Insurance Firms Should Market More to Existing Policy Holders CMO Council FindsSeptember 20, 2010
"Insurance marketers have the opportunity to break the cycle of data paralysis as their customers are open to engaging and deepening relationships with providers they trust and depend on," said Sandra Zoratti, Vice President of Global Solutions Marketing at InfoPrint Solutions Company. "It is a rare occurrence where loyal customers indicate that, if an offer is relevant and meaningful, they will buy and consolidate services and grow the overall value of their engagement. While it is hard to do, this invitation to retention is a call to action to get started."
The Consumer Policy Perspective
According to 42 percent of insurance marketers, their customers are going online and are demanding more self-service and always-on options. However, when asked, consumers indicate that the online solutions are a convenience they appreciate; they still value easy to understand policies, statements and contracts more. In fact, as marketers focus on self-service and online applications, only 27 percent value online payment and 16 percent value self-service online tools, while 40 percent value easy to understand policies, statements and contracts.
For the most part, consumers are happy with their insurance experience, but some feel that insurance companies are merely fair-weather friends as 12 percent of consumers resent not hearing from companies until it is time to pay the bill. The biggest communications oversight seems to be silence on the part of the insurance companies.
• 37 percent of customers have NOT been informed about other policies or products offered by their existing providers
• 10 percent wish they did know about other opportunities
• 13 percent doubt their provider has a product that they need...but aren't sure
• And 6 percent only seem to get information about policies they already have
"The key here is that marketers must start...and start today," said Zoratti. "We can not afford to wait until the data programs are cleaned and perfect, or until we get budget to implement a massive analytics program. We must leverage the invitation being issued by customers and target relevant offers, information and content to them in order to extract every ounce of value from the relationship."
The complete results of What's Critical in the Insurance Vertical can be accessed through the Precision Promotion portal, where readers will also find information and resources on how thought leaders are crafting more timely, targeted, relevant engagements with customers. The 25 page paper also includes interviews with insurance marketing leaders and complete detailed findings of the survey. To access the report, please visit: http://www.cmocouncil.org/resources/form-critical-vertical.asp
About the CMO Council
The Chief Marketing Officer (CMO) Council is dedicated to high-level knowledge exchange, thought leadership and personal relationship building among senior corporate marketing leaders and brand decision-makers across a wide range of global industries. The CMO Council's 5,500 members control more than $200 billion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide. In total, the CMO Council and its strategic interest communities include over 12,000 global executives across 100 countries in multiple industries, segments and markets. Regional chapters and advisory boards are active in the Americas, Europe, Asia Pacific, Middle East and Africa. The Council's strategic interest groups include the Coalition to Leverage and Optimize Sales Effectiveness (CLOSE), Marketing Supply Chain Institute, Customer Experience Board, LoyaltyLeaders.org, Online Marketing Performance Institute, and the Forum to Advance the Mobile Experience (FAME). www.cmocouncil.org
About InfoPrint Solutions Co.
InfoPrint Solutions Company (InfoPrint) is a leading provider of Precision Marketing Services which is dedicated to delivering the right message, to the right person, at the right time. This data-driven marketing approach produces highly targeted and relevant customer communication resulting in improved ROI.
InfoPrint Solutions works with the world's leading brands in retail, financial services, insurance, banking, travel and hospitality industries. Precision Marketing Services provided include customer strategy, retention data analytics, campaign design and delivery, and campaign measurement services.
Source: Company press release.