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Session Title
KELLY PETERS
CEO and Co-Founder BEworks
Kelly Peters
CEO and Co-Founder BEworks
Economics to Guide Customer Decision Making and Drive ROI Session - - PowerPoint PPT Presentation
Economics to Guide Customer Decision Making and Drive ROI Session - - PowerPoint PPT Presentation
How Marketers Can Use Behavioral Economics to Guide Customer Decision Making and Drive ROI Session Title KELLY PETERS CEO and Co-Founder BEworks Kelly Peters CEO and Co-Founder BEworks Case Study - Background Global group disability
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Case Study - Background
Global group disability benefits and voluntary income protection insurance
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4
Case Study: Decision points
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5
Participation
% of eligible employees who purchase
Persistency
% of enrolled who keep coverage for one year
Retention (short-term)
% of enrolled who opt-out before first payment
Using behavioral economics to aid business outcomes
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6
Nudges
Pre-Enr nrol
- llment
nt Emai ail Series Auto-App ppoint ntment ent Sched hedul ule Congr ngratul ulator
- ry Emai
ails
73 behavioral impact points
The Average American Spends 3.2 Hours A Day
- n Facebook. You’re Telling me You Don’t Have
20 Minutes For This?
Everyone has their session scheduled. Yours is with Jill Berry.
Date: July 10, 2014 Time: 9:30 am Location: Meeting Room A
Jill will be waiting for you
- n:
Post-purchase experience Enrollment decision Active evaluation
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7
Email template we re-engineered with nudges
2.
- Meet
a Benefits Counselor
- 1.
Complete Informa6onal Forms 3. Celebrate your peace
- f
mind with coverage
- 2.
- Meet
a Benefits Counselor
- 1.
Complete Informa6onal Forms 3. Celebrate your peace
- f
mind with coverage
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8
Nudge #1: Challenge common objections
2.- Meet
- 1.
- f
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Nudge #2: Create a sense of urgency
2.- Meet
- 1.
- f
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Nudge #3: Lock them in
Everyone has their session scheduled. Yours is with Jill Berry.
Date: July 10, 2014 Time: 9:30 am Location: Meeting Room A
Jill will be waiting for you on:
Date: July 10, 2014 Time: 9:30 am Location: Meeting Room AJill will be waiting for you on:
Everyone has their session scheduled. Yours is with Jill Berry.
Jill will help you ensure you and your family are fully protected in the event of an accident or injury. All you need to do is: 2.
- Meet
a Benefits Counselor
- 1.
Complete Informa onal Forms 3. Celebrate your peace
- f
mind with coverage
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11
Benchmark Pilots
Part rticip ipation rate
+33 +33% Benchmark Pilots
Premium per er lif life
+40 +40%
18.9% 25.1% $451 $633
Results
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Top takeaway
Leverage the power of cumulative little nudges.
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Thank You
Kelly Peters
@KellyBEworks