Plymouth Rock Assurance Woodbridge Nj – Today, customer service is all about choice and innovation and the increasingly competitive insurance industry is no exception. Customers want to communicate in the most convenient way for them, and expect products tailored to their specific needs with a specific service In a demanding landscape, auto and home insurance carrier Plymouth Rock Insurance has risen to the challenge and adapted its offerings to survive and thrive. Tom Lyons, Chief Operating Officer, Direct Response Channel, Plymouth Rock Insurance, has kept a close eye on the changing industry during his 12 years at the company. He has been monitoring major changes in consumer habits and noticed one significant change: consumers want the ease of doing business through a distribution channel of their choice. This is one of the reasons why the Direct Response Channel for Plymouth Rock was born
“Property and casualty insurance market share in New Jersey is more directly dominated by independent and specialty agents,” Lyons explained. Similar agents make up about 47% of the market. By comparison, direct market share was 29% in 2003 and is now 53%. Project Rock has had to adapt to these changes in the industry while investing in and supporting its Prudential and independent exclusive agent networks. Continue
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Traditionally, the insurer only distributed its products through an agency model To compete with the evolution of direct writers, a key element of Plymouth Rock’s transformation was building a direct capability that complemented and strengthened its agency distribution offering. “Within our geographic footprint, you will see many large, national direct writers enter our market and begin to gain market share from the agency channel.” “To combat this, we piloted building a direct-to-consumer response channel about 10 years ago to see if we could economize on growth through direct distribution operations. We also have to help our agency channels compete in the digital market. “While initially a pilot effort, failure was not an option.” To compete in the market and drive growth, Plymouth Rock needs to build an economical and scalable direct business. Over the past decade, it has evolved into a multi-channel distribution model
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Plymouth Rock’s goal is for its direct response channel to become a partner of its agency channel, as opposed to a competing business. “From the initial launch of the direct response channel to today, our focus has been helping Plymouth Rock Enterprises compete in this evolving digital landscape. “We are constantly looking for new marketing resources, partners and technologies,” says Lyons.
Since its founding in 1982, Plymouth Rock has expanded significantly throughout the northeastern United States. Initially, Plymouth Rock distributed its products in Massachusetts and eventually moved to New Jersey in 1993. He was active with independent agents in Connecticut and New Hampshire for over 20 years. Currently, Plymouth Rock’s Direct Response Channel is actively writing in New Jersey, Pennsylvania, Connecticut and New Hampshire. The company plans to enter New York in late 2019
Due to market changes and developments, Plymouth Rock no longer competes with local rivals. National and global companies have also become competitive “Our direct national competitors have economies of scale in terms of marketing acquisition and telemarketing dollars,” says Lyons. “In many cases they have thousands of sales representatives in their sales centers and huge national advertising budgets To compete with this, we have to be highly targeted and selective about where and how our marketing dollars are spent and how we sell our products. ” In many ways, Plymouth Rock maintains an entrepreneurial startup mentality as it grows. He is mindful of how he spends his money and the relationships he creates, and he is able to listen to every colleague within a rapidly growing organization.
A significant advantage for Plymouth Rock is its deep understanding of the market and how customer needs and expectations are evolving. Lyons is acutely aware of the shift toward self-service in the marketplace and what that means for his organization “In the old insurance days, consumers used to go to their local agent to buy insurance products face-to-face. Nowadays, many consumers want to be able to transact and purchase products online or over the phone directly from their smartphone or tablet. However, they still seek the comfort and confidence of knowing that there is a licensed agent who will make sure they make the right decision. That is the key to direct delivery How to make it easy for consumers to buy products, while still experiencing good service and information?
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To deliver the best possible customer experience in a changing landscape, Plymouth Rock has worked with innovative startups that might otherwise be seen as disruptive competition. “We’ve worked with a number of insert tech companies, both from a technology and delivery perspective,” says Lyons. “What sets Plymouth Rock apart from our competitors is that we strive to form strategic partnerships with these companies. It’s not just one size. For example, insurers have partnered with other alternative distribution partners, known as super agents The company is a leading partner in data integration through Lead Cloud with these partners Lyons emphasized that regional direct writers need to be flexible and nimble in how we create partnerships and how we integrate with them. There is a fine line to those arrangements, but many have worked well for Plymouth Rock and its partners. “Transparency and collaboration are at the forefront of how we build these strategic partnerships,” says Lyons.
In addition to startups, Plymouth Rock maintains relationships with more established technology partners that leverage cutting-edge technology for a truly superior customer experience. Working with Salesforce.com, a customer relationship management (CRM) system, gives the company a unified 360-degree view of both current and prospective customers. “We track the customer’s journey through their lifecycle with us through every touch point,” Lyons explains. “We understand if they want to communicate with us via email, chat, text or phone, so we can tailor the customer experience to that person. | In addition, partnerships with IBM and Axiom play a key role in data management We follow multi-channel marketing, where we do different types of marketing channels to meet customer needs. Some consumers prefer to be marketed to via email and display advertising, while others prefer direct mail or social media advertising It’s about matching our messaging and customer needs
Another interesting area of partnership that Plymouth Rock is beginning to explore is with financial institutions “This is an area of expansion and growth,” says Lyons. “We know that these financial institutions are able to improve their customer base by offering a property and casualty insurance product with us and in doing so improve their customer retention. The strategic partnerships we form are essential to what Plymouth Rock does Our partnerships are not about ‘you do this and we do that’ – they are creative and agile Plymouth Rock currently works with several such financial institutions and is actively seeking new partnerships to further our respective businesses. “
Internally, Plymouth Rock’s research and development team is always on the lookout for emerging technologies. Its agile and flexible approach allows new initiatives and solutions to be piloted quickly, before successful initiatives are rolled out across the organization. Every innovation implemented is measured against its impact on the customer experience, which is closely monitored. We conduct customer surveys and focus groups to understand what customers like and don’t like about being insured with us, and we often make changes based on this. “Having our finger on the pulse of our customers and being responsive to their needs helps keep us competitive and at the forefront of innovation,” says Lyons.
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Another key element in finding the best solution for the business and its customers is Plymouth Rock’s culture of collaboration It penetrates not only the external but also the internal organization “We have a culture where everyone in the organization, regardless of position, feels empowered to make recommendations or suggestions,” says Lyons. For example, the popular Get Home Safe benefit that is unique to Plymouth Rock allows the company’s customers to access a free car taxi home as a safer alternative to driving when needed. An employee suggested this innovative service to the CEO over lunch many years ago Now it’s rolled out on Enterprise “We have a culture of collaboration and transparency across our different business units,” says Lyons. “These units empower an entrepreneurial spirit and innovative approach to all our business initiatives And there is always cooperation to ensure the best
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