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Marketing….. The Second Time Around

Marketing….. The Second Time Around. Session 38: February 28, 2006 Session Producer: Mark Dinsmore LTC Global Solutions. PANEL. Rick Gardner, Lifestyle Insurance Services Deborah Skiff, ACSIA Long Term Care Reg Wulf, ACSIA Long Term Care. Industry Sales. Industry Sales.

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Marketing….. The Second Time Around

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  1. Marketing….. The Second Time Around Session 38: February 28, 2006 Session Producer: Mark Dinsmore LTC Global Solutions

  2. PANEL • Rick Gardner, Lifestyle Insurance Services • Deborah Skiff, ACSIA Long Term Care • Reg Wulf, ACSIA Long Term Care

  3. Industry Sales

  4. Industry Sales It costs 60% more to generate a $1 of premium from a prospect age 55 than a prospect age 65

  5. … and Returning Less

  6. Goal Improve the Efficiency in Sales and Marketing of LTC Insurance … … and Increase Profitability

  7. Value Can Be Extracted From What Currently Goes Unused Why is LTC Insurance Like a Sack of Potatoes? Waste to Product Expense to Revenue

  8. Waste or Opportunity? • Prospects Left Unsold • Applications Never Placed • Customers Rarely Contacted • Claimants

  9. Elements of a Comprehensive Customer Contact Program • Multiple, regular contacts with customers • Coverage reviews • Wellness programs • Claims assistance • Declines • Non-health qualified prospects and spouses

  10. Rewards • Carriers • Increase LTC Sales • Risk management • Pre-empting customer • Agencies • Increase LTC sales • Added non-LTC revenue stream • Increase customer retention • Non-LTC • Source of qualified customers

  11. Risks • Potential channel conflict • Opportunity cost

  12. Case Studies Value in learning what worked… … and measuring results up against goals

  13. Case Study #1Selling Additional Coverage to Current Policyholders

  14. Additional Coverage Program Segmenting and targeting the customer base • Age, Daily Benefit, Benefit type Different sale – different approach

  15. Modifying the Sales Process • Notification of original writing agents • Assumptive relationship with client • High volume, centralized, phone based

  16. Pitch • Current Coverage Review • Identify holes in coverage • Review options • Service oriented approach

  17. Commitments to Carriers and Original Agents • No replacements • Complementary additional benefits

  18. Customer Reception • Welcome the conversation • Literally waiting by the phone with their policy • Receptive to phone vs. in-home interview • Objections • Can’t afford, sticker shock • *@&! Rate Increases

  19. Learning • Admin. Support required • Online application speeds sale and reduces errors

  20. Rewards • Carrier • Additional traditional insurance sale • Avoid spiral to highest level of claim • Increase customer satisfaction • Agency with large, established customer base • Additional sales w/o additional lead cost • Increase referrals

  21. Case Study #2Building Profitable PartnershipsMarketing Life Settlements to LTC Customers

  22. Life Settlements What does this world look like?

  23. Customer Profile How it lines up with LTC Insurance prospects and customers

  24. Suitability • Financing Needs • Looking at the non-Health Qualified Client

  25. Integration: Agency Share • Integrating Approach with Agency Sales Model • Training Staff to Qualify Prospects

  26. Integration: Lifestyle Share • Educating Customers on Options • Offer creation

  27. Typical Results • Improved Cash Settlement • More Efficient Life Insurance Costs

  28. Lessons to Take Away • Partner is Critical • Need to keep focus on core business • Product Must Fit LTC Customer • Tried other products with varied succes

  29. Rewards • Carriers • Little impact • Agencies • Significant potential income • An alternative to health unqualified • Non-LTC • Good match with LTC buyers AND non-buyers

  30. Final Thoughts • Just Scratching the Surface • Industry Perspective • Sales and marketing is the biggest expense after claims • Opportunity for customer satisfaction and less claims

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