Digital innovation in the insurance sector
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Here are some of the latest digital marketing trends in the insurance sector. If you would like to hear more or book an innovation workshop, please contact kelly.harris@heathwallace.com
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Digital innovation in the insurance sector
- 1. Insurance, what’s next? June 2015
- 2. Agenda 1. Introduction 2. Move to digital 3. Broker social 4. The challenges 5. More than price 6. Innovation 7. Roadmap 2
- 4. 4 HeathWallace Creative and user centric cross channel solutions Effective use of technology to empower clients Highly scalable and robust delivery methods Expertise in financial services ______________________ Founded in 2001 Create solutions that offer their customers an immersive, rich and rewarding experience Joined WPP in 2008 150 people, 8 offices, £12.5million annual turnover 4
- 6. Share of individuals who purchased insurance policies or shares online in Great Britain in 2014, by age and gender Source: Office for National Statistics (UK) 25% 18% 13% 28% 29% 28% 21% 9% 0.0% 10.0% 20.0% 30.0% 40.0% Men Women 16-24 25-34 35-44 45-54 55-64 65+ Share of respondents 6
- 7. 7 Move to digital • By 2020 Millennials will be the majority generation in the workforce. • They are incredibly digital averaging 96 hours per week online. • “Why can’t I just do this online.” • The challenge will be moving them from the research phase (browsing) into purchase. • Millennials are prepared to be involved and make an experience work better for them.
- 8. 8 Leading Sources that Influence Insurance Purchasing Decisions Among UK Millennial Internet Users, March 2015 Note: ages 18-34 who have purchased or plan to purchase insurance Source: Pegasystems and Capgemini, ‘’Born Yesterday: Will Millennials Disrupt the Insurance Industry?’’ conducted by Decode, May 14, 2015 51% 48% 27% 24% Comparison website Searching online Word-of-mouth from friends Parents' recommendations % of respondents
- 9. 9 Important Factors When Selecting Insurance Among UK Millennial Internet Users, March 2015 Note: ages 18-34 who have purchased or plan to purchase insurance Source: Pegasystems and Capgemini, ‘’Born Yesterday: Will Milennials Disrupt the Insurance Industry?’’ conducted by Decode, May 14, 2015 70% 46% 40% 25% 21% 19% Cost Reputation Ease of purchase Availability of real people to talk to at an Insurer Brand Quality of digital services % of respondents
- 10. To hear more, please contact marketing at Kelly.harris@heathwallace.com 10
Editor's Notes
- Move to digital – audiences increasingly purchasing insurance online, watch out for the Millennial! The marketing challenge – compliance & legal, innovation, UX initiatives… More than price – the landscape is still dominated by price, and its often the only thing we give a consumer to go on. How can we change this paradigm? How should we shift the relationship model? Broker social – brokers are embracing social media, where’s this heading? Innovation – this has been key in other sectors opening up new value streams and sometimes creating new service paradigms. Roadmap – what’s the best path for insurance businesses to take?