Thoughts from the ICMG Conference 2017

Posted by Lars Thording on February 13, 2017

The Genius Avenue Team has spent the last two days at the Inter-Company Marketing Group’s annual conference in Orlando, Florida. Three observations from the conference:

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First, while a lot of businesses are offering lead generation and customer acquisition, virtually nobody is talking about customer retention. Given that it is 6x more expensive to gain a new customer than retain a current customer, I'm surprised. [1] Statistics show that 2 out of 3 insurance customers don’t think they have a good relationship with their carriers – so there is a lot of room for improvement!

Second, there seems to be an often irrational fear of adopting advanced technology for enrollment and member administration in place of inadequate technology or – no technology. Manual enrollment is still a verOur booth.jpegy common phenomenon. Adopting advanced enrollment technology may be an investment, but it is an investment that pays of quickly in terms of efficiencies alone. Plus it allows for the carrier to scale quickly.

Third, the major trend in 2016 of increasing availability of voluntary benefits in the workspace has not been universally accepted. Everybody is waiting for the replacement of the ACA. In the meantime, there are trends in healthcare that continue regardless of the ACA, and one of them is higher deductibles on core medical and the resulting increase in the use of supplemental benefits in the workspace.  

Source:

1. http://www.business2community.com/strategy/6-times-expensive-win-new-customer-retain-existing-one-01483871#iRUSbpiftgvAcz87.97

Topics: voluntary benefits, Events

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