IBM Commerce Marketing Solutions for Insurance
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This Commerce for Insurance Marketing Solutions deck is meant to aid Insurance industry Chief Marketing Officers, and VPs of Marketing, eCommerce & Sales. IBM Commerce has solutions that allow Insurance CMOs and Marketing VPs to engage customers with relevant and rewarding experiences in real-time.
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IBM Commerce Marketing Solutions for Insurance
- 1. IBM Commerce Marketing Solutions for Insurance
- 2. Today, insurance is more than B2B or B2C. It’s also C2B: customer-to-business. Insurers, put your customers at the center of everything you do. Become a C2B insurer with IBM In the front office: Gain customer insight Personalize relationships Provide a seamless brand experience
- 3. Customer Show me you know me Give me a consistent experience across channels Provide me relevant content Business Acquire and grow customers Drive revenue Build brand loyalty CMO Use data to drive decisions Be agile and innovative Deliver results that grow the business faster Expectations for insurance marketers have exploded
- 4. Technology has made more possible but not easier I need my applications to talk to each other. I can’t access a single view of policyholder data across channels. It is too hard to offer relevant offers and content to my policyholders. “ ” “ ” ” Getting the right analytics to inform interactions in real time is difficult. ”“ “ It is too hard to provide a consistent experience across channels“ ”I can’t react to my policyholders in real time. ”“
- 5. A new way to work for marketers in insurance organizations Agility: Freedom to innovate Analytics: Use analytics for impact Design: Collaborate to create experiences
- 6. Together with our clients we defined a framework for insurance marketing
- 16. IBM Marketing Solutions IBM Marketing Software IBM Marketing Cloud Rapid time to value Subscription based Multi-tenant SaaS Robust integration platform Highly scalable Deployed on premises Shared Capabilities New innovations Continuously improving Cross platform
- 17. Octagon Insurance Octagon, an early-stage European insurance company used IBM Marketing Solutions to enable the online marketing team to review replays of specific user sessions and quickly uncover why customers were dropping out of the online application process. 22% 40%increase in conversion rates reduction in validation errors 330%Overall ROI
- 18. A A French Insurer A French insurance company uses IBM Marketing Solutions to eliminate the complexity from developing profitable email campaigns and aggregate disparate customer date into a single view while also enabling marketers to use analytics to segment customers down to the most specific marketing criteria. 50% 60%email open rate reduction in email costs 2x increase in growth revenue
- 19. Humana Humana is using IBM Marketing solutions to engage their members with personalized, meaningful, timely and relevant communications. 180% Increase in email open rates 12M Members provided with relevant communications
Notes de l'éditeur
- This Commerce for Insurance Marketing Solutions deck is meant to aid Insurance industry Chief Marketing Officers, and VPs of Marketing, eCommerce & Sales. IBM Commerce has solutions that allow Insurance CMOs and Marketing VPs to engage customers with relevant and rewarding experiences in real-time. So if we think about what some of the challenges are that marketing leaders and sales leaders are facing day in and day out: Challenges: • Understand customers and their intentions • Deliver a consistent customer experience across all channels • Engage customers at the right times/places • Provide customers what they want when and where they want it Solutions: Digital Marketing to quickly design and automate consistent digital customer experiences • Lead Management to Capture, qualify and nurture leads • Customer Experience Analytics to understand the what, why, and how of customer behaviors • Journey Design to Collaborate across a team to design and continually improve customer experiences • Omni-channel marketing to Acquire and grow customer relationships across all online and offline channels • Real time personalization to Dynamically serve up relevant content, offers and recommendations
- For issues facing Insurance Marketing executives, IBM Commerce can help. All of what you need is ready today – IBM Marketing, Sales and Customer Service, Customer Analytics for customer engagement and for the complete commerce cycle – we have Procurement, B2B Integration and Payments –– Cloud, SaaS and Hybrid offerings - to get you going quickly – highly visual - easy to use … and kept up to date … in the Cloud …. IBM Commerce takes an integrated approach to engagement with customers and partners. IBM Commerce brings the customer – front office operations of marketing and selling -- together with the back office areas of underwriting and payment processing. IBM Commerce – brings it all together For Marketing and Sales and eCommerce leaders who would benefit from having the ability to deliver personalized content in context to customers and prospects across all channels so they can: engage personally with their customers and prospects drive better email marketing across all channels leveraging customer data to its full potential see what the customers experience is with their brand online on mobile devices For operations, compliance, and IT leaders that would benefit from growing business value by helping them engage in new and innovative ways with partners with speed and flexibility who want to: synchronize your value chain with 100% of your ecosystem partners gain control and oversight of file transfers between people and devices process a wide variety of payments securely Insurers can gain Customer-Focused Operations by synchronizing critical data information flows across their entire value chains with Multi-Enterprise Process Collaboration.
- The job of marketing in insurance today looks nothing like it did 2 or 3 – let alone 5 – years ago. The job has changed tenfold in scope and complexity. Consider these changes: Database marketing was about a known set of attributes with segmentation updated 1-2x a year; now the types of relevant customer information are constantly growing and you are expected to assemble it into dynamic customer profiles Campaigns were all scheduled and pushed out; now they are increasingly triggered by customer events and personalized dynamically The number of channels to reach each customer has exploded across paid, owned and earned Offers have gone from only product and price to much broader sets of relevant services and experiences – many that may not be owned by marketing or even your company Through it all, you have to deal with exploding data and analytics to know customers better, identify new opportunities, demonstrate and improve results Suggested further reading: HBR article on the New Basics of Marketing dedicated to the rise of the chief marketing technologist: https://hbr.org/2014/07/the-rise-of-the-chief-marketing-technologist New IBM-Wharton CMO executive Education program: http://executiveeducation.wharton.upenn.edu/for-individuals/all-programs/the-cmo-advantage CMO Insights from the IBM Global C-Suite Study: http://www-01.ibm.com/common/ssi/cgi-bin/ssialias?subtype=XB&infotype=PM&appname=GBSE_GB_TI_USEN&htmlfid=GBE03593USEN&attachment=GBE03593USEN.PDF
- In 2013, at least 9 out of 10 CMOs across all industries believe they will need to invest in digital technologies in the next 3-5 years to better reach customers. Included in this is the need to develop new strategies for managing big data. Insurers realize they must leverage and optimize the value of big data. But, improving customer experience by better understanding behaviors drives slightly less than half (47%) of all active big data efforts in insurers. (The other drivers of insurers’ Big Data projects are: risk/financial management (27%), new business model (12%), operational optimization (7%), employee collaboration (7%).) Insurers are beginning to realize the importance of using big data to become more customer-responsive. A recent IBM study found that 74 percent of insurance companies surveyed report that the use of information (including big data) and analytics is creating a competitive advantage for their organizations, compared with 63 percent of cross-industry respondents (also, compared to 35 percent of insurance companies that reported an advantage in IBM’s 2010 New Intelligent Enterprise Global Executive Study and Research Collaboration, this represents a staggering 111 percent increase in just two years). So, in addition to all of their other tasks, marketing and customer engagement executives are now also tasked with understanding how to leverage technology to better accomplish their priorities (understanding the customer, providing a seamless Brand experience, and elevating performance). Luckily, IBM integrates technology seamlessly into customer-activated IBM Commerce solutions for insurers.
- To meet the demands of the empowered policyholder, insurers must transform to a model of continuous customer engagement that: Sends offers when customers are most likely to purchase Provides relevant content that informs the buying decision Makes useful recommendations about products and services Gives customers a means to share ideas and opinions Intervenes when customers are struggling Rescues at-risk customers before they churn Matches service levels with expectations Understands and respects customer preferences Identifies, develops and rewards brand advocates Serves and sells to customers in their preferred channels And, ultimately, provides a compelling, seamless Brand experience These tasks fall to the insurer’s Marketing and Customer Engagement functions. Marketing and customer engagement executives today are on the threshold of major changes in the insurance industry. The digital revolution is transforming the marketplace. Empowered customers can see – and say – more about the insurers that serve them than ever before. Insurance customers’ expectations are rising. They want better products and services, more choice and more value. But this revolution has also left many insurance industry marketing and customer service executives struggling to respond. At the same time, the digital revolution is providing unprecedented opportunities to engage with customers. But any insurer that wants to realize the potential of new information and communication technologies faces a daunting task. For example, they must intercept and interpret vast quantities of data to discover customer insights. They must craft personalized consumer offers in real-time. They must turn first-time visitors into repeat customers and loyal advocates. They must break down channel and organizational siloes to provide customers with a seamless Brand experience throughout their lifetimes. Insurance industry marketing and customer engagement executives have to do more than ever before. We’ve boiled down the insurer marketing & engagement priorities into three key categories: Design: We want to enable marketers (IBM Journey Designer) Analytics: Understand your customer so you can create more effective actions (IBM Customer Experience Analytics including IBM Digital Analytics, IBM Tealeaf customer behavior analytics, and IBM Journey Analytics) Agility: Rapid experimentation with new technologies (Universal behavior exchange)
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- Insurance marketers face a number of challenges. Designing and delivering experiences that satisfy policyholders’ high expectations top the list. It is the job of insurance marketers to develop long-term relationships with policyholders. In the insurance context, customer interactions happen as part of multi-event, multi-channel journeys. When it comes to designing, executing and evaluating customer experiences, there is a new way to collaborate across departments and disciplines. IBM Journey Designer helps you align your customer engagement plans and outcomes with business goals. It empowers your team to effectively design and collaborate in real-time so you can deliver personalized experiences to your policyholders, including building tailored experiences by customer segment. Designed to work with multiple marketing platforms, you can reduce your execution time by automating content delivery across online and offline channels, gain real-time feedback to understand where adjustments are needed and quickly update your customer experiences to optimize results. Design experiences that delight your policyholders with IBM Journey Designer.
- One of the biggest challenges for insurance marketers today is to understand how policyholders interact with their brand across the multitude of interactions regardless of channel, so they can deliver consistent, exceptional and seamless policyholder experiences. Understanding policyholders requires seeing their entire journey. But, connecting the dots is difficult, resulting in disjointed policyholder experiences from various channel interactions. IBM Journey Analytics is the first solution to automatically visualize and quantify the paths that policyholders take, across channels and touch points to reach acquisition, sales and advocacy. IBM Journey Analytics: Visualizes the policyholder journey across channels to convert insights into impact Collaborates with IBM Journey Designer! Collaboration and sharing with Journey Designer for data driven design of the policyholder experience Uses interactions and audiences from multiple ecosystem solutions and partners
- Understanding of journeys is enabled by a data exchange. IBM Journey Analytics is fueled by data from across the customer engagement ecosystem. Connect with IBM’s partner network through the new open, publisher-subscriber universal behavior exchange. Insurance companies can quickly adopt new customer engagement approaches and technologies in a rapidly innovating market through a unique, open approach to sharing policyholder data. A universal behavior exchange connects policyholder behavior, profile and segment data in real-time from any application (IBM or partner). Identities are joined through common ID, delivered via API. Due to these capabilities, IBM universal behavior exchange technology provides a frictionless flow of policyholder behavior, profile and segment data in real-time between any two applications, from IBM or certified partners.
- C2B is customer-to-business. The customer is always right, and they are right to expect more. Rising expectations include the desire to be understood and valued in the moment. Engaging customers in the insurance industry is about cultivating meaningful relationships. IBM can help you do just that, easily designing and executing cross-channel experiences that make your policyholders ask for more. Tailor interactions by segment and individual, across channels, devices and time, to build loyalty and grow your C2B business. For insurance marketers, we have IBM Marketing Solutions that allow you to engage customers with relevant and rewarding experiences in real-time If we think about what some of the challenges are that insurance marketing leaders and sales leaders are facing day in and day out: Challenges: • Understand policyholders and their intentions • Deliver a consistent policyholder experience across all channels • Engage policyholders at the right times/places • Provide policyholders what they want -- when and where they want it Solutions: Digital Marketing to quickly design and automate consistent digital policyholder experiences • Lead Management to capture, qualify and nurture leads • Customer Experience Analytics to understand the what, why, and how of policyholder behaviors • Real time personalization to dynamically serve up relevant content, offers and recommendations • Omni-channel marketing to acquire and grow policyholder relationships across all online and offline channels
- Turn visitors into repeat customers and loyal advocates by continuously engaging them across digital channels and devices with Digital Marketing. IBM Digital Marketing helps insurers improve engagement, conversion rates and revenue through targeted and personalized digital marketing automation. IBM digital marketing solutions enable you to use data about customer behaviors, from a variety of sources, to inform and promote personalized customer interactions in near real-time. Using these solutions, you can create a single customer identity and deliver a consistent, personalized customer experience across channels—email, mobile, web and social—for higher online conversion rates and order value. Digital Marketing: Delight customers with targeted messages on the web, and via email and mobile. Increase cross-sell with digital recommendations To accelerate your path to value with these products we’ve also aligned them with unlimited customer support and a choice of optional services. All customers get unlimited customer support. Call as often, anyone in the org can call, it’s not like other vendors where you will get a charge To get you started with the modules optimally we offer implementation services Education services and on-demand ware Best practices consultations and/or actionable outsourcing on the entire portfolio of digital channels Dedicated Web Analysts to reduce costs associated with acquiring, training and retention of scarce personnel Unique closed-loop data analysis between digital media spend and web site performance Experience with B2C and B2B clients & virtually all verticals Sample offerings Digital Agency of Record Web Site Performance Optimization Best Practices Workshops Attribution Analysis Tagging Architecture Audit Advertising, Social, and/or Mobile Media campaign creation and optimization Sophisticated A/B Testing of Digital Media and Personalized Product Recommendations
- Insurance customers and prospects have more access, more information and more choice. They want to have experiences tailored to their needs, interests and expectations. What does this mean to insurance marketers? As an insurance marketer, you need to market to the individual policyholder Marketing becomes about interactions – not transactions You need to transform the customer experience to increase loyalty and drive revenue IBM lead management solutions help you to effectively manage and nurture your leads, maximizing your marketing budget. Understanding prospect behavior and scoring on that behavior ensures that quality leads make it to your sales team at the right time. Email Marketing has been around 15years or so and at this point is used by the majority of marketing departments regardless of business type (B2B or B2C), company size and industry. In its broadest sense, every email sent to a potential or current customer could be considered email marketing. The term is usually used to refer to: sending email messages with the purpose of enhancing the relationship of a merchant with its current or previous customers, to encourage customer loyalty and repeat business, sending email messages with the purpose of acquiring new customers or convincing current customers to purchase something. Heavy senders of email include retail and ecommerce, media, travel and financial services. Lead to Revenue Management (also called Marketing Automation) is focused on managing the interaction and hand-off between marketing and sales. A company needing lead management technology is usually generating more leads (typically through a content-based marketing strategy) than their sales team can handle. They need to determine which inquiries should be turned over to sales as they are ready to buy (scoring) and which inquires should go into nurture programs (automation) until they exhibit stronger buying signals and are ready for direct sales interaction. Use of lead management programs helps to manage the lead flow (through scoring) and reduce lead waste through nurturing (automation). There is typically a CRM system involved. Usually implemented in B2B companies with software and technology as a key industry.
- The insurance industry today is exposed to structured and unstructured sources of data (e.g., call center recordings, customer emails, telematics data, agent/broker emails, weather data, and social media feeds, etc.). This enormous amount of data can help insurers become more customer centric. Customer analytics helps by getting a complete view of customer data … Do you need Customer Analytics? Starting questions: When you identify a problem on your website, how do you drill into the data to understand why it is happening? How are you currently leveraging your site data to execute marketing campaigns? How do you benchmark your KPIs to know when there is a problem? How do you manage marketing attribution? Do you have a holistic view of customers across devices and time? How are you currently using that understanding? How are you gathering social insight into customer preferences and pain points today? Are you limited only to Twitter/FB, or measuring other communities too? Where in your organization is customer retention influenced, and how do you manage the decisions there? How do you enable all your customer touch points to make the next best offer? How do you achieve profitable retention? Do you know when a customer interaction has just increased the retention risk? Can you adequately respond to such situations? Customer analytics can tell you who your customers are, what they are doing, what they want, and how and when to reach them. With these insights, you can create personalized experiences that win more business and drive loyalty.
- No longer is it ok to batch marketing interactions based on demographics. Today’s connected and empowered consumers expect insurers to deliver personalized experiences that are context-aware and “maximize the moment”. Consumers expect insurers are doing an analysis of structured and unstructured data to provide: Real-time and location aware offers Contextual hyper-personalization IBM’s Real-Time Personalization solutions enables insurers to take full advantage of every customer interaction and life stage. IBM solutions for real-time personalization can help you create a deeper engagement with customers by sharing offers and recommendations that are relevant and timely. Better customer engagement drives higher conversion and retention rates and increases customer value throughout the lifecycle. Dynamically turning this amount of data into effective campaigns and engagement requires operating at unprecedented scale. Only IBM’s Real-Time Personalization solution bundle enables you to take full advantage of every interaction and life stage. End-to-end solution that enables marketers to engage in design, creation, and delivery of relevant and personalized offers and product recommendations to all real-time channels Enable insurers to spend more time on understanding customers and personalizing their marketing experience, vs. setting up systems for execution Can leverage customer data from any data source including real-time behavioral data to create targeting strategies and offers that are right for the individual, time and place Deliver dynamic offers, recommendations and messages through pre-built integrations to all real-time channels including mobile devices IBM Interact: Increase customer engagement and conversion rates through dynamic offer personalization of marketing offers and messages (multi-channel). Easy to use point-and-click, drag-and-drop UIs enables marketers to engage directly in defining and maintaining segmentation and offer eligibility logic Universal Dynamic Interconnect (UDI) technology allows marketers to leverage historical (in-house) and live contextual data for real-time targeting Sophisticated self-learning algorithm automatically determines the right offer at right time, at scale, in milliseconds. Multi-channel integration coordinates targeting across any (and all) real-time channels including website, call center, retail / POS, ATM, Kiosk, mobile, etc. Xtify: Delivers rich, engaging, personalized content to mobile consumers in the form of permission-based, mobile messaging / push notifications from your owned digital properties Send simple notifications via mobile device operating system or rich notifications via mobile application inbox Dynamically trigger content for display on mobile websites based on the passive or active actions
- Consumers are becoming truly multi-modal. The number of customer interactions points are growing and how customers shop for insurance has changed. Meeting the service and sales requirements of today’s customers means that insurers need to deliver improved sales and service experience through more effective channel management and a seamless experience across channels. With the growth channels and new ways to connect to the customer, insurers also need to provide the right channel mix, the proper incentives and commissions for each channel and optimize each channels profitability. IBM’s Omni-Channel Marketing solution enables insurers to engage customers in context at every point in the purchase lifecycle. Omni-Channel Marketing drives cross-channel engagement by: Promoting organizational alignment -- Helps reduce channel silos through collaboration and measurement Delivering brand consistency -- Drives consistent messaging across offline and online channels Creating an integrated, customer journey -- Aligns with customers’ expectations on their channel of preference at the right moment Enabling solutions – Campaign, Contact Optimization, Interact / Opportunity Detection, eMessage / Xtify mobile messaging, Marketing Operations / Marketing Operations On Demand
- IBM introduces IBM Marketing Cloud innovations to help close the customer experience gap — making it easier to understand and design meaningful policyholder experiences across applications, devices and time to accelerate today's results and tomorrow's ambitions. Addressing new market dynamics, marketers can now tap into new analytics and design capabilities from IBM as part of the IBM Marketing Cloud integrated solution or as individual offerings: IBM Journey Designer – A virtual whiteboard where practitioners on multiple teams within an organization can collaborate with a single view of a customer's journey to make more informed decisions. The design point of this capability is as simple as a drag and drop where they can now effectively plan, design, create and execute multichannel campaigns based on insights learned over time to deliver more meaningful and relevant experiences to engage with the customer. IBM Journey Analytics – Marketers are challenged with vast amounts of data generated on each customer every single second. For example, a customer who goes into a store to look at an item, then checks comparable products and prices via mobile device, gets feedback from family and friends on a social channel --- to ultimately make a purchase via an iPad. In the growing omni channel phenomena, IBM Journey Analytics allows marketers to visualize and quantify actual customer journeys -- to help deliver more relevant experiences with greater precision to build brand loyalty. IBM Customer Experience Analytics – A single platform unifies IBM's Journey Analytics, Digital Analytics, and customer behavior analytics capabilities. Marketers now have a complete view of how brands engage with their customers. For example, brands can see what content they are looking at, whether they are buying, registering, and/or downloading. Brands can also understand why things are happening such as why the customer didn't complete a registration or abandoned a shopping cart, and take the corrective action to re-engage the customer to nurture brand loyalty. IBM Commerce Insights -- Marketers, merchandisers, product managers can now pin-point the causes of under-performing products and categories on an e-commerce site, or point to relevant data and insights to quickly respond to a competitor or changing market conditions with IBM Commerce Insights. This offering delivers predictive analytics to understand a customer beyond simple purchase patterns by having deeper insights into their online buying patterns and providing their real-time reaction to different marketing and merchandising tactics.