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- 1. Life With Amica Growing Your Business Through Communications, Media and Strategy IFCA Conference October 2012
- 2. Life With Amica Ed Naya Chief Marketing Officer, Amica Life Insurance Company
- 3. Agenda Background Strategy Pricing Approach Creative and Media Results to Date Questions
- 4. Population Growth in the United States Source: CDC: Health, United States, 2006
- 5. Half of all U.S. households say they are underinsured 5 million 25 million 23 million Source: U.S. Census Bureau
- 6. Longevity – Average Lifespan If you live until 75 86.8 If you live until 65 83.4 At birth 77.5 Source: Pew Research Center
- 7. Women vs. Men: Wives Earning More Than Husbands Source: Pew Research Center
- 8. Household Financial Decisions Source: Pew Research Center
- 9. Too Many Priorities, Too Few Dollars Source: Pew Research Center
- 10. Current Environment 1 LIMRA’s 2010 Household Trends in U.S. Life Insurance Ownership
- 11. Current Environment 1 LIMRA’s 2010 Household Trends in U.S. Life Insurance Ownership
- 12. Life Assessment Consumers Are Still Cautious Amica Market is Limited Our Price is High Good Life Direct Marketers Strong Brand Financially Solid Consumer Still Recognized Need
- 13. Taking Action Expand Opportunities Outside Amica Market Leverage Amica Brand Leverage Marketing Expertise Leverage Amica Life Structure Update Pricing Strategy
- 14. Life With Amica Pricing Approach
- 15. Product Term Insurance Level Premium Fully guaranteed (10-, 15-, 20-, 25- and 30-) Partial guarantee (20-, 25- and 30- with 10-year guarantee)
- 16. Pricing – Historical Pricing Comparison 1. Genworth 1. Genworth $159 $159 5. Ohio National 5. Ohio National $170 $170 10. Transamerica 10. Transamerica $185 $185 15. State Farm 15. State Farm $235 $235 20. Northwestern 20. Northwestern Mutual Mutual $277 $277 17. Amica Life 17. Amica Life $253 $253
- 17. Pricing – New Pricing Comparison – New 1. Genworth $159 5. Ohio National $170 10. Amica Life 9. Transamerica $183 $185 15. State Farm $235 20. Northwestern Mutual $277
- 18. Life With Amica Creative and Media
- 19. Media Strategy for Non-Amica Customers 85% Brand Awareness 84% Brand Awareness 78% Brand Awareness
- 20. Media Mix Online Banner Ads Radio Ads Paid Search Direct Mail
- 21. Media Plan 2011 2012 4TH QUARTER 1ST QUARTER MEDIA NOVEMBER DECEMBER JANUARY FEBRUARY MARCH 31 7 14 21 28 5 12 19 26 2 9 16 23 30 6 12 20 27 5 12 19 DIRECT MAIL Massachusetts, Connecticut, New Hampshire, Rhode Island RADIO Boston Hartford/New Haven/ New London ONLINE DISPLAY Massachusetts Connecticut PAID SEARCH Massachusetts Connecticut
- 22. Radio Advertising :30 Ads (2) and :60 Ads (2) LifewithAmica.com
- 23. Direct Mail LifewithAmica.com
- 24. Banner Advertising LifewithAmica.com
- 25. Paid Search Advertising • 10 year life insurance quotes • 20 year level term life insurance • 250000 term life • affordable life insurance • affordable life insurance quotes • affordable term life insurance • amica life • amica life insurance • amica life insurance company • amica life insurance quote LifewithAmica.com • buy life insurance • life insurance • life insurance company
- 29. Media Mix
- 30. Media Results Budget Phase 1 Budget Phase 2 Budget Phase 3 Budget Phase 4 GA, MD, NH, NJ, NC, RI, TX, WA Paid Search CT & MA Direct Mail CT Banner Advertising CT & MA Radio CT Paid Search MA Paid Search & Banner Advertising
- 31. Media Schedule 2011 - 2012 2011 2012 4TH QUARTER 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER MEDIA NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 31 7 14 21 28 5 12 19 26 2 9 16 23 30 6 12 20 27 5 12 19 26 2 9 16 23 30 7 14 21 28 4 11 18 25 2 9 16 23 30 6 13 20 27 3 10 17 24 1 8 15 22 29 5 12 19 26 3 10 17 24 DIRECT MAIL Massachusetts Connecticut New Hampshire Rhode Island Maryland New Jersey Atlanta DMA Charlotte DMA Dallas DMA Seattle DMA RADIO Boston Hartford/New Haven/ New London ONLINE DISPLAY Massachusetts Connecticut PAID SEARCH Massachusetts Connecticut New Hampshire Rhode Island Maryland New Jersey Atlanta DMA Charlotte DMA Dallas DMA Seattle DMA
- 32. Life With Amica Results to Date
- 33. Sales Workflow and Results Radio Paid Search Banner Direct Mail Website
- 35. ©2011 Amica Mutual Insurance Company. All rights reserved.
Hinweis der Redaktion
- Generate calls, quotes and written business by positioning Amica Life as the life insurance company that will meet consumers’ desires for knowledge, simplicity, affordability and service. As a byproduct of this strategy Amica Life will begin building brand awareness as a life insurance company. Our ideal life insurance shopper profile remains similar to that of our core level term customer: Male or Female, Age 30-55, Married, At least 1 child, College Educated, Professional, $65,000 + per year income We will follow Amica Mutual’s shadow by employing Cronin to leverage Amica Mutual’s brand awareness and ad recall in CT and MA. Depending on the success of these marketing efforts, the plan could be expanded to other states with high brand awareness. Objective : Generate calls, quotes and written business Target Audience : Life Insurance shoppers, Male or Female, Age 30-55, Married, at least 1 child, College Educated, Professional, $65,000 + per year income Target Market : Leverage Amica Mutual’s brand awareness and ad recall in: Primary Markets – CT and MA Spillover – RI and NH Message : Affordability Consultative Life with Amica
- By leveraging a mix of marketing channels Amica Life will be best positioned to influence life insurance shoppers at various stages of the buying cycle… awareness, consideration, comparison and purchase. Point out the common theme that we are leveraging and how it relates to the parent brand “Amica”, our product offer “Life” and the relationship Life has with our customer personal Lives. The campaign theme “Life with Amica” will communicate the affordable and simple process that embodies purchasing life insurance through Amica Life. All elements will reinforce that Amica Life is here for our customers and their families, that we help them to protect the things that mean so much to them and that we come through when needed and exceed expectations. All elements will communicate the “Life with Amica” theme, will support our new rates by providing rate examples and will direct users to take a distinct action, whether it be calling 800-234-LIFE or visiting the campaign microsite to get a quote. Our Lifewithamica.com website will serve as “campaign central” and provide a central location to direct all media efforts. Our microsite is designed to encourage users to get a quote online or to call Amica directly. Our site features easy to use interactive tools including a streamlined quoting engine and Live Chat.
- Radio Advertising will be run on key stations and formats that have a high propensity to reach life insurance prospects such as News, Talk, Sports and Adult Contemporary.
- Direct Mail will be used to target individuals within the broad market that align with the profile of our core customer.
- Amica Life will utilize Banner Advertising to behaviorally target Life Insurance Shoppers by running banner ads on sites that these individuals tend to visit such as FoxBusiness, NYTimes, CNN and Google Finance.
- Amica Life will utilize Paid Search Advertising as the primary channel to reach the target audience of those shopping for life insurance. It is expected that Paid Search Advertising will also deliver the lowest cost per lead.
- Highlight Phase 1 - Paid Word Search and Banner…then Radio…Then Direct Mail Highlight Phase 2,3, and 4 - Same as above with adjustments due to results Radio Advertising will launch after the holidays, thereby avoiding advertising when both Share of Mind and Share of Voice concerns may limit the effectiveness of the campaign. Radio Advertising will also launch later to allow Amica Life to determine what performance lift radio may provide to the online advertising. Direct Mail will be launched towards the end of the campaign to allow for online and radio advertising to condition individuals, thereby increasing their likelihood of responding to Direct Mail. Channel Performance - Paid Search, Banner Advertising, Radio Advertising and Direct Mail: Determine lead to conversion rates and inform future decisions on marketing expenditures Testing various offers: Determine which offers (daily, monthly, or rate chart) perform the strongest Response methods (e.g., Live Chat vs. telephone, vs. online quotes, etc…): Determine performance by response method Performance by Day and Time: We will determine if we are staffing sales appropriately when activity is highest.