Making Simple a Servicing Strategy
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Description how MetLife simplified its servicing through customer-centric CX design and predictive engagement.
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Making Simple a Servicing Strategy
- 1. March 2014 Derek Martin simple es hermoso el principio unificado de compromiso con el cliente www.derekfmartin.com All Rights Reserved
- 2. Examples of simple OR E = mc2 A XY2 = B XY2 OR A = B OR
- 3. We Know Simplicity Pays 32012 Global Brand Simplicity Index, Siegel+Gale, October 2012
- 4. Lean/ 6δ Waste (muda) • Transport • Inventory • Motion • Waiting • Overproduction • Defects Reengineering Ways to Simplify, then…
- 5. Research Self Service Revolution and now... Customer Centric Simplification Buy Promote Use
- 6. Make it easy to love
- 7. Make it easy to use
- 8. Easy when competitors are not
- 9. Make it easy to buy
- 10. Customer Expectations Time Get it Right Make it Easy Make it Beautiful Give Me Value Thrill Me = Simple Loyalty Customer Engagement Journey
- 11. 1. Highly Regulated Research Quote Application Payment Agent What does this have to do with Life Insurance? Traditional Life Insurance Sales Process 2. Emotional Product 3. Long & Complex Purchase Process = 50 – 100 Days ~ $750 / App
- 12. Life Insurance in the USA is in decline Source: LIMRA Individual & Employer 44% Employer only, 26% None, 30% % USA Citizens with Life Insurance 2012, total = 100%
- 13. MetLife Direct Business Mission Provide affordable Life Insurance alternatives with great customer experience Enable everyone to protect family and loved ones
- 14. Life Insurance Sales Process Evolution Lead Quote Under writing Approve & Pay 1 min 5 min 1 hour 1-2 weeks 1-2 weeks 1-2 weeks Applic ation Direct Term Life Lead Quote Approve & Pay 1 min 5 min 20 minutes 1minute Applic ation Direct Simplified Issued Term ~100 Days $750/app ~40 Days $500/App 27 minutes $200/App Lead Agent Quote Under writing Approve & Pay 5 min 1-2 weeks 0.5 hours 2 hours 2-4 weeks 2-4 weeks 2-4 Weeks Applic ation Traditional Term Life Medical Medical
- 15. Social Email Online Outdoor Mobile Simple Leads: Connect with customers across digital channels • Gather Behavior • Define Customer Segment • Customize message &channel • Reduce cost/ application
- 16. Simple to Research Research: Products and Benefits Calculator: How Much Insurance do I need? Walmart: Insurance in a box
- 17. Simple Application Name Age State Name Age State Some health questions Name Age State Some health questions Database checks Name Age State Some health questions Database checks Risk questions Name Age State Some health questions Brief health exam Name Age State Database checks Risk questions All health questions Guaranteed Simplified Simplified Plus Simplified Premium Simplified Premium Plus Rapid No UW Simplified Underwriting Fully Underwritten Ask only what we need to know Name Age State Database checks Risk questions Brief health exam All health questions Traditional
- 18. 1. Bank Draft or Check Simple to Pay 2. Set Pay Date 3. Multiple Payors 4. Credit & Debit Card 5. Gift 6. SMS Payment Alerts You are approved! Mobile acceptance 7. Mobile Landing Page to Accept
- 19. Net promoter scores tell it all Direct +47 Agent -4
- 20. Our Mission Provide affordable Life Insurance alternatives with great customer experience Enable everyone to protect family and loved ones
- 21. Thank You Visit me at: www.derekfmartin.com #derekfmartin http://betterbusinessbanter.blogspot.com
Editor's Notes
- INTRO: Albert Einstein Quote: “Everything should be made as simple as possible, but not simpler” Simplicity is hard but an attainable goal once you have mastered product complexity and customer need. Had the chance to see Ken Segall, auther of the book the simplicity principle and a key player with NEXT and then Apple to communicate the principle to wthe world. He laid out the concept with a simple comparison: how many verieties of laptops can you buy from apple vs HP? 3 vs 48. How do you know when its simple? What was once “can my mother understand it is now “can my 5 year old get it” rule Form: credit card statements from Citibank are a hodgepodge of account information, offers, rewards, and alerts on a horizontal axis. More like information overload for the paper form factor. Compare this with the citibank ipad app, a beautiful interface that is device specific and adds color and research to account info and investing – its perfect complement. FUNCTION: a Bank website if its laid out correctly, can provide almost all options. Compared with an SMS that has a 160 character limit and opt-in requirements FLAVOR: Infusing the brand narrative and personality into your communications. ING has always done a great job of this, instilling a sense of Orange into everything it does. FREQUENCY: 95% of advertising goes unnoticed. That’s because we are creating as much content every year as we did for the first 2,000 years of civilized existence. How frequently a bank should communicate with its customers? It depends. Critical to this is the customer Opt-In. All it takes is one irrelevant or non-value add message to drive opt-out or the dreaded spam filter. IN the end, communication with the customer must be built on value generated.
- Lean Manufacturing identifies several types of waste to be identified and eliminated. More recent reengineering disciplines find a funnel of activity
- Something happened to the previous “business centric” models. Interconnectivity empowered Customers to manage their own paths to identify, purchase and experience a product. And social media created a platform for voice of customer and their unpolished opinions.
- Apple: 2 laptops regular or pro vs HP and Dell: >40 types from dell or HP
- Unmet Demand – growth opportunity!
- 35 million Some 11 million households with children younger than 18 — viewed as families with the greatest need for coverage — have no life insurance In 2010, there were 184,873 "affiliated agents"— insurance agents who primarily or exclusively sell one insurance company's products — down from more than 246,000 two decades ago,
- As well as 3rd party aggregators
- Objective is to double online lead-to-application rate
- Results of mobile pilot: 25 % of those opted in to receive SMS used it to accept. Accepts for this group were higher, including for price to quote >$25