Customer service can happen both in-store and online. So how can credit unions make the most out of their e-commerce opportunities? In order to use the digital world as a source of revenue, credit unions should equip their website with online services their members would expect from their credit union. In this presentation, we explore ways credit unions can make the most out of this opportunity and how these efforts can drive measurable results for the consumer and the credit union. For more info: www.nafcu.org/insuritas
2. Host
Jeffrey Chesky
• President & CEO -
Insuritas
• Founder, BIS/Insuritas
• Contact Information
• jchesky@insuritas.com
• 860.653.1134
3. 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.
4. Some Definitions
• Web Portal vs. Web Site
• E-Commerce
• SEO
• Enterprise Solution – Incremental Solution
• ‘Aisle in your Store and on the Web’
• Credit Union Driven Integration
• Shopping Cart
• Anything Else?
• Single Check-Out
5. Why we know what we know
• Run insurance agencies for over 40 financial institutions
nationally – Avg. $1.8 billion assets, total 4.3 million
Consumer & 235,000 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 shoppers
• CU employees are not allowed to earn reward or cross-
selling fees
• Process over 5,000 member auto/home quotes each month
• Member’s put additional products in ‘their’ shopping cart
• Web Portals are Sales Engines!
6. Agenda
Market Overview
Fee Income – Serious at Last
Web Portal
Ecommerce – Really!
Radical Ideas
7. A Convergence of Events
Banks Lost $3.6 Billion in
Overdraft Revenue in 2011 Between 2010 and 2020, the
number of agencies below
$2.5mm will decrease by 28.6%.
Number of U.S. Online Banking Customers
Continues to Grow Despite Challenging
Financial Environment
Quote, Compare & Buy Online
8. The Store is Changing
Wells Fargo's Stumpf Eyes Insurance
Pick-Ups
MAY 31, 2012 4:26pm ET
Wells Fargo (WFC) continues to eye acquisitions of niche
businesses.
Chief Executive John Stumpf said during an investor conference in New York
Thursday that the bank is in the market to buy insurance companies. A key reason:
Wells is one of the largest originators of mortgages and used-car loans and
that those borrowers all need insurance, he said.
"I love the insurance distribution business," he said at the Sanford C. Bernstein
conference.
9. ‘I want it all about me’ … your member
Source: Voice of the Personal Lines Insurance Consumer Surveys, Deloitte Research, 2011
10. Really…
80% +
Source: Voice of the Personal Lines Insurance Consumer Surveys, Deloitte Research, 2011
11. Fee Income @ Work
• Shop, Compare…
• Now… Buy On Line
• LoanINSURE®
• Online Chat
• CSR 24
• Shopping Cart
• Increase ‘Look to Book Rates’
• Reduce Acquisition Costs
14. Shop, Compare, Buy
On Jan 28, 2012, at 11:48 AM, FairWinds Credit Union Agency wrote:
1/28/2012
Dear Jason Breaker,
Thank you for choosing Fairwinds for your insurance needs.
We have received your payment of $557.60.
Your insurance ID cards will be e- mailed to you shortly, and within the next 1 -2 weeks you will
be mailed a copy of your insurance application, finance agreement (if applicable), declaration
page, and an additional copy of your ID cards.
20. CSR 24 ®
Expanded Service = more fee income
• 24/7 Internet access
• Policyholder self-service
• After-hours or 24/7 call center
• Online Certificates of Insurance
• Certificate Tracking
• Live CSR for claim reporting after hours
• Agency-branded service
21. CU Portal 2.0
There is a wide array of intentions among
the people who are engaging online.
Some people want to do business. Some
people are doing research. You need to
be prepared to help them all.
Google CEO, 06/05/12
32. Shop, Compare & Buy
Introducing E-Commerce
Website traffic is a valuable commodity… drives
business…so it’s incumbent on organizations to make
the most of that commodity and to make sure that
website traffic has the greatest impact that it possibly
can… companies need to ensure that customer
experience efforts are resonating and driving
measurable results.
34. Customer Engagement Investment
“Even though marketers are very intuitive and creative
people, and even though they have a strong marketing
background and basic understanding of their target
customer, the sheer scale of activity in the digital
space and its dynamic nature far outstrip the
marketer’s ability to predict what is going to resonate
online with customers and prospects at any point in
time.” Webtrends CEO
36. Listening to Millennials
Source: Voice of the Personal Lines Insurance Consumer Surveys, Deloitte Research, 2011
37. Closing Thoughts
• What Do You Members Want from your Web
Portal
• What will vendors do to support those needs
• Is Web Site a “Permanent Aisle in the Store”
• Leverage infrastructure capabilities
• On-line Banking can also sell
• Plan for Additional Sales
• Remember, you often get what you measure