A knowledge-centric buyer acquisition playbook for insurance coverage corporations

30-second abstract:

Of their just lately printed playbook, Information Axle makes use of model examples from prime corporations like John Hancock, Aetna, Esurance, and extra for instance how information can be utilized to create focused acquisition packages.
The playbook outlines a four-phased acquisition strategy.
The phases, summarized under, embody: Establishing a baseline/defining an goal, defining your viewers, figuring out viewers wants, motivations, and preferences, and placing a go-to-market plan into motion.
You may obtain The Insurer’s Buyer Acquisition Playbook from ClickZ.

Information Axle, a number one supplier of knowledge and real-time enterprise intelligence options, just lately printed a complete acquisition information for insurance coverage corporations. Insurance coverage corporations face distinctive buyer acquisition challenges together with quickly altering buyer wants and excessive acquisition prices. 

Information Axle’s playbook demonstrates how information might be leveraged to create an efficient acquisition technique. By that includes examples from prime insurance coverage trade manufacturers and outlining a complete four-phased strategy, Information Axle offers a roadmap that insurance coverage corporations can use to construct a data-driven path to development. 

This text summarizes Information Axle’s strategy and contains a transient overview of two examples, however solely touches on the data supplied within the information. To get all the main points (and information) from the supply, obtain Information Axle’s The Insurer’s Buyer Acquisition Playbook as we speak.

Content material created in partnership with Information Axle.

Part 1: Set up a baseline and outline goals

Part 1 of the playbook focuses on planning. Information Axle recommends that insurance coverage corporations conduct a deep evaluation of previous marketing campaign efficiency together with a overview of previous key efficiency indicators (KPIs). It emphasizes the significance of involving a number of enterprise stakeholders within the overview course of.

Writes Information Axle, “The method begins with a deep evaluation of previous efficiency, present key efficiency indicators (KPIs), and acquisition wants throughout enterprise items. This may make sure that the overarching acquisition technique meets enterprise objectives and offers clear path to all groups.”

Legacy information can present priceless perception about what’s labored and what hasn’t, enabling insurance coverage corporations to focus their technique on one of the best potential income sources.

Model Instance: John Hancock

John Hancock needed to spice up enrollments and entice youthful audiences. Additionally they needed to enhance buyer loyalty. In reviewing previous buyer information, they realized that their coverage homeowners had a mean of simply two interactions with insurers per 12 months.

Supply: Information Axle, The Insurance coverage Buyer Acquisition Playbook

They revamped their strategy to buyer expertise by combining a technology-based wellness program with life insurance coverage utilizing a straightforward digital enrollment course of and elevated the variety of interactions with prospects to 23 per 30 days. Additionally they made the insurance coverage shopping for course of much less cumbersome.

John Hancock started their planning course of by figuring out three objectives—improve buyer loyalty, enhance enrollments, and entice youthful audiences. Defining objectives is an effective place to start.

Listed below are some widespread objectives that Information Axle listed of their playbook:

Offsetting attrition
Rising your buyer base
Hitting gross sales or lead objectives
Increasing into new territories
Re-engaging earlier coverage holders

customer acquisitioncustomer acquisition

Supply: Information Axle, The Insurance coverage Buyer Acquisition Playbook

Part 2: Outline your viewers

Figuring out probably the most worthwhile buyer segments is the subsequent step in Information Axle’s four-phased strategy to creating an acquisition technique.

The playbook lists 4 questions that insurers can use to assist establish targets for acquisition campaigns:

Who do you may have as we speak? Information Axle recommends utilizing a mix of first-party buyer information mixed with third-party information to assist establish your highest-value prospects.

Third-party information suppliers can match your buyer information with insights about client pursuits, demographics, and different essential data.

This mixed data might help you create buyer profiles, or personas, representing various kinds of prospects. Personas allow extra refined marketing campaign focusing on and buyer personalization.

Who would you like? This query helps insurers outline which audiences they need (or want) to focus on to attain their enterprise goals. The reply informs the acquisition technique.
How a lot are you prepared to pay to amass them? The fee per acquisition (CPA) is the amount of cash it prices to amass one buyer. The CPA purpose is related to the income per buyer and helps decide an acquisition funds. Writes Information Axle, “Insurance coverage corporations ought to calculate longer-term metrics, like common buyer lifetime worth and income per policyholder, to assist inform how a lot they’re prepared to spend on new acquisitions.”
How will you establish your prospects? Information Axle lists a number of examples of data-driven acquisition fashions that insurance coverage corporations can use to establish high-value, high-converting prospects. Fashions like look-alike prospects, response fashions, and customized audiences use first and third-party information to establish the suitable audiences.

Part three: Determine your viewers’s wants, motivations, and preferences

The third part of the data-driven acquisition strategy focuses on connecting with the audiences you’ve recognized. This part depends on information to assist form your acquisition technique.

Information Axle recommends that insurers ask the next questions:

What downside are prospects making an attempt to resolve?
When do they want your product/service?
The place are you able to attain them?
What messaging will encourage them?

Answering the above questions helps uncover the ache factors of high-value insurance coverage prospects. Writes Information Axle, “Most shoppers aren’t trying to purchase insurance coverage; they wish to fill a necessity – peace of thoughts, monetary safety, or perhaps wholesome residing.”

Model Instance: Lemonade

Lemonade is an insurance coverage trade disruptor whose purpose is to simplify the insurance coverage shopping for course of for policyholders, serving to them keep away from “crimson tape” and “lengthy wait instances.”

Lemonade additionally appeals to socially acutely aware shoppers by serving to policyholders give again to numerous causes. Their messaging, as proven within the examples under, focuses on fixing particular buyer ache factors (quick protection, quick cost, ease of signup, and many others.).

Supply: Information Axle, The Insurance coverage Buyer Acquisition Playbook

Part four: Put your go-to-market plan into motion

The ultimate part of buyer acquisition pulls all the opposite steps collectively, connecting related groups, deciding on expertise and information platforms, and finalizing the acquisition course of. Information Axle emphasizes the significance of cross-team collaboration when implementing a buyer acquisition technique.

Writes Information Axle, “Manufacturers can enhance acquisition program outcomes by specializing in tactical coordination when it’s time to go-to-market.”

Tactical coordination contains workforce alignment, inventive testing and settlement on messaging, media channel identification and administration, and a transparent reporting infrastructure and technique. That is the place Information Axle’s information companies and expertise slot in, with potential options that embody:

Enterprise and client databases
A knowledge acquisition platform
Unsolicited mail/media planning options
B2C lead era options

The playbook contains in-depth details about how insurance coverage corporations can create a data-centric buyer acquisition technique together with drilling down into efficiency measurement strategies and the best way to discover the suitable inside and exterior experience to drive your technique.

There are additionally many extra model examples of modern acquisition methods and approaches from insurance coverage corporations together with Northwestern Mutual, Aetna, and Cigna.

You may obtain Information Axle’s free information, The Insurer’s Buyer Acquisition Playbook from right here.

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