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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 sales1
Industry Sales

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

slide6
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

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
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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