Turning Your Website into a Cross-selling Machine (Credit Union Conference Presentation)
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Turning your Web Portal into a Sales Machine NAFCU Annual Conference 2011
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Research shows that online bankers visit their financial institution’s homepage an average of 3.8 times a month. The top two bills paid include loans and insurance (auto insurance ranked first). While most businesses would spend huge marketing dollars to achieve this level of return viewership, credit unions experience this member engagement every day. In this 2011 NAFCU Annual Conference session you see how some credit unions are driving tremendous cross-sell revenue by offering insurance online. Presented by Jeff Chesky, CEO, Insuritas More info at http://www.nafcu.org/insuritas
Transcript of Turning Your Website into a Cross-selling Machine (Credit Union Conference Presentation)
Turning your Web Portal into a Sales Machine
NAFCU Annual Conference 2011
Insurance Aisles
Jeffrey Chesky • President & CEO -
Insuritas • Founder, BIS/Insuritas • Contact Information
• [email protected] • 860.653.1134
Host
Why we know what we know
• Run insurance agencies for over 35 financial institutions nationally – Avg. $1.1 billion assets, total 3.8 million Consumer & 63,000 Commercial accounts
• Our Credit Union partners do not have insurance agents anywhere in market
• We do no prospecting – no marketing – no cold calling – Credit Union generates ALL leads
• CU employees are not allowed to earn reward or cross-selling fees
• Process over 5,000 member auto/home quotes each month • Web Sites becoming Sales Engines!
AGENDA
• What’s the goal of your CU web site? • What your members want vs. what you offer • Your Web Portal is a sleeping sales
machine. • What is the ‘Insurance Aisle’ teaching us? • What you want to be working on now.
• Web Portal vs. Web Site • E-Commerce • Enterprise Solution – Incremental Solution • SEO • ‘Aisle in your Store and on the Web’ • Credit Union Driven Integration • Shopping Cart • Anything Else? • Single Check-Out
Some Definitions
SPECIALITY
THRESHOLD
DIFFERENTIATED
LOW
HIGH
HIGH
LOW
Perceived
Added Value
Competitive
Intensity
Standard Personal
Small
Commercial
Large
Commercial
Sub
Standard
Personal
COMMODITY
Why an ‘Insurance Aisle’ in your Store?
1. 100% Members Buy Annually
2. Create Insurance Customers Every Day
3. Annuitizing Fee Income
4. Protects from Incursion
5. Drives Earnings 6. Promotes Retention 7. Expands Wallet Share 8. Expands Market Share
80-90%
The Failure Trap
16%
78%
74%
85%
64%
34%
38%
Conversion Rates
46%
22%
• There are TWO times when your member needs to talk about insurance 1. Loan Requires Insurance 2. Renewal Notice in Mail
• There is new place
where your members are
comfortable shopping
Instant of Interest
Time
Response
Rate
The Science of the Instant of Interest
Leveraging Loans - Transfer Triggers
Loan Application Completed
Commitment Letter
Generated
Loan Approved Closing
Scheduled
Insurance Open Item
Insurance Listed as
Contingency
Insurance Required
Lead Form Sent
Lead Form Sent
Lead Form Sent
Activity Trigger Action
1
2
3
Gathering
Expiration
Dates
Pushing & Pulling
•Gas Cards
•Gift Cards
•LCD TVs
$168.00
X-Date Plan ’10
Managing a Multi-Channel, Process & Product Centric Approach
Branch Loan Internet Phone On-Board Channel
presentation
Channel
specific process
customization
Accounts Loans
Credit
Cards
Renewal
Date
Product-specific
processes with
reusability
potential
Channel
agnostic
process
Referral Platform
Capture X-Date
Referral Platform
Buy Now
CIF Database Agency Database
Process platform
Policy Renewal Date
Agency Web Service
Insurance Instant of Interest
25%
38%
27%
9%
1%
Always Often Sometimes Rarely NeverSource: iCrossing Online Retail Report, 2007 Source: Forrester Research, North American Technographics Benchmark Survey
90% of Consumers Research
Online Before Buying
Out of Financial Services Products,
Auto Insurance is Ranked #2
Researched Online Percentage of applicants who researched online:
US Applicants
Gen Y (18-27)
Gen X (28-41)
Young Boomers (42-51)
Old Boomers (52-62)
Seniors (63+)
Credit Cards 59% 66% 68% 51% 48% 33%
Auto Insurance 51% 58% 58% 49% 44% 27%
Mortgages (refinance) 48% 63% 57% 45% 38% 31%
Mortgages (purchase) 47% 52% 54% 40% 31% 25%
Home Equity 45% 52% 57% 40% 30% 26%
Savings Accounts 44% 42% 58% 37% 35% 24%
Checking Accounts 38% 37% 50% 32% 26% 23%
Life Insurance 34% 32% 36% 33% 35% 27%
Where are your members shopping?
What your Web Portal Does
• Describes Products • Provides Content/Education • Rates & Costs • Helpful Directions • Community Involvement
• On-Line Bill Pay • On-Line Visitors
What Does the Member Want?
• Price • Convenience • Selection • Service
“Insuring Everything Important in your Life”
Product Partner
Agency
Platform
Web
Splash
Web
Sales
Direct
Statement
Stuffers
Rack
Brochure TAD Platform Bill Pay
Call
Center Radio TV Email Twitter
Social
Networking
Term Life Quick Quote 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Medical One Health One 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Vision Careington 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Dental Caretington 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Prescription Careington 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Auto Warranty Rte 66 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Home Warranty Old Republic 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Roadside Assistance TripMate 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
AD&D Affinion 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
ID Theft Affinion 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Whole Life Quick Quote 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Travel Insurance TripMate 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Pet Insurance Hartville 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Arts & Collectibles AXA 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Wedding Insurance Travelers 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
Insurance Agency Marketing Calendar
www.unitedfcu.org
Google Analytics
Insurance will rank #2 Behind online bill pay
Prescription Card
Auto
AD&D
Carriers Competing For Member’s Business
Insurance Carrier Status Result
Auto - Succeeded Auto - $608.70 (6 Months)
Home - Succeeded Home - $215.00 (12 Months)
The lead selected the quote from this carrier:
Auto - Succeeded Auto - $628.00 (6 Months)
Auto - Succeeded Auto - $655.00 (6 Months)
Home - Succeeded Home - $165.00 (12 Months)
Auto - Succeeded Auto - $1,665.00 (12 Months)
Home - Succeeded Auto & Home - $1,976.00 (12 Months)
Member Share - 2010
What We’re Working On
• CSR 7/24 • Full Integration into your core • Consumer portals live – driving all online
shopping/researching/purchasing • Shopping Cart goes live • On-line Insurance Portfolio • Straight Through Binding for P&C in 2011 • Email partial interview to personalized link • Automatic remarket using previous year info
Closing Thoughts
• What Do You Members Want from your Web Portal
• What will vendors do so support those needs • Two CEO questions:
– % of Members Using Agency – % of Members with X-Dates START TODAY
• Permanent aisle in the store • Leverage infrastructure capabilities • On-line Banking can also sell • Control all insurance products • Plan for demand loads
QUESTIONS?
