The document discusses enabling insurance agents and distribution channels through digital technologies. It notes key trends driving changes in insurance channels, such as more customers researching online. It also outlines challenges carriers and producers face, such as producers needing better online tools from carriers. The document proposes areas of opportunity for carriers and agencies, such as implementing marketing automation platforms to better nurture leads. It emphasizes the need for improved digital engagement with producers and distribution channels across the customer lifecycle.

1. Enabling your
agent/distribution
channels
eDynamic, Thursday, February 20, 2014
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2. Topics
1. Introduction to eDynamic
2. Key trends in Insurance channels
3. Challenges faced by carriers and
producers
4. Areas of opportunity
5. eDynamic‟s channel enablement offering
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eDynamic, Thursday, February 20, 2014

3. Key trends in
Insurance
channels
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4. Did You Know?
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 they
fail to embrace digital. [Source : Global Consumer Insurance Survey 2012]
3.
Roughly 4 in 5 producers in 2012 agree that they are more willing to place business
with carriers that offer useful websites, similar to producer sentiments found in prior
years.
4.
Increase of 50% in quote performance can lead directly to a 15% improvement in
conversion, from 13% to 15% of consumers entering the quote process [Source :
Forrester Research]
5.
Gartner estimated that by the end of 2015, P&C insurers that do not offer online and
mobile transactions will lose 1/4th of their current market share!
3
6.
Having a good web presence can have around 68% consumers come back to your
site and entice about 80% of providers to place business with the carriers.
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5. Consumers buy more directly or via agents
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, captive
team/call center or a
video chat with a
broker.
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Source: Bain Consumer Survey 2012
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6. Revenue by distribution channels
2008
2013
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7. Reaching the end customer: Channels
The sales and distribution landscape in insurance includes internal
sales teams and external channels and each of these has multiple
engagement touch points
Carriers
Internal
Telesales
Account
Executives
Captive
Agents
Brokers
Agents/Advi
sors
Banks
Email, phon
e
Email,
mobile,
phone,
appointmen
ts
Email,
mobile,
phone,
appointmen
ts
Web,
mobile,
social,
Email,
phone,
appointmen
ts
Web, mobil
e, social, E
mail, phone
, appointm
ents
Web, mobil
e, social, E
mail, phone
, appointm
ents
Marketing
Search,
email,
events,
webinars,
ATL/BTL
External
Search
Attract
Acquire
Service
Retain
Up/cross
sell
End customer (B2C and B2B)
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Loyalty/
Referral
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8. Is generating online leads enough?
 On an average only 25% of new leads are sales ready.[Source :
Marketo]
 60% of marketers prefers quality of lead over quantity.[ Source :
marketingprof]
 10 % increase in lead quality is equivalent to 40% increase in
sales.[Source : Marketo]
 Companies that get lead scoring right have a 192% higher
average lead qualification rate than those that do not.[Source:
Technical marketing]
 For the companies using lead scoring , close rates increased by
30%, company revenue increased by 18%, and revenue per deal
increased 17%. [Eloqua Lead Scoring Solution Guide]
 Organizations that nurture their leads experience a 45% lift in lead
generation ROI over those organizations that do not [Source:
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Marketingsherpa]
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9. Challenges faced
by carriers and
producers
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10. Top 5 challenges producers face
1. Carrier’s website, databases, mobile tools, and social media
are not coordinated to help producers save time, connect
with more prospects, make more sales, and provide better
service .
2. Carriers and agencies have come a long way with
websites, but some producers feel that they are hard to use.
Intuitive design and simple navigation are critical.
3. Some producers still do not have access to popular online
tools, such as client account information and pending
business status, from their primary carriers.
4. 1 in 2 producers do not currently have but want Internet sales
ready leads from carriers, and nearly 1 in 3 do not have but
want tools to track marketing campaigns.
5. Producers often make 10 contacts to earn a single sale. They
need tools (mobile and regular) that can save time, help make
more contacts and, ultimately, help make more sales.
eDynamic, Thursday, February 20, 2014
Source : LIMRA research
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11. Some ways through which Carriers Can Help…
Physical and Digital
Connection of the physical and digital worlds to
provide consistent data and insights about the
consumer
Collaboration
Collaborative software for agents/brokers allowing
them to search for industry news or sales
materials and more
Omni-Channel
View latest customers‟ investment portfolio details,
fund performance and payment history „on the
go‟…
Reduced Operational cost
Increase the amount of information captured
digitally via portals and electronic uploads
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Modern Producer
 Digitally Educated
 Digitally Enabled
 Digitally Empowered
Key Enablers
o
o
o
o
o
o
o
o
Training/tools
Pending business status
Sales and Marketing Tools
Commission Statements
Client information
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eSignatures
Mobile/ Tablet Responsive
Track marketing
campaigns

12. Areas of
opportunity
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13. Common situations and pain points
 Multiple individual agency websites that are used by
respective agents for demand generation
 Carrier provides templates, content and collateral for these
agency websites
 30-50% of agents do not use carrier‟s CRM
 Analytics on carrier and agency websites are either basic or
have limited value and there are limited insights/trends
available
 Leads are being acquired through distribution/email lists or
through Search, Social and Display campaigns
 There is no de-duplication of lead data in place so actual
incoming leads are lower in number than anticipated and
poorer in quality
 There is no marketing automation infrastructure in place for
central execution and tracking of campaigns
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14. How Lead Nurturing Helps..
Consider
Evaluate
Buy
Experience
Advocate
Bond
Blog
Identified
Prospect
9
New
Product
Specs
Anonymous
Prospect
Finance
analysis
tools
7
6
Existing
Customer
Understand User
Personas, capture
their behavior
13
Progressively
profile, personalize
experience and
content
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Map the Content
to be served at
each stage
Have all data in
CRM and other
systems for scoring
and transition
Handover more
sales ready leads to
captive
teams/agents

15. Our Perspective: Carrier‟s situation
 Explore and evaluate: evaluation of your current lead generation,
qualification of leads, nurture and handoff process in entirety and
introduction of best practices for strong alignment between you and
producers
 Digital body language: setup of advanced web analytics to track how
prospects are engaged on your site, what are they doing,,
downloading, etc.
 Passing on insight: Driving key insights from your website/acquisition
analytics on to your agents so that they are better prepared to service
and nurture leads you distribute to them
 Data Enrichment: using data providers such as Epsilon and Axciom to
enrich the quality of data on inbound leads before passing it on to your
producers
 Thought leadership: evaluation of your content/collateral assets and
mapping them to what prospects would look for at different
stages/basis different needs
 CRM: using central CRM where carriers have all their major producers
on boarded to allow for updated customer and prospect information
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16. Our Perspective: Improving agency marketing
A marketing automation platform might be a potentially
good fit for you
Marketing automation platform is your delivery tool
 Think Objectives: Customer acquisition, agent recruitment or
distribution channel revenue – it is the business objective that
drives the need for automation.
 Think Strategy: How will you get the best channel partners
and how will they be able to sell effectively to end customers?
 Think Programs: Every strategy should lead to a program with
a logical outcome through your automation platform.
 Don‟t think only emails : Your platform delivers emails but
emails are tied to marketing and revenue objectives.
 Marketing Automation: When you use the tool to market to
your channel and end customer across their lifecycles, you
achieve true automation.
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17. External Channels: The Lifecycle
The producer lifecycle needs to be enabled at key stages
Producer lifecycle
Recruitment
Email,
phone,
Web,
Social
Lead
generation
and
qualificatio
n
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Education
Email, We
b, physical
Promotion
and
delivery
Enableme
nt
Email,
Web
Promotion
and
delivery
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18. Agent Engagement and Empowerment
Across the lifecycle, an engagement marketing strategy can
improve retention and producer effectiveness
•Acquisition campaigns
•Data enrichment
•Messaging
•Analytics
Inbound
acquisition
Enabling
agents
•Transaction alerts and
updates
•Policy reminders
•CRM
•Email automation
•Allowing producers to run
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campaigns based on
templates
Educating
agents
Empowering
agents
•Newsletters
•Automated
training/education
campaigns
•Surveys
•Webinars
•Integration with offline
events
•Demand gen/acquisition
•Product updates
•Reminders/Alerts
•Surveys, polls, events,
webinars
•Tools and calculators
•Integration with
website/CMS, CRM,
customer portal
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19. Channel Engagement and Empowerment
Channels can contribute more revenue through appropriate
engagement
 Improve recruitment: Improve acquisition and recruitment
process
 Improve engagement: Multiple on-going manual and
automated touch-points ensure that the producer is engaged
 Personalize communication: Through preference management
and segmented marketing, communication can be made more
relevant
 Improve production: Know which of your agents are selling your
product – nurture your best agents with specific best practice
campaigns and improve production of others through
production improvement campaigns
 Improve efficiencies: Automation can provide up to 10X
efficiencies. Further, campaigns can be rolled-out faster
 Service: Service producers by sending automated alerts, CRM
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notification and reminders
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20. Connect with us
www.edynamic.net
twitter.com/edynamic
contact@edynamic.net
youtube.com/1999dynamic
1-877-339-6264
facebook.com/edynamic.net
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eDynamic, Thursday, February 20, 2014