branding in the digital age: the actuarial profession

Using brand to unify content & engage your audiences

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Branding in theDigital Age

PARN Conference, April 2013

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The Institute of Actuaries

Re-defining a profession The Institute and Faculty of Actuaries

Member organisations tend to operate along more democratic lines than companies in the commercial sector, depending often on volunteer staff and changing personnel in governance committees. This can lead to slower and more cautious decision making with initiatives not always carried through to conclusion.

In a profession already undergoing significant structural changes and operating in the front line of a financial world at a time of global financial melt-down, repositioning the Actuarial Profession was not going happen in a flash.

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A new vision with new opportunitiesA changing profession in a changing world

2007 2008 20132009 20122010 2011

Our Vision

Setting out a newvision – bringing consistency in

direction

Merger – Institute with

Scottish Faculty

Organisational change

The Crash!

A global call for legislation and new processes

Solvency II

New roles and demand for actuaries

ERM & CERA

New opportunities and

challenges for actuaries

Risk Strategy

A roadmap for risk positioning

Slam has worked for more than five years with the Actuarial Profession on brand research, strategy and content against a background of significant change in the Actuarial world.

New Brand Identity

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Objectives for growth and consolidation

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ATTRACT TOP GRADUATES

Vision

EXPAND OPPORTUNITIESFOR ACTUARIES

MARKET A QUALIFICATIONWITH BROADAPPEAL

In 2007, as now, the profession’s business strategy outlined a number of key objectives to support the the vision.


Objectives for growth and consolidation

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Vision



BUT ...Would graduates working in new areas see the relevance of an actuarial qualification?

BUT ...is the actuary brand image an attractive proposition to high flying graduates

BUT ...are actuarial skillssuitable for rolesbeyond their traditionalroles and sectors


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Slam developed a project plan to test the objectives


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Recruitment

consultants

Careeradvisors

General public

Non-traditional employers

Graduates

Internal External

Staff

Members

Leadership

We identified key stakeholders & conducted extensive research

StakeholderInfluencer

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Low awareness, competing qualifications and a massive gap between the image and the reality of what actuaries are and do.We recommended repositioning around a new value proposition.

What we discovered


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Actuaries work in insurance

What we discovered – the image

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Actuaries work in risk

What we discovered – the Reality …

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Here the title

Some subtitle or description goes here

CAPABILITY FOCUSEDA complete and universal understanding of risk

STRATEGICInfluencing and making leadership decisions

BROAD, DYNAMIC AND EXCITINGFlexible, global opportunities

EXTRAVERTEDSharing thoughts and working with others to solve problems

PRACTICAL PROBLEM SOLVERA unique way of thinking about risk

Actuaries are experts in risk


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Here the title

To align your people to the purpose and to deliver your promise


The Power of a Unified Value Proposition

Man is the creator of change in this world and should

not be subordinate to mundane

systems

To help people and businesses

throughout the world realise their

full potential


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Here the title


The Power of a Unified Value Proposition


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Here the title



Powerful value proposition – unified purpose

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Generic value proposition – fragmented purpose

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Here the title


CAPABILITY FOCUSEDA complete and universal understanding of risk

STRATEGICInfluencing and making leadership decisions

BROAD, DYNAMIC AND EXCITINGFlexible, global opportunities

EXTRAVERTEDSharing thoughts and working with others to solve problems

PRACTICAL PROBLEM SOLVERA unique way of thinking about risk

Actuaries are experts in risk


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Vision


Our first task was to engage graduates

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Level of ControlHigh Low


Promotion“About Me”

Participation “About Us”

Engagement “About You”

One way communication, high-impact/creative

Objectives are typically to drive traffic to the owned/paid platforms & build awareness

Social interaction is dependent on campaign mechanics, such as using Twitter.

Audience relevance may be based on insights gained from research, listening and monitoring

Facilitated conversation, controlled community

Objectives to deliver online experience, build closer relationships, enhance offer, crowd source ideas – Build and grow the community

Social interaction on brand ‘owned/paid’ platform

Audience relevance is dependent on brand is offer, how the community reacts to brand behavior

Group conversation, external community

Objectives are to gain insights, build trust and grow the community through Earned Trust

Interaction within external community, brand enters community

Always relevant as information is centered around audience interests

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EXPLORE CONSIDER VALIDATE SELECT APPLY

Online skill

Influence

ONLINE

OFFLINE

CONTENT FOCUSONLINE BEHAVIOUR

• Visits every possible graduate site/forum there is

• Actively engages forum members (strangers) asking and answering questions

• E-mails different firms with key questions

Earnings Enjoyment Employment

DESIRED INFORMATION

• International opportunities and experience

• Employment opportunity, today and tomorrow

• Big deals, big clients

• Earning potential Key influencer

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• Visits different employer sites – visits their jobs board

• Visits graduates recruitment/job sites (Prospects, Milkround)

• Looks at graduate recruitments sites at jobs advertised

• E-mails graduate recruitment staff

• Gets involved in graduate career forums

• E-mails those working in her chosen field to ask ‘questions’

• Talks to peers on social media

• Visits employer social media sites, ie. Facebook

• Applies through company’s website

• Speaks to employers at careers fairs

• Speaks to career advisors

• Reads employer marketing material

• Receives updates

• Talks to peers* • Speaks to parents /

family friend*• Speaks to recruiters*

• Speaks to graduate employment team

• Reads employer brochure

• Applies through graduate recruitment team

• Applies at events

Employers


Avery Jones24Oxford graduateEngineering degree

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Understand how they interact

PARN Conference, April 2013 PAGE: 19 of 31

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LEARN Content that engages through providing new information that teaches your audience something new and useful

Whitepapers, Articles, News, Webinars, Surveys

UTILITY Content that engages through being useful, by solving a problem or by improving decision-making / making things easier

Calculators, Maps, Trackers, AggregatorsPLAY Content that engages through rewarding the audience for completing enjoyable tasks

Games, Gamification, Check-ins, Reward Programs, Puzzles

ENTERTAIN Content that engages the audience through amusement or enjoyment

Stories , Songs, Jokes, Performances, Poems

Useful

Enjoyment

Active

Passive

And what they are interested in

Facebook page

YoutubeChannel

WWW. Graduate

careers page

Graduate recruitment

sites

Online Adverts

EDM

Direct Mail

Printed Brochures

Staff

Promotion Engagement

School leaver

Facebook Profile

Actuaries'Facebook

Profile

Actuary video

“DITLOs”

Online Profiles

Schools brochure

Graduate brochure

GraduateFacebook

Profile

Probability Quiz

“World of Risk”

Posts: Curated, Events, News

RecruiterFacebook

profile

Print Adverts

Personal blog,

publications

Graduate Mailer

Social Media

guide for Actuaries

Offline Online

Posts:Sharing,Job opps

Job site, listings

Posts: Sharing,

Comment, questions

Posts: Sharing,

answering questions

Participation

Integrated, connected by content, unified by the idea

over12,000


….Meanwhile risk grew in Relevance


So we researched opportunities in Risk Management

A study of the emerging field of risk management included interviews with CROs and risk professionals in both traditional and non-traditional areas of financial services to understand how RM was reshaping businesses.

Key Findings RM has significant impact on actuarial roles

in traditional employment areas – “We’re all risk managers now!”

Opportunities in both traditional and non-traditional areas, but a lack of awareness and understanding of actuarial fit.

Requirements for additional skills in traditional roles.

Lack of awareness of the world evolving in traditional areas.


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Experts in Risk

A new strategy placing Experts in Risk at the heart

Sponsorship

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Internal External

Members

Leadership

Change begins with understanding the audience

Executive Staff

Objective Own promote, inspire & engage at

global, national, sector and individual level

ObjectiveUnderstanding of how risk is re-

shaping actuarial work, broadening opportunities and redefining the

application of core actuarial skills

ObjectiveCreation, management and co-

ordination of “Experts in Risk” brand positioning within core activities

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Insurance Sector

Internal External

Internal primary segmentsInternal Sub-segments

Members

Leadership

Executive Staff

Seniors Mid-tierJunior & Student

s

Pensions Sector

InvestmentsSector

What would we like them to know, believe and do?

What do they currently know, believe and do?

What knowledge, ideas and information can bridge the gap, both functionally and emotionally?

Change begins with understanding the audience

Executive Staff

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SeniorsInsurance Sector

Internal External

Members

Leadership

…On a deeper level

Internal primary segmentsInternal Sub-segments

Mid-tierJunior & Student

s

Pensions Sector

InvestmentsSector

Technical and inspirational content to support achieving top positions, participation in industry events and inspiring staff

Build enthusiasm, energy, skills and career supportFrom highly technical to inspirational content to build capabilities and show the way

Build awareness, inspire, advise. Messages integrated at touch points from education to social media.

Executive Staff

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Internal External

Internal primary segmentsExternal segments

Members

Leadership

Recruitment consultants

Related Professional

s

General public

Employers

Graduates Press

Educators

Careers Advisors

to get them to get the message across with relevant content

Executive Staff

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Gearing the organisation to deliver the content

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So What!

Ensure you have a unifying value proposition at the heart of your brand –a promise that is true, relevant, differentiating and enduring

Place content at the centre of your marketing and make sure it works hard by developing a content strategy centred around achieving audience goals - by understanding your audiences online

Create great content that meets your strategic objectives, unifies your brand while educating, entertaining, influencing and informing

Enable your people to create and develop content which is supported by organisational processes and systems

That’s all for today

Author: Shiela Lumsden

Date: April 2013

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Thanks!


branding in the digital age: the actuarial profession

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