More Related Content Similar to Epsilon_LIMRA_From CX to iX Similar to Epsilon_LIMRA_From CX to iX (20) 10. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
10
This company-
practices study was
fielded in early 2016
to LIMRA members.
Responses were
received from
37 companies
Study methodology
AAA Life Insurance Company
Allianz Life Insurance Company
of North America
Amica Life
Assurant
AXA US
Baltimore Life
Cincinnati Life
CNO Financial Group
Desjardins
Empire Life
Empower Retirement
Equitable Life
Everence
Farm Bureau Insurance of
Michigan
Farmers Financial Solutions
Foresters
Grange Life Insurance
Great American Life Insurance
Highland Capital Brokerage
John Hancock
Legal and General America
Manulife
MetLife
Mutual of Omaha
Nationwide Insurance
Northwestern Mutual
Protective Life
Prudential Financial
RBC Insurance
RGA
Securian Financial Group
Southern Farm Bureau Life
Insurance Company
Surety Life
The Co-operators
The Principal Financial Group
The Standard
Vantis Life
13. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
13
Use of big data analytics by area
Big Data Analytics in Financial Services, LIMRA, 2016.
8%
16%
11%
3%
14%
11%
11%
14%
27%
27%
11%
14%
19%
14%
27%
30%
43%
30%
27%
35%
38%
46%
43%
46%
46%
30%
38%
In-force management
Claims/fraud
Agent/Advisor productivity
Product development
Actuarial
Customer experience
Underwriting
Sales/leads
Marketing
Full Scale implementation Pilot programs Initial exploration
19. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
19
Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
The struggle to evolve customer experience
Common
barriers
• Data prevents single view
of the customer
• Lack of clarity on which
elements of CX are most
critical to improve
• Limited insights into
customers’ true needs –
including needs they are
not yet aware of
• Lack of customer
feedback – or a culture
that values it
• Organizational siloes;
different teams responsible
for different channels
• CX is overwhelming
compared to other
initiatives
• Lack of team members with
the right skills, passion
• Budget limitations
• Legacy systems limit ability
to evolve the experience
(particularly via digital
channels)
• The marketers who “own”
the CX are not tech experts
• Concerns about privacy,
security
• Data not fully captured on
how customers are currently
engaging and where
20. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
20
Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
The struggle to evolve customer experience
Common
barriers
• Data prevents single view
of the customer
• Lack of clarity on which
elements of CX are most
critical to improve
• Limited insights into
customers’ true needs –
including needs they are
not yet aware of
• Lack of customer
feedback – or a culture
that values it
• Organizational siloes;
different teams responsible
for different channels
• CX is overwhelming
compared to other
initiatives
• Lack of team members with
the right skills, passion
• Budget limitations
• Legacy systems limit ability
to evolve the experience
(particularly via digital
channels)
• The marketers who “own”
the CX are not tech experts
• Concerns about privacy,
security
• Data not fully captured on
how customers are currently
engaging and where
21. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
21
Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
The struggle to evolve customer experience
Common
barriers
• Data prevents single view
of the customer
• Lack of clarity on which
elements of CX are most
critical to improve
• Limited insights into
customers’ true needs –
including needs they are
not yet aware of
• Lack of customer
feedback – or a culture
that values it
• Organizational siloes;
different teams responsible
for different channels
• CX is overwhelming
compared to other
initiatives
• Lack of team members with
the right skills, passion
• Budget limitations
• Legacy systems limit
ability to evolve the
experience (particularly
via digital channels)
• The marketers who “own”
the CX are not tech experts
• Concerns about privacy,
security
• Data not fully captured on
how customers are currently
engaging and where
22. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
22
Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
The struggle to evolve customer experience
Common
barriers
• Data prevents single view
of the customer
• Lack of clarity on which
elements of CX are most
critical to improve
• Limited insights into
customers’ true needs –
including needs they are
not yet aware of
• Lack of customer
feedback – or a culture
that values it
• Organizational siloes;
different teams
responsible for
different channels
• CX is overwhelming
compared to other
initiatives
• Lack of team members with
the right skills, passion
• Budget limitations
• Legacy systems limit ability
to evolve the experience
(particularly via digital
channels)
• The marketers who “own”
the CX are not tech experts
• Concerns about privacy,
security
• Data not fully captured on
how customers are currently
engaging and where
23. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
23
Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
The struggle to evolve customer experience
Common
barriers
• Data prevents single
view of the customer
• Lack of clarity on which
elements of CX are most
critical to improve
• Limited insights into
customers’ true
needs – including needs
they are not yet aware of
• Lack of customer
feedback – or a culture
that values it
• Organizational siloes;
different teams responsible
for different channels
• CX is overwhelming
compared to other
initiatives
• Lack of team members with
the right skills, passion
• Budget limitations
• Legacy systems limit ability
to evolve the experience
(particularly via digital
channels)
• The marketers who “own”
the CX are not tech experts
• Concerns about privacy,
security
• Data not fully captured on
how customers are currently
engaging and where
24. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
24
Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
The struggle to evolve customer experience
Common
barriers
• Data prevents single view
of the customer
• Lack of clarity on which
elements of CX are most
critical to improve
• Limited insights into
customers’ true needs –
including needs they are
not yet aware of
• Lack of customer
feedback – or a culture
that values it
• Organizational siloes;
different teams responsible
for different channels
• CX is overwhelming
compared to other
initiatives
• Lack of team
members with the
right skills, passion
• Budget limitations
• Legacy systems limit ability
to evolve the experience
(particularly via digital
channels)
• The marketers who “own”
the CX are not tech experts
• Concerns about privacy,
security
• Data not fully captured on
how customers are currently
engaging and where
35. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
35
Data, analytics & marketing maturity model
35
Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
relevancy >>>
sophistication>>>
“your intent”
“their intent”
Default push
marketing:
Program-centric
(brand, channel)
messaging
Segment-driven
targeting:
Varying message by
targeting ‘like’ groups
of customers
Real-time
contextual:
Varying message by
incorporating real-time
cues in context
36. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
36
Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
36
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
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
40. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
40
Data, analytics & marketing maturity model
relevancy >>>
sophistication>>>
“your intent”
“their intent”
40
Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
Default push
marketing:
Program-centric
(brand, channel)
messaging
Segment-driven
targeting:
Varying message by
targeting ‘like’ groups
of customers
Real-time
contextual:
Varying message by
incorporating real-time
cues in context
Anticipatory:
Dynamically controlling
messaging by
anticipating needs
47. Copyright©Epsilon2016EpsilonDataManagement,LLC.Allrightsreserved.
47
Anticipatory
Real-Time
Segmented
Push
Focus Product Customer Relationship Emotional Context
Marketing Batch and blast marketing Segmentation marketing
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
Depth of customer connection
Level of
CRM
maturity
Marketing maturity building blocks
53. 0 1 2 3 4 5 6 7 8 9 10
Likelihood of new child (6mos)
0 1 2 3 4 5 6 7 8 9 10
Likelihood of buying new home
0 1 2 3 4 5 6 7 8 9 10
Likelihood of buying new car
0 1 2 3 4 5 6 7 8 9 10
Likelihood of home improvement
Source: Epsilon Life Event Predictors
60. John Smith
Loyalty Member since 2015
1,500 active points
Company $ (last 6 mos)
$600
$500
$450
Competitor Affiliation
Passion Points
0 1 2 3 4 5 6 7 8 9 10
Likelihood of new child
0 1 2 3 4 5 6 7 8 9 10
Likelihood of buying new home
0 1 2 3 4 5 6 7 8 9 10
Likelihood of buying new car
0 1 2 3 4 5 6 7 8 9 10
Likelihood of home improvement
0 1 2 3 4 5 6 7 8 9 10
Likelihood to qualify (value score)
Apply
63. Custom Script and Talking Points
• Benefits of Bundling
• Discounts - Calculated savings: $400/per year
• Life PRODUCT APPROACH
• Focus on whole, universal life to build their nest egg while offering
protection
• Focus on lower-cost term for those with greater budget constraints
• Do offer credit card
• Tie to loyalty program
• Earn rewards for dining and cooking
• Have some local bike path recommendations
64. Custom Script and Talking Points
• ! ADDRESS FLIGHT RISK !
• Explore adding motorcycle insurance
• Bundle to save $500/year
• Benefits of joining Loyalty Program
• Life PRODUCT APPROACH
• Term and permanent products
• Likely own group life plan through employer
Balanced
Believers
