Predictive Analytics for Life Insurance: How Data and Advanced Analytics are Changing the Business of Life Insurance Seminar May 23, 2012

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1 Predictive Analytics for Life Insurance: How Data and Advanced Analytics are Changing the Business of Life Insurance Seminar May 23, 2012 Session 4 Marketing Presenters Lindsay R. Resnick Mitchell R. Katcher, FSA, MAAA

2 LIFE INSURANCE Leveraging Data and Technology to Optimize Marketing Lindsay R. Resnick Chief Marketing Officer KBM Group Slide 1 Wunderman: #1 CRM/Direct Agency globally, #3 in the U.S. Wunderman: #1 Digital Agency Network globally, #2 in the U.S. KBM Group Marketing Services Provider, 800 employees, 14 offices Part of Young & Rubicam s Wunderman Network WPP, 150 companies, 158,000 associates, 107 countries, $16 billion revenue National Consumer Database & Analytics Segmentation & Predictive Modeling Sales Optimization & Customer Engagement Digital Marketing & Social Media Direct Response & Brand Positioning Campaign Management & Informatics KBM Group delivers strong capabilities across the array of database, analytics, data, strategy and operations. Slide 2 1

3 LIFE INSURANCE Context For Action 360º Customer View Engagement Marketing Multi-Channel Selling Digital Optimization Customer Engagement Slide 3 PAGE LIFE INSURANCE Industry Pain Points 1. Achieve attractive growth and sustained profitability 2. Manage in a prolonged economic recovery 3. Anticipate increased regulation from DOI to privacy 4. Balance operational cost demands with customer experience 5. Address changing consumer dynamics Responsive product design Marketing and lead generation Sales channel mix Slide 4 2

4 LIFE INSURANCE Consumer Challenges 1. Fewer Americans own Life insurance than ever before 2. U.S. adults have come to rely on employer-sponsored group life 3. Economy has taken its toll (retirement, savings, mortgages) 4. Significant demographic shifts: Boomers account for 26% and Millennials 32% of population Over 3 million people turning age 65 every year through 2020 Multi-cultural, multi-economic marketplace variation 5. Medical insurance share of wallet has increased significantly Slide 5 LIFE INSURANCE Strategic Challenges 1. Achieve a single, integrated holistic view of the customer 2. Leverage technology throughout the customer lifecycle 3. Embrace high engagement, personalized marketing tactics 4. Optimize a multi-channel distribution strategy 5. Use superior customer experience to drive retention Slide 6 3

5 Odds of hitting your target go up dramatically when you aim at it. Slide 7 Enlightened Marketing Knowledge-based customer intelligence Enriched Database Accuracy Currency Breadth Advanced Analytics Segmentation Profiling Clustering Predictive Modeling Customer Connection Who are they? What s important to them? Where do they go? How to get their attention? What motivates them to buy? Why do they remain loyal? Combining the art of marketing with the science of data. Slide 8 4

6 Database Compilation Comprehensive, multi-sourced demographic consumer database of 250+ million U.S. individuals built by collecting data from primary sources including public records, purchase transactions and consumer surveys (e.g., lifestyle interests, ailments, occupation, responder behavior). Cleansing Merge/Match/Verify Suppression Data Enrichment Slide 9 Enriched Consumer Database Individuals Households Addresses Geography First & Last Name Address Last Name Address House # & Street Census Block Group ZIP code/zip+4 County Age Gender Occupation Ethnic Generations Income Children Net Worth Credit Active Homeowner Dwelling Lot Size Home Value Property Detail Census Attributes Zip Aggregated Credit Competitive Index Plan Landscape Slide 10 5

7 Generational Segmentation What makes a generation unique? Follow The Money 75% U.S. assets 40 million credit cards $8 trillion inheritance Demographic attributes Lifestyle choices Purchasing behavior Socioeconomic status Lifestage needs Financial & health indicators Slide 11 Health Segmentation 8% 17% 24% 18% 24% 10% Leading The Way In It For Fun Value Independence IN Need dapl Plan Not Right Now Get Through The Day Positive Attitude Desire to improve health Taking action to improve health Competitive Skeptical Risk-avoidant Stressed Goal-oriented Social Self-reliant Undisciplined Seek advice Younger Discouraged Poor health Presentoriented Familyoriented Cashstrapped Slide 12 6

8 Digital Segmentation By knowing digital attitudes and behaviors across a range of technologies and devices marketers can deliver customized messages to customers via their most preferred digital device and digital destination. Digital Devices Digital Destinations KNOW YOUR DIGITAL COMMUNITY Why consumers chose the digital devices they use Will they re-purchase or upgrade Who are early technology adopters vs. more conservative consumers What are their digital activities: professional, entertainment, education, buying, bill paying Slide 13 Marketing Science Use the past to predict the future Use state-of-the-art statistical and predictive techniques to find the right person at the right time and access them through the right channel using the right message. Increase response to direct marketing yielding a lower cost per sale Develop new products or services to grow market share Retain business through improved customer experience Slide 14 7

9 River of Data Slide 15 River of Data Slide 16 8

10 What matters today are conversations with & among consumers Slide 17 Cybersumers Message to moments of maximum influence 91% of online adults use social media regularly In 2011 social media is expected to make up 10% of all marketing budgets, growing to more than 18% in 5 years. SOURCE: American Marketing Association Slide 18 9

11 Marketing Remix The 4 P s product, price, place, promotion have turned personal. LOW ENGAGEMENT HIGH ENGAGEMENT Customers are in control. They re talking about you, reviewing you, and price checking you. They have a choice, and they determine your value so listen and engage in their conversation. Slide 19 Rethink Lead Generation Awareness Acquisition On-Boarding Loyalty 90 million Americans are expected to be using a tablet by 2014 Slide 20 10

12 Rethink Distribution Channels Field Sales Independent Agent/Broker In-house Telesales Lead Nurturing Appointment Setting Online Private Portal/Exchange Third Party Aggregators Mobile Apps Texting Retail Branded Partners Give your best prospects an entryway to convert to your brand and always have a pathway to loyalty. Slide 21 Convert online lookers to triers, triers to buyers, and buyers to valued customers. Slide 22 11

13 Hyperconnectivity Message to moments of maximum influence Direct mail 52% mail volume $50+ billion spend Every 60-seconds 700,000 Searches 100,000 Tweets Online shopping 100+ million Amazon/mo 8 of 10 research Mobile web 60% Smartphones 15 billion Apple apps Third largest country 750+ million Facebook Users Slide 23 Moving Parts of Digital Optimizing Digital ROI and Lead Generation Lead Routing (R)ETAIL (R)EVOLUTION Online shoppers in the U. S. will spend $327 billion in 2016, up from $202 billion in Slide 24 12

14 Digital Spending Trends Search is the foundation Maximize i Paid Search and SEO 2012 Digital Media Mix Financial Services/Insurance Paid Search 49% SEO 6% Display 32% Other 13% Slide 25 Digital Optimization Identify, nurture, convert & retain drive it with data Financial services spending for digital marketing will more than double in 3-years. Slide 26 13

15 Keep me a short time because you pay me off or have me around a long time because I love what you stand for. Slide 27 LIFE INSURANCE Position for the Future A year from now you may wish you had started today º view of the customer 2. Technology for efficiency & communication 3. High engagement, personalized marketing 4. Multi-channel sales distribution 5. Superior customer experience Slide 28 14

16 Lindsay R. Resnick Chief Marketing Officer Phone Web KBMGhealth.com Blog lindsayresnick.com Slide 29 15

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