inspire 2015 - voya & experian: voya's digital journey to engage the always-on consumer
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Voya’s Digital Journey to Engage the Always-On Consumer
Tuesday, May 19, 2015
Christine Frohlich, Director, Product Management, Experian Marketing ServicesGeorge DeVarennes, Senior Business Intelligence Analyst, Voya
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Company Snapshot
• 10,000+ clients in 30 countries
• Global segmentation of 2.2bn consumers
• Intelligent interactions. Every time.
Experian Marketing Services
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Overview
• The always-on consumer• Consumers path to purchasing insurance• Harnessing insights to drive personalization• Voya’s story•Marketing lessons & implications
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Meet the Always-On Consumer
Websitevisit
Mobile Ad
PurchaseDirect Mail
TVcommercial
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To Find
The average person can be expected to move a dozen times in their life
has at least 3 email accounts
at least 2 social media accounts
and nearly 2 mobile phones
Customer is harder to find
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Current
• Building personal and compliant experiences• Delivering omnichannel engagement• Optimizing online presence to simplify consumer research and
purchase process
Emerging• Discovering consumers expectations and preferences• Driving relevance with known insights to achieve engagement• Understanding how to build engagement in social media
Challenges for the Insurance Marketers
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The Path to Purchase: Offline & Online Touch points
Consumer preferences
• Prefer digital resources• Price shopping• Policy comparisons• Accessing information
• Prefer agents• Answering questions• Instilling confidence• Quality Advice
Life Insurance Customers Worldwide Who Prefer Physical1 vs. Digital2 Channels for Performing Insurance-Related Activities, 2012% of respondents
Physical channels1
Digital Channel
s2
Answering questions 51% 13%
Instilling trust and confidence 49% 11%
Receiving quality advice 47% 14%
Providing convenience 45% 23%
Providing easy-to-understand information
39% 19%
Providing quick service 38% 24%
Receiving independent/objective advice
37% 20%
Finding the best rate/price 29% 30%
Comparing policies and services 27% 32%
Accessing information 23% 34%
Note: respondents who indicated a strong preference for each channel; 1 agents/brokers/banks 2 internet/mobile Source: Capgemini, “2012 Insurance voice of the Customer survey” as cited by Capgemini and Efma, “World Insurance Report 2013,” Feb 27, 2013
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The Path to Purchase: Online & social for research
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71%
66%
61%
49%
44%
59%
59%
61%
#1 Marketing Priority
Personalization
Marketers Worldwide Who Believe Personalizing Marketing Is a High Priority for the Future of Their Industry, May 2013% of respondents
Retail/commerce
Telecom Utilities
Financial services/insurance
Health/life services
Consumer products
Other
Total
Source: Teradata,”2013 Teradata Data-driven Marketing Survey,” August 5, 2013
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Two audiences…
both in market for life insurance
What do they look like?How do I engage them?
Best insurance prospects in market now
Families Matter Most
Balance &Harmony
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Families Matter Most
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Creative & Messaging: Value & Necessity
A B C D
Show the savings Feature bonus elements
Product Comparisons
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Balance & Harmony:
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Creative & Messaging: Endorsements & Status
Celebrity testimonials
High End Lifestyles Luxury brands & icons
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Voya: Getting personalData-driven approach to audience segmentation
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Company Snapshot
• 13+ million customers
• 6,500+ employees
• Retirement readiness for America
America’s Retirement CompanyTM
Get to know …
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Use Cases
• Refining Segmentation
• Online Content Optimization
• Social Media Engagement Strategies
Overview
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Identify:
• Who’s our customer?
• How do we best reach them?
• Keep focus on customer
Refining Segmentation
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Next Steps
• What did we learn about our customers?
• How do we apply our learnings across teams/groups at Voya?
Refining Segmentation
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Retirement InvestmentsObjective• Increase click rates
Strategies• Personalize
messaging • A/B testing • Measure results
Online Content Optimization
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Before
Online Content Optimization
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After
Online Content Optimization
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Overview
Social Media
83%
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Insurance Solutions
Objective• Increase social media engagement
Strategies• Create customer profiles• Develop targeted messaging• Deploy messaging via social
Social Media
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#BornToSave Campaign
Social Media
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The Results
• Using data to drive decisions
• Customer at center of it all
In Conclusion
THANK YOU!
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