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New Report from Acxiom Evaluates the Effectiveness of Marketing Technology in the Highly-Competitive Insurance Industry

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Senior Industry Leaders Understand the Power of Personalization for
Customer Growth and Retention but are Challenged with Creating Accurate
Data Foundations

AUSTIN, Texas–(BUSINESS WIRE)–Acxiom®,
the data and technology foundation for the world’s best marketers, today
at Dig|In 2019, released a new report in partnership with
SourceMedia Research. The study explores the top martech issues facing
senior leaders at P&C (Property & Casualty), life and multi-line
insurance companies. Despite significant investments being made in the
martech space, insurance carriers are struggling to get value out of
their investments. The joint report, ‘Marketing Transformation for
Insurance – A Study of MarTech Through the Eyes of Insurance Leaders,’
unveiled top-tier and mid-tier carrier strategies and challenges in
maximizing the value of their martech investments, influenced by
increased volumes of prospect and customer data from various channels.

“The rapid proliferation of channels, devices and data sources has
impacted the complexity of identity resolution strategies. This, in
turn, increases the risk of brand loyalty erosion as competition soars
in this transformative climate,” said Clark Wooten, group vice president
of insurance services at Acxiom. “Customers expect carriers to deliver a
seamless and highly personalized experience, but organizational and
industry obstacles, including data silos and evolving data privacy
policies, can create barriers between the expectations of customers and
the experiences delivered by insurers.”

Key Findings:

  • Twenty-three percent of insurance executives indicated that enhanced
    customer experience is their primary indicator of marketing success in
    2019
  • Thirty-six percent of executives cited data quality and accuracy as
    their biggest obstacle to being able to obtain a 360-degree view of
    the customer, curate actionable insights, assign accurate marketing
    attribution and measurement, and prove ROI
  • Nearly three-fourths of insurers are currently using between five to
    14 martech solutions— clear evidence of the data fragmentation
    challenge within insurance organizations
  • Nearly thirty-five percent of executives did not understand the
    martech solutions they were developing or purchasing, finding the
    tasks of achieving data quality/accuracy, marketing ROI, removing data
    silos and managing data governance very challenging
  • Customer acquisition and retention (66 percent), personalization (60
    percent), and increased competitiveness (56 percent) were ranked by
    executives as the most important martech investments in the next 12
    months

The study also found that seventy-six percent of customers said they
were willing to take their business elsewhere if they weren’t getting a
highly personalized experience, and fifty-one percent said most brands
fell short of delivering a great customer experience. A Forrester report
in 2018 had similar findings. Data from Forrester’s CX Index proves that
when customers have a better experience, their intentions to stay with a
brand, buy more from that brand, and recommend that brand all increase.
But great customer experience in auto and home insurance is still rare.
That means that there is huge financial upside for insurers that
transform their customer experience.1 But simply
understanding the importance of making customer experiences better and
bringing together various martech tools designed to improve customer
experience are not leading to the success insurance marketers hoped to
achieve. The reason is that martech alone cannot solve the customer
experience problem.

“There is an overwhelming disconnect between results versus expectations
of the martech solutions insurance executives have purchased,” said
Jennifer Liptow, director of research operations at SourceMedia
Research. “Carriers must take a step back in order to get the data
foundation right, ensuring accuracy and compliance, in order to
effectively target customers and clearly differentiate their value
propositions among competitors.”

“The report clearly demonstrates that connecting the martech platforms
into what Acxiom terms a unified data layer or framework is much harder
than carriers realize. Many are trying to do this in-house but struggle
with integrations due to data challenges, lack of expertise and internal
resource constraints,” said Karen Imbrogno, senior insurance industry
strategist at Acxiom. “The majority of carriers are placing primary
focus on enhancing the customer experience yet struggle to measure
success with multiple projects continuously in play. The only way one
can measure accurately is by bringing all the data together — online,
offline, first-party, second-party and third-party data—into an
integrated framework.”

Findings from the report, which was conducted in 2018, are a telling
indicator of insurance executives’ priorities, with seventy-eight
percent of respondents stating that they are interested in implementing
a unified data framework solution to optimize their martech investments.
Partnership is key to uniting martech ecosystems at the data layer.
Since integrating marketing data and platforms is not a core part of an
insurer’s business, it is essential for them to work with an expert
partner who has a proven way to increase ROI and improve the customer
experience.

“Successful marketing depends on connected data at the foundational
layer,” added Wooten. “With a strong focus on creating a connected
ecosystem of marketing and advertising data services and technologies,
insurance companies will be able to create a single 360-degree view of
their customers while improving their ability to acquire, engage, and
retain customers, all of which is critical to proving ROI and maximizing
value.”

The report leveraged quantitative and qualitative interviews of 106
respondents at the director level or higher at top-tier and mid-tier
insurance carriers. To download the full report and learn more about
marketing transformation of the insurance industry, click here.

About Acxiom

Acxiom provides the data and technology foundation for the world’s best
marketers. We enable people-based marketing everywhere through a simple,
open approach to connecting systems and data that drives seamless
customer experiences and higher ROI. A leader in identity and ethical
data use
for nearly 50 years, Acxiom helps thousands of clients and
partners around the globe work together to create a world where all
marketing is relevant. Acxiom is a registered trademark of Acxiom LLC.
For more information, visit Acxiom.com.

About SourceMedia Research

SourceMedia Research is a full-service B2B market research service that
draws upon SourceMedia’s market expertise and proprietary database of
engaged executives to develop information and insights for clients.
SourceMedia Research provides research solutions for marketers, agencies
and others targeting sectors such as banking, payments, mortgage,
accounting, employee benefits and wealth management.

1 “The US Auto and Home Insurers Customer Experience Index, 2018:
How US Auto and Home Insurers Earn Loyalty with The Quality of Their
Experience,” by Ellen Carney, Faith Adams, August Du Pont, June 20,
2018, Forrester.

Contacts

Sherry Hamilton
Director, Communications
501-342-6029
sherry.hamilton@acxiom.com

Cannabis

Oppenheimer & Co. To Host 19th Annual Consumer Growth and E-Commerce Conference

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Oppenheimer & Co. Inc. (“Oppenheimer”) – a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY) – will host its 19th Annual Consumer Growth and E-Commerce Conference on June 18-19 in Boston, MA. This year’s event features companies from prominent consumer brands such as Autozone, Domino’s Pizza, Express, Home Depot, Lowe’s, Six Flags Theme Parks, Tiffany & Company, Ulta, Walmart, Weight Watchers, and Yum Brands.

Of particular note, Oppenheimer is pleased to host nine of the market-leading companies involved with emerging trends in the Cannabis space this year. The event will also feature seven panel discussions, moderated by Oppenheimer Consumer Research Analysts, addressing emerging and disruptive trends in the consumer marketplace as follows:

  • Evolving Role of Technology in the Consumer Sector with Cooler Screens and Lindsay Goldberg LLC, moderated by Brian Nagel
  • A Discussion with Emerging Restaurant Brands with Aurify and B. Good, moderated by Brian Bittner
  • A Discussion on the Evolving US Food & Beverage Landscape with Lifeway, New Age Beverage, and United Natural Foods, moderated by Rupesh Parikh
  • Next Gen Brands Re-Shaping Landscape for Women’s Fashion with CARAA and Rothy’s, moderated by Brian Nagel
  • Exciting New Brands Shaking Up Home Products Space with Burkelman, LoveSac and Resident/Nectar, moderated by Brian Nagel
  • A Discussion on the Emerging CBD Landscape with Curaleaf and CV Sciences, moderated by Rupesh Parikh
  • Leveraging the Power of Digital to Connect with Consumers with Eight and FlexShopper, moderated by Brian Nagel

The conference features Oppenheimer’s Consumer Senior Research Analysts:

  • Brian Bittner, Managing Director Senior Analyst covering Restaurants
  • Brian Nagel, Managing Director and Senior Analyst covering Retail and E-Commerce
  • Rupesh Parikh, Managing Director and Senior Analyst covering Food, Grocery and Consumer Products
  • Ian Zaffino, Managing Director and Senior Analyst covering event-driven Special Situations

“Long-established business models are being upended by disruptive brands and technology, affecting consumer preferences and buying behaviors throughout the consumer industry. This year’s event aims to showcase the mix of market-leading and emerging companies driving and navigating these changes,” said Erica L. Moffett, Managing Director and Associate Director of Research at Oppenheimer. “From effortless payment methods to accelerated delivery times and customized products, consumers want a seamless experience. In order to succeed, companies must stay current on the evolving consumer and we are pleased to host a conference to explore this new landscape.”

Oppenheimer’s next conference will be the Montauk Emerging Life Sciences Summit, which will be held on June 26-28in Montauk, NY. The 22nd Annual Technology, Internet & Communications Conference will follow on August 6-7 in Boston, MA, followed by the Midwest Corporate Access Day in Chicago on August 15.

Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions.

SOURCE Oppenheimer & Co. Inc.

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Cannabis

iCAN: Israel-Cannabis CEO and Founder Saul Kaye to Participate at the World Cannabis Congress in Saint John, New Brunswick

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iCAN: Israel Cannabis Founder and CEO Saul Kaye will participate at the World Cannabis Conference being held in Saint John, New Brunswick, Canada from June 16-18, 2019.

Kaye, a leader in the global cannabis ecosystem will moderate a session entitled, “Innovative Methodologies and Emerging Topics in Global Cannabis Research.”  Panelists are Dr. Suzanne Sisley MD President and Principal Investigator, Scottsdale Research Institute and, Dr. Jerry King, R&D Consultant, CFS.  The session will take place at the Saint John Trade & Convention Centre on June 18.

The World Cannabis Congress (WCC) is an exclusive, invite-only event for international cannabis leaders, influencers and trend setters. The event will have hundreds of attendees from around the world from business, government and medicine.

In addition to his leadership of iCAN: Israel Cannabis, Kaye is an industry advisor to the Medical Cannabis Caucus of the Israeli Parliament, as well as an advisor to the Ministries of Economy and Health in Israel. He is a licensed pharmacist and a successful entrepreneur with both retail and e-commerce experience. Saul has founded multiple companies spanning six countries across the US, EuropeIsrael and Australia.

Canada has truly been a global trailblazer in the cannabis industry.  Canadian cannabis companies and its stock market are influential and forward looking and we in Israel, the R&D capital of cannabis, collaborate with our Canadian friends on many different levels.  I look forward to participating at the WCC as the medicine and business of cannabis develops at breathtaking speed both in Israel and beyond,” said Kaye.

 

SOURCE iCAN: Israel Cannabis

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Cannabis

Loyalist College to launch Canada’s first Technology Access Centre for natural products and cannabis

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Loyalist College is the recipient of a $1,750,000 Natural Sciences and Engineering Research Council of Canada (NSERC) College and Community Innovation (CCI) Program grant over five years to launch Canada’s first Technology Access Centre (TAC) for natural products and cannabis. In addition, Loyalist received $1Mthrough the Canada Foundation for Innovation’s (CFI) College-Industry Innovation Fund (CIIF) to add specialized equipment to the TAC.

Loyalist was one of 90 recipients at colleges, cégeps and polytechnics across the country to receive part of the $73M in funding, announced today by the Honourable Kirsty Duncan, Minister of Science and Sport, at Georgian College in Barrie, Ontario. Through the CCI Program and the CIIF, this investment will help post-secondary institutions partner directly with local employers to facilitate commercialization and transform the results of research and development into new technologies to help businesses expand and grow.

The rapid growth of Canada’s cannabis, hops and natural products sectors positions Loyalist’s Applied Research Centre for Natural Products and Medical Cannabis (ARC) as a national innovation hub for small- to medium-sized enterprises. As a TAC, Loyalist will build on the ARC’s 15 years of natural product extraction expertise and analysis-based applied research. In transitioning to a TAC, Loyalist’s ARC will significantly increase the College’s capacity to lead applied research of commercially relevant natural products and cannabis, and to support innovation by enhancing industries’ access to sector-relevant expertise and technology.

The TAC initiative will cultivate an environment for College-industry partnerships to thrive while providing students with unparalleled opportunities for work-integrated learning; investigating extraction, isolation, and formulation; and product development. In partnership with the Quinte Economic Development Commission (QEDC), Loyalist will support the Bay of Quinte’s burgeoning natural products and cannabis sectors to generate regional socioeconomic benefits, and to provide opportunities for a new generation of innovators. Loyalist will also offer companies across Canada a supportive, community-oriented platform from which to enhance their productivity, expand their reach and augment their competitiveness in the global market.

Quotes

“We are very grateful for NSERC’s continued support and proud to be Canada’s first TAC for natural products and cannabis. Loyalist currently has more than 25 companies interested in applied research, and as our ARC transitions into a TAC, we will be able to meet their requirements while significantly extending our network to help more companies to innovate. Our Biosciences and Cannabis Applied Science students will have the advantage of being involved in ground-breaking research that propels Canada forward as the world leader in cannabis and natural product developments.” – Dr. Ann Marie Vaughan, Loyalist College President & CEO

“It’s great to see this NSERC and CFI funding come through for Loyalist College’s launch of Canada’s first TAC for research in natural products and cannabis. Being able to conduct research in a state-of-the-art facility means that students working in the College’s ARC will be able to build up their expertise in product analysis; which can then be applied directly to commercial development. This is just the beginning of seeing a new series of natural products being designed, assessed, made and delivered from our region.” – Neil R. Ellis, Member of Parliament for Bay of Quinte

“I am so proud to see the innovation that is driving research and economic development in our rural community through Loyalist College’s ARC. Innovation is key to Rural Sustainability and this investment will ensure that we are training the next generation in the latest technological advances. I congratulate them on their NSERC and CFI grant, and wish them all the best of success.” – Mike Bossio, Member of Parliament for Hastings—Lennox and Addington

“The Quinte Economic Development Commission is proud to be a supporting partner with Loyalist College on this important initiative that is aligned with economic development opportunities and priorities in the region. The TAC will support industry research and innovation for companies in key industry sectors as well as helping students develop in-demand skills and experience. Congratulations to the team at Loyalist on launching this important project.” – Chris King, Chief Executive Officer, Quinte Economic Development Commission

 

SOURCE Loyalist College

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