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Webinar on Putting client insights into practice

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On May 10, 2018, the Facility, in partnership with FSDA and AFD organized a webinar on "Putting client insights into practice". Though most insurers are collecting data about and from clients, they often struggle to put that information into practice in a way that makes sense for their business. During this webinar, we shared structures, processes and tricks of the trade that help successful companies to do so.

Presenters: Angela Madriz (BIMA Latin America), Osvaldo Gimenez (BIMA Paraguay), Saurabh Sharma (Britam Kenya) and Alice Merry (the ILO's Impact Insurance Facility). Moderator: Aparna Dalal (the ILO's Impact Insurance Facility).

Published in: Government & Nonprofit
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Webinar on Putting client insights into practice

  1. 1. Putting client insights into practice Webinar May 10, 2018
  2. 2. Interfacing with the webinar system Tell us what you think. Type your questions/ comments here even while the presentation is going on. These will only be visible to the presenters. Hide/unhide the control panel
  3. 3. Introduction to webinar and speakers Panelist: Saurabh Sharma Impact Insurance Fellow Britam, Kenya Moderator: Aparna Dalal Senior Research Officer ILO’s Impact Insurance Facility Panelist: Osvaldo Gimenez Product Development and Innovation Manager BIMA Paraguay Panelist: Angela Madriz Product Manager BIMA Latin America Panelist: Alice Merry Research Officer ILO’s Impact Insurance Facility
  4. 4. 4. Use a quicker, iterative design and implementation process 5. Treat client research as an ongoing, not a one- off activity 6. Use client personas throughout 6 keys to putting client insights into practice 1. Build capacity in- house; use outsiders strategically 2. Embed the right structures in the company 3. Use client research as a tool to change mindsets
  5. 5. 1. Dedicated voice of the client 2. Cross-functional teams 3. Structure built into the company Embed the right structures in the company
  6. 6. 4. Use a quicker, iterative design and implementation process 5. Treat client research as an ongoing, not a one- off activity 6. Use client personas throughout 6 keys to putting client insights into practice 1. Build capacity in- house; use outsiders strategically 2. Embed the right structures in the company 3. Use client research as a tool to change mindsets
  7. 7. For change management Engagement tool with new partners Reverse innovation Client insights as a tool to change mindsets
  8. 8. 4. Use a quicker, iterative design and implementation process 5. Treat client research as an ongoing, not a one- off activity 6. Use client personas throughout 6 keys to putting client insights into practice 1. Build capacity in- house; use outsiders strategically 2. Embed the right structures in the company 3. Use client research as a tool to change mindsets
  9. 9. Tendency to always give positive feedback, which makes it tough to judge if people will really buy the product later on. Tests by asking customers to pay real money for a fake product and then returning the money. Sprint process 9
  10. 10. 4. Use a quicker, iterative design and implementation process 5. Treat client research as an ongoing, not a one- off activity 6. Use client personas throughout 6 keys to putting client insights into practice 1. Build capacity in- house; use outsiders strategically 2. Embed the right structures in the company 3. Use client research as a tool to change mindsets
  11. 11. The information contained in this document belongs to Milvik AB and to the recipient of the document. The information is strictly linked to the oral comments which were made at its presentation, and may only be used by attendees of that presentation. Unauthorised copying, disclosure or distribution of the material in this document is strictly forbidden and may be unlawful. MAY 2018 LEVERAGING CUSTOMER INSIGHTS FOR CUSTOMER-CENTRIC PRODUCT DESIGN
  12. 12. BIMA USES MOBILE TECH TO BRING EASY TO USE, AFFORDABLE INSURANCE & HEALTH SERVICES TO LOW-INCOME FAMILIES IN EMERGING MARKETS 26 MILLION Customers reached 575,000 New customers a month 75% Customers accessing insurance for the first time 15 COUNTRIES Covered by BIMA’s service
  13. 13. HOW DO WE GET TO A GREAT CUSTOMER EXPERIENCE? First we must develop a deep empathy for our customers • We value customer satisfaction above all else and prioritize our time towards achieving this • Our customers are individuals (rather than numbers in our systems) and even one mistake can have an impact on lives To do this, we need to embrace new techniques for understanding our customers • Quantitative research - Surveys - A/B testing Finally, we integrate customer insight into all stages of our business • Product design - Fintech firms are famous for co-design, where customers give feedback on early versions of proposed offerings. These companies then launch a minimum viable product with the purpose of getting customer feedback for further improvements and the process iterates continuously • Service delivery - This process doesn’t end; customers are engaged as product is scaled • Qualitative research - Focus groups - Stakeholder interviews - Mystery shopping - Ethnographic field studies - Customer diaries
  14. 14. IT ALL STARTS WITH EXCELLENT CUSTOMER-CENTRIC PRODUCT DESIGN BIMA Design Thinking: The Human Center Design approach We are becoming increasingly customer-centric and we are applying design thinking to solving problems and addressing the needs of our customers. It’s a process that starts with the customers that we’re designing for and ends with new solutions that are tailor-made to suit their needs. First, we generate lots of possible ideas (Inspiration); Then we build and test prototypes (Ideation) with the people we’re designing for; And eventually we put new solutions out into the world (Implementation) to improve lives. Product Excellence and Customer Obsession is a key priority at all levels of BIMA organization
  15. 15. BIMA USES DATA AT EACH STAGE OF THE CUSTOMER JOURNEY TO DRIVE CUSTOMER DELIGHT 02. ONE-TO-ONE CUSTOMER EDUCATION 01. CUSTOMER SEGMEN- TATION 03. AFTER-SALES QUALITY ASSURANCE 04. CONTINUOUS CUSTOMER ENGAGEMENT 05. SIMPLE CLAIMS PROCESS Product & customer education Registration & payment Driving customer value via after- sales service
  16. 16. WHO IS THE BIMA CUSTOMER? 75% HAD NEVER HAD INSURANCE BEFORE BIMA 93% LIVE ON LESS THAN $10 PER DAY c.90% SELF-EMPLOYED, WITH NO FORMAL PROTECTION WORK IN HIGH-RISK ENVIRONMENTS LACK FINANCIAL RESILIENCE; NO SAVINGS OR CREDIT BIMA CONDUCTS EXTENSIVE CUSTOMER SEGMENTATION FOR TARGETED PRODUCT DESIGN AND COMMUNICATION 01. CUSTOMER SEGMENTATION HOW DO WE USE TECHNOLOGY TO TARGET THEM EFFECTIVELY? EXTENSIVE CUSTOMER RESEARCH PRODUCT DESIGN BASED ON CUSTOMER NEED MNO PARTNERSHIP ENABLES SEGMENTED APPROACH ALGORITHMS TO TARGET APPROPRIATE CUSTOMER AFFORDABILITY AND USAGE CLOSELY MONITORED CONTINUOUS PRODUCT IMPROVEMENT
  17. 17. THREE CHANNELS TO DELIVER ONE-TO-ONE CUSTOMER EDUCATION TO 100% OF OUR CUSTOMERS 02. ONE-TO-ONE CUSTOMER EDUCATION DISTRIBUTION CHANNEL DETAILS CALL CENTRE • BIMA operates in-house call centre • Fully trains and manages BIMA team • Smart call centre technology to reach the right clients with the right products • Proprietary technology platform enables paperless registration and micro-payments MNO BRANCH • BIMA agents in MNO branches • Joint marketing activities • USSD Technology for clients to check policy status FIELD • Field sales agents • Co-branding with MNO
  18. 18. 03. AFTER-SALE QUALITY ASSURANCE OUR FOCUS ON QUALITY OF DELIVERY ENSURES THAT BIMA CUSTOMER SATISFACTION LEVELS ARE INDUSTRY-LEADING BIMA CUSTOMER SATISFACTION - OVERALL BIMA conducts extensive after-sales quality assurance testing • 40% of customer base contacted by our outbound team • Use algorithms to conduct smart segmentation of base • Customer understanding of product assessed • Results fed back into agent training / disciplinary BIMA regularly conducts large-scale customer survey in its markets • Over 5,000 respondents across Africa, Asia and LatAm • Results of the survey help BIMA to improve proposition BIMA customer satisfaction levels are very high: • >75% wouldn’t change anything with our product • 77% in our mature markets have actively recommended us to family and friends CUSTOMER SATISFACTION AFRICAN MARKET 27% 66% 6% 1% How was your experience in registering for BIMA?Very good Good Poor Very poor 13% 80% 6% 1% What reflects your feeling about the service? 1 8
  19. 19. 04. CONTINUOUS CUSTOMER ENGAGEMEN T OUR GROUNDBREAKING M-HEALTH RANGE WAS DEVELOPED TO DRIVE CONTINUOUS VALUE FOR OUR CUSTOMERS… Unlimited consultations with a qualified doctor via chat, phone, or video Digital consultation summary via SMS (+prescription in select markets) Weekly health tip via SMS Discount up to on medical treatment at partner hospitals and clinics (availability varies by market) Pharmaceutical home delivery service (availability varies by market) Smartphone app which allows customers to initiate consultations and manage a digital health record 19
  20. 20. EXCEPTIONAL CLAIMS EXPERIENCE IS KEY TO DEVELOPING THE INSURANCE MARKET 2 0 05. SIMPLE CLAIMS PROCESS GREAT CUSTOMER SERVICE IN LOCAL LANGUAGE Our claims team contacts all customers to support them with documentation and give feedback on claims RELIABLE PARTNER All claims logged electronically with claim reference sent to customer MINIMISING FRAUD We are flexible regarding documents a client can provide but also effectively identify fraud FAST PAYMENT VIA MOBILE MONEY We aim to pay claims within 3 working days of complete documents
  21. 21. THANK YOU
  22. 22. LEVERAGING CLIENT INSIGHTS TO EXPAND MICROINSURANCE SAURABH SHARMA IMPACT INSURANCE FELLOW-BRITAM
  23. 23. INTRODUCTION TO BRITAM • Based in Kenya, Britam is a diversified financial services group • Group has interests across Eastern and Southern Africa region with operations in: Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi • Started in 2007, Britam is a pioneer in Microinsurance business in Kenya MICROINSURANCE AT BRITAM
  24. 24. HOW EVIDENCE HELPED IN VALUING CLIENT INSIGHTS • IN 2007, Britam partnered with Kenya Tea Development Agency (KTDA) to start an insurance product for small scale tea farmers – KTDA membership: 600,000 farmers – Insurance product: Funeral benefit for the farmer and spouse with 2 benefit options: – $2000 at premium of $1.7 per month – $1000 at premium of $0.85 paid per month • Business challenge: Low enrollments after first year
  25. 25. HOW EVIDENCE HELPED IN VALUING CLIENT INSIGHTS : FINDINGS FINDINGS INFERENCES CHANGES MADE • Culturally, the whole community contributes towards funeral expenses • Hospitalization expenses are borne by the family alone Customers will value a hospitalization cover more than a funeral cover Product was redesigned to a hospitalization and surgical cover with a small funeral benefit • Farmers wanted to cover their children under insurance Insurance should be designed to protect the entire family New product provisioned coverage for children for additional premium • Need for more benefit options (from 2) based on farmers’ needs and ability to pay Choice is important for uptake 8 benefit options were introduced
  26. 26. INSTITUTIONALISING MARKET RESEARCH • EXTERNAL – Dedicated marketing associate responsible for coordinating external research – Periodic mobile surveys • INTERNAL – Business intelligence unit to lead data analysis • MARKET SEGMENTATION – Low income market is not uniform – Distinct customer groups based on demographics, behavior and attitude – Market segmentation to inform product design, distribution and organization structure
  27. 27. RESEARCH IS SHAPING FUTURE OF MI AT BRITAM DIGITAL INSURANCE TRADITIONAL CHANNELS
  28. 28. THANK YOU With you every step of the way
  29. 29. Q&A Panelist: Saurabh Sharma Impact Insurance Fellow Britam, Kenya Moderator: Aparna Dalal Senior Research Officer ILO’s Impact Insurance Facility Panelist: Osvaldo Gimenez Product Development and Innovation Manager BIMA Paraguay Panelist: Angela Madriz Product Manager BIMA Latin America Panelist: Alice Merry Research Officer ILO’s Impact Insurance Facility
  30. 30. Through the year, we will share lessons and experiences from the past, examine the current trends, and present ideas for the future Stay tuned for more webinars, events and publications to mark the anniversary 10 years of Impact Insurance 30 The ILO’s Impact Insurance Facility is celebrating its 10- year anniversary in 2018!
  31. 31. Contact us at: Thank you for your time and participation! impactinsurance@ilo.org 10

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