The trend towards consumer-driven retail means optimizing all purchase points, including the Internet. Today 85% of all insurance purchases begin with an online search (Independent Insurance Agents & Brokers of America, 2006).
If current trends persist, a 10% leakage from "traditional markets" (government and employers) over 5 years translates to a 440% increase in individual market revenues - reaching over $200 million in annualized premium by 2012!*
Internet sales and lead generation are driven through two purchase points:
By creating the right insurance shopping experience for both the consumers who prefer to apply direct and those that utilize broker channels, your internet channeled sales have an unprecedented opportunity for growth.
Consumers familiar with a brand often choose to visit the website directly. A site tailored for comparison shopping allows them to select a product with confidence, while you see an increase in internet sales and submitted applications online.
With robust online infrastructures and data tracking, you gain opportunities to leverage all channels for successful end-to-end lifecycle marketing.
With all channels working together, direct leads that don't purchase online can be funneled to telesales and broker channels.
After the sale, ongoing online marketing programs cross-sell internet channeled members and present loyalty programs to help decrease lapse rates.
Internet technology allows the broker channel to increase sales and productivity by reducing prospecting and improving efficiency in the office.
By investing in brokers and technology partnerships, your company can secure a significant share of internet-driven annualized premium.
Online marketing programs and distribution partnerships allow you to:
And of course, generate more leads online.
Learn how Norvax can help you optimize your internet channel.
*Norvax baseline projections estimate a CAGR growth rate of at least 20% - generating a $100M market by 2011. Baseline projections based on current growth rates of survey of selected industry players.