investigation into comparison websites in the italian insurance market
Next Generation Insurance Websites
description
Transcript of Next Generation Insurance Websites
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A Digital Solutions Firm delivering Marketing and Technology Solutions
New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi
Next GenerationInsurance Websites
A series of 2 webinars
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Next Generation Insurance Websites
PART 1 – Increasing Acquisition onInsurance Websites
PART 2 – Increasing Engagement & Retention onInsurance Websites and Portals
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General state of Insurance websites – areas of opportunity
Key elements of acquisition strategy
Content strategy
Search Engine Optimization
Microsites
Online video streaming
Multi-channel engagement
Digital technologies that enable acquisition
Agenda
PART 1: Increasing acquisition on Insurance websites
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General state of Insurance websites – areas of opportunity
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Company-centric websites make browsing difficult Sites are often designed around
internal departments/teams of insurers
Consumers are compelled to understand how the company is organized
Content is missing, repeated, and poorly worded
Inconsistency in content
structure/presentation
Key/logical content missing
A study on Insurance websites
Self-service on industry websites is poor overall despite the growing preference of consumers to use online resources to manage their accounts
Site Search just doesn’t work for typical tasks
Many sites have no search option Too much information presented in
search results, not all is relevant Search scored lowest in the study with
an industry average of just 3.6 on a 10-point scale.
“The average rating for the industry was 5.2 on a 10 point scale”
Source : The Customer Respect Group June 11, 2012
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The eight most common features present on the websites were all items of information
Most websites could not give customers specific price information, a feature present only in those sites that had the ability to generate instant quotes
Many insurance companies choose to cater to all their customers through the same global website
A study on digital adoption
The Insurance industry has not kept pace with digital features and functions that can elevate customer acquisition
Source: University of Regina Regina, CANADA
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Digital adoption by Insurance companies
The Insurance industry, in general, regards their websites as a medium for one-way communication of product information and company image
Websites contained static web pages with little or no interactive or dynamic functionality
Largely, insurance companies do not include a statement explaining why customers should have or need insurance
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Dominance of traditional marketing
Source: Survey by JasonHoeppner @B.H.Burke&Co
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Marketing ROI
62 % of respondents said they do not measure the Marketing ROISource: Survey by JasonHoeppner @B.H.Burke&Co
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Changes in buyer behaviour
Buyers have choices and options—they look for the most convenient, lowest risk and highest comfort options
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111995Informational•Brochure-ware•Webmaster bottleneck
2000Transactional•IT-driven•Commerce•Portals•Personalization
2007Persuasive•Marketing-driven•Focus on business solution
2011+Contextual & Collaborative•Social•Personal•Interactive •Mobile
Changes in the direction of websites
The content and experience of next generation websites is driven by visitor context
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Focus
• Presence• Brochure-ware• KPI’s are traffic
related
• Use web to grow revenues
• KPI’s are related to business objectives
• Social media is about listening
• Optimize digital presence to get higher engagement
• Optimize marketing spend
• KPI’s have monthly targets
• Social is optimized to enhance the brand and drive leads
• Nurture prospects and customers
• Support is automated through peer-to-peer and self help communities
• KPI’s are tied with lead generation and revenue
• Social is automated & integrated w CRM
• Relevant 1-to-1 conversations with customers, blending offline and online behavior
• Building Customer profile with relevant data
• KPI’s are linked to CRM and measure wins, revenue & loss through integrated online / offline cross-channels
• Deep relationships are formed with advocates
Goals
• Basic website for branding
• Newsletter • Web analytics
• Multichannel with mobile presence
• Cross-channel engagement analytics
• Sales Enablement (B2B)
• Segmented e-mail campaigns
• Campaign management
• Rules based personalization
• Optimization
• Personas & Profiling • Predictive
personalization • Cross digital channel
automation • Trigger based e-mail
dialogue• Reduced cost
• Bridging the online and offline - one view of customer
• Integration to CRM• Online and offline
automation• Up/cross sell• Effective onboarding• Increased LTV
Where are you on the Curve?
By preparing a plan to move up the digital maturity curve, marketers can create truly engaging experience
Static Tactical Optimizing Automation Engaging
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DOES YOUR WEBSITE CONVERT VISITORS INTO PROSPECTS?
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YOU NEED A STRATEGIC ROADMAP!
Understand how clients buy and get organized Be multi-channel
Get your strategies right - content strategy, exceptional website, acquisition strategy, SEM/SEO and social
Get the insight you need
Join the dots with your technology
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Key Elements of an Acquisition Strategy
Your assets and strategies across the acquisition process need to be aligned
Driving Traffic Conversion Nurturing Sales
Acquisition Process
• Listening to the customer
• Drive traffic• Social media marketing
• Thought Leadership
• Lead management
• Dynamic experiences
• Analytics• Lead scoring• Personalization
• Lead nurturing tactics
• Email and marketing automation
• Marketing and sales enablement
• Sales force automation
Website
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DIGITAL MARKETING NEEDS TO WRAP AROUND THE BUYING LIFECYCLE TO IMPROVE ACQUISITION
If your marketing efforts are able to influence the buying lifecycle, you will have a large influence on acquisition
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Execute initiatives across thebuying lifecycleThe buying lifecycle provides direction to your digital marketing initiatives
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Segment your audience
Who is buying from you? Understand the distinct buying groups within your prospect population
Understand your Buying Cycle
Segment your audience
Map the Messages
Implement the Platforms
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Understand your buying cycle Understand your customer’s mindset through the buying cycle journey
Segment your audience Determine the target groups within your audience
Map the messages Understand and align the messages with the segment and their objections
Implement the platforms Implement the multi-channel platforms
Using buying cycle to define engagement
Use the buying cycle to understand how, when and with what to engage prospects at each step of buying process
Understand your Buying Cycle
Segment your audience
Map the Messages
Implement the Platforms
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COMPANIES WITH IMPROVED CONVERSION ARE USING 90% MORE WAYS TO SEGMENT THEIR VISITORS AND CUSTOMERS VS. THE COMPANIES WITH LOWER CONVERSION RATES.
Source: eConsultancy and RedEye Report
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Align content to the segmentation
Identify content that address customer expectations. Consider buying cycle, segmentation, pain points and motivators
Understand your Buying Cycle
Segment your audience
Map the Messages
Implement the Platforms
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Mapping content Per stage in the buying cycle Per segment
Put yourself in their shoes What questions would they
have at this stage? What information would they
need to move forward? What fear, uncertainty and
doubt (FUD) must be overcome?
Map the messaging
Objective: Understand prospect needs and motivations per segment per stage, walk the buying cycle like they would
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CONTENT STRATEGY
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The challenges with content
According to a poll of 103 marketers across various industries including insurance:
Source: Brafton Poll
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Define your business goals and objectives Evaluate your customers Become a one-stop resource for local community information,
advice about insurance, including ways to cut insurance costs, and provide useful tips for preventing accidents from happening.
Add value – create a whitepaper, video, or a fun contest to keep visitors engaged while also providing value.
Measure – last, but not least, it’s important to measure the impact of your content strategy.
Content strategy for Insurance companies
Insurance can be complicated. When creating content, especially for your blog and emails, think about disseminating information in small, digestible chunks
5 steps to a successful content strategy
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Provide an incentive to fill out forms
Create whitepapers with landing pages
Drive traffic to your blog
Look at engagement metrics such as entrances, page views, bounce
rate, and average time on page
Don’t skip over looking at goal completions and traffic sources
Content strategy for Insurance companies
The goal of your content strategy should be to be able to generate quality leads
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Show them what you know
Thought Leadership Marketing (TLM)
The principle of TLM is simple enough: You give away a little valuable intellectual property to establish your potential usefulness to the client, in the expectation that the client will use your expertise and services
Rolf Jester, VP, Gartner, 2010
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Content marketing example
Source: http://knowledge.allianz.com/
The site targets individuals who recognize and
support the need to improve social, economic, and
environmental living conditions worldwide. This target audience
is likely to be influenced by the
insurer’s well-documented
alignment of its business activities with sustainability
criteria
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Content marketing example
The content strategy focused on key concepts like Demography, Mobility, Environment, Finance
FinanceEnvironment
Demography Mobility
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Blog (the posts are really like mini whitepapers)
Facebook Twitter Newsletters eCards and other unique
digital media YouTube
Content marketing example
Some of the key content delivery channels
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Timely content
Compelling content
Customer need centric
content
Well-organized content
Sales-neutral content
Five key content characteristicsfor success
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Employ a closed-loop engagement cycle Build the profile, analyze the profile and
respond to the prospect
Characterize prospect Properties include buying cycle state and
segmentation parameters
Develop content to align with the prospect expectations
Content will speak directly to a prospect profile
Automate the closed-loop prospect engagement
Use web CMS and marketing automation platforms to automate the engagement cycle
Understanding context
Context is about leveraging information about the visitor to optimize the interaction and engagement across all channels
Here is how
Visitor generated: Implicit information captured from the website journey—the “digital footprints” left by the visitor
Indicators of preference, predispositions, lead maturity
Visitor supplied: Explicit information supplied by the visitor as they complete questionnaires, quizzes and other facilities
Common demographics—name, age, gender, interests
Externally supplied: Information captured by external service providers, emerging context-enriched services
Location, presence, social attributes, cross-vendor buying habits
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Delivering personalized messages across channels to customers requires a common understanding of the customer
Challenges Customer information—both
behavioral and profile—is stored in “siloed” systems
Integrated or third-party analytics platforms, along with the CRM platform, are typically disparate systems
Context requires a common view
Consistent personalization across multiple channels requires that each channel has the same customer view
Coremetrics and Bloomberg BusinessWeek Report on Optimizing Online Marketing 2009
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Deliver the messages and capture the reaction
Use analytics and forms to capture behavior and profile
Understand the customer context
Analyze the customer context
Align the content to customer expectations
Package the content to align with the customer context
Closed-loop engagement cycle
The closed loop engagement cycle is the model used to gain customer understanding, adjust and communicate the message
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COMPANIES THAT ADOPT A STRUCTURED APPROACH ARE NEARLY TWICE AS LIKELY TO HAVE SEEN A LARGE INCREASE IN SALES.
Source: eConsultancy and RedEye Report
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SEARCH ENGINE OPTIMIZATION
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Direct insurers and insurance aggregators are increasing the pressure on the more traditional insurers to stay applicable in the modern era of insurance marketing
These new role players are focused on search engine “visibility and findability”
These new players are competent enough of taking away market share from those insurers who underestimate the power of direct and online marketing
SEO for Insurance companies
Any new content must meet minimum requirements for search optimization before it can go live on your website
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Don’t ignore the basics! Meta data , target
keywords, research, tags, on-page activities
Rich Snippets Adding a star rating that
links through to an independent review site can improve the click through rate of your listing
SEO for Insurance companies
The insurance industry is hugely competitive. There are plenty of companies out there going for gold on Google
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On-Page Credibility Having all of the required legal
disclaimers, licensing information and company details within the footer of the website is very important
Checkout Process Always keep forms and
payments on a distinct section/page where possible or use a known trusted service like PayPal to complete transactions
Target the Long-tail Search in insurance is always
competitive and targeting these keywords will cost you big money on paid search advertising
SEO for Insurance companies
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Set up rules that allow every page to exist with unique SEO elements
Customize these individual page elements as needed to optimize them against your competition for the search engines
Adding 301 redirect fields on every page within the CMS would allow sites to better manage their content and actively optimize for SEO
SEO for Insurance companies
If your website already has a content management system (CMS), you can customize it for better search engine optimization (SEO) results
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MICROSITES / LANDING PAGES
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Example
A number of insurance companies use microsites for strategic branding and focused lead generation
Betterteendriving.com: 46K Visitors Allstateteendriver.com
Teensafedriver.comSource : comScore
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Example
Liberty Mutual Advertises (online and offline) two microsites – Responsibilityproject.com and Whatsyourpolicy.com
www.whatsyourpolicy.com Visitors:QE Aug 08 – 352KQE Aug 09 – 188K
www.responsibilityproject.com Visitors:QE Aug 08 – 526K
QE Aug 09 – 1,775K
96
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Responsibilityproject.com Whatsyourpolicy.com
Total Display Ads Viewed (in Millions)QE Aug 2009
Source : comScore
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The pages in the microsite should be kept to very few
The content on the pages should be meaty—more than a paragraph and a few bullets
There should be a strong, consistent visual theme binding these pages together
The microsite pages should be ‘readable’ - optimized Flash, optimized images/videos – good for SEO and enables A/B and multivariate testing
Best practices for microsites
The content should say its story with rich details
Simple tab navigation Each tab should focus on a
specific deep-dive subtopic There must be a clear call-
to-action form (replicated on all pages)
The user experience design of the microsite should be compelling, but not overwhelming
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Challenge: To generate leads for their compliance solutions for the Health Insurance Portability and Accountability Act (HIPPA).
Solution: A segmented landing page was created to direct respondents down conversion paths focused on the needs of their hospital based on size
Result: conversion rates still soared 556%, based in large part on the directed paths and audience-specific messaging. And further testing of the segmented landing page resulted in an almost 2,500% lift in conversions.
Case Study – impact of microsites
A B2B health insurance company
Source : b2bmarketinginsider
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Challenge: To increase lead volume and quality with a new campaign in order to increase conversions and revenue.
Solution: A microsite that responds in real time to visitor information and changes to fit the visitor, in terms of matching the right content with the visitor's profile and needs.
Result: The company's lead volume went from 700 per week to 1,332, generated on average $125,000 in additional revenue per month
Case Study – impact of microsites
A B2C auto insurance company
Source : marketingprofs
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ONLINE VIDEO STREAMING
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Video streaming on Insurance websites
Source : comScore
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People weren’t searching for videos using broad terms such as “life insurance” or “car insurance.” Instead, they were discovering, watching, and sharing videos about “Identity theft,” particularly on social networking sites
Creating video ads that spoke to the consumer concern connected to the audience
Impact of online video streaming - example
A fortune 300 insurance company - reached prospective customers earlier in the consideration cycle, video views increase 646%
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Multi – ChannelEngage with your audience where they spend their time—where they get their information.
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Mobile media usage
Mobile browsers, application users and downloads are growing 20% year on year
200806 200807 200808 200809 200810 200811 200812 200901 200902 200903 200904 200905 20090620.0%
22.0%
24.0%
26.0%
28.0%
30.0%
32.0%
34.0%
36.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
% Mobile Media Users and % New Device Owners
Mobile Media UsersDevice < 2months old (one month snapshot data)
% D
evic
e <
2 M
onth
s O
ld
Source : comScore
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The iPhone craze
Source : comScore
7.8M iPhone users – only 10% of mobile users browse, use an application or download
14.2M Blackberry users, 6.9M Windows mobile users
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Mobile advertising - examples
Insurance mobile banner creatives on top publisher sites
mlb.com MobileYahoo! Mobile
abc.com Mobile411.com MobilePerez Hilton MobileUSA Today Mobile
ESPN Mobile NASCAR Mobile
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“We're just now starting to think about mobile first and desktop second for a lot of our products.”
Kate Aronowitz, Design Director Facebook
Adopting a mobile-first strategy
A mobile-first strategyThink about your website as MOBILE site first—start with mobile as the premise for your site
Why mobile-first?1. Opportunity: A growing use of
tablets and smartphones2. Constraints: Screen size,
Network speed, Modes of use3. Capabilities: Location (GPS),
Visual input, Gesturing
“We really need to shift now to start thinking about building mobile first. This is an even bigger shift than the PC revolution.”
Kevin Lynch, CTO Adobe
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Getting to a mobile-first strategy
Responsive design1. One website: Not a
separate mobile and desktop site
2. HTML5 & CSS3: New technologies to create sites that respond to screen sizes and orientation
3. Future proofing: Do you know what is next?
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TECHNOLOGY
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Which technologies impact conversion?
Several platforms engage to drive conversion
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1. Content Management (CMS): Supports personalized interactions on the web site
2. Marketing Automation Platform (MAP): Supports personalized interactions via outbound digital channels
3. Customer Relationship Management (CRM): Supports personalized interactions involving members of the sales team
4. Integration and Mapping: Integrating the three systems to create centralized buyer profiles that could then be mapped to a defined buying process
5. Measurement and Reporting: Implementing the dashboards and measurement tools necessary to support ongoing performance measurement and management
Leveraging digital platforms
CMS + MAP + CRM + Context = Increased acquisition. It takes both platforms and approach to drive improved acquisition
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Web content management systems
Web CMS can drive website conversions and acquisition for insurance companies
The content management system provides incredibly valuable data since it stores the history of the claims that the company has received
Expand online presence and serve customers by providing relevant content in convenient context
Create dynamic messaging and visual experiences across your websites, microsites and campaigns from a single, easy to use CMS platform that empowers all your marketing users
Improve customer satisfaction with existing clients with timely and accurate information with an engaging customer experience
Improve traceability, transparency and adherence to rules of compliance
All data you record, structure, archive and publish are protected against unauthorized access
Leverage online resources with seamless integration with member databases, transaction records, and legacy systems
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Analytics
Analytics implications for insurance companies
Highly sophisticated analytical and predictive modeling tools on insurance claim data to provide an automated approach to identifying claims with the greatest potential for fraud
Content analytics can help improve operational processes including customer care because it provides agents with a more complete view of the customer and with more accurate information about them.
Customer Intelligence data leads to continuous product improvement
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Empowering agents to send localized, customized campaigns without jeopardizing brand or regulatory standards, and allowing corporate marketing to send personalized “ On behalf of” campaigns
Each agent can access customizable media templates, extensive product information and materials, better lead distribution and reporting
Real time tracking and reporting across all channels
Marketing Automation Platforms
Marketing automation implications for insurance companies
Improving communications with channel partners (banks, credit unions)
Facilitating agent to agent sharing and communication
Improved tracking and reporting Personalized landing pages for
campaigns/microsites Matrices that show who is engaged
with provided content Automated policy related forms
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Customer Relation Management (CRM)
CRM implications for insurance companies
Insurance Process
Benefits
Product Definition • Reduces the time it takes to add or make product changes• Gives more control to business user
Distribution • Provides faster communication, reduces cost of distribution on paper
• Improves response time and customer satisfactionUnderwriting • Customers get answers more quickly about their insurance
applications
Issuance • Reduced printing and mailing time• Decreasing cost
Servicing • Provides policy holder more control over their insurance process
Claims • Can reduce the volume of call the service center receives
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The Trifecta for richer engagement
Unifying three technology platforms delivers an customer experience based on a common context
Web CMS
Marketing AutomationCRM
Common Customer Context
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