Customer Lifecycle Engagement for Insurance Companies
Customer Engagement, Insurance
Forrester Research forecasts that in US, insurance sales through digital channels will grow to nearly $14 billion by 2015, a nearly 11% compound annual growth rate and more than 6% of total insurance sales.
Did you know?
- Very few insurers are effectively utilizing multi-distribution channels. For most insurers, at least 60% of existing customers continue to buy products from only one channel. [Source: World Insurance Report]
- Customers are now accustomed to 99.9% levels of availability as they shop or transact online, yet some insurance companies are running at 98.5%, which can translate to interfaces with corporate clients being down for 45 minutes a day! [Source: Bain & Company]
- 46% of life insurance companies believe that “customers will ultimately leave us” if they fail to embrace digital. [Global Consumer Insurance Survey 2012]
- 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]
- 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. [Source: LIMRA Producer Website Report 2012]
The digital insurance buyer today expects a dynamic and engaging “agent like” experience from insurers’ digital touch points including websites, email, mobile and social. They expect instant quoting capabilities, application prefill, eSignature capabilities, interactive tools, online configurators, educational videos, pricing comparisons and even Gamification. Our research indicates that most insurers are endeavoring to upgrade so that they can provide such digital experiences.
For a digital insurance marketer, the key lies in demarcating the customer personas, mapping their buying journeys through multiple digital touch points, understanding the nature of content consumed at each check-gate and providing the right consultative tools to empower the consumers through to the point of sale. This requires building a blueprint detailing the permutations of channels, content, personas and preferences, all of which make the digital experience relevant, meaningful and engaging all through the quote, buy and claims sequence.
In this webinar, you will learn:
- The key digital trends to watch out for in insurance space
- What is engagement marketing for the customer lifecycle
- Marketing technologies and solutions that can get you there
- And more…