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Dymanic beneifts enrollment & data driven marketing ppt
- 1. TRANSFORMATIONAL CUSTOMER-CENTRIC ENROLLMENT TECHNOLOGY TO IMPROVE SALES AND REDUCE COSTS ROBERT PATERSON, CHAIRMAN, HEAD OF INTERNATIONAL SALES AND MARKETING ANDY ALLSOPP CHIEF TECHNICAL OFFICER
- 2. TODAY WE WILL TALK ABOUT… • Why capture and intelligent use of real-time customer data is key to your success in driving sales and reducing costs. • Customer-Centricity, what it means to carriers, brokers, TPAs, employers and employees, and why it drives sales. • How data analytics and „test and learn‟ using artificial intelligence can transform your customer engagement and marketing, reduce your costs, and dramatically increase your sales and ROI. • How new technology can transform not just the enrollment experience, but provide hugely valuable customer insights, and give you a sustainable competitive advantage over your industry peers.
- 3. AFINIUM • Afinium – 20 years experience of data-driven marketing across multiple industries. • Harnessing data and technology to generate sales. • Personalizing individual user experiences. • …If you can’t measure it, you can’t fix it.
- 4. CUSTOMER CENTRICITY • What does it mean and so what? • Moving from Product-Centric to Customer- Centric. • Using customer data to transform the enrollment experience. • And provide valuable insights that increase sales and customer lifetime value (ROI).
- 5. DATA DRIVEN VS. STATIC ENROLLMENT • Creates an interactive personalized journey for eachcustomer that emulates the service provided by your best sales advisor. • Educates, informs and instantly responds so that sales opportunities are never lost. • Provides customer-centric tools and functionality that maximize the value of your broker and client relationships. • Data analytics and automated algorithms provide continuous measurement, reporting and increase your ROI.
- 6. PERSONALIZED VS. GENERIC MARKETING • 63% of consumers reported they may defect from brands due to irrelevant content. • Of that group, 41% would consider ending a brand relationship due to irrelevance. • 22% already have. Source:www.mindfereinc.com
- 7. Insurance sector shows highest response rates across all industries for personalized campaigns Industry Campaigns Visit Rate Response Rate Advertising, PR & Marketing Services 22 5.61 3.42 Apparel & Accessories 2 13.3 0.18 Art, Media & Entertainment 7 4.32 2.74 Automotive 136 1.54 1.12 Construction 4 1.04 0.38 Consumer Electronics 2 3.59 2.4 Education 92 3.24 2.01 Financial Services 60 4.28 3.15 Food & Beverage 1 1.51 1.49 Furniture & Appliances 1 3.65 2.23 Government 5 11.97 8.40 Health Care 22 3.93 2.10 Hotels & Travel 3 3.37 0.36 Insurance 13 13.88 10.7 IT, Software & Hardware 16 4.25 2.12
- 8. THE ABILITY TO CREATE COMPETITIVE ADVANTAGE USING ANALYTICS SURGED DRAMATICALLY IN 12 MONTHS, IMPACTING THE BOTTOM-LINE 8
- 9. PLATFORM OBJECTIVES • To help carrier and brokers / TPAs win and retain business through added value tools and features. • To personalize the journey for each customer and make it easier for them to understand and purchase products. • To support automated sales and marketing to increase sales and reduce costs, using self- learningdata analytics and algorithms.
- 10. STREAM
- 12. EVENT TRIGGERED VIDEO • Answer questions & identify when someone needs help….
- 13. CONTEXT BASED VIDEO • Triggered by client profile and behavior.
- 14. INTELLIGENT CALL CENTER/BROKER AND SALES CHANNEL INTEGRATION
- 15. SECURE DATA RETENTION ALLOWS MEMBERS TO PURCHASE AT LEISURE
- 16. HTML5 AND MOBILE DEVICES
- 17. MULTI-LEVEL REPORTING PROVIDES VALUABLE INSIGHTS FOR BROKERS AND CLIENTS
- 18. NOW YOU HAVE CUSTOMER INSIGHTS… • Data analytics and personalization allow you to identify and respond immediately to sales opportunities before they are lost. • Understand what your customers really think and to steer and guide them. • Monetize your client relationships & increase their lifetime value.
- 20. SUPERIOR, ACTIONABLE INSIGHTS THROUGH DATA • Your business creates data every day ● Customer profiles Profiles ● Purchases Behavior ● Inquiries ● Lapses, renewals Premiums ● Pricing ● Marketing response ● Claims
- 21. SUPERIOR, ACTIONABLE INSIGHTS THROUGH DATA • Huge volumes of additional data are continuously being created ● Distributors Profiles Census ● Social media ● Customer reviews Big ● Government data Data ● Surveys ● Economic data ● “Big data”
- 22. SUPERIOR, ACTIONABLE INSIGHTS THROUGH DATA • Data is often disjointed, but there is huge value in combining different sources into a “joined-up” view Raw Text ● Databases Feeds ● Text files ● Unstructured data ● Real-time feeds
- 23. SUPERIOR, ACTIONABLE INSIGHTS THROUGH DATA • Modern algorithms can find actionable and counter-intuitive patterns in data ● Correlation, Clusters Cluster Outlier ● Recommendations ● Anomalies ● Leading indicators Insight ● Optimization
- 24. SUPERIOR, ACTIONABLE INSIGHTS THROUGH DATA • Understanding these patterns leads directly to answers that create value ● What do we know about this customer? Cluster ● What would this customer have Census bought? ● What did this customer not do, and why not? Outlier ● What could we do differently? ● How can we target better? ● What are the highest priority new product opportunities? ● What experiments should we run to maximize value?
- 25. DATA ANALYSIS • Stream can interpret and understand individual behavior and preferences. • Instantly steer the conversation or transaction, using predictive signals and algorithms. • To ensure sales opportunities are never lost.
- 26. CASE STUDY • HAK – Holland‟s largest broker. Objectives: • Increase sales and profit per customer, retention &loyalty. • Up-sell and cross-sell other products. • Influence purchase behavior through data driven customer insights. • Identify and convert lost sale opportunities.
- 27. MAXIMIZING LIFETIME VALUE • Stream can interpret and understand individual behavior and preferences. • Instantly steer the conversation or transaction, using predictive signals and algorithms. • To ensure sales opportunities are never lost.
- 28. MEASURABILITY • Enrollment technology that tracks all customer interactions creates: • Better understanding of customer behavior, needs & preferences. • Personal web communication & marketing portals for each customer based on this. • Timely, regular follow-up to increase cross-sell and customer lifetime value.
- 29. THE FUTURE • In today‟s world, customers expect companies to know who they are, and deliver an experience that reflects that knowledge. • Using platforms that enable the customer experience to be automatically personalized is fast becoming a necessity. • Companies that fail to understand this are getting left behind by nimbler, more savvy competitors.
- 30. THE FUTURE IS NOW • Capture and intelligent use of customer information is the key. • Personalizing the customer experience = increased sales. • New technology allows this to be done seamlessly and easily. • And on a larger scale than previously possible.
- 31. QUESTIONS AFINIUM LTD 11 HEATHFIELD TERRACE LONDON W4 4JE, UK WWW.AFINIUM.COM 403 GREENWICH COURT NEW HOPE, PENNSYLVANIA, 18938, USA 00 1 (0) 215 862 3080 00 1 (0) 703 862 5715
Editor's Notes
- New technology offers a breakthrough in customer engagement and marketing. Why should you be interested? it will dramatically increase sales, reduce costs and provide insights into your most valuable asset - your customers. Current inefficient or sustainable. Rising costs, increased regulation, ,customer expectations.Show today: dynamic technology that asks questions and respond intelligently like an enroller, and delivers products and educational material that is directly relevant. Real time data steers and influences customer-buying decisions and making the enrollment process as short, relevant and personal as possible. Today we will look at:Customer-centric enrollment, what it means, why its important, and how it differs from today’s enrollment systems.How customer data can be harnessed to transform your sales and marketing and customer engagement.A live interactive demo which includes including context based video and avatars, mobile enrollment, automated response and marketing.
- Customer-centric is what the insurance industry needs to become. But how? What does customer-centricity mean? What does it look like?We will show you how you can transform each customer’s experience into a dynamic interactive journey with valuable insights and ROI.
- About Afinium. We are a technology company. Blue chip clients in the USA, UK and Europe across multiple sectors. We harness data, technology, and marketing know how, to increase sales and ROI. Created and built the UK’s leading web-based employee benefits HR system, acquired by Aegon. Work with AIG, new York Life and other carriers in the USA. Customer data is at the core of what we do is and we believe that if you can’t measure it you can’t fix it.
- Customer-centric is what the insurance industry needs to become. But how? What does customer-centricity mean? What does it look like?We will show you how you can transform each customer’s experience into a dynamic interactive journey with valuable insights and ROI.
- Data driven enrollment creates a personalized journey for each customer that educates, informs and measures, so that sales opportunities are never lost.Data analytics and automated algorithms can work for you 24/7 365 days a year to continuously measure and improve your ROI.
- Irrelevant and impersonal marketing causes huge harm.
- Whereas personalization substantially increases customer response and sales. Insurance shows the highest response rates across all industries Source www.mindfereinc.com
- Source IBM & MIT & Sloan Management survey
- In a moment we will see to see a demo showing how carriers, brokers and TPAs can use new enrollment technology to win more business and increase the value of that business. Improve the customer experience though personalization. Remove costs and inefficiencies in customer enrollment and marketing.
- Stream is our newest and most advanced technology enrollment platform to date. We believe that data driven enrollment and marketing will permanently change the way the industry engages with its customers. We are going to show you how and why. Hand over to Andy, and jump to slide 16.
- Personalizing the branding and customer experience is a huge differentiator and value add and it can be done, quite literally, in seconds.
- So to recap……….with dynamic data driven enrollment you can…………………… We will now look at this data, and why it’s so valuable, and how you can use it to to increase sales and ROI.