Marketing the second time around
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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

Marketing…..The Second Time Around

Session 38: February 28, 2006

Session Producer:

Mark Dinsmore

LTC Global Solutions


Panel

PANEL

  • Rick Gardner, Lifestyle Insurance Services

  • Deborah Skiff, ACSIA Long Term Care

  • Reg Wulf, ACSIA Long Term Care


Industry sales

Industry Sales


Industry sales1

Industry Sales

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


And returning less

… and Returning Less


Marketing the second time around

Goal

Improve the Efficiency in Sales and Marketing of LTC Insurance …

… and Increase Profitability


Value can be extracted from what currently goes unused

Value Can Be Extracted From What Currently Goes Unused

Why is LTC Insurance Like a Sack of Potatoes?

Waste to Product

Expense to Revenue


Waste or opportunity

Waste or Opportunity?

  • Prospects Left Unsold

  • Applications Never Placed

  • Customers Rarely Contacted

  • Claimants


Elements of a comprehensive customer contact program

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


Rewards

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


Risks

Risks

  • Potential channel conflict

  • Opportunity cost


Case studies

Case Studies

Value in learning what worked…

… and measuring results up against goals


Case study 1 selling additional coverage to current policyholders

Case Study #1Selling Additional Coverage to Current Policyholders


Additional coverage program

Additional Coverage Program

Segmenting and targeting the

customer base

  • Age, Daily Benefit, Benefit type

    Different sale – different approach


Modifying the sales process

Modifying the Sales Process

  • Notification of original writing agents

  • Assumptive relationship with client

  • High volume, centralized, phone based


Pitch

Pitch

  • Current Coverage Review

  • Identify holes in coverage

  • Review options

  • Service oriented approach


Commitments to carriers and original agents

Commitments to Carriers and Original Agents

  • No replacements

  • Complementary additional benefits


Customer reception

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


Learning

Learning

  • Admin. Support required

  • Online application speeds sale and reduces errors


Rewards1

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


Case study 2 building profitable partnerships marketing life settlements to ltc customers

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


Life settlements

Life Settlements

What does this world look like?


Customer profile

Customer Profile

How it lines up with LTC Insurance prospects and customers


Suitability

Suitability

  • Financing Needs

  • Looking at the non-Health Qualified Client


Integration agency share

Integration: Agency Share

  • Integrating Approach with Agency Sales Model

  • Training Staff to Qualify Prospects


Integration lifestyle share

Integration: Lifestyle Share

  • Educating Customers on Options

  • Offer creation


Typical results

Typical Results

  • Improved Cash Settlement

  • More Efficient Life Insurance Costs


Lessons to take away

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


Rewards2

Rewards

  • Carriers

    • Little impact

  • Agencies

    • Significant potential income

    • An alternative to health unqualified

  • Non-LTC

    • Good match with LTC buyers AND non-buyers


Final thoughts

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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