Simple is Beautiful: The unifying customer experience principle

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Simplicity delivers results in todays customer centric world. Learn how MetLife approaches a complex product from all angles to deliver on its mission to provide affordable Life Insurance to everyone.

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Simple is Beautiful: The unifying customer experience principle

  1. 1. March 2014 Derek Martin simple es hermoso el principio unificado de compromiso con el cliente www.derekfmartin.com All Rights Reserved
  2. 2. Examples of simple OR E = mc2 A XY2 = B XY2 OR A = B OR
  3. 3. We Know Simplicity Pays 3 2012 Global Brand Simplicity Index, Siegel+Gale, October 2012
  4. 4. Lean/ 6δ Waste (muda) • Transport • Inventory • Motion • Waiting • Overproduction • Defects Reengineering Ways to Simplify, then…
  5. 5.  Research Self Service Revolution and now... Customer Centric Simplification Buy  Promote  Use
  6. 6. Make it easy to love
  7. 7. Make it easy to use
  8. 8. Easy when competitors are not
  9. 9. Make it easy to buy
  10. 10. Customer Expectations Time Get it Right Make it Easy Make it Beautiful Give Me Value Thrill Me = Simple Loyalty Customer Engagement Journey
  11. 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. 12. Life Insurance in the USA is in decline Source: LIMRA, 2012 Individual & Employer 44% Employer only, 26% None, 30% % USA Citizens with Life Insurance 2012, total = 100%
  13. 13. MetLifeDirectBusinessMission Provide affordable Life Insurance alternatives with great customer experience Enable everyone to protect family and loved ones
  14. 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. 15. Social Email Online Outdoor Mobile SimpleLeads:Connectwithcustomersacrossdigital • GatherBehavior • DefineCustomerSegment • Customizemessage&channel • Reducecost/application
  16. 16. SimpletoResearch Research: Products and Benefits Calculator: How Much Insurance do I need? Walmart: Insurance in a box
  17. 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. 18. 1. Bank Draft or Check SimpletoPay 2. Credit & Debit Card 3. Multiple Payors 4. Set Payment Date 5. Gift 6. SMS Payment Alerts You are approved! Mobile acceptance 7. Mobile Landing Page to Accept
  19. 19. Netpromoterscorestellitall Direct +47 Agent -4
  20. 20. OurMission Provide affordable Life Insurance alternatives with great customer experience Enable everyone to protect family and loved ones
  21. 21. Preguntas? Visit me at: www.derekfmartin.com #derekfmartin http://betterbusinessbanter.blogspot.com

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