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Customer Centricity and Digital Disruption in Insurance
©2016 QUALTRICS LLC.
Speakers
John Parker Former CMO of Zurich North America and current professor at Northwestern’s Kellogg School of Management
Bruce Paul
Principal Consultant, Banking and Financial Services
Qualtrics
1. Seeds of Digital Disruption
2. How Digital Can Help with:
• Dropping Loyalty
• Decreasing Touchpoints
• Growing Advice Gap
• Shrinking Margins
©2016 QUALTRICS LLC.
Agenda
©2016 QUALTRICS LLC.
Seeds of Disruption Commoditization
Disintermediation
Lowering barriers to switching
Reduction in touchpoints
Transaction focus
Encroachment of Fintech
©2016 QUALTRICS LLC.
Fin Tech
©2016 QUALTRICS LLC.
Digital Disruption Loyalty is dropping
Touchpoints are decreasing
Advice gap is growing
Margins are shrinking
©2016 QUALTRICS LLC.
How Digital Can Help When Loyalty is Dropping Use data to focus on satisfaction and loyalty
Segmentation to optimize the approach
Real-time behavioral data to head off attrition
©2016 QUALTRICS LLC.
Digital Disruption Loyalty is dropping
Touchpoints are decreasing
Advice gap is growing
Margins are shrinking
©2016 QUALTRICS LLC.
How Digital Can Help When Touchpoints are Decreasing
Get simple, quick feedback after interactions
React in real-time to problems: case management
Look at journeys, not just touchpoints
Empower the call center to do more
©2016 QUALTRICS LLC.
Digital Disruption Loyalty is dropping
Touchpoints are decreasing
Advice gap is growing
Margins are shrinking
©2016 QUALTRICS LLC.
How Digital Can Help When Advice Gap is Growing
Serve up advice based on survey feedback
Target them on the website
Utilize your CRM, other tools to optimize the message
Prepare quarterbacks or center midfielders
©2016 QUALTRICS LLC.
Digital Disruption Loyalty is dropping
Touchpoints are decreasing
Advice gap is growing
Margins are shrinking
©2016 QUALTRICS LLC.
How Digital Can Help When Margins are Shrinking
Lower the cost to serve
Identify and retain the high value clients
Fail faster
Manage expectations around problem resolution costs
©2016 QUALTRICS LLC.
Digital ADVANTAGE
Real-time reaction
Segment and understand customers better
Customize customer experience
Contribute to the bottom line
Q & A
Key stages of the customer journey
Pre-Sales Capture new customer insights instantly on any channel. Drive customer conversion by delivering exactly what customers want.
Application Process Improve the application process to increase customer satisfaction and drive completion rates.
Onboarding & Cross-sell Optimize the onboarding process to ensure new customers are satisfied and responsive to cross-sell efforts.
Answering Questions & Problem Resolution Empower your organization to optimize how it responds to feedback and ensure customer satisfaction by closing the feedback loop.
Claims Anticipate claims based on customer behavior. Get feedback at every step of the process to learn and improve. Get post-claim feedback
• Website & mobile satisfaction
• Page-level feedback
• Market research
• Website feedback
• Agent CSAT
• Post-onboarding CSAT
• Holistic financial evaluation and barriers to conversion
• Problem incidence & resolution feedback
• Agent CSAT
• During claim feedback and correction
• Post-claim CSAT
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