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Boosting Insurance Client Acquisition & Retention using Journey Management using Journey Management [SA Webinar]

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Boosting Insurance Client Acquisition & Retention using Journey Management using Journey Management [SA Webinar]

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This is the slideware from the live webinar hosted by inQuba in South Africa, on the 28th May 2020. The recording is available here: https://youtu.be/o74XndOxzR8

The Science of Creating Insurance Journeys That Your Clients Love

Do you really know why your clients are leaving, and exactly what you can do to keep them?

There are only a handful of reasons why clients leave their insurers. The good news is that a 100% boost in retention, acquisition and online conversion is now within reach.

The world has changed forever, but clients are still won or lost at moments of truth. During this webinar we discuss the following:
• The top reasons for churn in insurance
• How to solve for retention – the three categories of solutions
• How to create visibility of churn and retention throughout the business.
• How to get started!

Our guest speaker was insurance industry expert Clive Jainerain.

This is the slideware from the live webinar hosted by inQuba in South Africa, on the 28th May 2020. The recording is available here: https://youtu.be/o74XndOxzR8

The Science of Creating Insurance Journeys That Your Clients Love

Do you really know why your clients are leaving, and exactly what you can do to keep them?

There are only a handful of reasons why clients leave their insurers. The good news is that a 100% boost in retention, acquisition and online conversion is now within reach.

The world has changed forever, but clients are still won or lost at moments of truth. During this webinar we discuss the following:
• The top reasons for churn in insurance
• How to solve for retention – the three categories of solutions
• How to create visibility of churn and retention throughout the business.
• How to get started!

Our guest speaker was insurance industry expert Clive Jainerain.

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Boosting Insurance Client Acquisition & Retention using Journey Management using Journey Management [SA Webinar]

  1. 1. The Science of creating the insurance Journeys your customers love Boosting Insurance Client Acquisition & Retention in the New Digital Economy using Journey Management LIVE WEBINAR
  2. 2. CLIVE JAINERAIN MAC Consulting Insurance industry expert, previously Santam & Old Mutual (SA & E. Africa) ANTONY ADELAAR Head: Product Marketing, inQuba Welcome to our Webinar! Boosting Insurance Client Acquisition & Retention in the New Economy Using Journey Management
  3. 3. Do You Really Know Why Your Clients Are Leaving, And Exactly What You Can Do To Keep Them?
  4. 4. BUT FIRST, THE THINGS WE KNOW Short term insurance: The 3rd highest cost of acquisition per client of all industries globally It costs 5 to 10 times more to acquire a new insurance customer than to retain one 84% shop around for insurance at time of renewal 47% leave CONSUMER INTELLIGENCE GLOBAL REPORT 2018
  5. 5. Deliver value, generate loyalty Ensure ease of interaction Engage around moments of truth Bridge digital and human channels HOW TO KEEP INSURANCE CLIENTS:
  6. 6. Poor communication Poor service Poor supplier workmanship Declined claims No cover as expected THE RETENTION BIG 6 TOP CANCELLATION REASONS (SA) Value of cover
  7. 7. Poor communication Poor service Poor supplier workmanship Declined claims No cover as expected TOP CANCELLATION REASONS (SA) Value of cover Deliver value, generate loyalty Ensure ease of interaction Engage around moments of truth Bridge digital and human channels HOW TO KEEP INSURANCE CLIENTS:
  8. 8. POOR COMMUNICATION BIG 6 ROOT CAUSE/S • Insurer communication is typically infrequent • When it happens it’s usually sales-focused • Communication is one-size-fits-all POOR SERVICE • Insurer is not easily accessible • Lack of continuity and hand-over of client information • Clients are not proactively updated VALUE OF COVER • Client perception of cover versus history, competitors and benchmarks • Client perception of brand, influenced by word-of- mouth WHY IS THIS STILL HAPPENING? • Mass, generic communication is efficient • Quality of communication is not an important metric • The impact of communication is not visible • CX considered operational, not strategic • Operating models are siloed, not client-centric • Nobody owns end-to-end client journeys, which break at handovers • Clients’ needs aren’t being anticipated • Efficiency rather than communication of value at onboarding • Cover is not personalised according to clients’ changing requirements 1 2 3 WHY DO THE RETENTION BIG 6 STILL EXIST?
  9. 9. POOR SUPPLIER WORKMANSHIP • Suppliers doing poor work with minimal accountability • Suppliers not keeping the clients updated • Suppliers don’t live the insurer brand • Supplier business objectives differ • Supplier service levels & trends are not visible • Unhealthy supplier relationships DECLINED CLAIMS • Irregular behaviour of insured clients (e.g. unlicensed driving) • Non-compliance (e.g. roadworthiness) • Incidents not covered • No dynamic communication with clients about cover and options • Staff don’t have sufficient visibility when making decisions NO COVER AS EXPECTED • A lack of awareness around the specifics of the cover, and the requirements of the policy holder • Inadequate communication at onboarding • Inadequate continuous communication around value • Siloed approach and function competition BIG 6 ROOT CAUSE/S WHY IS THIS STILL HAPPENING? 4 5 6 WHY DO THE RETENTION BIG 6 STILL EXIST?
  10. 10. POOR COMMUNICATION BIG 6 POOR SERVICE VALUE OF COVER POOR SUPPLIER WORKMANSHIP DECLINED CLAIMS NO COVER AS EXPECTED SOLUTIONS? Understanding clients & their unique journeys, & anticipating poor experiences Personalised, contextual engagements based upon client journeys & behaviour Engaging in contextual conversations throughout the clients’ journeys Proactive engagement & information sharing throughout the journey Visibility of supplier workmanship & service levels Focus on end-to-end customer journeys, across functions, rather than individual steps 1 2 3 4 5 6 WHY DO THE RETENTION BIG 6 STILL EXIST?
  11. 11. POOR COMMUNICATION POOR SERVICE VALUE OF COVER POOR SUPPLIER WORKMANSHIP DECLINED CLAIMS NO COVER AS EXPECTED CLIENT JOURNEY MANAGEMENT CLIENT JOURNEY MANAGEMENT CLIENT JOURNEY DISCOVERY UNDERSTANDING CLIENT SEGMENTS CLIENT JOURNEY INSIGHTS JOURNEY ORCHESTRATION REVIEW & OPTIMISATION
  12. 12. Client Journey Management What we’ve seen
  13. 13. increase in Acquisition, Retention, & Conversion 100% achieved with Customer Journey Management
  14. 14. HARD RESULTS I love this slide but it’s not visually consistent with the deck which makes it look like patchwork OUR APPROACH INQUBA JOURNEY ANALYTICS LARGE TELCO GLOBAL INSURER LARGE BANK Big Data Find patterns in customer & transactional data across experiences & over time Journey Analytics Discover actual customer journeys through experiences & channels, & their sentiment Optimisation Nudges & interventions, informed by Machine Learning, that retain customers by helping them to reach their goals 80% to 120% increase in conversion at moments of truth 20-point increase in Net Promoter Score
  15. 15. LEADING ACROSS VOC & JOURNEY ANALYTICS Gartner Market Guide for Voice-of-the-Customer Solutions November 2018
  16. 16. MICROSOFT
  17. 17. POLL
  18. 18. So, how do we solve for Retention in Insurance?
  19. 19. POOR COMMUNICATION POOR SERVICE VALUE OF COVER POOR SUPPLIER WORKMANSHIP DECLINED CLAIMS NO COVER AS EXPECTED CLIENT JOURNEY MANAGEMENT CLIENT JOURNEY MANAGEMENT CLIENT JOURNEY DISCOVERY UNDERSTANDING CLIENT SEGMENTS CLIENT JOURNEY INSIGHTS JOURNEY ORCHESTRATION REVIEW & OPTIMISATION
  20. 20. Client Journey Management
  21. 21. DISCOVER JOURNEYS Discover where & when clients are leaving UNDERSTAND SEGMENTS Understand the cohorts of clients that are in motion REVIEW DEEP INSIGHTS Review client behaviour overlaid with emotional context DESIGN A STRATEGY Design interventions & nudges for each segment REVIEW AND OPTIMISE Iterate to maximise journey optimisation SOLVING FOR RETENTION IN INSURANCE
  22. 22. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) ! ! ! DISCOVER JOURNEYS Discover clients’ real paths, & where & when they are leaving your business. Get a view of their sequences & their obstacles, & where things are going wrong. SOLVING FOR RETENTION
  23. 23. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) ! UNDERSTAND SEGMENTS Isolate the groups of clients within the journey paths according to characteristics, experiences, behaviour & channels. Collect information in real time to enhance segment insight. SOLVING FOR RETENTION ! Dear Charlotte We would really value your feedback on your recent claim experience. Kindly take a minute… TransAtlantic Ins. Today, 15:30 Very good! Charlotte Weaver Today, 17:40
  24. 24. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) REVIEW DEEP INSIGHTS Overlay the real client journeys, by client segment, with their emotional context. Better understand your clients’ while they’re achieving or not achieving their goals. SOLVING FOR RETENTION
  25. 25. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) DESIGN A STRATEGY Orchestrate client journeys by designing an intervention strategy to retain each profile of at-risk clients, through contextual nudges, feedback collection & service recovery SOLVING FOR RETENTION
  26. 26. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) REVIEW AND OPTIMISE Review the impact of strategies & tests on behaviour & conversion. Iterated & fine-tune interventions for maximum possible optimisation of client journeys and retention of clients. Measure ROI & repeat. SOLVING FOR RETENTION
  27. 27. Optimising Customer Journeys: An Orchestration Scenario
  28. 28. Journey Orchestration
  29. 29. Register / call centre Register / email Register / web Assessment / supplier Query / web Approval / call centre Query / call centre Car hire / supplier Collect car / supplier Query / supplier Query / web Decline / supplier Complaint / supplier CLAIM(MOTOR) PROFILE FEEDBACK Poor service Poor communication Poor workmanship EXPERIENCE AN ORCHESTRATION SCENARIO ! ! Claim (motor), including interactions with numerous suppliers such as vehicle hire and panel beaters High value, high risk
  30. 30. REGISTER ASSESSMENT PANEL BEAT COLLECT CAR Charlotte waited for 10 days for an update. She eventually received a call on a Friday morning informing her that her car was ready for collection. She wasn’t able to make arrangements on the day so kept the hire car for the weekend Charlotte had an accident on her way to work and registered the claim. She had to call several times for an update and was eventually able to select an available panel beater Charlotte rearranged her meetings and took her car to the panel beater. She took an Uber to the car hire branch to collect her hire car, which was neither ready nor clean Charlotte collected her car from the panel beater, only to find a new scratch and a peculiar scraping sound when reversing.. Charlotte complained Dear Charlotte, thank you for the chat, and apologies once again… I have arranged for your Polo to be collected from you and a hire car delivered at the same time. This will happen tomorrow… The issues on your car will be resolved by one of our premium suppliers by the end of this week… I’m overseeing this personally and will keep you updated daily. Please fee free to reach out to me at any time by replying, or by calling me directly.. Jennifer at TransAtlantic Today, 15:30 Assignee: Jennifer J Note: Hi Jennifer, kindly contact.. New Case: Priority Customer Today, 15:41 CLIENT CONTEXT CLAIM Poor service Poor communication Poor workmanship HIGH VALUE HIGH RISK Assignee: Jennifer J Note: Hi Jennifer, kindly contact.. New Case: Priority Customer Today, 15:41 Dear Charlotte, I’m really sorry to hear about this situation. I’m overseeing this personally and will arrange for an acceptable hire vehicle.. Jennifer at TransAtlantic Today, 15:30 PROFILE-SPECIFIC ROUTING & TREATMENT PROFILE-SPECIFIC ROUTING & TREATMENT ! ! ! Dear Charlotte, we’d really value your feedback on your recent Assessment. Kindly take a minute… TransAtlantic Ins. Today, 15:30 ABC made me wait, and car dirty! Charlotte Weaver Today, 17:40
  31. 31. REGISTER ASSESSMENT APPROVAL PANEL BEAT CAR HIRE COLLECT CARCLAIM CASE MANAGEMENT Closed-loop service recovery CLIENT JOURNEY OPTIMISATION FOR RETENTION CONTEXT-DRIVEN INTERVENTIONS Interventions & nudges that encourage behaviour FEEDBACK COLLECTION Omni-channel surveying
  32. 32. In The Battle For Customer Loyalty, Complete Visibility is Essential
  33. 33. Deep Insights
  34. 34. The Customer “I want my problem fixed efficiently, and with caring. Keep me updated. Allow me to raise a flag easily. Reassure me that things are on track.” The Supplier “I want to get the job done quickly. Customer service is important because ratings affect my business. Communicate in real time. Please keep the customer updated.” The Insurance Exec “I’m interested in my numbers – churn, retention, loss ratio. What’s affecting these numbers, high level and detail. I need confidence around the activity in the business. Help me know what questions to ask.” The Ops/Claims Manager “I wanted closed tickets and satisfied customers. Customers must be proactively updated. I need customer context and progress per case. Help me anticipate hot spots.” The Broker “I want happy customers so that my business is successful. Keep me in the loop. Reduce hassle. Assure me that the customer is updated. Allow me to raise a flag.” THE ROLE PLAYERS
  35. 35. OPS VIEW - CLAIMS FEEDBACK PER STEP OF THE CLAIMS PROCESS 12 12 10 7 Registration Assess Approve Panel B ASSESSMENT: CASES (8) CASE 1… DATE … ASSIGNEE …STATUS … CASE 2… DATE … ASSIGNEE …STATUS … CASE 3… DATE … ASSIGNEE …STATUS … CASE 4… DATE … ASSIGNEE …STATUS … CASE 5… DATE … ASSIGNEE …STATUS … Q: Where are the hot spots in the business, and what’s the detail? FEEDBACK COLLECTION CONTEXT DRIVEN INTERVENTIONS SERVICE RECOVERY
  36. 36. FEEDBACK PER SUPPLIER CATEGORY 15 22 11 14 Panel beaters Car Hire Assessors Towers PANEL BEATERS CASE 1… DATE … ASSIGNEE …STATUS … CLAIM NO. CASE 2… DATE … ASSIGNEE …STATUS … CLAIM NO. Q: Which supplier categories and suppliers are leading to hot spots in the business? MR DENT 4.5 (n= 120) Communication Timing Friendliness CASE 1… DATE … ASSIGNEE …STATUS … CLAIM NO. CASE 2… DATE … ASSIGNEE …STATUS … CLAIM NO. DENT KING 4.8 (n= 120) Communication Effort Friendliness OPS VIEW - SUPPLIERS FEEDBACK COLLECTION CONTEXT DRIVEN INTERVENTIONS SERVICE RECOVERY
  37. 37. HOT SPOT PROMPTS, PER SUPPLIER CATEGORY PANEL BEATERS NEEDING ATTENTION MR DENT… 4.5 … 12 CASES Q: Show me the hot spots that are below the surface? DENT KING… 4.6 … 10 CASES DENT MAN… 4.8 … 10 CASES Communication Timing Effort TOWERS NEEDING ATTENTION MR TOW… 4.5 … 12 CASES TOW KING… 4.6 … 10 CASES TOW MAN… 4.8 … 10 CASES Communication Timing Effort OPS VIEW - SUPPLIERS FEEDBACK COLLECTION CONTEXT DRIVEN INTERVENTIONS SERVICE RECOVERY
  38. 38. 75 ONBOARD 55 CLAIM 85 ADMIN CLIENT FEEDBACK PER BROKER Q: Which Brokers are leading to hot spots at which experiences? 42% 67% Gauteng E. Cape 22 4 Broker A Broker B JOURNEY VIEW REGIONAL VIEW CASE 1… DATE … ASSIGNEE …STATUS … CLAIM NO. CASE 2… DATE … ASSIGNEE …STATUS … QUOTE NO. Broker B 4.2 (n= 120) Communication Effort Friendliness OPS VIEW - BROKER FEEDBACK COLLECTION CONTEXT DRIVEN INTERVENTIONS SERVICE RECOVERY
  39. 39. IMPORTANT HIGH LEVEL METRICS Q: I need visibility of important high level metrics? 35 NPS 65 CSAT 3.5 CHURN 75 ONBOARD 55 CLAIM 85 ADMIN NPS CSAT EFFORT 15 22 11 14 Panel beaters Car Hire Assessors Towers MR DENT… 4.5 … 12 CASES DENT KING… 4.6 … 10 CASES DENT MAN… 4.8 … 10 CASES Communication Timing Effort HIGH LEVEL METRICS JOURNEY VIEW SUPPLIER VIEW EXEC VIEW FEEDBACK COLLECTION CONTEXT DRIVEN INTERVENTIONS SERVICE RECOVERY
  40. 40. REGISTER ASSESSMENT APPROVAL PANEL BEAT CAR HIRE COLLECT CAR CASE MANAGEMENT Closed-loop service recovery CONTEXT-DRIVEN INTERVENTIONS Interventions & nudges that encourage behaviour FEEDBACK COLLECTION Omni-channel surveying CLIENT JOURNEY MANAGEMENT CLAIM
  41. 41. The inQuba Difference
  42. 42. Rapid insight into what’s happening in your business SPEED TO INSIGHT Where & when to intervene for best results & to manage risk INTERVENTION CLARITY Swift testing of intervention effectiveness RAPID ITERATION Tangible links between interventions and conversion TANGIBLE ROI REDUCED DEV DEPENDENCY Light integration ensuring speed to results THE INQUBA DIFFERENCE
  43. 43. Journey Management Entry Point?
  44. 44. CLIENT JOURNEY MANAGEMENT CLIENT JOURNEY DISCOVERY UNDERSTANDING CLIENT SEGMENTS CLIENT JOURNEY INSIGHTS JOURNEY ORCHESTRATION REVIEW & OPTIMISATION JOURNEY MANAGEMENT Entry point?
  45. 45. inQuba Journey Accelerator Accelerating Digital Agendas
  46. 46. INQUBA JOURNEY ACCELERATOR 3 simple steps 1 Schedule your 2-hour interactive, virtual workshop WHAT WE’LL DO • Map your customer journey • Define customer profiles • Identify nudge opportunities • Identify data requirements • Quantify the ROI WHAT YOU’LL GET An Accelerator Pack to start your Journey trial: • High level Journey Design • Step 2 documented • Journey ROI Modeller 2 3
  47. 47. So take that first step of the Journey… Book your Journey Accelerator Workshop now!

Editor's Notes

  • Check content, tweak, bridge to next. Speaker: expand on these points

    https://www.bain.com/contentassets/6949813d3e664c1caf061421e8c06d02/bain_report-customer_behavior_and_loyalty_in_insurance_2018.pdf

    Other studies:
    PWC: Disruption is the New Reality in Global Insurance (2020)
    Insurance Journal: How to Know What Insurance Customers Want
  • Check content, tweak, bridge to next. Speaker: expand on these points

    https://www.bain.com/contentassets/6949813d3e664c1caf061421e8c06d02/bain_report-customer_behavior_and_loyalty_in_insurance_2018.pdf

    Other studies:
    PWC: Disruption is the New Reality in Global Insurance (2020)
    Insurance Journal: How to Know What Insurance Customers Want
  • These are the top reasons for cancellation, based upon our research of the industry and working closely with industry experts. The top reasons are: ….

    Let’s see what out friends at Bain say, according to their CUSTOMER BEHAVIOUR & LOYALTY IN INSURANCE 2018
    Where they surveyed 174K retail insurance customers in 18 countries
    THIS IS HOW YOU KEEP CUSTOMERS::::: (Bain point)

    If we map the one side to the following it’s interesting to note how many issues would be resolved with better communication.

    https://www.bain.com/contentassets/6949813d3e664c1caf061421e8c06d02/bain_report-customer_behavior_and_loyalty_in_insurance_2018.pdf
  • The themes that emerge from the mapping…
  • Solution themes from before:
    Like journey insights

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