By Jeff Piotrowski November
22, 2019
The
fact that 10,000 people turn 65 every day makes
Medicare Supplement insurance one of the largest markets in terms of growth
potential. And these increasingly tech savvy consumers are more comfortable
than ever shopping online for major life purchases.
Prioritizing
which leads to call on while retaining the existing customer base is a
challenge for every insurance agent. By taking a data-driven approach to
understanding who is in-market, agents can reach their prospects and customers
at the right time with the right message, improving acquisition,
placement, cross-sell and retention.
Developing
A Data-Driven Approach
To
better understand the Med Supp buying journey, Jornaya embarked on a research project to analyze more than 1.3 million online
shopping events that were initiated during annual enrollment
period.
The
results of that research, Understanding the Insurance Consumer Journey: Auto, Life
& Health, uncover the following:
·
The journey begins early, so market to your
segments as early as you can: 46% of consumers were shopping in the
Jornaya network before they requested a quote, and the average consumer began
shopping on health insurance domains 72 days before the quote request. While
remaining compliant with CMS marketing guidelines, the agents who are in front
of the consumer first are the most likely to gain a customer.
·
Consumers shop around, so differentiate
yourself: On average, consumers initiated 3.4 health insurance shopping events prior
to submitting a request-for-quote. And, 21% of consumers were simultaneously
shopping online for life insurance, while 30% of consumers were also in the
market for a mortgage. Agents who sell multiple products can deliver
personalized offers that better meet the prospect’s needs, as opposed to
competing head-to-head with their peers on a single product.
·
Consumers continue to shop, so nurturing is
important: 59% of consumers continued to shop after
they requested their first quote (vs. the 46% that were shopping before the
quote). And, on average, consumers that continue to shop did so 26 days after
the quote request. Agents who move on after the first few days of outreach are
losing out to their competitors who employ longer nurturing strategies.
Create
A Better Experience
The
insurance buying process can be confusing. Generate more value per customer by
gaining a deeper understanding of who they are, when and how they want to be
marketed to, and where they need additional guidance. Consider the following to
better understand what your customers want, so you can give them what they
need.
·
Create more value: Winning
agents are building end-to-end customer experiences that uniformly position
their agency as a trusted advisory across many considered purchases, reachable
via multiple channels, available to the customer on their time.
·
Deliver personalized experiences: Consumers expect personalized content when engaging with
brands. Medicare Supplement is no different. Agents can create
true engagement by seeking to understand their prospects and customers with
available data and technology, and then delivering focused guidance based on
that insight that helps the consumer make informed decisions.
·
Utilize data: This
intent data is easily accessible and enables agents to optimize the timing and
content of their outreach.
Insurance
is a major life purchase that entails a complex buying decision and emotional
risk for the buyer. In this space, it’s critical for agents to leverage the data
and technology available to them in order to create satisfying interactions
with their prospects and customers. Doing so is good business — it will
increase sales, keep customers longer, and grow policy lifetime value.
Jeff
Piotrowski is the senior director of insurance at Jornaya, a data-as-a-service
platform that delivers consumer journey insights to major life purchase
marketers. Jeff may be contacted at jeff.piotrowski@innfeedback.com.
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