How to increase customer engagement by 250%

HOW TO INCREASE

YOUR MARKETING ENGAGEMENTBY

250%

B A S E D O N R E A L E V E N T S F R O M T H E C Y A N C E L A B

Business insurance.(Bear with me.)

It’s not exactly known for innovation.

Even today, it’s generally sold over thephone or via clunky extranet systems.

And, quitefrankly, that’sa bit old hat.

So in 2006 an underwriting agency callediprism made the enlightened decision…

…to drag business insurance kicking and screamingout of the darkness and into the 21st century.

The idea was simple.

“We’ll build a powerful online tradingplatform and give our brokers 24/7 access

to their insurance portfolios,” they said.

And it took off in a big way.

It worked.

So much so, iprism realised it needed amarketing strategy to build on its first-moveradvantage and keep the competition at bay.

“We could see where we wanted to get to…

…but we needed help totake the right path.”

Simon Lloyd, iprism

So iprism called on us.

We knew iprism could getits existing broker customerbase to spend more money.

But first, we needed to find out3important things...

How iprism’s existing brokers behaved(their buying behaviour, of course)

Why they behaved this way.

And which brokers would give the bestwindow of opportunity for revenue growth.

It was a brave move, but iprismhad faith in our strategy.

iprism wanted to know why some oftheir brokers were not engaging…

So, we set to work...

Contacting 1,321of iprism’s existing brokers

Launching 1,096customer surveys

Analysing and visualising the purchasingbehaviour of 2,311iprism broker contacts

...to build a never-before-seen pictureof iprism’s customer base.

A snippet of what we found:

of brokers were independent53%

%

%

of the brokers were less than20 years old60of brokers secured new businessthrough recommendations70

These insights

the characteristics of iprism’stop-selling brokers.

revealed

But we needed to digdeeper and uncover

the ‘rising stars’…

…the brokers that were most likelyto become the next top sellers.

So we tapped into our inner mad scientist andcreated a predictive modelling behemoth...

TheBroker Algorithm

“What the hellis a brokeralgorithm?”…

…I hear you cry.

This...

…is the broker algorithm.

.

.

And with this formula we worked outwhich brokers had the most potential

to become the next top sellers.

“We knew that our brokers had different needs.Cyance found the ones with the most potentialfor revenue growth and helped us personaliseour marketing to their needs.”Nate Filer, iprism

Now we needed to help iprism becomea trusted advisor to its rising stars…

…to build a stronger bond and encouragethem to spend more with iprism.

We wanted to find the best channel to engagewith the brokers. So we asked iprism:

“Are your brokers

iprism didn’t think they wouldbe active on social media.

SOCIAL?”

Our ground-breaking social insight processproved they were.In fact, more than

of iprism’s customer base were active on LinkedIn.60%

7%22 Companies

61%185 Companies

8%25 Companies

3%11 Companies

What’s more, we found out:Which online communities the brokers frequentedWhat their skills and interests wereWhich conversation topics mattered most to them

Insurance Age(41)

BIBA(37)

PostMagazine

(16)

Home& Legacy

(14)

CommercialInsuranceIndustry

KeychoiceGroup

(11)

The BlackCountry

GlobalInsurance Jobs in

Insurance

TheInsurance

InsuranceInstitute

InsuranceInstituteInsurance

InsuranceThe UKInsuranceBroking

CIIInsurance

InsuranceyouTalk

High NetWorth

Rentguard(10)

LLoyd’s ofLondon

(10)

BNI GroupBusiness

InsuranceTimes

BrokerExpo

Members of the

CharteredInsurance

RSA Broker UK(15)

InsurancePeople

Magazine(14)

Thistle Underwriting and LondonMarket Risks

(24)

InsuranceProfessionals

(23)

PowerPlaceBroker

Community(19)

The CharteredInsurance Institute

(56)

UK InsuranceCompanies, Brokers,

Agents, Clients(56)

We created persona profiles for the brokers, to builda picture of their business needs and challenges…

…and we designed and produced a selection ofdigital assets (including a campaign microsite)…

…which we distributed to brokers via amulti-channel engagement programme.

Web content:webinars,workshops,surveys, videosand e-books

Landingpages

Emails,newsletters,blog posts,adverts, CTAs,socialdiscussions

With our engagement strategy in place, we couldhone in on sales opportunities for iprism…

…and start to nurture leads throughthe buying journey.

But we didn’t stop there!

NEXT830

LOWER OPPORTUNITY BROKERS

NEXT300

OFFERING BEST OPPORTUNITY

FOR GROWTH

TOP150

BROKERS

We created an ongoing engagement strategy, withtiered incentives to reward top-selling brokers.

And that bold promise we made at the beginning..?

HOW TO INCREASE

YOUR MARKETING ENGAGEMENTBY

250%

B A S E D O N R E A L E V E N T S F R O M T H E C Y A N C E L A B

The results:

250%

increase inbrokermarketingengagement

40%

increase in overallbrokerspend

Allprevioussalesrecordsbroken

iprism rankednumber 6 inInsuranceTimes’ E-TradeBroker InsightReport 2015

6H250%INCREASE

40%INCREASE[

CyanceBloxham Mill, Barford Road,

Bloxham, Oxfordshire OX15 4FF+44 (0)1295 724120

results@cyance.comwww.cyance.com