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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



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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