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Tying The Marketing Function To The Business A.M. Best Company's 4th Annual Insurance Marketing & Advertising Summit November 5, 2009.

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Presentation on theme: "Tying The Marketing Function To The Business A.M. Best Company's 4th Annual Insurance Marketing & Advertising Summit November 5, 2009."— Presentation transcript:

1 Tying The Marketing Function To The Business A.M. Best Company's 4th Annual Insurance Marketing & Advertising Summit November 5, 2009

2 2 Key economic indicators show continued weakness in 2010 New housing starts, Millions units GDP growth, Percent Auto sales, Millions units General economic indicatorsSector specific indicators Unemployment rate, Percent Source:Bureau of Economic Analysis, Bureau of Labor Statistics, Freddie Mac June 2009 Economic and Housing Market Outlook, Chief Economist’s Economic Outlook # F10F 11F F10F F10F11F F10F11F

3 3 How Can Marketing Support The Business? Get The Quote Rate Up, and Win More Quotes Keep Retention High Support Product Density

4 4 MARKETING OVERVIEW The Goal Of Marketing Is To Create A Stronger Link With Customers As Well As Brokers Customer BrokerCarrier Purchase decision / transaction Integrated marketing influence Integrated marketing Influence

5 5 Marketing Overview: We Have Three Main Objectives Create and maintain a set of well-designed propositions that are the basis of Zurich's competitive advantage Components: Implement and maintain a customer research program over time Build and manage a pipeline of propositions under development Calculate and maintain the vitality index at target levels Build Customer Industry Group views and strategies Build understanding of the value of the Zurich brand among both customers and brokers Components: Optimize the value of brand advertising Develop strong, broadly accessible content and thought leadership in a systematic manner Maximize the value of events and sponsorships Create a universe of motivated buyers and sellers through support and execution of campaigns Components: Participate in broad sales campaigns through selected brokerage locations, supported by Proposition Launch Leaders Execute customer-centric digital campaigns, which generate pipelines of prospective buyers

6 6 Customer Research – The TRI*M System TRI*M Grid Detailed diagnosis and identification of actions for improvement based on areas that have the most impact for the business TRI*M Grid Detailed diagnosis and identification of actions for improvement based on areas that have the most impact for the business IMPACT ON RETENTION CLAIMED IMPORTANCE HighLow Motivators Hidden Opportunities Potentials/ Savers Hygienics Low High A01 A04 A6 A05 A10 A02 A09 A03 A08 A07 TRI*M Index One number score that measures the overall strength of stakeholder relationships against industry benchmarks - a KPI for Senior Management to follow TRI*M Index One number score that measures the overall strength of stakeholder relationships against industry benchmarks - a KPI for Senior Management to follow Low Retention Year 2Year 1Year 4 High Retention Year TRI*M Index TRI*M Typology Description of the current situation in terms of satisfaction and loyalty, identifying potential threats and opportunities to market position TRI*M Typology Description of the current situation in terms of satisfaction and loyalty, identifying potential threats and opportunities to market position Apostles Hostages Rebels Mercenaries Overall rating Recommend ation Repurchase Advantage versus competitors

7 7 TRI*M Action Grid – Strengths And Opportunities Impact on Customer Retention Stated Importance HighLow High Motivators Hidden Opportunities Potentials?/Savers? Hygienics Communicates Proactively Impact on Customer Retention Stated Importance HighLow High Motivators Hidden Opportunities Potentials?/Savers? Hygienics Delivers When it Matters Impact on Customer Retention Stated Importance HighLow High Motivators Hidden Opportunities Potentials?/Savers? Hygienics Knowledgeable Underwriters Far above average Above average Far below average Below average Average Performance Symbols: Industry A88 Industry B86 Industry C79 Industry D95 Industry E73 Industry F84 Industry G87 TRI*M Index

8 8 The Zurich Way (TZW) Of Proposition Development Identify opportunities Post-launch review Develop, evaluate and prioritize proposition concepts Prototype and plan Design/ update proposition Go to market Customer Grow Effective launch UW capacity Goal and appetite alignment Marketing excellence Distribution excellence Underwriting excellence Develop Unique features Full set of coverages Likely economics Distribution demand Choose Size of opportunity Relative priority Commitment to grow Unmet customer needs

9 9 Proposition Development Extends Through Launch And Ramp Up To Peak Sales! Key Elements of Revamped Process: Concepts based on current economics and direct customer input Prioritization via steering committee of BU heads Cross functional team (UW, claims, risk engineering, sales and marketing) develops concepts Tested with brokers and customers Focus on “bigger bang” launches by using sales campaigns Dedicated Product Launch Associates to educate brokers Emerging digital and online capabilities Focus on ensuring adequate underwriting capacity and consistent application of appetite Joint accountability for success Development Launch Concepts In market

10 10 Developing Zurich’s Brand Key Proposition Features For NAC Customers Access to a world-class global network Specialized claims service We provide tailored insurance solutions in more than 180 countries Zurich MIP ensures compliance globally Access to a global knowledge base that is unparalleled in breadth and scale (e.g., centers of expertise, Commercial Markets International Practice, Global loss-cost management expertise, virtual consultant) Proven, first-class CAT response Dedicated customer claims liaison and team (claims specialists) Fair claims settlements that meet your expectations 24/7 customer service center with 24 hour call back guarantee Beyond settlement: access to Zurich Staff Legal An easy to use online tool to track claims more openly and efficiently Deep understanding of your unique business risks Dedicated experienced underwriter & claims handling give you relevant solutions for your most complex issues (includes Underwriting experts dedicated to small and medium sized businesses in P&C and Specialty lines) What ever your challenge we can find someone from our global pool of more than 900 risk engineers who has knowledge and insight into your specific industry Access to risk insight and benchmarking tools to help you manage your risks (e.g. ZRisk) Global insights for Automotive, Construction, and Real Estate Customer advisory meetings and industry involvement enhances communication Tailored solutions to meet customers needs Our customised products and solutions, comprehensive and wide product range, and large capacity ensures we can meet the most complex/unique set of needs, e.g.: −International network for Commercial forms −OPPI - Owners Professional and Protective Insurance −Subguard - Insurance for surety −Environmental Services package - Fire & Restoration firms −Middle Market Technology - P&C and professional −Financial Enterprises - P&C, Crime and Fidelity −Travel Assist (e.g. Beijing Olympics)

11 11 Leveraged 360° Marketing To Build Awareness, Consideration And Brand Value Customers Intermediaries Investors Media Online Annual Report Advertising Airports/Outdoor Digital Relationship marketing Direct Mail & marketing Events and Sponsorship Public Relations/ Media Relations Marketing collateral

12 12 The Impact Of Zurich’s HelpPoint Campaign Has Been Very Positive Ranking Source: Brand Tracking 2008/2009 Based on cross country analysis total sample Awareness among Medium Business Decision Makers Consideration among Medium Business Decision Makers 2008 (Pre-campaign) 2009 (Post-campaign)

13 13 Digital Marketing Overview Attract initial interest; present an offer Capture prospect information; screen to identify leads Maintain dialog as leads approach time to buy Webcasts blasts Paid Search Banner Ads Organic Search Industry Group Underwriting Appetite Broker Prospects Ex-dated Leads White Papers Industry News Sponsored Topics Hot Leads Route Leads To SBUs, Regional Sales Refer to Broker Accept Submission Issue Quote Win Business 1. Generate Customer Dialogs Through Digital Marketing 2. Convert Leads To Sales 3. Measure and Optimize Cost Per Lead Improvement In Win Rate $Revenue/$Expense Cloud-based CRM Environment

14 14 Can Marketing Support The Business? Get The Quote Rate Up, and Win More Quotes Keep Retention High Support Product Density YES!


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