Marketing automation best practices for insurance companies

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eDynamic, Wednesday, October 21, 2015
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• How Digital is transforming …
insurance, its customers and agents
• MarketingAutomation
what is it, value, capabilities
• Leverage MarketingAutomation for
Insurance
uses for customers and agents
Discussion Topics

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What this is
- A view of the insurance sector
and specific statistics around
what is going on in the market
place
- Specific practical guidance to
help you develop a marketing
automation strategy
- Give some ideas for specific
initiatives around the
customer and agents
What you will get from this webinar
This webinar provides specific guidance that can be translated
to your marketing automation strategy for the insurance sector.
What this isn't
- A guide to implementation of
marketing automation
- This is not intended to replace
all marketing strategy and
deals only with how marketing
automation can help

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Digitalization in
Insurance

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TheLandscapeisChanging
Buyer is informed Buyer Journey
is dynamic and cross channel
(channels and devices)
Abundance of
Information, Little
focus

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TheDigitalImperative
 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!

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AcrossChannels
 80-83% of Insurance customers use multiple channels , 2014
Global Consumer Insurance Survey
 Customers are researching on multiple channels and devices.
Sirius Decisions estimates that 67% of this is done before they
ever reach out to an insurer.

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The insurance landscape is changing - digitalization is fundamentally
affecting distribution strategies and the entire customer journey
Where once the consumer did all of his insurance activities through his agent or broker, he now expects to
interact with his insurance provider or advisor through multiple channels at various times. Therefore,
communications are increasingly fragmented across different interactions or touchpoints between insurance
carriers, intermediaries and customers.
The New Buyer Journey

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The behavior of customers and how they engage with
insurers and their intermediaries is changing.
 Insurers can better reach
customer by deliver quality
and personalized customer
experiences across all digital
touchpoints through the
web, mobile, email and social
media
 By capturing behavioral data,
insurers can better target
customers, make
adjustments to their
marketing strategy, all based
on customer responsiveness
and feedback.
Digital Channels byActivity

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Agents and brokers need sales tools, access to data and automation to
function effectively within the new modern multi-channel model.
The evolved producer

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Beginner
• Stillfiguringouthowtoexperimentwithdigitaltools.
• Slowtoinnovateandarelikelytohavealotofmoneyinvestedinoldertechnologies.
• Theirorganizationisprobablysiloed,andtheircultureismostlikelyconservative.
• Bainestimates60-70%ofinsurancecompaniesfitthiscategory.
Intermediate
• Somedigitalinitiatives,withaverageinfrastructure
• Newdigitalinitiatives,trackingprogress
• 30-40%ofinsurancecompanies
Expert
• Unifiedculture,highlevelofdigitalcapabilitiesandfewskillsgaps.
• Onlyahandfulofinsurancecompanieshavereachedthisstage,includingUSAAand
ProgressiveintheUS
Digitalization, assessingwhere your companyis

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Improving Communications to Insurance
Customers
With the increasing demand for relevant and timely communications to
customers across their lifecycle, marketers need tools that can help.
Based on the 2014 Global Consumer Insurance Survey, there are significant
opportunities to improve customer communications
 Only 14% of customers were very satisﬁed with current outbound
communications from insurers.
 44% customers have had interactions with their insurers during the last 18
months.
 36% of customers would consider using email, 23% a mobile app and 20%
video tutorials and guides for a range of interactions including seeking
general information about a new or existing policy, asking for ﬁnancial
advice, checking on a claim and renewing or cancelling existing policies.
 A full 57% of global insurance consumers, across all product types, prefer to
hear from their providers at least semi-annually. Today, only 47% receive that
level of contact.

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Marketing
Automation

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Marketing automation is a category
of technology that allows companies
to streamline, automate, and
measure marketing tasks and
workflows, so they can increase
operational efficiency and grow
revenue faster.
Marketo
What is MarketingAutomation?

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Value of MarketingAutomationApproach
“80%ofmarketingautomationuserssawtheirnumberofleads
increase,and77%sawthenumberofconversionsincrease.”–VB
Insight
 ImproveROIbyupto10X
 Lowoperationscostandlowcostofacquisition
 Personalizeyourcontentwithcustomerprofileandcontext
 Reachyourcustomerswheretheyareatanytime
 Berelevantandpersistentthroughscoringandnurture
 Improvethequalityof acquisition
Amarketing automation platform can transform the way you
talk to your customers and has a variety of benefits.

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Scaling Marketing withAutomation
Marketing automation helps streamline lead generation, segmentation, lead
nurturing and lead scoring, customer lifecycle marketing, cross-sell and up-sell,
customer retention, and marketing ROI measurement.
A central marketing
database
Customer Demographics
Customer Interactions
Customer Behavior
Segmentation
An engagement
marketing engine
Management &
Automation Marketing
Processes
Conversations
An analytics engine
Test, Measure, Optimize
Marketing ROI
Impact on Revenue

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How can Marketing
Automation Help?
• A tool that can help meet demand for relevant and
timely communications across their lifecycle
• Capability to drive timely marketing campaigns
across multiple channels and devices
• Help with the definition, scheduling, segmentation
and tracking of marketing campaigns
• Makes processes that otherwise would have been
performed manually, much more efficient
• Ability to send personalized, 1:1 targeted messages
• Analytics provide valuable insight into customer
behavior.

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Capabilities of MarketingAutomation
Marketing Automation Capabilities Include:
 Email Marketing
 Landing Pages
 Campaign Management
 Prediction/Scoring
 Lead Management
 CRM Integration
 Social Marketing
 Marketing Analytics
 Automation
Marketing Automation can help provide a one-to-one digital marketing
platform with a long list of features.

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Marketing
Automation for
Insurance

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MarketingAutomation for Insurers
Marketing automation can help insurers:
 Bridge the gap between marketing, sales and compliance: it is a
platform that gives marketers a way to easily modify, implement and
track all communications and remain compliant with industry
 Seamlessly integrate with CRM and other marketing systems: a well-
selected marketing automation platform will seamlessly integrate with
any other marketing platform.
 Manage their funnels: move prospects and customers through their
customer journeys with lead qualification, lead scoring, nurture and
handoff processes.
 Personalize their customer interactions: provide more frequent,
meaningful, personalized communications.

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MarketingAutomation for Insurers cont
Marketing automation can help insurers:
 Segment and customize their communications: provide multiple
communication streams for both intermediaries (agents, brokers,
and consumers.
 Pass on insight: drive key insights from your customers to your agents
that prepare them better to service and nurture leads that you
to them.
 Use sales enablement tools: marketing automation’s sales enablement
tools give insurers the control they need to manage brands and
compliances, while providing local agents with the flexibility they need
customize collateral and messaging which works best for their
 Leverage thought leadership: provide evaluation of your
content/collateral assets and map them to what prospects would look
at different stages, based on their different personal needs.

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Reaching the end customer
Thesalesanddistributionlandscapeininsuranceincludesinternalsalesteamsand
externalchannelsandeachofthesehasmultiple engagementtouchpoints
Telesales
Internal
Account
Executives
Email,
phone
Email, mobile,
phone,
appointments
Email, mobile,
phone,
appointments
Captive
Agents
Agents/Advi
sors
External
Banks
Web, mobile,
social, Email,
phone,
appointments
Web, mobile,
social, Email,
phone,
appointments
Web, mobile,
social, Email,
phone,
appointments
Brokers
Carriers
End customer (B2C and B2B)
Awareness Consideration Purchase Service Retain Advocacy
Marketing
Search, email,
events,
webinars,
ATL/BTL

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MarketingAutomation in Insurance Buyers Journey
 Communications around brand recognition and competitive landscape. Information gathering through all
channels
 Persona building.
 Policy Interest Request through form fill, call.
 Test of messaging.
 Scoring prospects to determine when it is time for a prospective call/video chat with agent or direct.
 Presentation of multiple options and scenarios.
 Ability to provide comparison of multiple carriers.
 Communications for behavioral activity including cart abandonment.
 Providing a positive customer experience for direct online purchases or purchases through agents (mobile,
online).
 Contract and contract management.
 Triggered Communications with policy details, customer service avenues.
 Continual availability 24x7 through multiple channels.
 Access to pertinent service contact information.
 Access via mobile applications.
 Sales enablement prompts for low NPS or behavioral red flags.
 Taking advantage of cross-sell, up-sell opportunities that are identified.
 Regular communications to check in with customers.
 Entire digital support infrastructure to manage and support claims to speed and support customers in their
time of need.
 Follow-up calls and personalized emails with incentives to remain a customer.
 Building automated loyalty programs that reward customers.
 Providing opportunities and benefits for referrals through all communications - social and online.

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CustomerAcquisition
Strategies
Benefits:
 Increased response rates from personalized communications and optimization of offers and messaging with
in ROMI (Return on Marketing Investments).
 Reduced time to market for new offers through effective customer/prospect segmentation and an automated process.
 Quick adjustment of campaigns to gain the highest rate of return based on feedback from analytics and testing.
 Building an integrated demand generation strategy so you
can better manage leads across website, emails, mobile,
social, agent portals and sales tools.
 Advanced marketing automation analytics can help to mine
demographic, behavioral and other data.
 Campaign and segmentation including buyer personas that
allow marketers to exponentially increase the variables in a
single campaign.
 A/B testing within the automation tool can help marketers
test multiple offers efficiently and in-market simultaneously.
 Progressive profiling throughout customer interactions;
using unified customer views and cookies to prevent
duplicate requests for information.
 Content mapping to customers profiles.

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Retention and Nurture
Strategies
Benefits:
 Implementing nurturing and retention activities improve loyalty and therefore increase NPS.
 By adding customized touchpoints through lead scoring based on content and engagement, you improve marketing’s
revenue contribution.
 The value of promoters is signiﬁcant to your revenue streams. If you can incline a passive customer to become a promoter,
you can add considerably to the lifetime value of such a passive customer through acquisitions driven by his/her promotion.
 Building customized trigger events within marketing
automation such as automated quotes or immediate requests
for proofs of insurance.
 Place a customer in an automated program to ensure they
receive regular check-ins and a platform to provide
feedback.
 Utilizing analytic tools to identify potential red ﬂags for
defection.
 Following up calls with automated, personalized emails
containing additional information, opportunities for
resolution or incentives to remain a customer.
 Building automated loyalty programs through advanced lead
scoring techniques that reward customers for certain
behavior.
 Identifying advocates through demographic, behavior and
cross channel activities; targeting them for promoter nurture
campaigns including friend/family referral programs.

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Cross-sell and Upsell
Strategy
Benefits:
 Customers that are better targeted with fully integrated solutions that meet all their needs have
NPS and a higher lifetime value.
 It is more cost effective to market to your existing customers than to go after new ones.
 Multiple product lines extend the life of the customer.
 Utilizing your customer personas or demographic data collected throughout customer journeys to
determine best fit targeting and cross-content opportunities.
 Integrating cross-sell or up-sell content throughout your communications where appropriate.
 With behavioral tracking, determining interest and pushing to sales enablement tools to prompt an
outbound call to accelerate the additional purchase.
 Integrating cross-sell and up-sell into customer service or inbound call inquiries.
 Dependent on relevance, stop current messaging for disinterested customers or add them to a
specific nurture campaign if qualified during service or inbound inquiry calls.
 Providing discount messaging for customers that qualify for package deals.
 Building seasonal campaigns for demographic areas that may be impacted by certain types of
inclement weather, such as flood, wildfire, and rainfall.

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Agent Engagement
Marketing automation can act as the hub and spoke for several corrective measures to
improve the marketing, sales and distribution relationships in insurance companies through
delivery of effective, timely, relevant and enabling communication.
Recruiting - effectively recruiting
agents/brokers while improving their
experience with the insurer
 Use integrated, multi-touch nurture
campaigns that provide quality on-
boarding. Including time and event
triggers for education on tools, training
programs and financial requirements
agents need to be successful.
 Provide communications with
achievements and next steps when key
milestones are reached in on-boarding.
 Provide digital and automated support
with product information and benefits;
service agents with critical product
updates in a timely manner.

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Agent Engagement (cont.)
Retain - build effective working relationships to minimize, churn and support insurers’ relationships
with their partners
 Give the agent/broker an access to analytics and reporting that can provide insights into their
customers’ digital and service behaviors.
 Support events with communications - pre-event, during the event and post-event.
 Provide timely communications updates with compliance information, regulatory information, etc.
 Utilize support tools and facilitate instant access for customers to relationship managers through
account mapping between CRM systems and marketing automation tools.
 Know which agents are selling – nurture performers with specific best practice campaigns and
production of others through production improvement campaigns.
Enable - provide enablement for agents to preserve their value proposition – personalized service and
long-lasting relationships
 Support agents with consolidated information, customer data around engagement through agent
portals.
 Provide multiple, on-going manual and automated co-branded touchpoints to customers to ensure
that the producer is engaged with their journeys.
 Service producers by sending automated alerts, CRM notifications and reminders for their
customers.

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Next Steps

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Way ahead for Insurers
 Exploreandevaluate:evaluationofyourcurrentleadgeneration,
qualificationofleads,nurtureandhandoffprocessinentiretyand
introductionofbestpracticesforstrongalignmentbetweenyouand
producers
 ThinkObjectives:Customeracquisition,agentrecruitmentordistribution
channelrevenue–itisthebusinessobjectivethatdrivestheneedfor
automation.
 ThinkStrategy:Howwillyougetthebestchannelpartnersandhowwill
theybeabletoselleffectivelytoendcustomers?
 ThinkPrograms:Everystrategyshouldleadtoaprogramwithalogical
outcomethroughyourautomationplatform.
 Don’tthinkonlyemails:Yourplatformdeliversemailsbutemailsaretied
tomarketingandrevenueobjectives.
 MarketingAutomation:Whenyouusethetooltomarkettoyourchannel
andendcustomeracrosstheirlifecycles,youachievetrueautomation.
Amarketing automation platform might be a potentially
good fit for you

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Platform Selection
Look at Capabilities
–Processes based on best practices
–System administration
–CRM platform integration
–Integration with CMS, Social, DMS, other tools (engage across multi-
platform
–Lead Architecture
–Hosted forms and landing pages
–Email
–Data management and Segmentation
–Privacy, integrity
–Analytics
Training & Support Resources
Size (enterprise)
Service Partners

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Gartner Magic Quadrant

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1-877-339-6264
www.edynamic.net
contact@edynamic.net
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