life insurance consumer evolution
TRANSCRIPT
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Agenda
• Disruption• Evolution of Consumer• Distribution Evolution• Need for Advice / Comparative rating
• New Face of Insurance• Digital Strategy• What is it?• How do we get there?
Evolution: Digital Darwinism
If time has taught us anything, it is that we must adapt and change to survive
Evolution of the Consumer
Myth: My consumer is not ready for the digital world
The Grandmother Paradigm
Silver surfers have embraced technology and social media as family’s spread the globe
Christmas shopping across the world drives online acceptance and usage
How Insurance Carriers facilitate their consumer integration and interaction
Distribution Evolution
A once dominated Captive distribution is now led by Independent producers – they own 50% of all sales50%
The number of individuals that are inclined to do their own research online, rather than through an agent74%
Individuals that would purchase their life insurance online Today, if available25%
P&C Direct Written business in terms of net premium (personal lines)71%
Source: Limra 2014
The Digital Revolution
Digitally enabled companies entering your industryfrom another industry – Beagle Street58%
The amount of business revenue attributed as digital revenue by 2020 (compared to 18% in 2015)43%
Believe Digital Business best describes their organization need32%
Believe a Major or Widespread Transformation is requiredIn order to adapt to the evolving market61%
Source: Gartner 2015
Insurance Communication and Collaboration Landscape
Lead Generation
Evolution: Advice
Evolution: Education and Planning
The New Face of InsuranceSimple, Friendly, Informative, Collaborative………Fun
Simple, Friendly……..
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Digital StrategyRethinking you Digital Footprint, not your Website
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Evolve: Rethinking your Organization
• Digital Strategy– Not a Website redesign– Education is key
• Consumers search to be educated not to find an Insurer• Provide key Insurance 101 education and “What do I need?” calculators – assist your
consumers– Embrace multi-channel distribution models
• Ease of doing business– Go where your consumers and agents are, provide integration through engagement
• Integrate options to be called, txt, online chat, connect to an agent, buy direct – let the consumer decide on the path and media – exclude no one
– Focus:• audiences, sites, content management, branding and design, user experience, features and
functionality, technology, marketing, mobile, social
Digital Strategy
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• Goal: Create a roadmap detailing how to leverage the latest digital business models & technologies to achieve its business goals and establish an agile digital framework that will allow the business to innovate and adapt quickly to changing market conditions and customer / channel needs.• Top level Benefits of a Digital Strategy:
• Improve the ease of doing business. Allow Customers and Channel Partners to interact in their preferred method.
• Increase customer acquisition and Retention• Improve competitive positioning / advantage• Improve efficiency of providing services• Gain insight on customer needs and preferences• Improve organizational agility in responding to new opportunities and threats
What does a Digital Strategy include?
Design, Style, Brand
Intranet
Externally Facing Sites
Externally Facing
Applications
Affiliate / Channel Site
Strategy
Mobile
Social Networking
Web Technology,
Tools and Integrations
Traffic GenerationSEO, SEM
Web Governance
E-mail / Digital Marketing &
CommunicationsUser
ExperienceContentStyle &
Best PracticesAnalytics and
MeasurementAudience Segmentation, Personalization
Content Governance
Content writing
Recruiting
Lead Generation
OCM
Consumer Enablement Maturity Curve4
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3
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Customer Section in site• Public Information• Start a quote • Phone based
service• Claim forms
Simple Customer Self Service Portal• Secure Login• Policy information• Planning tools• Forms to print• Update address• Update contact• Pay bill – set EFT• Improved Customer
Service Technologies:• IVR• Chat
Customer Self Service - Advanced• Update beneficiaries• Add Products • Manage financial
information• Loan request• Payment history• Improved Customer
Service Technologies:• Mobile sites• Screen Sharing• Social Service• Mobile
Applications• E-delivery of disclosures
and bills
Integrative Experience• Simple profile with quote
request / application• Collaborative Workspace
through medical and underwriting
• eForms / E-signatures• Full Policyholder services
online• Claims management online• Upsell / Cross sell• View policies across business
lines• Business Process
Automation technologies• Building a community
Distribution Enablement Maturity Curve4
2
3
1
Agent Section in site• Public Information• Marketing Materials• Phone based service
Simple Agent Communications & Self Service Portal• Secure Login• Enter new Policy• Policy search &
information• Policy status• Planning tools for use
with prospects• Forms to print• Pay bill – set EFT• Commissions• Messages
Agent Self Service - Advanced• CRM: View all customers
and be able to communicate with them
• Ability to do a policy and submit for approval in one sitting
• E-forms,E-signatures• View policy status and
manage interactions with Prospect
• View claims and status• Proactive alerts• Simple mobile tools –
Education and Planning• Lead management
Integrative end to end Experience• Full Agent services online• Collaborative Workspace• Integration with external data
such as Funeral Homes• Business Process Automation
technologies• Advanced mobile applications
with offline mode. Ability to complete a policy and submit from customer home.
• Location based services• Lead sharing and Agent
interaction• Full CRM and marketing
functionality• Agent websites
The Digital Strategy Process:
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• Web Traffic Review
• Competitive Analysis
• Business Strategy
• Brand Strategy
• Stakeholder Interviews
• User Interviews
• Technical Roadmap
Current State
Future State
How to ge
t there:
Roadmap and
Implementation
Plan
• Vision
• Scope
• Measurable Outcomes
• Distribution Channels
• User Experience
• Content & Functionality
• Technology & Tools
• Roadmap = Agreed upon, multi phased action plan that includes:• Recommended initiatives with scope, timelines, costs and expected benefits• Sequence of initiatives based on business value and constraints
Questions?