March 2014 Derek Martin

simple es hermoso el principio unificado de compromiso

con el cliente

www.derekfmartin.com

All Rights Reserved

Examples of simple

OR E = mc2

A XY2 = B XY2 OR A = B

OR

We Know Simplicity Pays

32012 Global Brand Simplicity Index, Siegel+Gale, October 2012

Lean/ 6δ

Waste (muda)

• Transport

• Inventory

• Motion

• Waiting

• Overproduction

• Defects

Eliminate

Improve

Automate

Out- Source

ReengineeringWays to Simplify, then…

Research

Self Service Revolution

and now... Customer Centric Simplification

Buy

Promote

Use

Make it easy to love

Make it easy to use

Easy when competitors are not

Make it easy to buy

Customer Expectations

Time

Get it Right

Make it Easy

Make it Beautiful

Give Me Value

Thrill Me

= Simple

LoyaltyCustomer Engagement Journey

1. Highly Regulated

Research

Quote

Application

Payment

Agent

What does this have to do with Life Insurance?

Traditional Life Insurance Sales Process

2. Emotional Product

3. Long & Complex Purchase

Process

= 50 – 100 Days ~ $750 / App

Life Insurance in the USA is in decline

Source: LIMRA, 2012

Indi-vidual

& Em-

ployer 44%

Em-ployer only, 26%

None; 30%

% USA Citizens with Life Insurance2012, total = 100%

MetLife Direct Business Mission

Provide affordable Life Insurance alternatives with great

customer experience

Enable everyone to protect family and loved ones

Life Insurance Sales Process Evolution

Lead Quote Underwriting

Approve & Pay

1 min 5 min 1 hour 1-2 weeks 1-2 weeks 1-2 weeks

Application

Direct Term Life

Lead Quote Approve & Pay

1 min 5 min 20 minutes 1minute

Application

Direct Simplified Issued Term

~100 Days$750/app

~40 Days$500/App

27 minutes$200/App

Lead Agent Quote Underwriting

Approve & Pay

5 min 1-2 weeks 0.5 hours 2 hours 2-4 weeks 2-4 weeks 2-4 Weeks

Application

Traditional Term Life

Medical

Medical

Social

Email

Online

Outdoor

Mobile

Simple Leads: Connect with customers across digital

• Gather Behavior • Define Customer Segment• Customize message & channel• Reduce cost/ application

Simple to ResearchResearch: Products and Benefits

Calculator: How Much Insurance do I need?

Walmart: Insurance in a box

Simple Application

NameAge

State

NameAge

State

Some health questions

NameAge

State

Some health questions

Database checks

NameAge

State

Some health questions

Database checks

Risk questions

NameAge

State

Some health questions

Brief health exam

NameAge

State

Database checks

Risk questions

All health questions

Guaranteed Simplified Simplified Plus

Simplified Premium

Simplified Premium

Plus

Rapid

No UW Simplified Underwriting Fully Underwritten

Ask only what we need to know

NameAge

State

Database checks

Risk questions

Brief health exam

All health questions

Traditional

1. Bank Draft or Check

Simple to Pay

2. Credit & Debit Card

3. Multiple Payors

4. Set Payment Date

5. Gift

6. SMS Payment Alerts

You are

approved!

Mobile acceptan

ce

7. Mobile Landing Page to Accept

Net promoter scores tell it all

Direct +47

Agent - 4

Our Mission

Provide affordable Life Insurance alternatives with great

customer experience

Enable everyone to protect family and loved ones

Preguntas?

Visit me at: www.derekfmartin.com #derekfmartin http://betterbusinessbanter.blogspot.com