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Unformatted text preview: Marketing Dashboard Standard Insurance Company
Texas State Marketing Dashboard Promise Statement: To protect and increase the wealth of our customers, shareholders, and employees. Marketing Dashboard
Operational Expenses Stock Price Investment Activities Customer Feedback Sales Revenue Persistency Rate Customer Service Communications Web Site Tracking Marketing Dashboard Sales Revenue Marketing Dashboard
1.By Product: 1.By Whole Life Insurance (individual) Universal Life Insurance (individual) Variable Life Insurance (individual) Term Life Insurance (individual and group) Annuities (individual and group) 2.By Region 2.By 3.By Customer 3.By 4.By Distribution Channel 4.By Branch Office Distribution Channel Worksite Distribution Channel Location Selling Distribution Channel Brokerage Distribution Channel Marketing Dashboard Persistency Rate Marketing Dashboard
Persistency is the retention of business that occurs when an
insurance policy remains in force as a result of the continued payment of the policy's renewal premiums. premiums. Marketing Dashboard
Persistency Rate Persistency is measured in the insurance industry using the Lapse Rate, which is the ratio of business in force that terminates for nonpayment of premium, whether by surrender or lapse, to the total business in force at the beginning of a specified period. period. Insurance companies generally use the 13-month lapse rate, 13which is the proportion of new policies on which no part of any required second year premium has been paid. paid. Marketing Dashboard
EXAMPLE: If 20 policies in a block of 100 policies lapse for nonpayment of premiums or are surrendered during a given period, the lapse rate for that period is 20/100 or 20% and the persistency rate is 80% 20/ 20% 80% (100% minus 20%). 100% 20% Marketing Dashboard
Measuring the 13 month lapse rate is important for three reasons: Because acquisition expenses are greatest during a policy's first year, the financial effects of first year policy lapses generally are more detrimental to a product's profitability than are lapses during later policy years. years. First-year lapse rates are generally the highest. The rate of first-year policy Firsthighest. firstlapses, therefore, usually is an early and good indicator of whether quality business is being sold. sold. First-year policy lapses alert the company to problems with the product or the Firstdistribution channel so the company can rapidly take remedial action. action. Marketing Dashboard Operational Expenses Marketing Dashboard
Operational Expenses Acquisition Expenses insurer's expenses related to obtaining and issuing new insurance or annuities. Development Expenses costs associated with planning and creating insurance products. Maintenance Expenses costs of keeping policies in force. Overhead Expenses costs incurred during normal business operations that are not directly related to a specific product. Marketing Dashboard Stock Price Marketing Dashboard
Stock Price (SFG) Marketing Dashboard Web Site Tracking Marketing Dashboard
Web Site Tracking
Tracking Your Website is Important because it tells you: Which sources are bringing you the most traffic? Which keywords are performing on search engines engines? It is also a great marketing tool because it is great research data: Am I reaching my target market? How are people interacting with my site? Where is my site traffic coming from? What trends do I see? http://www3.standard.com/net/public Marketing Dashboard Customer Service Communications Marketing Dashboard
You spend thousands in advertising to get your phone to ring. When your salespeople take the call, how effectively do they convert call traffic to foot traffic? Interesting Call Service Fact... It is estimated that one in every three people in
the United States purchase something on the phone every year. Why monitor and track call centers? Do you need to add or upgrade technologies? Are the staff properly trained and servicing customers? Do you need to begin to include email and Web chat in addition to incoming calls? Marketing Dashboard
Customer Service Communications Average Speed of Answer the amount of time, on average, that telephone callers are on hold before being transferred to a CSR. Abandonment Rate which is the percentage of inbound telephone calls that are automatically placed on hold and then terminated before call is answered by a CSR. Turnaround Time is the amount of time necessary to complete a particular customer initiated request or transaction. First Contact Resolution is the successful completion of a transaction, information, or service request at the initial point of contact with the customer. Marketing Dashboard Customer Feedback Marketing Dashboard
Customer Feedback measures how customers perceive the company's product & service Market Coverage Consumer exposure, most recognized brand % Consumer Satisfaction % of returning customers, number of referrals Market share Market share, most preferred product ranking ...
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This note was uploaded on 01/18/2012 for the course MKT 3370 taught by Professor Staff during the Spring '09 term at Texas State.
- Spring '09