Post on 20-Jan-2015
description
Responding in Real-time & Other Winning Strategies for
Insurance Marketers
Presenters:
Tim Hendricks, Vertis Communications
Jeff Rodis, Mutual of Omaha
2 April 10, 2023
Jeff Rodis Manager – Marketing Operations, Mutual of Omaha
•Over 25 years of experience in insurance operations and consumer marketing
• Experience includes two of the nation’s largest direct mail insurance marketers
• Annual mailing volumes in the nine figure range
• Leader in using advanced technology to improve cycle time, efficiency and workflow
• Procurement and strategic sourcing background – sourced over $750mm in print and mail services
3 April 10, 2023
Tim HendricksSVP Regional Sales, Vertis Communications
• Over 25 years of experience w/insurance and financial marketers
• BS Business Administration from St. John’s University
• MBA with a Marketing Concentration from Benedictine University
• Adjunct Professor of Marketing at Benedictine University
• Featured University Speaker on Direct Marketing
• Published articles on the use of marketing workflow, digital technologies and multichannel marketing in: PIMA (Professional Insurance Marketing Association); Target Marketing Magazine (online); Insurance Advocate Magazine and Idea Alliance’s IPA Bulletin
4 April 10, 2023
Improve Agent Response to New Leads
Go Green to Save Green
Connect Across Language and Cultural Barriers
Drive Consumers Online with pURLs and QR Codes
Create Brand Awareness in Multiple Channels
WINNING STRATEGIES
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Improve Agent Response to New Leads
Help agents respond in real time through digital workflow and fulfillment tools that increase
response and customer engagement.
How can a national insurer reduce the amount of time between when an agent receives a lead to the prospect’s actual
receipt of thedesired information?
THE CHALLENGE:
THE SOLUTION:
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Case Study:Improve Agents’ Response to New Leads
•Heavily regulated industry requires highly versioned customer communications
• Real-time response to consumer requests is critical to converting leads into policies
• Agents faced with cumbersome and challenging fulfillment process of manual forms, faxes, emails and phone calls
• Agents are competing with consumer’s accelerated access to technology and time for conversion
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Solution:Improve Agents’ Response to New Leads
• Proprietary targeted marketing asset database with digital workflow allowing agents to respond to requests immediately
• Flexible and creative marketing workflow for ordering, customizing materials the agents create and deploy on their own
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How does a workflow solution work?
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Digital Images Incentives
Standard Templates
SegmentedConsumer Info
Data Driven, Automated Marketing Solution
Insurance Company Creative
Variable Text
Direct Mail
Inserts
Text Messaging
e-mail marketing
Microsite/PURL
Rich media, etc
BIZ
RULES
CONTENT
MGMT
Insurance Company Content
Management
Multi-channel Communication
Platform
Channel Delivery
Closed-loop measurement
React to consumer interactions with relevant and timely communications – then output to the channel of consumer
preference from a common platform
Insurance Company
Data Warehouse
Lead Source
• CRM
• Web
• Telephone
• Transactional
• Trigger
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Results:Improve Agents’ Response to New Leads
• Reduced cycle time from weeks to 3 days
• Dynamic kitting capabilities along with multi-component matching
• Changes that typically required weeks to implement are now executed in days
•Web-based solution offers visibility of entire process
• Limitless personalization and targeted message capabilities
• Elimination of pre-printed materials, digital library and print-on-demand
• Robust content management system supports image, text content and versioning
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Creative redesign, digital workflow and the right delivery strategy
THE CHALLENGE: How can a leading health care insurer improve their
carbon footprint and reduce costs, eliminate obsolescence and deliver relevant communications to
their customers?
THE SOLUTION:
Go Green to Save Green
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Why do companies adopt “go green” initiatives?
1.Meeting corporate citizenship goals?
2.Appealing to consumer social values?
3.Reduce production and deployment costs?
4.All of the above!
73%believe it is
important to buy from green companies
55%are willing topay more for
green products
Source: Cohn & Wolfe, Esty Environmental Partners, Landor Associates, Penn Schoen Berland, "2010 ImagePower Global Green Brands Survey," June 2010 (U.S. Adults)
Case Study:Go Green to Save Green
• A leading U.S. health insurance provider wanted to identify “green” solutions that would substantially reduce production and deployment costs across its customer marketing initiatives
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Case Study:Go Green to Save Green
• Audited existing marketing practices and program elements
•What are they doing? How and why?
•Uncovered process and output duplication
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Case Study:Go Green to Save Green
• Re-engineer workflow
• Redesign creative templates
• Enable one-to-one marketing
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Benefits to who:Go Green to Save Green
• Re-engineering marketing workflow and centralizing assets helped achieve the health insurance provider’s “go green” goals with significant results:
27% less paper consumption
18% inventory reduction
15% lower electricity usage
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Results:Go Green to Save Green
• Least possible ecological footprint
• Branding standardization
• Highly personalized and customized documentation: true 1:1
• Lower cost per page
• Just-in-time document delivery
• Inventory reduction and elimination of obsolescence waste
• Costs to comply with regulatory requirements are minimized
• Reduced cycle time and streamlined workflows
• Elimination of print platesand films
• No ink use, so no ink waste
• Process water is eliminated
• Paper usage and paper waste is greatly reduced
• Air pollution control devices are eliminated
• Flammable chemicals are eliminated, no VOC emissions
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Personalized URLs and QR Codes
Provide consumers with easy access through personalized URLs or QR Codes
THE CHALLENGE:
How do you make it easy for consumers to respond to your offer and interact with the
brand, while tracking and improving campaign responses?
THE SOLUTION:
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Case Study:Personalized URLs and QR Codes
• A health care benefits company felt a print-only marketing campaign had grown stagnant and was no longer attaining their acquisition goals
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Program Goals:Personalized URLs and QR Codes
•Open new communications channels with current and prospective customers
• Increase response rates over traditional direct mail-only marketing efforts
• Increase sales by engaging in more relevant conversations with customers and prospects
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Solution:Personalized URLs and QR Codes
• Increase sales through better consumer engagement using a multichannel approach:
| Direct mail incorporating personalized URLs (pURLS)
| Personalized website landing pages to provide a customized online consumer experience
www.VertisPIMA.com/Johnsmith
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How does it work? Personalized URLs and QR Codes
• Consumers receive direct mail, email or other personal communication with a unique identification code
• Call-to-action directs consumers to their own personal website: www.VertisPIMA.com/Johnsmith
• Consumers enter identification code, then complete user profiles
•Marketer uses the newly gained consumer insights to tailor future messages to customer likes and preferences
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Example ofa pURL
on a mail piece
Personalized URLs
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Customer is greeted by personalized landing page
Personalized URLs
Page 2 of landing page requesting additional information
Personalized URLs
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Personalized QR Codes
QR Code
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Personalized QR Codes
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Personalized QR Codes
Landing page requesting additional information
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Benefits to the consumer:Personalized URLs and QR Codes
• A uniquely tailored online experience
• In exchange for information, consumers receive future content tailored to their needs
• Product and service offers become highly relevant
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1. Welcome Screen
2. Involvement
2. Gather Data
3. Thank You - we will be sending you info
5. Viral Component – Refer-a-Friend
4. Email confirmation to consumer – Begin
Relationship
Personalized URL Workflow Overview
Benefits to the consumer:Personalized URLs and QR Codes
• Analyze and model the newly captured data; provides valuable insights into consumers’ needs, interests and preferences
• Use these insights to add value to the consumer by engaging them through meaningful online experiences and follow-up communications
122%
ROI
on every dollar
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Results:Personalized URLs and QR Codes
• According to the DMA, 42% of all direct mail respondents prefer to respond online (DMA 11/2009)
• Based on statistics, businesses enjoy a 122% ROI on every dollar invested in a pURL program; behavior data shows that customers respond to pURL communications across generations
• *41% of consumers polled prefer to respond to an insurance direct mail offer at the sender’s website
• In a 27 vertical market print-to-pURL test, the pURL drew a 5.1% visit rate and a 3.28% response rate. The insurance industry saw the highest number of pURL visitors/responses43 April 10, 2023
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Visit RateResponse
Rate
33.00%
Consumer response on a cross-media to pURL test sampling
Response by Industry
13.80% 10.70%
Non-profit 7.69% 7.45%
Manufacturing 11.85%
7.08% 4.18%
Other trades and services
Average response rate across all industries with 10 or more
campaigns
30.00%
Retail
13.20%
Insurance
The test included a random selection of 670 cross-media campaigns across 27 vertical markets. The test was
conducted by MindFireInc® in 2009 by Author: Dr. Marnie Brow, University of California, Irvine.
Average rates for all Industries 5.10% 3.35%
8.40% 6.74%
Multichannel Brand-Building
How do you attract the right customers in a crowded, wary regional market
THE CHALLENGE:
Channel surf! Mass outreach builds awareness,
and targeted marketing brings your desired
consumers to your door
THE SOLUTION:
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Case Study:Multichannel Brand-Building
• A new-to-the-regional-market homeowners insurance company faced considerable odds launching into an established market
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• Conduct in-depth focus groups with consumers
•Overhaul the brand platform
| Create an emotional connection with “live here, work here” ethic
| Promote the insurer’s “A” financial stability rating
| Showcase their team of responders
• Initiate multichannel marketing to increase the need and brand awareness
Solution:Multichannel Brand-Building
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• Consumer: convenience/education and control
•Marketer:
| Better consumer connectivity
| Average campaign improvement of 35%
| Add more personalization = an average improvement of close to 50%
Benefits:Multichannel Brand-Building
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• Targeted newspaper inserts and ROP had call center phones ringing off the hook
•Unique 800 #s enabled tracking of lead source
•Heightened attention resulted in a15% increase in responses to targeted direct mail
•Volume of qualified leads was so dramatic, the insurer reached state-mandated limit and didn’t seek new policyholders for 6 months
Results: Multichannel Brand-Building
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Hispanic Marketing
How do you connect across language and cultural barriers with the fastest-growing
consumer segment?
THE CHALLENGE:
A multilingual campaign that addresses key
cultural needs and values, in a format proven to
attract the target group
THE SOLUTION:
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Hispanic Marketing:
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•By 2014, one person out of every six living in the U.S. will be of Hispanic origin*
•Now the Nations 2nd largest consumer market
•Hispanic disposable income is expected to grow to $1.3 trillion in 2014*
•Most favor culturally relevant communication
* Source: The Hispanic American Market, 7/8/10
•One of the largest U.S. auto insurers had a goal of becoming the premier direct-to-consumer auto insurance company in the nation for first-generation Hispanics
Case Study:Hispanic Marketing
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•Take a Specialized Marketing Approach, leveraging proprietary research providing insights into the buying behaviors and media usage habits of multigenerational U.S. Hispanics
Solution:Hispanic Marketing
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Benefits:Hispanic Marketing
•Hispanic Consumer
• Built trust and loyalty – re-branding gave them the comfort they needed
• Provide them with relevant information on their terms
•Marketer
• Improved relationship with Hispanic consumer and market
• Became a trusted provider
• Improved Brand position
•Launched bilingual efforts for greater relevance and brand authenticity
•Featured family-based imagery to build emotional connection
•Used direct mail as backbone of marketing mix
•Tested incentive-based direct mail referral programs
Campaigns Leveraged with Cultural Insights
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•Developed sponsorship featuring soccer superstar Cuauhtémoc Blanco to deepen credibility and roots within the community
Campaigns Leveraged with Cultural Insights
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•Direct mail delivered lower cost-per-lead than previous benchmarks
• Incentive-based referral programs outperformed all other lead types by over 100%
• Incremental revenue convinced Insurer to devote significant budget to Hispanic marketing
Results: Hispanic Marketing
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“To get a result youdon’t get now…
you have to do somethingyou don’t already do.”
Albert Einstein
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• Insurance marketers are faced with unique challenges
•Understanding how the consumer wants to be marketed to is key
• Responding to customers and prospects with relevant and timely communications increases response rates
• Leverage the multi-channel strategies that have proven to be successful by your peers
Key Take Aways
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Tim HendricksSVP Regional SalesVertis Communications630-571-7575 X 2026thendricks@vertisinc.com
Jeffrey RodisManager-Marketing OperationsDirect to Consumer MarketingMutual of Omaha402-351-4186Jeff.rodis@mutualofomaha.com
Questions?
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61 April 10, 2023 ® Apr 10, 2023 Vertis, Inc. All rights reserved.