insurance marketing to the modern consumer

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Insurance Marketing To The Modern Consumer

Why it’s different. What agents do wrong. How to do it right and win.


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consumer-3

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Michael Jans CEO, Agency Revolution

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81%

Research online before shopping

72%

Trust online reviews as much as personal recommendations

91%

Check email at least once a day

71%

Adults use Facebook

Consumer Behavior Has Changed

Sources: Pew Research Center, ExactTarget, Search Engine Journal


And it’s not just millennials

15

Time spent online by Baby Boomers (more than millennials)

hours/week

1. http://www.bizjournals.com/phoenix/blog/techflash/2015/10/can-you-guess-which-group-is-online-even-more-than.html

http://www.bizjournals.com/phoenix/blog/techflash/2015/10/can-you-guess-which-group-is-online-even-more-than.html


These are just a few of the new digital competitors who want your clients.


And it’s not just personal lines

84%

Deloitte: 84% of small business owners would purchase online to save money

So Far, So Close, James Colaço, Senior Manager, Monitor Deloitte, and Leader in Deloitte's P&C Insurance Practice


Industry observers think agents & brokers have been too slow to respond…

"There are signs now, however, that the economics of the traditional agent model are beginning to unravel."

“For US property-casualty insurers, 2016 will be a year of ongoing disruptive change. Digital technologies…will continue to transform the market landscape , recalibrating customer expectations and opening new ways to reach and acquire clients…often faster than traditional mechanisms can react.”

“Reimagining Insurance Distribution: ”Our research shows that digital is playing an increasingly important role in the majority of customer interactions Insurers need to confront this rapidly evolving marketplace. Their decisions about how to engage customers in the digital age will impact the kind of businesses they will be…”

“...the stars are aligning to threaten the prevailing agency-centric model.”


So we decided to find out the answer:

what do the fastest growing agencies & brokerages in North America

Do Differently? (How do they market to the modern consumer?)


We surveyed some of the fastest growing agencies & brokerages

in North America and discovered

7 Secrets (Who are we? Agency Revolution has delivered

training and technology solutions to over 10,000 insurance agents and brokers for more than 20 years.)


“Marketing is too important to be left to the marketing people.”

David Packard Founder, Hewlett Packard

Secret #1: Agency-brokerage leadership takes responsibility for marketing.Hint: they don’t do it all. But they own it all.


Secret #2: They know the consumer has changed. So they’ve changed the way they market to them.

(Hint: JD Power showed that agents & brokers who use “emerging technology” to communicate have the most satisfied clients. And they get rewarded with higher retention, more referrals and more policies.)


Secret #3: They know where the “real money" is in marketing.

The purpose of a customer is to get a sale.

Novice marketers think…


The purpose of a sale is to get a customer.

Advanced marketers know…

…because your single most valuable asset is a customer. And your most valuable customer is a loyal customer.


Secret #4: They use a full spectrum marketing model to guide the entire customer journey.

I want a quote

from: to:

I love my broker

customer journey


They have different marketing processes to guide the each step in the customer journey:1. One that ATTRACTS people into their marketing funnel 2. One that CONVERTS prospects into buyers 3. One that OPTIMIZES customer relationships 4. One that RETAINS customers as long as possible


Secret #5: They focus their marketing resources strategically where it gets the most leverage: on their customers.


Hint: too many agents & brokers try to grow just by getting new customers, without having systems to turn new customers into loyal customers. (That’s kinda like trying to fix a leaky bucket by pouring more water into it.)

(Fix the bucket first!)


Another hint: they don’t rely on empty platitudes.

We take really good care of our customers!


Online shoppers who view a video on a web page are 1.6 times likely to purchase

(Most insurance clients aren’t too impressed…)


Advanced insurance marketers know how valuable that loyal customer really is…

The Highly Loyal Insurance Client renews at 97%See Bain & Co.: Customer loyalty in P&C insurance.


They buy 25% more insurance

See Bain & Co.: Customer loyalty in P&C insurance.


They give 250% more referrals

See Bain & Co.: Customer loyalty in P&C insurance.


Earn my loyalty, and I’l reward you.

97% retention

2.5 referrals

25% more insurance

The Highly Loyal Insurance Client Delivers…

…SEVEN times the Lifetime Customer Value of a low loyalty client and THREE times the value of a neutral client! Yup, SEVEN times!


But don’t I have to sell on price?

nope.

see next page…


57% don’t take the lowest quote


Rather, they take quotes that are 19-53% higher


Price doesn’t go away…but relationship matters to people…

…it helps give them peace of mind.


Secret #6: They create Lifelong Relationships by creating Lifelong Conversations.

How?

By delivering the right message to the right person at the right time


For example, they might do something like this…

(Remember: it’a about delivering the right message to the right person at the right time.)

Thank you. Let's agree on how we’ll protect you.

Here's your journey. Meet the team.

Our values.

Any changes in your life or business?

Share your feelings

(and perhaps a referral)

New customer

Happy birthday

5 month check in

Would you do me a favor?

Here's why we are different.

New lead

I’m sorry. But I still want a relationship

with you.

Lost lead

They say it’s your

birthday!


Sympathy. Here to help. Expertise.

I'm a nuisance. But it's because I care.

"Deepening relationship”.

I won't give up on our relationship.

Lost SoulClaimPossible

gapsAccount Renewal

Then they might do this:


Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Then they deliver valuable safety and protection bulletins throughout the year…


Then, they might segment their customer base and offer more opportunities for protection…


How do they do that? How can they possibly

reach out to thousands of leads & customers with the exact right message at the

right time?


Secret #7: They use modern technology to reach the modern consumer.

Marketing Automation


They use a marketing automation platform that integrates with their agency or broker management system…


Management System

…so they can…


Send the right message to the right person at the right time…


Management System

And everyone is treated like an individual…


But does email marketing really work?

Yes! “Email marketing yields an average 4,300% return on investment…”

direct marketing association


“Companies using email to nurture leads generate 50% more sales-ready leads and at 33% lower cost.”

“Email is nearly 40 times better than Facebook and Twitter at acquiring customers.”


Let’s make insurance a relationship business again

I fulfill the old school promise with new school technology.


Bonus Secret:

How much can I get?

Novice marketers think that marketing is all about…


Bonus Secret:

How much can I give?

Advanced marketers know that marketing is all about…


Secret #1: Agency-brokerage leadership takes responsibility for marketing.

Secret #2: They know the consumer has changed. So they’ve changed the way they market to them.

Secret #3: They know where the “real money" is in marketing.

Secret #4: They use a full spectrum marketing model to guide the entire customer journey.

Secret #5: They focus their marketing resources strategically where it gets the most leverage: on their customers.

Secret #6: They create Lifelong Relationships by creating Lifelong Conversations.

Secret #7: They use modern technology to reach the modern consumer.

QQuestions? [email protected]

mailto:[email protected]


Download At go.agencyrevolution.com/13conversations

Visit Us At http://go.agencyrevolution.com/modern-

consumer-3

http://go.agencyrevolution.com/13conversations

http://go.agencyrevolution.com/modern-consumer-3


Thank You Industry Partners


Thank You Sponsors


Michael Jans CEO, Agency Revolution

blog.agencyrevolution.comwww.facebook.com/AgencyRevolution

https://twitter.com/michaeljans

http://blog.agencyrevolution.com

http://www.facebook.com/AgencyRevolution

http://twitter.com/michaeljans