Loyalty usa v6
-
Upload
derek-martin -
Category
Economy & Finance
-
view
442 -
download
0
description
Transcript of Loyalty usa v6
October 2013 Derek Martin
Great Expectations
www.derekfmartin.com
All Rights Reserved
AGENDA
• Expectation Based Loyalty
• The Great Awakening
• Life Insurance Industry
• MetLife Direct Business
• Using Big Data to Set and Achieve Customer Expectations
2
Customer Expectations
Time
Get it Right
Make it Easy
Make it Beautiful
Give Me Value
Thrill Me
Loyalty on the Customer Engagement Journey
Loyalty
Customer Expectations
While Insurance providers are middle of the road in meeting customer expectations, their performance is not keeping up with accelerating expectations and other industries ability to meet them.
4
20102008
Global
Social
Connected
Special Educated
Self- Service
The Great Awakening: Customer Revolution
6
Life Insurance in the USA is in decline
Source: LIMRA
Indi-vidual
& Em-
ployer 44%
Em-ployer only, 26%
None; 30%
% USA Citizens with Life Insurance2012, total = 100%
MetLife Direct Distribution
Provide affordable Life Insurance alternatives with
great customer experience
Enable everyone to protect family and loved ones
Our Mission
1. Highly Regulated
Research
Quote
Application
Payment
Agent
How to Sell Life Insurance?
Traditional Life Insurance Sales Process
2. Emotional Product
3. Long & Complex
Purchase Process
= 50 – 100 Days ~ $750 / App
Life Insurance Sales Process Evolution
Lead Quote Underwriting
Approve & Pay
1 min 5 min 1 hour 1-2 weeks 1-2 weeks 1-2 weeks
Application
Direct Term Life
Lead Quote Approve & Pay
1 min 5 min 20 minutes 1minute
Application
Direct Simplified Issued Term
~100 Days$750/app
~40 Days$500/App
27 minutes$200/App
Lead Agent Quote Underwriting
Approve & Pay
5 min 1-2 weeks 0.5 hours 2 hours 2-4 weeks 2-4 weeks 2-4 Weeks
Application
Traditional Term Life
Medical
Medical
Direct Life Insurance Sales Process
Lead Quote Under-writing
Approve & Pay
5 min 5 min 1 hour 1-4 weeks 1-4 weeks 1-3 Weeks
App-lication
Direct Term Life Product :
Medical
Painless,
Expedient
Easy to find &
understand
Competent,
Self Service
Transparent,
Competitive
C U S T O M E R E X P E C T A T I O N S
Simple to Research
Research: Products and Benefits
Calculator: How Much Insurance do I need?
Walmart: Insurance in a
box
Generic Application
Ask what we MIGHT need to know for the most complicated Product
NameAge
State
Database checks
Risk questions
Brief health exam
All health questions
TraditionalTerm
Questions
Afflictions, Recent Hospital, History
Hight, Weight, BPS, Blood, Urine
Driving Record, Skydiving, Intl Travel
Criminal, Driving, Other
Name, DOB, Address, Soc Sec
Big Data Application
What do we know that would suggest the right product?
Age
Health
Affordability
Seg 1 Seg 2 Seg 3
Low Med High
TVLead
Web
None
Full Term
Final
Simplified Term
Smart and Simple Application
NameAge
State
NameAge
State
Some health questions
NameAge
State
Some health questions
Database checks
NameAge
State
Some health questions
Database checks
Risk questions
NameAge
State
Some health questions
Brief health exam
NameAge
State
Database checks
Risk questions
All health questions
Guaranteed Simplified Simplified Plus
Simplified Premium
Simplified Premium
Plus
Rapid
No UW Simplified Underwriting Fully Underwritten
Ask only what we need to know
NameAge
State
Database checks
Risk questions
Brief health exam
All health questions
Traditional
Time To Complete an Application: Generic
15
12
34
5
0
10
20
30
40
50
60
70
80
90
100
Customer
% Completed
Weeks to Complete
ATC3 Weeks
Time To Complete: Segment
16
12
34
5
0
10
20
30
40
50
60
70
80
90
100Seg 1Seg 2Seg 3
% Completed
Weeks to Complete
ATC
2 Weeks
3 Weeks
4 Weeks
Time To Complete: Individual
17
12
34
5
0
10
20
30
40
50
60
70
80
90
100
<40 East Fit
<40 East Norm
<40 West Fit
<40 West Norm
>40 East Fit
>40 East Norm
>40 West Fit
>40 West Norm
HI Risk
% Completed
Weeks to Complete
ATC
2 Weeks
3 Weeks
2 Weeks
3 Weeks
4 Weeks
5 Weeks
3 Weeks
5 Weeks
6 Weeks
ILLUSTRATIVE
Direct Life Insurance Sales Process
Lead Quote Under-writing
Approve & Pay
5 min 5 min 1 hour 1-4 weeks 1-4 weeks 1-3 Weeks
App-lication
Direct Term Life Product :
Medical
Painless,
Expedient
Easy to find &
understand
Competent,
Self Service
Transparent,
Competitive
C U S T O M E R E X P E C T A T I O N S
Net promoter scores tell it all
Direct +46
Agent - 4
Q & A
Visit me at: www.derekfmartin.com
#derekfmartin http://betterbusinessbanter.blogspot.com
We Know Simplicity Pays
212012 Global Brand Simplicity Index, Siegel+Gale, October 2012
Social
Online
Outdoor
Mobile
Simple Leads: Connect with customers across digital channels
• Gather Behavior • Define Customer Segment• Customize message & channel• Reduce cost/ application
1. Bank Draft or Check
Simple to Pay
2. Set Pay Date
3. Multiple Payors
4. Credit & Debit Card5. Gift
6. SMS Payment Alerts
You are
approved!
Mobile acceptan
ce
7. Mobile Landing Page to Accept