Simplicity delivers results in todays customer centric world. Learn how MetLife approaches a complex product from all angles to deliver on its mission to provide affordable Life Insurance to everyone.

1. March 2014 Derek Martin
simple es hermoso
el principio unificado de compromiso
con el cliente
www.derekfmartin.com
All Rights Reserved

2. Examples of simple
OR E = mc2
A XY2 = B XY2 OR A = B
OR

3. We Know Simplicity Pays
3 2012 Global Brand Simplicity Index, Siegel+Gale, October 2012

4. Lean/ 6δ
Waste (muda)
• Transport
• Inventory
• Motion
• Waiting
• Overproduction
• Defects
Reengineering
Ways to Simplify, then…

5.  Research
Self Service
Revolution
and now... Customer Centric Simplification
Buy
 Promote
 Use

6. Make it easy to love

7. Make it easy to use

8. Easy when competitors are not

9. Make it easy to buy

10. Customer
Expectations
Time
Get it Right
Make it Easy
Make it Beautiful
Give Me Value
Thrill Me
= Simple
Loyalty
Customer Engagement Journey

11. 1. Highly Regulated
Research
Quote
Application
Payment
Agent
What does this have to do with Life Insurance?
Traditional Life Insurance Sales Process
2. Emotional Product
3. Long & Complex Purchase
Process
= 50 – 100 Days
~ $750 / App

12. Life Insurance in the USA is in decline
Source: LIMRA, 2012
Individual &
Employer
44%
Employer
only, 26%
None, 30%
% USA Citizens with Life Insurance
2012, total = 100%

13. MetLifeDirectBusinessMission
Provide affordable Life Insurance alternatives with great
customer experience
Enable everyone to protect family and loved ones

14. Life Insurance Sales Process Evolution
Lead Quote
Under
writing
Approve
& Pay
1 min 5 min 1 hour 1-2 weeks 1-2 weeks 1-2 weeks
Applic
ation
Direct Term Life
Lead Quote
Approve
& Pay
1 min 5 min 20 minutes 1minute
Applic
ation
Direct Simplified Issued Term
~100 Days
$750/app
~40 Days
$500/App
27 minutes
$200/App
Lead Agent Quote
Under
writing
Approve
& Pay
5 min 1-2 weeks 0.5 hours 2 hours 2-4 weeks 2-4 weeks 2-4 Weeks
Applic
ation
Traditional Term Life
Medical
Medical

15. Social
Email
Online
Outdoor
Mobile
SimpleLeads:Connectwithcustomersacrossdigital
• GatherBehavior
• DefineCustomerSegment
• Customizemessage&channel
• Reducecost/application

16. SimpletoResearch
Research:
Products and Benefits
Calculator: How
Much Insurance do I
need?
Walmart:
Insurance in a box

17. Simple Application
Name
Age
State
Name
Age
State
Some health
questions
Name
Age
State
Some health
questions
Database
checks
Name
Age
State
Some health
questions
Database
checks
Risk
questions
Name
Age
State
Some health
questions
Brief health
exam
Name
Age
State
Database
checks
Risk
questions
All health
questions
Guaranteed Simplified Simplified
Plus
Simplified
Premium
Simplified
Premium
Plus
Rapid
No UW Simplified Underwriting Fully Underwritten
Ask only what we need to know
Name
Age
State
Database
checks
Risk
questions
Brief health
exam
All health
questions
Traditional

18. 1. Bank Draft or Check
SimpletoPay
2. Credit & Debit Card
3. Multiple Payors
4. Set Payment Date
5. Gift
6. SMS Payment Alerts
You are
approved!
Mobile
acceptance
7. Mobile Landing Page
to Accept

19. Netpromoterscorestellitall
Direct +47
Agent -4

20. OurMission
Provide affordable Life Insurance alternatives with great
customer experience
Enable everyone to protect family and loved ones

21. Preguntas?
Visit me at:
www.derekfmartin.com
#derekfmartin
http://betterbusinessbanter.blogspot.com