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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[
