Digital Transformation is difficult to illustrate in visuals. To give you a bit of an idea herewith the proposition of Aegon Mongeral – our company in Brazil. Brazil has an omni-channel offering which implies that brokers are also provided the opportunity to have their own – Aegon branded – website with all the Aegon functionality. Here you see the website of one of our brokers – Kelly Cristina. Also… a poster at Aegon NL with a clear call to action: How are you making a difference to our customers?
- Another apparently simple example: Customers with an Aegon mortgage are notified via SMS that the mortgage has been approved and the money is with the notary. This address the moment of anxiety we observed with many customers who – when at the notary – were wondering whether the money was actually transferred in time. Also a simple example: Our ‘bouw depot app’. As you might be able to see: via the app expense can be uploaded. No need to send in letters with receipts anymore.
- Let me be clear: Aegon is still in the middle of its digital journey. We are learning while doing. It is very much a team effort, across disciplines and across countries. And it is not easy… But like the olympic rowing team we sponsor… we are hoping to win the gold medals from our customers in due course.
- On a broader perspective, what do the learnings of the Aegon Digital Journey imply for the marketing profession? In my opinion: this is the golden age of advertising & marketing. New buzz words are popping up which are transforming our profession. - Purpose based marketing – as Simon Sinek says: customers don’t buy the ‘what’… they buy the ‘why’ of the organisation Customer services has become the most important marketing tool Life event service design is not found in Kottler marketing handbooks yet… but it’s something we are using at Aegon to improve the ‘moments of truths’ of our customers Customer data analytics is becoming the fuel for the marketing engine And lastly omni-channel management is bringing marketing back to a role where the customer is at the center and the marketeer needs to orchestrate the channels around him
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