Insurance Marketing To The Modern Consumer

© 2016, Agency Revolution, All Rights Reserved
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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http://go.agencyrevolution.com/modern-
consumer-3

Thank You Industry Partners

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Michael Jans
CEO, Agency Revolution
blog.agencyrevolution.com
www.facebook.com/AgencyRevolution
https://twitter.com/michaeljans

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

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

They give 250% more referrals

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 SoulClaim
Possible
gaps
Account
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…
Marketing
Automation
Management
System
…so they can…

Send the right message to the
right person at the right time…
Marketing
Automation
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?
michael@agencyrevolution.com

Insurance Marketing To The Modern Consumer

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