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![Source:[1] IBM Student Study: Connected Generation Q5. “To what extent should organizations change to meet consumer expectations?”; [CEO Q9]
[2} “Winning Strategies for Insurers” IBV Study
New technologies enable consumers to expect and obtain more than
ever before
81%Improve response time
76%Understand individual needs
68%
Harmonize consumer
experiences
68%Increase transparency
61%
Support participation in
product life-cycle
50%
What should organizations focus on to appeal
to millennial consumers?1
Power is shifting to insurance policyholders
of insurance
industry leaders use
social media to
communicate with
policyholders –
almost 2X as much
as non-leaders
72%](https://image.slidesharecdn.com/insurancecmopovslideshare-150518193038-lva1-app6891/85/Insurance-Marketing-PoV-3-320.jpg)
![Most insurers have not begun preparing for the big changes
ahead
Source: [1] 2013 C-Suite Study, CEO POV B4: “What kind of digital strategy does your enterprise have?” (n=243);
[2] 2013 C-Suite Study, CEO POV B1: “To what extent do you agree with the following statements about your enterprise’s capabilities?” (n=243);
[3] 2013 C-Suite Study, CEO POV B5: “Which of the following are the most significant challenges to implementing a digital strategy within the enterprise?” (n=243)
of insurance
CEOs see
consumer
influence on
their business
strategy
39%
of insurance
CEOs have an
integrated
physical and
mobile
strategy
38%
of insurance
CEOs say they
have a
cohesive social
strategy
34%
of insurance
CEOs believe
their mobile
strategy
enables them
to conduct
business
regardless of
location
33%](https://image.slidesharecdn.com/insurancecmopovslideshare-150518193038-lva1-app6891/85/Insurance-Marketing-PoV-4-320.jpg)
Uploaded byLynn Kesterson-Townes
Insurance Marketing PoV
The document outlines the evolving landscape of customer marketing in the insurance industry, emphasizing the need for providers to adapt to increased consumer expectations and the digital transformation of business models. It highlights the importance of leveraging advanced analytics and omni-channel marketing to enhance customer engagement and understanding. Additionally, it discusses the competition from new entrants and the necessity for insurers to innovate their strategies to maintain relevance and improve customer experiences.
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Insurance Marketing PoV
- 1. Superior Customer Marketingfor Insurance Providers: The CMO Agenda Moments matter.
- 2. Individuals are moreconnected and empowered Increased consumer expectations Different ways to engage digitally Expanded information transparency Operations and business models are being transformed Redefined consumer value Integration across digital with physical Concerns around risk, security, compliance and privacy Competition is coming from new and different areas New competitors Changes in value migration; new winners and losers New types of collaboration Business Challenges Business Challenges Business Challenges Mobile revolution Social media explosion Cloud Enablement Power of analytics Forces of Change Source: 2011 IBM Digital Transformation Study, IBV Analysis Digital forces are driving customer demand for change in the insurance industry
- 3. Source:[1] IBM StudentStudy: Connected Generation Q5. “To what extent should organizations change to meet consumer expectations?”; [CEO Q9] [2} “Winning Strategies for Insurers” IBV Study New technologies enable consumers to expect and obtain more than ever before 81%Improve response time 76%Understand individual needs 68% Harmonize consumer experiences 68%Increase transparency 61% Support participation in product life-cycle 50% What should organizations focus on to appeal to millennial consumers?1 Power is shifting to insurance policyholders of insurance industry leaders use social media to communicate with policyholders – almost 2X as much as non-leaders 72%
- 4. Most insurers havenot begun preparing for the big changes ahead Source: [1] 2013 C-Suite Study, CEO POV B4: “What kind of digital strategy does your enterprise have?” (n=243); [2] 2013 C-Suite Study, CEO POV B1: “To what extent do you agree with the following statements about your enterprise’s capabilities?” (n=243); [3] 2013 C-Suite Study, CEO POV B5: “Which of the following are the most significant challenges to implementing a digital strategy within the enterprise?” (n=243) of insurance CEOs see consumer influence on their business strategy 39% of insurance CEOs have an integrated physical and mobile strategy 38% of insurance CEOs say they have a cohesive social strategy 34% of insurance CEOs believe their mobile strategy enables them to conduct business regardless of location 33%
- 5. IBM Commerce bringsit all together, integrating customer engagement to insurers’ value chains Provide a seamless Brand experience Manage risk Reshape internal and ecosystem operations Gain customer insight Personalize relationships
- 6. IBM Commerce addressesthe Insurance CMO’s agenda Identify customer preferences and trends in context Use advanced analytics to improve decision making Provide consistent Brand experiences across the entire ecosystem Engage customers throughout the customer lifecycle Create a seamless omni-channel marketing experience Stimulate customer conversations and new relationships using new digital channels CMO Agenda CUSTOMER UNDERSTANDING SMARTER MARKETING SEAMLESS BRAND ENGAGEMENT
- 7. 2013 2011 In thisempowered consumer era, CMOs plan to accelerate the introduction of technologies to better reach customers Source:Question CMO7–What is your plan around the usage of the following technologies over the next 3 to 5 years?; IBV Study, “Analytics: The Real World Use of Big Data” Intended use of digital technologies (3–5 years): Across industries Mobile applications Content management Search engine optimization Customer relationship management Collaboration tools Reputation management Email marketing Advanced (predictive) analytics Insurers of insurers’ Big Data initiatives are driven by improving customer experience through a better understanding of customer behaviors 47% 94% 66% 94% 80% 89% 81% 87% 68% 81% 73% 80% 62% 79% 63% 47% 46%
- 8. 8 You need toenhance Customer Understanding through comprehensive insight into customer behaviors and preferences with Customer Analytics FROM TOBest Guesses Precise Predictions CMO
- 9. Understanding insurance customersin the digital era requires analytics that span modes of customer interaction Drive highly focused customer interactions across all phases of customer experience lifecycle Acquire profitable customers • Engagement patterns • Engagement preferences • Buying intention • Sentiment • Buying intention • Product preferences • Buying patterns • Peer recommendations Cross-sell and up-sell • Customer journey • Customer struggles • Customer experience • Feedback and social comments Reduce cost to serve • Relevant engagement • Reduce struggles • Proactive responses to sentiment Increase retention, loyalty and engagement
- 10. Insurance industry marketersneed to understand what is working – and what isn’t – before, during and after purchase 68% 56% 48% 48% 43% 42% 41% 33% 28% 27% 22% 27% 38% 48% 47% 55% 50% 50% 57% 63% 60% 59% 4% 6% 4% 6% 3% 8% 8% 10% 9% 13% 19% 0 50% 100% How people become aware of your brand or website Where people come from before visiting your website What types of content make people more likely to buy or convert The value of visitors from different sources of traffic Why visitors make a purchase or convert What usability issues are most likely to affect the conversation What they are most likely to do on their first visit How visitors behave on different devices (for example, desktop, laptop, tablet, smartphone) Why visitors leave the site without converting Why people abandon the shopping cart or transaction Behaviors of different visitor types (men, women, frequent visitors and so on)
- 11. IBM’s customer analyticssolutions offer unified views and analytics across modes and channels of customer interaction Anticipate and delight Predictive customer intelligence solutions WHAT IS HAPPENING Provides quantitative insight by capturing website and mobile interaction data and providing easy-to-use interfaces showing: • Purchase funnels • Real-time sales data • Traffic flow through site • Conversion benchmarks WHY IT IS HAPPENING Provides qualitative insight by capturing, replaying and analyzing individual user web and mobile interactions: • In-page context (including dynamic, personalized experiences) • Each user interface interaction • Error messages displayed • Identify affected visitors WHO IS TALKING Provides powerful listening and analysis platform across social networks and communities: • Assess social media impact • Segment social media audiences • Identify relevant relationships • Discover new ideas and risks
- 12. Customer Analytics forInsurance goes beyond policy and demographic data to develop a deep understanding of customers profitability, preferences and lifecycle needs •Increase Revenue •Improve Customer Satisfaction & Retention •Improve Cross-Sell/Up-Sell •Lower Marketing Costs •Learn Customer Attitudes Enables you to • Deploy web and social network analytics as a source of valuable insight • Understand and anticipate customer behavior across all channels • Recognize what products attract each customer segment • Manage the optimal balance between service and cost of delivery • Predict churn risk, customer satisfaction and customer lifetime value • Improve service levels and knowledge of front-line employees Analytics
- 13. 13 You can achieveSmarter Marketing by igniting customer relationships with Omni-Channel Marketing, Real-Time Personalization and Digital Marketing FROM TOOne Size Fits All Relevant Offers CMO
- 14. Within insurers, marketingsilos are still the norm Customers Social Search Advertisement Web Mobile Email Phone Agents Brokers Financial Advisors Direct mail
- 15. What if yourmarketing efforts resulted in? Improved customer value, loyalty and retention 5%–15% increase is typical Higher campaign ROI 15%–30% increase is typical Increased response rates 10%–50% increase is typical Other business metrics improvements revenue, profit, others vary by industry (assets under management, basket size, # products owned, etc.) More campaigns with the same resources 2–5x increase is typical Reduced cycle time for marketing efforts 40%–80% reduction is typical Reduced marketing costs 20%–40% reduction is typical Lower customer acquisition costs 25%–75% reduction is typical More effective marketing More efficient marketing
- 16. IBM’s Omni-Channel Marketingsolution enables insurers to engage customers in context at every point in the purchase lifecycle eMessage Xtify mobile messaging Deliver Campaign Interact Contact Optimization Decide Campaign Analyze Marketing Planning Engages customers in a one-to-one dialogue across channels Marketing Operations Interact Contact Optimization
- 17. IBM’s Real-Time Personalizationsolution bundle enables insurers to take full advantage of every customer interaction and life stage Enabled through: Outbound offer personalization Inbound offer personalization Content and product personalization Omni-channel campaign management and execution, including mobile customer engagement Maximize all types of real-time engagement across channels Use response data to refine and optimize future decisions— automatically Directly engage in offer design and creation
- 18. IBM Digital Marketinghelps insurers improve engagement, conversion rates and revenue through targeted and personalized digital marketing automation Personalize site, mobile, email Automate marketing with omni- channel campaign management for digital channels IBM Marketing Center & Xtify solutions Make it easier • Speed time to deployment thanks to a cloud-based solution • Adopt quickly with ease of use Automate recommendations Increase engagement, conversion rates & cross-sell revenue IBM Product & Content Recommendations Create rich content and manage marketing operations Fuel personalized marketing programs IBM Customer Experience Suite and IBM Marketing Operations OnDemand Grow limitlessly • With the full Omni-channel Marketing solution • With the Customer Analytics solution
- 19. Smarter Marketing driveshigher marketing returns for insurers Increase in conversion rate on recommended products 250% Business Outcomes: Improved customer value, loyalty & retention 5-15% increase is typical Higher campaign ROI 15-30% increase is typical Increased response rates 10-50% increase is typical Improvements to other business metrics revenue, profit, assets under management, # products owned, etc. Digital MarketingReal-time Personalization Omni-Channel Marketing
- 20. IBM Commerce providessolutions that span all phases of the brand experience across all channels of interaction Seamless Brand Experience Omnichannel Customer Engagement B2B Commerce Real-Time Personalization Digital Marketing Customer Analytics Omnichannel Marketing Customer Experience for Service Multi-Enterprise Process Collaboration Governance, Risk & Compliance for Critical Corporate Data ServiceSalesPre-Purchase
- 21. IBM provides criticalenabling solutions for Insurance providers Analytics Social Cloud Mobile Security Accelerate alignment across the commerce value chain Increase business agility and enhance customer value Leverage collaborative business networks • Extend digital interaction and visibility into customer behavior to include social • Deepen the brand relationship with social interaction • Establish a new marketing/sales channel • Leverage the power of instant community • Accelerate speed to value • Onboard users faster • Scale to meet your needs • Create a global “anywhere” platform • Broaden customer insight to include structured and unstructured data • Understand interests, tendencies, behaviors,…context • Become more relevant and essential • Address consumer expectations for mobile interaction • Extend digital into the shopping experience • Extend the brand relationship to the most intimate communication channel Secure transfer of data amongst ecosystem partners/ service providers Secure management of cloud data
- 22. Trademarks and notes IBMCorporation 2014 IBM, the IBM logo, ibm.com, Emptoris and Global Business Services are trademarks or registered trademarks of International Business Machines Corporation in the United States, other countries, or both. If these and other IBM trademarked terms are marked on their first occurrence in this information with the appropriate symbol, these symbols indicate U.S. registered or common law trademarks owned by IBM at the time this information was published. Such trademarks may also be registered or common law trademarks in other countries. A current list of IBM trademarks is available on the Web at “Copyright and trademark information” at www.ibm.com/legal/copytrade.shtml. Other company, product, and service names may be trademarks or service marks of others. References in this publication to IBM products or services do not imply that IBM intends to make them available in all countries in which IBM operates.
- 23.