tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, April 24th, 12:52AM

Insurance

rss
Latest Headlines

Old school digital advice failed advisers, but there are new options emerging

So far most attempts by advisers to increase sales online have failed. It’s worth wondering why that is, and whether there is scope for change.

Monday, August 26th 2019, 8:16AM

by Russell Hutchinson

Russell Hutchinson

Do you remember all those offers to make your website a new business portal? The deal was that you could sign up to having a price quote tool on your web-page and some would link through to an application form. Only a very few advisers have been able to make such systems work effectively for them. Why do they tend to fail? The first is low traffic, this is a volume game and there are simply not the tens of thousands of visitors to an adviser’s web page (usually) to make this work. Then there is the question of the wrong kind of traffic: most people visiting an adviser’s website are looking for the contact details for the adviser … if they were just going to say "please up my cover by $500k", they might use your online application tool. But do you even really want that? Or would a proper advice engagement be better?

The most successful adviser offers online right now have been because the adviser has learned to operate a different kind of process. One is, they have made the shift to becoming digital marketers. 

In the early days of LifeDirect they learned how to attract lots of people to their website – and backed their new skill with ever bigger budgets. Today the more successful adviser sites online tend to focus on capturing a slice of the market that is looking for a quote and pointing out that this is more complicated than the client first thought. Thereby converting them to an advice engagement, although they may often continue to deal remotely.

But there is great scope for good systems to help in other areas of the human adviser world. Here are three.

  • Achieving more reach – if you dominate a niche but tend to only meet the people in that niche in your town, then spreading your marketing effort wider helps a lot. Doing that in an automated way helps more – things like response forms and targeting on social media helping a lot to reduce wasted spend.
  • Enabling prospects to screen themselves – sorting out those that are right in the zone for you from the ones that might just be a waste of time. This is pre-assessment. It also helps sort out who is more motivated to buy. The only thing is that everyone is wary of the very cheap-looking "if you scored more than …" type of questionnaires. The aim here is engagement – get them interested, teach them something they didn’t know, stimulate their curiosity about the advice process.
  • Raising the engagement with clients through the review process. Life insurance is a low involvement category – so people often decline face-to-face reviews. Building some meaningful engagement with digital first can raise response rates by being quicker, more interesting, and less threatening than the prospect of booking a meeting.

Tags: marketing Opinion roboadvice Russell Hutchinson

« How junk is junk insurance and why should you care?The growing but slowing market for insurance »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Fidelity Life relaunches customer engagement initiative
Once again Fidelity Life wants to recognise advisers who go above and beyond to deliver amazing customer service.

Asteron Life unveils product enhancements
Asteron Life is proud to announce a series of enhancements and clarifications to multiple covers across Personal and Business Insurance product offerings, reflecting its commitment to understanding and meeting the evolving needs of customers, and making it a more seamless experience for advisers.

Partners helps fund depression recovery centre
New Whakamātūtū Wellington Depression Recovery Centre gets financial boost from Partners Life.

AIA adds cover for prophylactic surgery following cancer
AIA makes changes to policies and adds preventative surgery for several types of cancer.

News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com