Smart content in insurance - Presentation from The Digital Insurer

Social Media & Mobile Marketing Conference

8th April 2014

Presentation by Hugh Terry – The Digital Insurer

Change Picture

Find the slides in the conferences section of The Digital Insurerhttp://www.the-digital-insurer.com/social-media-mobile-marketing-conference-8-9-april-2014-singapore/

5 Key Objectives today

2

Make the case for smart content in insurance

Present a framework to help assess smart content

Take a look at some examples

how can you prepare for a content war in insurance?

Crystal ball - predicting the likely winners

1

2

3

4

5

The Digital Insurer is in the content business

Reports on Digital InsuranceContent production

� Insurance library (9 articles reviewed each month) 2-3 new articles a quarter

� Thought leaders :2-4 articles a quarter

� Quarterly Digest

� insurance library (9 articles reviewed each month)

� Bespoke sponsored reports

Speaking Engagements

Digital Consulting & Digital Ventures

Join more than 2,500 other insurance professionals @ the-digital-insurer.com

Smart Content in Insurance

Social media and Mobile Marketing Conference 8th April 2014

1. Making the case for smart content in insurance

Best Actor & Actress in Oscars this year?

5

Cate Blanchett Matthew McConaughey

6

Do you recognise this picture?

5 facts you may not have known

750K retweets in 15 mins, >3 million within a week

Ellen Degeneres has >20 million twitter followers

It was ‘half planned’ – sponsored placement but not the selfie

They spent US$18 million dollars for 5 minutes ad at the Oscars + product placement

Samsung was so pleased it donated U$1 for each tweet to a charity of Degeneres’ choosing

1

2

3

4

5

DeGeneres: “Meryl, here's my idea, ok, so you were nominated -- it's a record-breaking 18 times, right? So I thought we would try to break another record right now with the most re-tweets of a photo. So right now I'm going to take a picture of us, and we'll see if we can break the record for the most retweets –”Streep: “Get her in –” *points to Julia Roberts*And the rest followed….

Similar success in insurance

8

� Digital to real world – win a free ride

� 2010/ 2011 – Guinness World Record with most likes in a 24 hour period

� Again: scale of success was not expected

� 2.2 Million Facebook likes

Farmers Insurance use Farmville

� Driven by desire to reduce click through costs –73% reduction in search costs

� Accidentally created a loveable cartoon character (Aleksandr Orlov) - >800K likes on Facebook

� No 1 for spontaneous recall

Comparethemarket.com

3 Strong reasons for investing in content in insurance

9

1

2

3

4

5

1. Consumers like and use content

2. Insurers have a trust

challenge

3. New customers

Reason 1: consumers love content

10 http://www.bazaarvoice.com/ - the conscious consumer

11

Consumer’s research on-line & purchase anywhere

Source : www.consumerbarometer2013.com .

Around the world 69% of the online population researches on-line before purchasing a product or service

46% research online /purchase offline23% research online / purchase online

12

Is Financial Services different? Not really

For Finance and Real Estate it is 67% around the world

Source : www.consumerbarometer2013.com .

13

Is Asia different? Not really

In India it is 65% and in China it is 74% for Finance and Real Estate.However, a higher % of purchases are currently made offline (reflecting

face-to-face channel dominance).

Source: www.consumerbarometer2013.com .

Multiple source of information – “mono” communication channels no longer exist

14 Extracted from Swiss Re Sigma 06/13

Reason 2: Trust is at the heart of financial services. But…

15Source : Edelman 2014 Trust barometer

WE HAVE A TRUSTCHALLENGE

15

71% would rather go to the dentist than listen to what their banks are saying to themSource: survey by Viacom

Reason 3:Market Opportunity

16

Extracted from Swiss Re Sigma 06/13

Smart content can change the paradigm that “life insurance is sold not bought”.

Economics of content distribution: inbound lower cost than outbound

17

Websites are at the heart of a smart content strategy. Content is the driver for inbound marketing.

“What for”: Content goals

18

2. Frameworks for assessing Smart content

Smart Content in Insurance

Social media and Mobile Marketing Conference 8th April 2014

Image from ; slideshare.net/tomdebaere/the-rise-of-smart-content-marketing

So what is smart content?

� What are the key criteria?

� How do we measure smart content?

� How do we move beyond being subjective?

20

The AIDA model for Advertising

21

A - attention (Awareness)- Attract the attention of the customer.

I - interest: - Raise customer interest by focusing on and demonstrating advantages and benefits (instead of focusing on features, as in traditional advertising).

D - desire:- Convince customers that they want and desire the product or service and that it will satisfy their needs.

A - action:- Lead customers towards taking action and/or purchasing.

AIDA is the traditional model – but ignores distribution and needs updating for digital channels

A work in progress- Share your viewsThe Digital Insurer’s

Smart Content Index (SCI)

The Smart Content

Index

from The Digital

Insurer

The content demands my attention – this increasingly involves multi-media

The content is engaging - it attracts my interest and it is thought provoking

The content Is searchable / findable –it can be discovered by target consumers

The content is memorable –and easy to quote

The content is reportable – which means its success can be

measured

The content is designed to encourage sharing – it can

be shared across multiple platforms

The content is easy to use – “fit” for purpose

and to the point

The content is actionable - it leads me to take a step that

the content producer wanted22

What is the SCI Rating?

23

The Smart Content

Index

16/24

Good

Average

Poor

3

2

1

20-24

8-12

13- 19

24

3. Examples of Smart Content in Insurance

Smart Content in Insurance

Social media and Mobile Marketing Conference 8th April 2014

3 great examples of smart content in insurance

26

Blank

USAA provides financial services to veterans and serving members of the armed forces

Alexa Ranking : 1,172 Global ; 288 US6.2 pages per visit – 6 mins average on site per visit27

Blank

28

� >600K likes in Facebook

� Mobile service and content platform

� Member-to-member forum

� >60K Twitter followers

28

Blank

29

Let the conversation flow

� The good

� … and the bad

29

0

Did you know ?USAA is a mutual – owned by its policy owners

It’s content strategy is an extension from deep seated customer centricity

A customer centric business –Leading customer satisfaction scores

Leading Net Promoter Scoreboards

30

Blank

Money Saving Expert Provides advice on how to save money in the UKAlexa Ranking : 1,780 Global , 55 UK

4.7 pages per visit – 5 mins average on site per visit31

Blank

32

� Who doesn’t like to save money?

� Independent advice

� 39 million site visits in 2011

� Weekly email (5 million subscribers – 2011)

� Discussion Forum (28 million posts)

� Extensive Guides

� Money saving tools

32

Did you know ?Money Savings Expert is owned by leading aggregator

moneysupermarket.com (Alexa : 207 UK)The site was sold for ~US$130 million in 2012 (it had <50 staff!)33

Blank

Great Eastern is a leading regional life insurer – homegrown in SingaporeAlexa Ranking: 164,285 Global ; 1,638 Singapore

3.1 pages per visit, 4 mins average per visit34

Blank

35

� Dedicated microsite

� >60,000 Facebook users

� Multi– year commitment – content is additive around broad theme “live great”

� Mobile enabled

� Engaging – Guides , health apps, tips , rewards

� Applied across the region35

Did you know ?Great Eastern started its content journey more than 2 years ago

36

Asian Insurance Reviews Life insurance company of the year 2013“We are honoured to be named Life Insurance Company of the Year. At Great Eastern, we embrace a simple yet powerful corporate purpose - to not just be a life insurance company, but to be a LIFE company. We have made it our purpose to help our customers to live longer, healthier and better, and over the last two years we have been building our Live Great programme,…. This award is a strong affirmation and validation of our multi-faceted customer engagement strategy across the region.“Chris Wei , Group CEO (Source: Great Easter press release 6/11/2013)

4. Preparing for a content war in insurance

Smart Content in Insurance

Social media and Mobile Marketing Conference 8th April 2014

Blank

38

“How”: Content Tactics

� B2C Content Marketers use an average of 12 tactics

Content distribution platforms

40

Getting started: Top 3 recommendations

1. Create a modern content “factory” - agile with a dedicated leader, external recruits and third party support

2. Invest in content distribution in parallel with content production

3. Co-opt staff and salesforce to support both content production & distribution

41

Stating the obviousA multi-year budget commitment is required

5. Predicting the content winners in insurance in Asia

Smart Content in Insurance

Social media and Mobile Marketing Conference 8th April 2014

Key Success Factors

Breadth of Product Range

Bra

nd

Aff

init

y

WINNERS

LOSERS

Brand AffinityOwned or borrowed.

Influenced by size of

customer base

Sustained

Commitment

Combination of

financial and cultural

commitment to

content production

Independence of

adviceAbility to offer advice

that is viewed as

authoritative and

sufficiently independent

by consumers

Breadth of product

rangeLife insurance only is a

difficult content

proposition (but could

be tackled by a digital

niche player)

Content Distribution

capabilitiesAccess to a combination

of in-house traditional

and digital marketing

assets as well as paid

distribution

11 22 33 44 55

43

“DigitalMoney”

Small distributor centric life

co

1. A well funded start-up? A non financial

services company with a great brand and

fantastic digital assets

2. A division of a broking company? But where’s

the brand affinity? Could employer affinity be

sufficient?

3. An aspiring Independent financial Advisory

firm? Would they have the resources to

compete?

4. A Large incumbent insurance company?

Would it be prepared to expand its product

range into banking?

5. A bank? Are banks willing to adopt open

architecture models for non- banking products?

Candidates for “Digital Money” in Asia

visit the-digital-insurer.com

• Subscribe for free content• Provide content and ideas• Be an industry leader and help us to do more- Ask you company

to sponsor content development

Messages to take away

Support The Digital Insurer – and help us develop smarter insurance content for you!

Find this presentation in the conferences section of the-digital-insurer.com

References & recommended reading

� About Smart content marketing:http://www.slideshare.net/tomdebaere/the-rise-of-smart-content-marketing

http://contentmarketinginstitute.com/wp-content/uploads/2013/10/B2C_Research_2014-withlinks.pdf

� Other views on great content (website/blogs):http://blog.kissmetrics.com/ingredients-of-great-content/

http://www.wordstream.com/blog/ws/2013/07/29/great-content

� Hubspot - State of inbound marketing reports:http://cdn2.hubspot.net/hub/53/blog/docs/ebooks/the_2012_state_of_inbound_marketing.pdf

http://offers.hubspot.com/2013-state-of-inbound-marketing

� Trends in Trust in financial services:http://cdn2.hubspot.net/hub/53/blog/docs/ebooks/the_2012_st

45