The document discusses customer journey management for insurers. It highlights some of the key challenges insurers are facing around rising acquisition costs, growing distance from clients, and increasing digital adoption. It then outlines the four steps to customer journey management: data fusion to create a unified customer view, journey mapping and planning, journey testing and optimization, and journey automation and orchestration. The document promotes a customer journey management solution that can analyze millions of customer journeys across different touchpoints and systems to help insurers improve acquisition, retention, and cross-selling.
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
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:
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
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
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.
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
Ask the question in the session…
[Pause for dramatic effect. Perhaps take a sip of your coffee..]
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.
Let’s look at a few examples..
[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.
[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.
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.
[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.
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…
REASON TO BELIEVE
We’re everywhere
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…..>>>>
According to Forrester, the Four Journey Steps are…
These map neatly to our solution modules
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
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.
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…
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
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…
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.
INQUBA ANALYTICS ensures the the right insights reach the right roles in the business in real time, whether executive or operational.
LOVE THE JOURNEY
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…