The Retail Insurance Summit Latin America 2012, October 8-11th 2012
at the Miami Beach Resort and Spa, Miami Beach, FL
On Monday, October 8th 2012, I was joined by about 150 delegates who attended this Latin American Insurance conference. Hanson Wade, the conference planning company (headed by Nicola Freeman along with David Gonzalez and her staff), did an excellent job organizing the event which had simultaneous language translations from/to English to Spanish and Portuguese.
The range of topics was broad and included many diverse perspectives. I kicked off the 3 day event with a workshop entitled: “The New Normal: Insurance Marketing and Distribution in a Multi-channel World” that consisted of 4 parts:
Part 1: Industry Overview – which centered upon 4 key insurance marketing trends:
- Fatigue, Distribution, Technology and Competitive pressures forcing business model transformation.
- Consumer behaviors that require new, relevant marketing, sales and integrated distribution approaches.
- The blurring of the lines between insurance products and services.
- Legal and regulatory challenges – to protect the consumer privacy and ensure equity through minimum loss ratio requirements.
Part 2: Distribution Update and Sponsored Insurance Programs
Here I covered distribution including 7 insurance distribution trends that I believe will shape the next 5-10 years:
- Carrier’s Focus on lower acquisition costs.
- Agent/Broker as Adviser – Subject matter expert (SME), Choice editor, navigator, simplifier, servicer and advocate.
- Pricing Transparency.
- Regulatory intensity.
- More pressure on Agent Compensation through Minimum Loss Ratios.
- Process and Underwriting automation via artificial intelligence.
- Mobility and Integrated, Real-time Communications to support both agents and consumers.
Part 3: Best Practices: The Strategic Marketing Plan
The best practices session involved defining the term and the process, which is summarized by the following:
- A subset of a Strategic Plan
- Takes less than 6 months to formulate
- Focuses on core competencies, strengths, opportunities and 8 profitability drivers
- Incorporates longer term innovation and growth objectives at the core
- Contains the annual marketing plan and budget
Part 4: Innovative Marketing and Distribution Approaches
This section covered the topic of Mobile marketing of insurance products in the US and a demo of Wisemuv.com’s cross sell and upsell platform plus some innovative lead generation examples.
The presentations for the workshop can be downloaded here.
Day 1 Presentations
- Doubling Down on Differentiation (thesavvystrategist.com)
- A Recommended Format for a Strategic Marketing Plan (password protected – please contact Bill Tyson for the password)
- Wisemuv’s website
- Cumbre Internacional de Seguros Masivos LATAM 2012″ (Retail Insurance Summit Latin America 2012), October 8-11th 2012 at the Miami Beach Resort (thesavvystrategist.com)
- 2012 Social Media Trends