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inQuba: Customer Journey Management for Insurers - The Science of Winning & Keeping Customers! [US Webinar]

This is the slide material which was presented during a live webinar hosted by inQuba on the 4th May 2018. Webinar recording here: https://youtu.be/kqdEJ3yrCMM WEBINAR SPEAKERS Our industry expert speakers were Jeanne Bliss (Co-Founder, CXPA. President, CustomerBliss), Graham Clark (North American CX Transformation Lead, inQuba) & Trent Rossini (COO, inQuba) QUESTIONS THAT WERE ADDRESSED How do you discover and visualize the real customers' and agents' journeys as they navigate your products and channels? How do we identify obstacles & drop offs in the journeys, in real time? How do you intervene in order to nudge customers back onto their paths, while assisting agents to reach their goals, and ensure that they love the journey they’re on? How do you do all this at scale, creating an operating model that is customer experience-driven? For further information on inQuba Journey Analytics or other products, please visit us here: https://www.inquba.com/ Mail us here: info@inquba.com CONNECT Facebook: https://www.facebook.com/inQubaCX/ Twitter: https://twitter.com/inQubaCX LinkedIn: https://www.linkedin.com/company/inquba/

inQuba: Customer Journey Management for Insurers - The Science of Winning & Keeping Customers! [US Webinar]

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Customer Journey Management
for Insurers
The Science of Winning & Keeping Customers
#JoinTheJourney
@inQubaCX
What are Insurance
Execs thinking about?
What are Insurance Execs
thinking about?
Embedded Value
Good risk customers, low loss ratios, lower cost of administration, lower cost
of new business acquisition
Rising Cost of Acquisition
Aggregators, fintech startups & digital channel adoption make new customers
harder to convert, and increase the ease of switching
Growing Distance Between Insurer & Client
Touch matters, and it’s dwindling. Ecosystem Services are essential for driving
loyalty but introduces complexity. A single customer view is still essential
Digital Channel Adoption
Your average customer: traditional and digital channels
Switching Costs & Lapses
Switching costs are decreasing due to the growing choice of channels
available, and lapses are increasing
ACQUISITION
RETENTION
CROSS SELL
So, how can Acquisition,
Retention & Cross-selling
be ensured along the
customers’ journey?
POLICY APPLICATION Assignee: Martha Willems
Note: Hi Martha, kindly contact…
New Case: Contact Customer
Today, 15:41
Acquisition
Retention
Cross Sell
ACTIVATION
Hi Charlotte, we see that you
may need some help with
activating your policy. Can we
give you a quick call..?
TransAtlantic Ins.
Today, 15:30
Yes please! ;-)
Charlotte Weaver
Today, 15:40
Love the
Journey
Ad

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inQuba: Customer Journey Management for Insurers - The Science of Winning & Keeping Customers! [US Webinar]

  • 1. Customer Journey Management for Insurers The Science of Winning & Keeping Customers
  • 3. What are Insurance Execs thinking about?
  • 4. What are Insurance Execs thinking about? Embedded Value Good risk customers, low loss ratios, lower cost of administration, lower cost of new business acquisition Rising Cost of Acquisition Aggregators, fintech startups & digital channel adoption make new customers harder to convert, and increase the ease of switching Growing Distance Between Insurer & Client Touch matters, and it’s dwindling. Ecosystem Services are essential for driving loyalty but introduces complexity. A single customer view is still essential Digital Channel Adoption Your average customer: traditional and digital channels Switching Costs & Lapses Switching costs are decreasing due to the growing choice of channels available, and lapses are increasing ACQUISITION RETENTION CROSS SELL
  • 5. So, how can Acquisition, Retention & Cross-selling be ensured along the customers’ journey?
  • 6. POLICY APPLICATION Assignee: Martha Willems Note: Hi Martha, kindly contact… New Case: Contact Customer Today, 15:41 Acquisition Retention Cross Sell ACTIVATION Hi Charlotte, we see that you may need some help with activating your policy. Can we give you a quick call..? TransAtlantic Ins. Today, 15:30 Yes please! ;-) Charlotte Weaver Today, 15:40 Love the Journey
  • 7. CLAIM Assignee: Jeff Halbert Note: Hi Jeff, kindly contact… New Case: Contact Customer Today, 15:41 FINALISATION Hi Charlotte, thanks for bringing this to our attention. We’ll call.. @TransAtlantic Today, 15:41 Acquisition Retention Cross Sell Wow @TransAtlantic, I’m a little frustrated by the slow pace of this claim… @charlotte99 Today, 15:40 Love the Journey
  • 8. CLAIM FINALISATION Dear Charlotte We would really value your feedback on your recent claim experience. Kindly take a minute… TransAtlantic Ins. Today, 15:30 Acquisition Retention Cross Sell Very good! Charlotte Weaver Today, 17:40 Love the Journey
  • 9. OFFER PURCHASE Subject: Charlotte, this is for you Hi Charlotte, we see that you’ve got a shiny new Volkswagen! You may be interested in our scratch cover! And we’ll pay for the first 3 months of cover if you just answer a few questions… TransAtlantic Ins. Today, 15:30 Acquisition Retention Cross Sell Love the Journey
  • 12. FINANCIAL SERVICES INSURANCE TELECOMS & ICT TRAVEL / HOSPITALITY / OTHER RETAIL
  • 13. Gaining recognition in Journey Analytics Report: Listed amongst 18 CFM vendors that support VoC programmes through a broad capability set “inQuba offers a customer journey modeler, a GUI-based journey data modeler that captures customer journey data for each client…” Report:
  • 14. How do we do this At Scale?
  • 16. The Four Journeys Steps Data Fusion Connect data sources (quantitative, qualitative insights from customers & transactional data) across steps in a journey & entire journeys to create a unified view of a customer Journey & Design Planning Create a repository of journey maps for analysis to allow measurement of the journey & measure interactions. It’s a conceptual mapping of who’s going on the journey Journey & Testing Optimisation Test journey changes & interventions, measure results, & optimize future interactions & engagements across journeys. Including: hypotheses like sentiment, drop off & risk Journey Automation & Orchestration Automate interactions with intervention capabilities, through predictive & prescriptive analytics enabled by machine learning, to nudge customers towards business outcomes
  • 17. Journey & Design Planning & Data Fusion
  • 18. Journey & Design Planning & Data Fusion TRANSACTIONAL BUSINESS SYSTEMS Example: Contact Centre records QUANTITATIVE FEEDBACK QUALITATIVE FEEDBACK Very good! Charlotte Weaver Today, 17:40 Wow @TransAtlantic, I’m a little frustrated by the slow pace of this claim… @charlotte99 Today, 15:40
  • 19. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Case Management Hi Charlotte, we see that you may need some help with your quote. Can we give you a call..? TransAtlantic Ins. Today, 15:30 Assignee: Martha Willems Note: Hi Martha, kindly contact… New Case: Contact Customer Today, 15:41 Policy application Yes please! ;-) Charlotte Weaver Today, 15:40
  • 20. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics Dear Charlotte We would really value your feedback on your recent quote experience. Kindly take a minute… TransAtlantic Ins. Today, 15:30 inQuba CX Policy application Very good! Charlotte Weaver Today, 17:40
  • 21. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Social Media Hi Charlotte, thanks for bringing this to our attention. We’ll call.. @TransAtlantic Today, 15:41 Policy application Wow @TransAtlantic, I’m a little frustrated by the lack of communication from you.. @charlotte99 Today, 15:40
  • 22. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Engage Subject: Charlotte, got two minutes? Hi Charlotte, we’re thrilled that you’ve successfully activated. We’d love to get to know you. Please click here.. TransAtlantic Ins. Today, 15:30 Policy application
  • 23. Journey Testing Optimisation, Automation & Orchestration Application (web) Application (branch) Application (agent) Accept quote (agent) Accept quote (web) Documentation (branch) Documentation (email) Accept quote (agent) Activation (web) 325 Accept quote (agent) Documentation (branch) Activation (web) Journey Analytics inQuba Single View Subject: Charlotte, got two minutes? Hi Charlotte, we’re thrilled that you’ve successfully activated. We’d love to get to know you. Please click here.. TransAtlantic Ins. Today, 15:30 Policy application Charlotte Weaver CWeaver@email.com
  • 24. Journey Testing Optimisation, Automation & Orchestration inQuba Analytics Analytical and Operational reports
  • 25. Imagine you had the capability, across millions of clients, to see their journeys, & who’s cheering for Wouldn’t that be a game changer? That’s why we’re here.

Editor's Notes

  1. Please join the conversation while we’re talking and we’ll try to address as many questions as possible – use the hashtag #Jointhejourney Also feel free to follow inQuba on Twitter or Facebook: @inQubaCX
  2. Ask the question in the session… [Pause for dramatic effect. Perhaps take a sip of your coffee..]
  3. The Insurance environment has changed. Embedded Value of an insurer refers to the present value of future profits. Future profits are ensured, more and more, through Ecosystem Services, which are are essential for driving loyalty, but they introduce complexity as business still requires a single view of the customer as they traverse journeys, channels and a growing list of products. Rising Costs of Acquisition. Because of fintech start ups and aggregators.. Switching costs. Thanks to the increase in aggregators, fintech startups (like mobile brokering apps), and the adoption of digital channels. Growing distance between insurer and client. Touch matters, but touch is diminishing due to aggregators and comparison sites Digital channel adoption. The largest group of customers are hybrid: using traditional and digital in parallel. But business still needs a single view of the customer journey as they use all these channels. ADDRESSING THESE WILL ALLOW US TO ADDRESS THE MOST IMPORTANT THINGS THAT KEEP THE LIGHTS ON AND KEEP YOU AWAKE AT NIGHT: ACQUISITION, RETENTION AND CROSS SELLING.
  4. Let’s look at a few examples..
  5. [ACQUISITION] The customer initiates the application process, receives a quote and then undergoes underwriting. The customer then doesn’t accept the quote immediately and goes quiet. This is picked up by the inQuba solution which then triggers an engagement: a personalised mobile engagement in this example. The customer responds to the engagement positively and a case is created and assigned post-processing. The customer is then contacted and the situation is resolved, resulting in ACTIVATION, and another heart… Importantly, we also learn more about the customer, adding to the customer’s SINGLE VIEW.
  6. [RETENTION] The customer lodges a claim but it doesn’t go well for her and she expresses some frustration on social media. A case is created based upon the text analytics processing which identifies the customer to be at risk. The customer is contacted within the SLA period and the situation resolved, possibly with an incentive offered. Importantly, we also learn more about the customer, adding to the customer’s SINGLE VIEW.
  7. The finalised experience and customer journey also offers an opportunity to ask the client for feedback on the experience. This is done by a short survey triggered by the finalisation… Feedback received is then associated with the individual’s view, and also included in aggregate analytics. Importantly, we also learn more about the customer, adding to the customer’s SINGLE VIEW.
  8. [CROSS SELL] The business, knowing more about the customer is now in a position to market an additional product/service to the customer. The customer receives a personalised campaign offering a good deal and a saving if some questions are answered. The customer accepts the offer. We’ve been learning more about the customer with every interaction and this one is no different. In this case we learn more about interests and preferences and the single view of the customer becomes increasingly rich and colourful.
  9. Importantly, as the business has interacted with the customer through various channels and engagements, the single view of the customer has built up with more and more information. No personal, contextual or emotional information is lost but rather persisted around the customer, and accessible to the rules engine for all future engagements…
  10. REASON TO BELIEVE We’re everywhere
  11. Increasingly, Journey Analytics has been taking centre stage within CX. And inQuba has been enjoying recognition in the space. More detail: FORRESTER Within the “Voice Of The Customer Vendor Landscape, Sept 2017” report. Listed amongst 18 CFM vendors that support VoC programmes through a broad capability set, sharing space with Clarabridge, Confirmit, MaritzCX, Medallia, ResponseTek GARTNER Within the “Market Guide for Customer Journey Analytics, Aug 2017” report Quote “inQuba offers a customer journey modeler, a GUI-based journey data modeler that captures customer journey data for each client…” AND WE’VE DEPLOYED OUR SOLUTIONS AT A NUMBER OF CUSTOMERS TO ACHIEVE GREAT RESULTS…..>>>>
  12. According to Forrester, the Four Journey Steps are… These map neatly to our solution modules
  13. JOURNEY DESIGN & PLANNING / & DATA FUSION The conceptual model is configured to represent the preferred customer journey. All data collected is associated with the nodes of the customer journey. THE 3 TYPES OF DATA WHICH WE DEAL WITH HERE: Big transactional data Quantitative feedback Qualitative feedback
  14. INQYBVA CASE MANAGEMENT – the tweet is turned into a case which is then assigned to someone in the business who needs to contact the customer and resolve the issue within an SLA. The result of this should be to nudge the customer onward towards her goal, correcting her path.
  15. Here is a view of Journey Analytics within the platform, indicating the different paths that customers take between channels and steps, as they press on towards their goals. INQUBA CX – we may want to reach out to a customer with a survey when they reach a particular point, like a successful activation. Reaching this point would trigger a survey. And here are a few product shots…
  16. INQUBA SOCIAL MEDIA – here, the customer reaches a point and tweets the insurer in frustration. The mention is picked up by the social media listening solution in the platform where a group of people are monitoring online mentions
  17. INQUBA ENGAGE – the customer reaches and point in the journey where they qualify for a campaign. This qualification logic is informed by MACHINE LEARNING. The customer responds to the engagement…
  18. INQUBA SINGLE VIEW – … and by responding the platform learns more about the customer and this adds to the single view of the customer. This information is all accessible to the rules engine for further comms etc.
  19. INQUBA ANALYTICS ensures the the right insights reach the right roles in the business in real time, whether executive or operational.
  20. LOVE THE JOURNEY
  21. Importantly, as the business has interacted with the customer through various channels and engagements, the single view of the customer has built up with more and more information. No personal, contextual or emotional information is lost but rather persisted around the customer, and accessible to the rules engine for all future engagements…