Notes Version: Responding In Real Time & Other Winning Strategies For Insurance Marketers


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Notes Version: Responding In Real Time & Other Winning Strategies For Insurance Marketers

  1. 1. Responding in Real-time & Other Winning Strategies for Insurance Marketers Presenters: Tim Hendricks, Vertis Communications Jeff Rodis, Mutual of Omaha2 September 30, 2011 Jeff Rodis Manager – Marketing Operations, Mutual of Omaha • Over 25 years of experience in insurance operations and consumer marketing • Experience includes two of the nation’s largest direct mail insurance marketers • Annual mailing volumes in the nine figure range • Leader in using advanced technology to improve cycle time, efficiency and workflow • Procurement and strategic sourcing background – sourced over $750mm in print and mail services3 September 30, 2011 1
  2. 2. Tim Hendricks SVP Regional Sales, Vertis Communications • Over 25 years of experience w/insurance and financial marketers • BS Business Administration from St. John’s University • MBA with a Marketing Concentration from Benedictine University • Adjunct Professor of Marketing at Benedictine University • Featured University Speaker on Direct Marketing • Published articles on the use of marketing workflow, digital technologies and multichannel marketing in: PIMA (Professional Insurance Marketing Association); Target Marketing Magazine (online); Insurance Advocate Magazine and Idea Alliance’s IPA Bulletin4 September 30, 2011 Improve Agent Response to New Leads Go Green to Save Green Drive Consumers Online with pURLs and QR Codes Create Brand Awareness in Multiple Channels Connect Across Language and Cultural Barriers6 September 30, 2011 2
  3. 3. Improve Agent Response to New Leads THE CHALLENGE: How can a national insurer reduce the amount of time between when an agent receives a lead to the prospect’s actual receipt of the desired information? THE SOLUTION: Help agents respond in real time through digital workflow and fulfillment tools that increase response and customer engagement.7 September 30, 2011 Case Study: Improve Agents’ Response to New Leads • Heavily regulated industry requires highly versioned customer communications • Real-time response to consumer requests is critical to converting leads into policies • Agents faced with cumbersome and challenging fulfillment process of manual forms, faxes, emails and phone calls • Agents are competing with consumer’s accelerated access to technology and time for conversion8 September 30, 2011 Solution: Improve Agents’ Response to New Leads • Proprietary targeted marketing asset database with digital workflow allowing agents to respond to requests immediately • Flexible and creative marketing workflow for ordering, customizing materials the agents create and deploy on their own9 September 30, 2011 3
  4. 4. How does a workflow solution work? 10 September 30, 2011 Data Driven, Automated Marketing Solution React to consumer interactions with relevant and timely communications – then output to the channel of consumer preference from a common platformLead Source•CRM• Web Multi-channel•Telephone Channel Delivery Insurance Communication Platform•Transactional Company Data•Trigger Warehouse C Direct Mail O B Segmented N  I Consumer Info T Inserts E N Z  R Text Insurance T U Messaging Company Content Management M L E e-mail   G S marketing M Insurance Incentives Digital Images T Microsite/ Company PURL Creative Standard Rich media, etc Variable Text Templates Closed-loop measurement 11 September 30, 2011 12 September 30, 2011 4
  5. 5. 13 September 30, 201114 September 30, 201115 September 30, 2011 5
  6. 6. 16 September 30, 201117 September 30, 201118 September 30, 2011 6
  7. 7. 19 September 30, 201120 September 30, 2011 Results: Improve Agents’ Response to New Leads • Reduced cycle time from weeks to 3 days • Dynamic kitting capabilities along with multi-component matching • Changes that typically required weeks to implement are now executed in days • Web-based solution offers visibility of entire process • Limitless personalization and targeted message capabilities • Elimination of pre-printed materials, digital library and print-on- demand • Robust content management system supports image, text content and versioning21 September 30, 2011 7
  8. 8. Go Green to Save Green THE CHALLENGE: How can a leading health care insurer improve their carbon footprint and reduce costs, eliminate obsolescence and deliver relevant communications to their customers? THE SOLUTION: Creative redesign, digital workflow and the right delivery strategy22 September 30, 2011 Why do companies adopt “go green” initiatives? 1.Meeting corporate 73% believe it is citizenship goals? important to buy from green 2.Appealing to consumer companies social values? 3.Reduce production and deployment costs? 55% are willing to pay more for 4.All of the above! green productsSource: Cohn & Wolfe, Esty Environmental Partners, Landor Associates, Penn Schoen Berland, "2010 ImagePowerGlobal Green Brands Survey," June 2010 (U.S. Adults) Case Study: Go Green to Save Green • A leading U.S. health insurance provider wanted to identify “green” solutions that would substantially reduce production and deployment costs across its customer marketing initiatives24 September 30, 2011 8
  9. 9. Case Study: Go Green to Save Green • Audited existing marketing practices and program elements • What are they doing? How and why? • Uncovered process and output duplication25 September 30, 2011 Case Study: Go Green to Save Green • Re-engineer workflow • Redesign creative templates • Enable one-to-one marketing26 September 30, 2011 Benefits to who: Go Green to Save Green • Re-engineering marketing workflow and centralizing assets helped achieve the health insurance provider’s “go green” goals with significant results: 27% less paper consumption 18% inventory reduction 15% lower electricity usage27 September 30, 2011 9
  10. 10. Results: Go Green to Save Green • Least possible ecological footprint • Reduced cycle time and streamlined workflows • Branding standardization • Elimination of print plates • Highly personalized and and films customized documentation: true 1:1 • No ink use, so no ink waste • Lower cost per page • Process water is eliminated • Just-in-time document delivery • Paper usage and paper waste is greatly reduced • Inventory reduction and elimination of obsolescence waste • Air pollution control devices are eliminated • Costs to comply with regulatory requirements are minimized • Flammable chemicals are eliminated, no VOC emissions28 September 30, 2011 Personalized URLs and QR Codes THE CHALLENGE: How do you make it easy for consumers to respond to your offer and interact with the brand, while tracking and improving campaign responses? THE SOLUTION: Provide consumers with easy access through personalized URLs or QR Codes29 September 30, 2011 Case Study: Personalized URLs and QR Codes • A health care benefits company felt a print-only marketing campaign had grown stagnant and was no longer attaining their acquisition goals30 September 30, 2011 10
  11. 11. Program Goals: Personalized URLs and QR Codes • Open new communications channels with current and prospective customers • Increase response rates over traditional direct mail-only marketing efforts • Increase sales by engaging in more relevant conversations with customers and prospects31 September 30, 2011 Solution: Personalized URLs and QR Codes • Increase sales through better consumer engagement using a multichannel approach: | Direct mail incorporating personalized URLs (pURLS) | Personalized website landing pages to provide a customized online consumer experience September 30, 2011 How does it work? Personalized URLs and QR Codes • Consumers receive direct mail, email or other personal communication with a unique identification code • Call-to-action directs consumers to their own personal website: • Consumers enter identification code, then complete user profiles • Marketer uses the newly gained consumer insights to tailor future messages to customer likes and preferences33 September 30, 2011 11
  12. 12. Personalized URLs Example of a pURL on a mail piece34 September 30, 2011 Personalized URLs Customer is greeted by personalized landing page Personalized URLs Page 2 of landing page requesting additional information36 September 30, 2011 12
  13. 13. Personalized QR Codes QR Code37 September 30, 2011 Personalized QR Codes38 September 30, 2011 Personalized QR Codes Landing page requesting additional information39 September 30, 2011 13
  14. 14. Benefits to the consumer: Personalized URLs and QR Codes • A uniquely tailored online experience • In exchange for information, consumers receive future content tailored to their needs • Product and service offers become highly relevant40 September 30, 2011 Personalized URL Workflow Overview 2. Gather Data1. Welcome Screen 4. Email confirmation to consumer – Begin Relationship 2. Involvement 3. Thank You - we will be sending you info 5. Viral Component – Refer-a-Friend41 September 30, 2011 Benefits to the consumer: Personalized URLs and QR Codes • Analyze and model the newly captured data; provides valuable insights into consumers’ needs, 122% interests and preferences ROI • Use these insights to add on every value to the consumer by dollar engaging them through meaningful online experiences and follow-up communications42 September 30, 2011 14
  15. 15. Results: Personalized URLs and QR Codes • According to the DMA, 42% of all direct mail respondents prefer to respond online (DMA 11/2009) • Based on statistics, businesses enjoy a 122% ROI on every dollar invested in a pURL program; behavior data shows that customers respond to pURL communications across generations • *41% of consumers polled prefer to respond to an insurance direct mail offer at the sender’s website • In a 27 vertical market print-to-pURL test, the pURL drew a 5.1% visit rate and a 3.28% response rate. The insurance industry saw the highest number of pURL visitors/responses43 September 30, 2011 Consumer response on a cross-media to pURL test sampling Response Response by Industry Visit Rate Rate Average rates for all Industries 5.10% 3.35% Insurance 13.80% 10.70% Manufacturing 13.20% 11.85% Retail 8.40% 6.74% Non-profit 7.69% 7.45% Other trades and services 30.00% 33.00% Average response rate across all industries with 10 or more 7.08% 4.18% campaigns The test included a random selection of 670 cross-m edia cam paigns across 27 vertical markets. The test w as conducted by MindFireInc® in 2009 by Author: Dr. Marnie Brow , University of California, Irvine.44 September 30, 2011 Multichannel Brand-Building THE CHALLENGE: How do you attract the right customers in a crowded, wary regional market THE SOLUTION: Channel surf! Mass outreach builds awareness, and targeted marketing brings your desired consumers to your door45 September 30, 2011 15
  16. 16. Case Study: Multichannel Brand-Building • A new-to-the-regional-market homeowners insurance company faced considerable odds launching into an established market46 September 30, 2011 Solution: Multichannel Brand-Building • Conduct in-depth focus groups with consumers • Overhaul the brand platform | Create an emotional connection with “live here, work here” ethic | Promote the insurer’s “A” financial stability rating | Showcase their team of responders • Initiate multichannel marketing to increase the need and brand awareness47 September 30, 2011 Benefits: Multichannel Brand-Building • Consumer: convenience/education and control • Marketer: | Better consumer connectivity | Average campaign improvement of 35% | Add more personalization = an average improvement of close to 50%48 September 30, 2011 16
  17. 17. Results: Multichannel Brand-Building • Targeted newspaper inserts and ROP had call center phones ringing off the hook • Unique 800 #s enabled tracking of lead source • Heightened attention resulted in a15% increase in responses to targeted direct mail • Volume of qualified leads was so dramatic, the insurer reached state-mandated limit and didn’t seek new policyholders for 6 months49 September 30, 2011 Hispanic Marketing THE CHALLENGE: How do you connect across language and cultural barriers with the fastest-growing consumer segment? THE SOLUTION: A multilingual campaign that addresses key cultural needs and values, in a format proven to attract the target group50 September 30, 2011 Hispanic Marketing: • By 2014, one person out of every six living in the U.S. will be of Hispanic origin* • Now the Nations 2nd largest consumer market • Hispanic disposable income is expected to grow to $1.3 trillion in 2014* • Most favor culturally relevant communication51 September 30, 2011 17
  18. 18. Case Study: Hispanic Marketing • One of the largest U.S. auto insurers had a goal of becoming the premier direct-to-consumer auto insurance company in the nation for first- generation Hispanics52 September 30, 2011 Solution: Hispanic Marketing • Take a Specialized Marketing Approach, leveraging proprietary research providing insights into the buying behaviors and media usage habits of multigenerational U.S. Hispanics53 September 30, 2011Benefits:Hispanic Marketing• Hispanic Consumer • Built trust and loyalty – re-branding gave them the comfort they needed • Provide them with relevant information on their terms• Marketer • Improved relationship with Hispanic consumer and market • Became a trusted provider • Improved Brand position54 September 30, 2011 18
  19. 19. Campaigns Leveraged with Cultural Insights• Launched bilingual efforts for greater relevance and brand authenticity• Featured family-based imagery to build emotional connection• Used direct mail as backbone of marketing mix• Tested incentive-based direct mail referral programs55 September 30, 2011Campaigns Leveraged with Cultural Insights• Developed sponsorship featuring soccer superstar Cuauhtémoc Blanco to deepen credibility and roots within the community56 September 30, 2011 Results: Hispanic Marketing • Direct mail delivered lower cost-per-lead than previous benchmarks • Incentive-based referral programs outperformed all other lead types by over 100% • Incremental revenue convinced Insurer to devote significant budget to Hispanic marketing57 September 30, 2011 19
  20. 20. “To get a result you don’t get now… you have to do something you don’t already do.” Albert Einstein58 September 30, 2011 Key Take Aways • Insurance marketers are faced with unique challenges • Understanding how the consumer wants to be marketed to is key • Responding to customers and prospects with relevant and timely communications increases response rates • Leverage the multi-channel strategies that have proven to be successful by your peers59 September 30, 2011 Questions? Tim Hendricks SVP Regional Sales Vertis Communications 630-571-7575 X 2026 Jeffrey Rodis Manager-Marketing Operations Direct to Consumer Marketing Mutual of Omaha 402-351-4186 Jeff.rodis@mutualofomaha.com60 September 30, 2011 20
  21. 21. 61 September 30, 2011 ® Sep-11 Vertis, Inc. All rights reserved. 21