6. 5
eDynamic, Friday, May 2, 2014
DidYouKnow?
1. 63% people who bought a financial services product in 2012 researched it online!
[Source : Global Consumer Insurance Survey 2012]
2. 46% of life insurance companies believe that “customers will ultimately leave us” if
theyfailtoembracedigital. [Source : Global Consumer Insurance Survey 2012]
3. Roughly4in5producersin2012agreethattheyaremorewillingtoplacebusinesswith
carriersthatofferusefulwebsites,similartoproducersentimentsfoundinprioryears.
4. Increase of 50% in quote performance can lead directly to a 15% improvement in
conversion,from13%to15%ofconsumersenteringthequoteprocess[Source : Forrester Research]
5. More than two-thirds i.e. 68% of customers who had a positive experience say they
“definitely will” return to the website, compared with 21%percent of those who had a
negativeexperience. [Source : JD Power Rankings]
6. Requestingaquoteandfindingpolicyinformationarethetwomostdifficulttasksamong
onlineinsurancebuyers[Source : JD Power Rankings]
8. 7
eDynamic, Friday, May 2, 2014
Consumersbuymoredirectlyorviaagents
Source: Bain Consumer Survey 2012
Buying directly from a
carrier or via agents
are still highly
preferred but …
Customers want to be
able to use the channel
convenient to the
moment, whether
that’s a website, call
center or a video chat
with a broker.
9. 8
eDynamic, Friday, May 2, 2014
Pre-Purchase
Research
Purchase
Quote to Buy
Service
Claims
Search
Interactive services- Web Chat, Expert advice
Compare
Products
Relevant
Content
Decision
Support Tools
Instant Query
Assistance
Multiple
Payment
Options
Cross Sell/ Upsell Products
Multi-Channel
Support
Quick
Quote
Instant Query
Assistance
Easy Renewal
Process
Policies available for download
Timely
Notifications
FNOL
Personalized
Profile
Track
Claims
Agent/Broker
Locator
Research
and inquire
about
insurance
products
Get quote, get
detailed
product
information
and buy
product
Premium
payments,
policy
renewal,
claims
assistance
Consider Evaluate Buy Experience Advocate Bond
Cross-Buy Loop
DigitalBuyingLifecycleforInsuranceConsumers
11. 10
eDynamic, Friday, May 2, 2014
ToSumitup..
“Consumers now expect consistent purchasing
experience from national carriers, regional insurers or
agency websites, including instant quoting
capabilities, application prefill, interactive
tools, online configurators, edutainment
videos, and pricing comparisons, and our data
indicates that traditional insurers are working as fast as
they can to provide those online experiences.”
- Forrester Research
13. 12
eDynamic, Friday, May 2, 2014
TheMarketer’sView
DIGITAL TOUCH POINTS ACROSS THE ONLINE INSURANCE BUYER JOURNEY
Discovery Awareness Consideration Purchase Retention AdvocacySEO
Email
SEM/ PPC
Social
Ads
Reviews
Insurance
Portal
Search Decisioning Empowerment
SOLUTION ELEMENTS REQUIRED
Search, Social, Display and
email marketing
Portal with quote/RFP, bind
and buy decision enablement
Nurturing and cross- selling
with progressive profiling
Direct Mail
Social Page
(LinkedIn)
Newsletters
Blogs
Website
Testimonials
Newsletters
Acquire RetainEngage
MARKETING GOALS AND KPIS
14. 13
eDynamic, Friday, May 2, 2014
Acquiringcustomerseffectively
edynamic’sCustomerAcquisitionOfferingprovidescarrierswiththeability
togenerate,manage,nurtureanddistributeleadseffectively
Search Decisioning Empowerment
SOLUTION ELEMENTS REQUIRED
Search, Social, Display and
email marketing
Portal with quote/RFP, bind
and buy decision enablement
Nurturing and cross- selling
with progressive profiling
Search
Engine
Optimisation
SEM/ Pay Per
Click
Email
Marketing
Social Media
Marketing
Website
/Mobile Site
Content
Lead
Generation
Email
Marketing
Recommenda
tions and
cross-selling
Persona
based Selling
Integration
with backend
systems
Online
Payment
Agency Sites
Cross-Selling
Renewal/
Reminders
Claim
Tracking
Financial
Planning
Tools
Customer
Portals
My Profile
Goals :
Acquire More Leads
Goals :
Convert leads to customers
Goals :
Retain and Cross-Sell
16. 15
eDynamic, Friday, May 2, 2014
Customerswantsimplicity,visibilityandcontrol.Thisbehavioralchangeis
moreprominentamongyoungercustomers
Understandwhothecustomer is:Understand
customersegmentsandhowtheybuy
Beaconsultanttothecustomer :Suggest
productsinlinewiththeneeds
Simplifyproductsthataresoldonline:
Gamification,policydetails
ConnectonMultiplechannels:enable
customertoswitchchannelsseamlesslyand
withoutlosinginformation
Provideconnectwiththerightintermediaryfor
complexproducts
Encouragedialoguebetweencustomerson
productsandservices
Research and compare
various policies
view policy details,
make policy changes
Pay premium bills
Contact agents/brokers
Self-service portal Cross-Sell Opportunities
Key Functions on Digital
Search for the right
policy
Getting Educated about
the nuances of policies
Consult financial
Advisors
Review what other
customers are buying
Premium Quote/
Calculation
Gamification and
Decisioning Tools
OurPOV:HowMarketersMustRespond..
21. 20
eDynamic, Friday, May 2, 2014
OurPerspective: Improvingengagementandacquisition
Consider Evaluate Buy Experience Advocate Bond
Understand User
Personas
Progressively
profile, personalize
experience and
content
Map the Content
to be served at
each stage
Blog
New
Product
Specs
Finance
analysis
tools
Score
leads/prospects
and nurture
Identified
Prospect
Anonymous
Prospect
Existing
Customer
Handover more
sales ready leads
to Sales
9
7
6
4.ContinuousImprovementandMonitoringwithLeadScoringandNurturing