Insurance Marketing in Music City! Highlights from PIMA Insights 2019

FARM’s new business team visited Nashville, TN, for the PIMA Consumer Insights Conference. Learn about the highlights of PIMA 2019 in Music City!

This past June, our new business team headed to Music City—Nashville, TN—for the 2019 PIMA Consumer Insights Conference. The conference takes a close look at marketing affinity and group benefits products, with a focus on the tools, trends, and strategies surrounding marketing, data, and technology.

FARM has been a proud member of PIMA (the Professional Insurance Marketing Association) for 15 years. PIMA is a trade association focused on serving more than 100 leading companies in the affinity and group benefits distribution industry. Members are from some of the largest brokerage firms and insurance carriers in the world, with expertise across all lines of insurance and financial services.

Highlights

  • Marketing Strategies that Made an Impact—Even Those that Missed the Mark
  • Why Curiosity is the Ultimate Competitive Advantage
  • Leading through Change and Racing to Relevance
  • The Grand Ole Opry

Marketing Strategies that Made an Impact—Even Those that Missed the Mark

From left to right: Shane Canfield, Cora Hall, Imran Mohammad, and Steve Czajkowski.

This panel discussion, moderated by Shane Canfield, CEO of WAEPA, included our own Steve Czajkowski, VP Market & Business Intelligence of Pathfinder Insights, FARM’s sibling market research and business intelligence company.

The other panelists were Cora Hall, Assistant Vice President of Group Benefits Marketing at The Hartford, and Imran Mohammad, Global Vice President of Strategy and Business Development for Aon.

Panelists discussed innovative and successful campaigns, marketing tactics, and some tips and tricks that every marketer should know. Steve shed some light on how insurance companies can use their data to make impactful, strategic marketing campaigns.

Dimensional Modeling

The best way to shape your data is to use dimensional modeling to match the way marketers ask questions of the data—using interrogatives (who, what, when, and where).

  • Who would be your customer dimension?
  • What would be your insurance product dimension?
  • When is easy … it’s just time.
  • Where might be the office that sold them the product; or, where does the customer live?

Each dimension should be kept clean and accurate, and managed proactively and diligently. By shaping your data this way, you can easily add alternate ways of looking at the data.

For example, you can append your buyer personas to the customer dimension to discover consumer behaviors associated with various products. You can use this to understand customer channel preferences, and how to cross-sell additional products.

How to Fix Bad Data

If you shape your data dimensionally, you can ask questions of it as fast as you can think of the next one. Purchasing a new tool thinking that it, alone, will improve or hide bad data ultimately fails. The only way to fix the problem is to alleviate informational inefficiencies.

Call 716-674-3151 or send an email to Steve Czajkowski to discuss your data challenges and how to take your first step toward better business performance with Pathfinder.

 

Why Curiosity is the Ultimate Competitive Advantage

Keynote speaker and innovation coach Diana Kander addressed why so many companies at the peak of their success plunge into irrelevance. Diana outlined four major questions for leveraging curiosity for success:

  1. How will you find your blind spots?
  2. How do you increase the quality of your idea?
  3. How will you know it’s not working?
  4. Who will hold you accountable?


(Source)

So many companies have success metrics in place, but often forget to implement failure metrics for how and when to know that an idea isn’t working. Successful companies know to question their assumptions, discover what they don’t already know, identify indicators that an idea is NOT working, and collaborate with others to be accountable.

Diana’s opening and closing keynote sessions resonated with us so well that we recommended her podcast, Professional AF, to everyone in the office.

The podcast is aimed at professional women, but it’s great for anyone who feels they aren’t harnessing their full professional potential.

 

Leading through Change and Racing to Relevance

Barb Baumann, Vice President at Securian Financial, gave an insightful presentation on relevance and effective cultural evolution—which must permeate all levels of an organization starting from the top.

Barb described enabling transformation by aligning strategy, culture, and operating model. She discussed the importance of leveraging cultural strengths that accelerate your strategy to emotionally energize what you’ve set out to do, as well as how to address challenges that stand in the way of evolving your culture to better align with your strategy and operating model.

By leading from a position of strength, getting everyone in the organization involved, focusing on the customer and company values, modeling aspirational behavior, and harnessing technology, companies can access new capabilities and support innovation in the organization.

 

The Grand Ole Opry

Just because we’re traveling for work doesn’t mean we can’t have a little fun in Music City! While networking with other PIMA attendees, we got a group together and ventured to the Grand Ole Opry to enjoy some live music.

To learn more about FARM’s impact with leading insurance companies, carriers, and brokers, and to see examples of our work, call 716-989-3200 or send an email to Jill Fecher to start a conversation.

 

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