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Dr Avnesh Ratnanesan (Avi)
CEO, Energesse
‘Future Solutions in
Customer Experience &
Retention’
A Research White Paper for the PHI industry
1
Executive Summary
Background & Methodology
‘Systems Thinking’ in Customer Retention
Analysis of Industry Challenges and Responses
6 Major Solutions to Improve CX
Conclusions for PHI organisations
Background
Conducted in collaboration with 10 private health insurers, aimed to deliver
better customer experience and retention
Lapse rates and switching peaked for many insurers in the 2014-15 year, Gen Y
demonstrating greater propensity
Collectively, customer switch affects approx. $2bil worth of annual transactional
value* (940,000 members changed policies in 2013-14 year)
Global trends - CX will grow in importance as a key differentiator (overtaking
price and product)
Gap between what insurers believe is being delivered, and what customer need
and want from their insurer
*PHIAC, Operations of PHI Annual Report 2013-14
Methodology
Analysing Customer Retention using
‘Systems Theory’
PHI industry is a complex with multiple interrelating challenges – over 45,000 policies, 30+
organisations
‘Systems Theory’ maps a set of practices/ root causes that are multifactorial, linked and have
become dysfunctional over time – understand WHY problems recur
Organisations see problems e.g. customer retention as linear and implement linear solutions,
rather than addressing cyclical root causes.
Solutions are ineffective or minimally effective to a degree, but if root causes are not addressed
retention problems will persist
Internal and external causes need to be solved as a cohesive strategy, rather than ‘band aids’
PHI Customer Experience Touch-points
Websites, Social
Media, Online
Communities,
portals
Call Centres BranchesMobile Events
The Customer ‘Trilemma’ at Acquisition
“I can’t afford it”
“I’m afraid not to have it”
“I don’t really know what I’m buying”
(and sometimes neither does the agent I’m buying from)
Triggers ‘Grudge purchase’ and causes ‘Buyers Remorse’
“Probability of a customer lapsing is double in the first 6 months”
Rhod McKensey, Group Executive, Australian Residents Health Insurance
Industry Forces Affecting CX
1. Customer confusion, affordability and lack of perceived value
2. Sub-optimal Systems, Processes and Data Management
3. Health System Dynamics
4. Regulatory Changes and Competitive Forces
“Health Insurance policies are now as complicated as mobile phone plans”
Brad Joyce, CEO Teacher’s Health Fund and Chairman, Members Own Health Funds
Complex Systems Theory in PHI
Objectives
How do we resolve the Vicious Cycle
in Customer Retention?
“The secret of change is to focus all of your energy, not on fighting the old,
but on building the new”
– Socrates
(character from a book ‘Way of the Peaceful Warrior’ by Dan Millman)
Objectives
1. Define Vision, Strategy & Objectives
Unified vision of CX across all touch-points
Bold and courageous leadership to meet rapidly rising expectations – 5 year
future view
Refine strategy with feedback loops from front line staff and senior managers
connecting with customers directly e.g. ‘Customer Days’
1-2 ‘Big Bets’
2. Align Leadership and Culture with
Change Management
“Culture eats strategy for breakfast” – Peter Drucker.
HR and Comms team needs to drive and incentivise positive behaviours
Align KPI’s and incentives with actions, reward or recognise immediately where possible
Measure what you can manage
Tone and spirit of high performing teams cannot be replicated – hard and soft KPI’s
“Customer Experience is not hard, it is change that’s hard”
Harriet Wakelam, Head of Customer Experience, Medibank
3. Implement Systems & Capabilities for CX
Understand drivers at a granular, emotional and personal level
Restructure to improve responsiveness e.g. customer segment business units? Change
occurring at a faster rate e.g. Lean Six Sigma (20 years) vs NPS (5 years)
Integrate data capabilities into customer experience architecture
Predictive capabilities to understand ‘frustrations’, pain points before churn
“It’s about having the right people with the right culture or mindset. Combine that with the appropriate
investment in technology that gives them the tools to do the job.
But tools without attitude, and attitude without tools just doesn’t cut it”
Michael Bassingthwaigthe, AM, CEO Peoplecare Health Insurance
*Sample analysis with PanSensic Emotional Lens
8/07/2015 10:3
4. Translate Perceptions into Priorities
- Emotion Analysis
4. Translate Perceptions into Priorities
5. Apply CX to portfolio, products & channels
*Sample analysis with PanSensic Mental Gears Lens
6. Extend CX across Health Ecosystem
Map the ‘fault lines’ in the Customer Health Journey and address most relevant pain
points
Medibank’s CareSuite, HCF and Healthways and NIB’s Whitecoat initiatives
‘Hospital to home’ and Telehealth options
In hospitals, assess Patient Experience (PX) along with Safety and Quality Measures
Conclusions - The ONE CHANGE…
If there was only ONE CHANGE you could make (that drives all other
changes) ……
…….revise products, strategies, campaigns and projects around those
insights
Start with truly understanding your customers’ perceptions
(thoughts) and emotions (feelings) with data
i.e. WHY they behave the way they do
The ONE CHANGE to drive all CX changes
AREA OF NEED & FOCUS
Value
(Outcomes, $$$)
Organisation’s
cycle
Improved Customer Experience +
Referrals + Revenue
1-10% 70-80%1-10% 1-10%
Collect or
Purchase Data
and Research
Implement Solutions, Projects &
Campaigns
Analyse data for
Meaningful
Insights
Translate Insights to
Strategies and
Solutions
22
To receive a free copy now…
SMS 0438 614 233 (First, last name & e-mail)
avnesh@energesse.com
www.energesse.com/customer-experience

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Future Solutions in Customer Experience & Retention

  • 1. 1 Dr Avnesh Ratnanesan (Avi) CEO, Energesse ‘Future Solutions in Customer Experience & Retention’ A Research White Paper for the PHI industry 1
  • 2. Executive Summary Background & Methodology ‘Systems Thinking’ in Customer Retention Analysis of Industry Challenges and Responses 6 Major Solutions to Improve CX Conclusions for PHI organisations
  • 3. Background Conducted in collaboration with 10 private health insurers, aimed to deliver better customer experience and retention Lapse rates and switching peaked for many insurers in the 2014-15 year, Gen Y demonstrating greater propensity Collectively, customer switch affects approx. $2bil worth of annual transactional value* (940,000 members changed policies in 2013-14 year) Global trends - CX will grow in importance as a key differentiator (overtaking price and product) Gap between what insurers believe is being delivered, and what customer need and want from their insurer *PHIAC, Operations of PHI Annual Report 2013-14
  • 5. Analysing Customer Retention using ‘Systems Theory’ PHI industry is a complex with multiple interrelating challenges – over 45,000 policies, 30+ organisations ‘Systems Theory’ maps a set of practices/ root causes that are multifactorial, linked and have become dysfunctional over time – understand WHY problems recur Organisations see problems e.g. customer retention as linear and implement linear solutions, rather than addressing cyclical root causes. Solutions are ineffective or minimally effective to a degree, but if root causes are not addressed retention problems will persist Internal and external causes need to be solved as a cohesive strategy, rather than ‘band aids’
  • 6. PHI Customer Experience Touch-points Websites, Social Media, Online Communities, portals Call Centres BranchesMobile Events
  • 7. The Customer ‘Trilemma’ at Acquisition “I can’t afford it” “I’m afraid not to have it” “I don’t really know what I’m buying” (and sometimes neither does the agent I’m buying from) Triggers ‘Grudge purchase’ and causes ‘Buyers Remorse’ “Probability of a customer lapsing is double in the first 6 months” Rhod McKensey, Group Executive, Australian Residents Health Insurance
  • 8. Industry Forces Affecting CX 1. Customer confusion, affordability and lack of perceived value 2. Sub-optimal Systems, Processes and Data Management 3. Health System Dynamics 4. Regulatory Changes and Competitive Forces “Health Insurance policies are now as complicated as mobile phone plans” Brad Joyce, CEO Teacher’s Health Fund and Chairman, Members Own Health Funds
  • 11. How do we resolve the Vicious Cycle in Customer Retention? “The secret of change is to focus all of your energy, not on fighting the old, but on building the new” – Socrates (character from a book ‘Way of the Peaceful Warrior’ by Dan Millman)
  • 13. 1. Define Vision, Strategy & Objectives Unified vision of CX across all touch-points Bold and courageous leadership to meet rapidly rising expectations – 5 year future view Refine strategy with feedback loops from front line staff and senior managers connecting with customers directly e.g. ‘Customer Days’ 1-2 ‘Big Bets’
  • 14. 2. Align Leadership and Culture with Change Management “Culture eats strategy for breakfast” – Peter Drucker. HR and Comms team needs to drive and incentivise positive behaviours Align KPI’s and incentives with actions, reward or recognise immediately where possible Measure what you can manage Tone and spirit of high performing teams cannot be replicated – hard and soft KPI’s “Customer Experience is not hard, it is change that’s hard” Harriet Wakelam, Head of Customer Experience, Medibank
  • 15. 3. Implement Systems & Capabilities for CX Understand drivers at a granular, emotional and personal level Restructure to improve responsiveness e.g. customer segment business units? Change occurring at a faster rate e.g. Lean Six Sigma (20 years) vs NPS (5 years) Integrate data capabilities into customer experience architecture Predictive capabilities to understand ‘frustrations’, pain points before churn “It’s about having the right people with the right culture or mindset. Combine that with the appropriate investment in technology that gives them the tools to do the job. But tools without attitude, and attitude without tools just doesn’t cut it” Michael Bassingthwaigthe, AM, CEO Peoplecare Health Insurance
  • 16. *Sample analysis with PanSensic Emotional Lens 8/07/2015 10:3 4. Translate Perceptions into Priorities - Emotion Analysis
  • 17. 4. Translate Perceptions into Priorities
  • 18. 5. Apply CX to portfolio, products & channels *Sample analysis with PanSensic Mental Gears Lens
  • 19. 6. Extend CX across Health Ecosystem Map the ‘fault lines’ in the Customer Health Journey and address most relevant pain points Medibank’s CareSuite, HCF and Healthways and NIB’s Whitecoat initiatives ‘Hospital to home’ and Telehealth options In hospitals, assess Patient Experience (PX) along with Safety and Quality Measures
  • 20. Conclusions - The ONE CHANGE… If there was only ONE CHANGE you could make (that drives all other changes) …… …….revise products, strategies, campaigns and projects around those insights Start with truly understanding your customers’ perceptions (thoughts) and emotions (feelings) with data i.e. WHY they behave the way they do
  • 21. The ONE CHANGE to drive all CX changes AREA OF NEED & FOCUS Value (Outcomes, $$$) Organisation’s cycle Improved Customer Experience + Referrals + Revenue 1-10% 70-80%1-10% 1-10% Collect or Purchase Data and Research Implement Solutions, Projects & Campaigns Analyse data for Meaningful Insights Translate Insights to Strategies and Solutions
  • 22. 22 To receive a free copy now… SMS 0438 614 233 (First, last name & e-mail) avnesh@energesse.com www.energesse.com/customer-experience

Editor's Notes

  1. Mention 80-20% rule