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Insurance.com Strategy Recommendations December 9, 2008 Tony Weber – Vice President of Strategy
Table of Contents ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Phase one of our efforts is to envision what success looks like
There are three major components of the envision phase Today
INDUSTRY SNAPSHOT
The insurance industry faces a tough road ,[object Object],[object Object],[object Object],[object Object]
Consumers are feeling the pinch ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
But there’s an enormous opportunity for ICOM ,[object Object],[object Object],[object Object]
Despite lower conversion, the internet leads to the largest number of raw applicants ,[object Object]
… and is having a growing influence on sales ,[object Object],[object Object],“ How did you apply for your most recent auto insurance?” Base: US online consumers who opened/applied for  auto insurance during the past 12 months
Even loyal customers are watching for better deals
ICOM has an attractive value proposition ,[object Object]
Yet no comparison sites have established themselves ,[object Object],[object Object]
THE CHALLENGE
Why hasn’t ICOM stepped into that gap? ,[object Object],[object Object],[object Object],Learn Use Decide Buy Share
Why hasn’t ICOM stepped into that gap? ,[object Object],[object Object],[object Object],Use Decide Buy Share Decide Decide
Why hasn’t ICOM stepped into that gap? ,[object Object],[object Object],[object Object],[object Object],Decide Decide Buy Learn Share Use
The challenge: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
iCrossing’s Strategic Recommendations
TRUSTED, GO-TO RESOURCE ,[object Object],for all of a customer’s insurance needs Learn Use Decide Buy Share
What does a trusted resource look like? ,[object Object],[object Object],[object Object]
Content Strategy – Expand Available Content ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Content Strategy – Relevant and Timely ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Establish Credibility – Project Authority ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Establish Credibility – Enhance Reputation ,[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],Establish Credibility – Eliminate Confusion For a detailed look at how others have built and organized their sites, please see iCrossing’s competitive analysis
Establish Credibility – Leverage Your Partnerships ,[object Object],[object Object],[object Object]
Customer Advocacy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Customer Advocacy – Explain Steps and Options ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Customer Advocacy – No Surprises ,[object Object],[object Object],[object Object],[object Object],[object Object]
Customer Advocacy – Demonstrate Benevolence ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Customer Advocacy – Demonstrate Benevolence ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
IMPROVE AND MARKET ICOM’s unique capabilities and value proposition Learn Use Decide Buy Share
ICOM is more than its interview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Improve and Market – Explain it ,[object Object],[object Object],[object Object],[object Object],[object Object],Quote Interview Carriers Compare Select
Improve and Market – Explain it ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Improve and Market – Promote it ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Improve and Market – Simplify it ,[object Object],[object Object],[object Object]
Improve and Market – Simplify it ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Improve and Market – Amplify it ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Improve and Market – Amplify it Sample “enhanced” comparison chart Progressive State Farm eSurance Safeco Rate $550 Buy now $585 Buy now $524 Buy now $553 Buy now Initial payment 1 month 2 months 2 months 1 month Average Claim Response time 24 hours 48 hours 24 hours 12-24 hours Customer rating  Read reviews  Read reviews  Read reviews  Read reviews Discounts for multiple products No Yes No Yes Customer assistance 24 hour call center 24 hour call center, Local agents 24 hour call center, e-mail 24 hour call center, e-mail
SHARE THEIR EXPERIENCES ,[object Object],with all forms of insurance and carriers Learn Use Decide Buy Share
Customers look to each other for insurance advice ,[object Object],[object Object],[object Object],* Source: Lumin Collaborative, "National Survey of Adults 18 to 64 with Net Access” conducted by Fabrizio, MacLaughlin & Associates, April 2007
ICOM should engage and facilitate those consumer interactions ,[object Object],[object Object],[object Object]
[object Object],As a rule, successful strategies balance business needs and user desires ,[object Object],Build Brand Recognition Drive Property Bookings Increase Customer Loyalty Improve Operational Efficiency Drive Consumer Engagement Identity Utility Simplicity Portability Community Sweet Spot Failing to match your objectives with how users behave and value content risks wasted investment, lost opportunity, and even user backlash
Share Experiences – Become a User Network ,[object Object],[object Object],[object Object],[object Object],[object Object]
Share Experiences – Become a User Network ,[object Object],[object Object],[object Object],[object Object]
Share Experiences – Become a User Network ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Share Experiences – Engage Customers Where They Are ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Share Experiences – Engage Customers Where They Are ,[object Object],Additional information can be found in the appendix
Share Experiences – Extend Content to Existing Networks ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Share Experiences – Content Portability ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
RECOMMENDATIONS Learn Use Decide Buy Share
Recommendations – Short-Term ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Recommendations – long-term ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Potential Obstacles ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Next Steps ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Appendix ,[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],Insurance.com is visible relative to “car insurance” NetworkSense TM  Map for “car insurance”
[object Object],[object Object],The network for “homeowner insurance” contains more informational sites NetworkSense TM  Map for “homeowner insurance”
[object Object],[object Object],[object Object],The network for “health insurance” is scattered NetworkSense TM  Map for “health insurance”
[object Object],[object Object],The network of sites around “life insurance” is similarly sparse NetworkSense TM  Map for “life insurance”
Overview of Competitive Site Traffic Source: comScore October 2008 Website Total Unique Visitors (000) Average Daily Visitors (000) Total Minutes (MM) Total Pages Viewed (MM) Total Visits (000) Average Minutes Per Visit Average Visits per Visitor Geico 3,515 167 38 56 5,514 6.9 1.6 Progressive 3,082 205 72 111 8,412 8.6 2.7 Insweb 2,333 95 3 6 2,986 1.1 1.3 Allstate 2,049 119 29 55 4,795 6.1 2.3 State Farm 1,924 90 16 29 2,999 5.3 1.6 Liberty Mutual 1,273 69 17 28 2,700 6.3 2.1 2insure4less 1,241 56 2 3 1,762 1.3 1.4 Nationwide 1,175 53 5 8 1,746 3.1 1.5 Metlife 1,110 64 15 28 2,397 6.4 2.2 Esurance 712 28 4 8 897 4.4 1.3 Insurance.com 598 22 1 1 680 .9 1.1 TOTAL AVERAGE 1,631 94 20 33 3,420 4.9 1.8
Online Insurance Category Overview
Where ICOM fits in
Competitive Chart
Insurance.com Demographics
ICOM vs. “Insurance Category”
ICOM vs. Geico Demographics
Online auto insurance policies exceed 2 million as related E-Servicing rises in tandem 2007 bore witness to 32 million online quotes, a 15% increase, along with a 37% increase of total purchases
The internet continues eroding market share away from traditional agents
Ads serve as a key call to action to get the process started Source: comScore 2008 Auto Insurance Survey
How search drives the business ,[object Object],[object Object],[object Object]
Insurance features most important to customers
Consumers are less likely to need incentives to buy online than they used to be

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Insurance.com Proposed Strategy 12/2008

  • 1. Insurance.com Strategy Recommendations December 9, 2008 Tony Weber – Vice President of Strategy
  • 2.
  • 3. Phase one of our efforts is to envision what success looks like
  • 4. There are three major components of the envision phase Today
  • 6.
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  • 11. Even loyal customers are watching for better deals
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  • 33. IMPROVE AND MARKET ICOM’s unique capabilities and value proposition Learn Use Decide Buy Share
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  • 41. Improve and Market – Amplify it Sample “enhanced” comparison chart Progressive State Farm eSurance Safeco Rate $550 Buy now $585 Buy now $524 Buy now $553 Buy now Initial payment 1 month 2 months 2 months 1 month Average Claim Response time 24 hours 48 hours 24 hours 12-24 hours Customer rating  Read reviews  Read reviews  Read reviews  Read reviews Discounts for multiple products No Yes No Yes Customer assistance 24 hour call center 24 hour call center, Local agents 24 hour call center, e-mail 24 hour call center, e-mail
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  • 53. RECOMMENDATIONS Learn Use Decide Buy Share
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  • 63. Overview of Competitive Site Traffic Source: comScore October 2008 Website Total Unique Visitors (000) Average Daily Visitors (000) Total Minutes (MM) Total Pages Viewed (MM) Total Visits (000) Average Minutes Per Visit Average Visits per Visitor Geico 3,515 167 38 56 5,514 6.9 1.6 Progressive 3,082 205 72 111 8,412 8.6 2.7 Insweb 2,333 95 3 6 2,986 1.1 1.3 Allstate 2,049 119 29 55 4,795 6.1 2.3 State Farm 1,924 90 16 29 2,999 5.3 1.6 Liberty Mutual 1,273 69 17 28 2,700 6.3 2.1 2insure4less 1,241 56 2 3 1,762 1.3 1.4 Nationwide 1,175 53 5 8 1,746 3.1 1.5 Metlife 1,110 64 15 28 2,397 6.4 2.2 Esurance 712 28 4 8 897 4.4 1.3 Insurance.com 598 22 1 1 680 .9 1.1 TOTAL AVERAGE 1,631 94 20 33 3,420 4.9 1.8
  • 68. ICOM vs. “Insurance Category”
  • 69. ICOM vs. Geico Demographics
  • 70. Online auto insurance policies exceed 2 million as related E-Servicing rises in tandem 2007 bore witness to 32 million online quotes, a 15% increase, along with a 37% increase of total purchases
  • 71. The internet continues eroding market share away from traditional agents
  • 72. Ads serve as a key call to action to get the process started Source: comScore 2008 Auto Insurance Survey
  • 73.
  • 74. Insurance features most important to customers
  • 75. Consumers are less likely to need incentives to buy online than they used to be

Notas do Editor

  1. Iterative, overlapping and never ending 3 cycle approach. E-cubed helps me remember the phases.
  2. 9:45-10:00 Set up Who we are (iC) Roles and responsibilities Stephen to facilitate Amy and Todd to assist Sheila will time keep and take notes, manage the parking lot YOU are here to speak and think freely Why we’re here To ‘fire-hose’ exploration of the insurance.com brand Guerilla like exercises to foster free thinking and open dialogue to get beyond preconceived notions What the day will encompass We’ll do some quick background on brand, to set context for the group Several FUN exercises to get AT ideas What we will accomplish We will uncover key themes Conventions Opportunities Mandatories Key adjectives, personality, etc. What we won’t attempt to accomplish We WILL NOT craft a tagline NOR a positioning statement We WILL NOT discuss the logo or graphic brand identity We WILL NOT define anything—this is an exploration day Set up introductions Everyone is here to have an equal voice irrespective of title, position, role, tenure, etc. Introduce yourselves by name, ___________________ 10:00 – 10:15 Introductions around the room 1 minute per max 10:15 – 10:30 What the day will look like Agenda overview It is a long day that will go fast—we will attempt to maintain a brisk schedule and confine the discussions Agenda details Review the items and topics in detail Rules There is no dominating allowed There is no judgment allowed—all ideas, perceptions, comments are good comments One conversation at a time No phones! No laptops! No interruptions No being late—results in a donation to the bucket to be raffled Overview of the ‘how’ You received a brand kit—full of utensils and refreshments You will be cutting, writing, and reporting by 5 teams of 4 people Q&A before we begin? 10:30 – 10:45 Bio break before we begin Leave all electronics outside or collect at door. Breaking rules or being tardy costs $1. 10:45 – 11:00 Brand Is intro 11:00 – 11:30 Icebreaker exercise—name that brand We will go through several logos. Just say what hits you regarding THAT brand. Be prepared to say why, if asked. 11:30 – 12:00 Warm up exercise Now, if insurance.com was a ____________, what would it be? 12:00 – 12:30 Lunch Can we play some commercials or videos relevant to the day? 12:30 – 1:30 Exercise #1 5 minutes team dividing—mix it up 15 minutes cutting, writing, discussing 25 minutes reporting (5 minutes per team, 5 teams of 4 people) 15 minutes open discussion 1:30 – 2:30 Exercise #2 5 minutes team dividing—mix it up 15 minutes cutting, writing, discussing 25 minutes reporting (5 minutes per team, 5 teams of 4 people) 15 minutes open discussion 2:30 – 2:45 Bio break 2:45 – 3:45 Exercise #3 5 minutes team dividing—mix it up 15 minutes cutting, writing, discussing 25 minutes reporting (5 minutes per team, 5 teams of 4 people) 15 minutes open discussion 3:45 – 4:45 Exercise # 4 5 minutes team dividing—mix it up 15 minutes cutting, writing, discussing 25 minutes reporting (5 minutes per team, 5 teams of 4 people) 15 minutes open discussion 4:45 – 5:00 Wrap up and next steps
  3. Deeper dive into brand findings
  4. Add a comment about for a detailed look at how others are doing this see the competitive analysis
  5. People wonder what “the catch” is – how you make money
  6. Genericize….naming conventions, field labelling, - confusing, but it’s there
  7. Genericize….naming conventions, field labelling, - confusing, but it’s there
  8. Suvsuck.org and historiasdecorredor.com: look like landing pages for insureme.com State.nj.gov: listing of all insurance companies that write private passenger auto insurance in NJ Aelk.com: listing of tons of auto insurers
  9. Pueblo.gsa.gov: 12 ways to lower your homeowners insurance cost