Siegelvision & VisibleThread: Go Forth and Simplify, but How?
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Irene Etzkorn, Chief Clarity Officer at Siegelvision, and co-author of Simple: Conquering the Crisis of Complexity, in an insightful webinar on how to achieve Breakthrough Simplicity.
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Siegelvision & VisibleThread: Go Forth and Simplify, but How?
- 1. 1 Go Forth And Simplify, But How? Evelyn Wolf, Visible Thread, VP of Marketing Irene Etzkorn, Siegelvision, Chief Clarity Officer June 18, 2019
- 2. 2 Welcome to our webinar! Your VisibleThread Host Today: Evelyn Wolf VP of Marketing • Our call will last approx. 1 hour. • Please ask your questions in the ‘Question’ facility. • We have a QA session at the end. • There is also a short survey at the end. • Recording and slides will be shared a few days after this webinar.
- 3. 3 Meet our guest speaker We are delighted to welcome Irene Etzkorn • Chief Clarity Officer at Siegelvision • Co-author of Simple: Conquering the Crisis of Complexity Guest Speaker: Irene Etzkorn Chief Clarity Officer, Siegelvision
- 4. 4 We live in an increasingly complex world
- 5. 5 Experiences that raise anxiety
- 6. 6 Documents we can’t decipher 31 pages in the average credit card agreement
- 7. 7 Gadgets we can’t use 15 selections on 1 screen
- 8. 8 Instructions we can’t follow
- 10. 10 Signs we can’t understand 22,000 parking tickets per day issued by NYC
- 11. 11 Differences we can’t discern
- 12. 12 Companies are their own worst enemies 56 account types, 7 products, 23 services RETIREMENT BROKERAGE ACCOUNT IRA Rollover Living Trust Non-qualified and Non-custodial Annuities Qualified US Savings Bond Roth IRA Traditional IRA 529 College Savings Account Bright Start College College America Program CollegeBoundfund CollegeChoiceAdvisor 529 Savings Plan Coverdell Education Savings Account Education Savings Account FutureScholar 529 College Savings Plan Hartford Smart 529 College Savings Plan Iowa Advisor 529 MFS 529 Savings Plan MI 529 Advisor New York 529 College Savings Program NextGen 529 College Investing Plan Qualified Tuition Program Scholar’s Edge 529 Retirement Account Services Standing Letter of Authorization Program CREDIT LENDING PRODUCTS Corporate Home Financing Services First Mortgage Home Equity Line of Credit Home Equity Loan Loan Management Business Account Loan Management Retail Account Mortgage RETAIL BROKERAGE ACCOUNTS AwardChoice Individual Investor Account Archer Medical Savings Account Cash Management Account CMA SubAccount Cash Securities Account Consults Account Health Savings Account Individual Investor Account Medical Savings Account Merrill Lynch Personal Advisor Account Mutual Fund Advisor Account Unified Managed Account Retail Account Services Automantiv Program Beyond Banking Account Certificate of Deposit Account Registry Service (DCARS) Check Writing Client Order Entry Direct Deposit Service Funds Transfer service FX Trading Platform High Yield Debt Securities Margin Lending Program Statement Link Service Web Bill Pay Service Visa Credit Card Visa Signature Rewards Visa Card BUSINESS BROKERAGE ACCOUNTS 403(b)7 Retirement Selector Account BASIC Retirement Plan BASIC Money Purchase Pension Plan BASIC Profit-Sharing Plan Business Investor Account Corporate-Owned Life Insurance (COLI) Employed Stock Option Endowment Management Account EMA II EMA SubAccount FutureComp deferred Compensation Trust Account Defined Benefit Plan Defined Contritution Plan Retirement Cash Management Account RCMA II RCMA Investment Link RCMA Money Purchase Pension Plan RCMA Profit-Sharing Plan SIMPLE Retirement Account Simplified Employee Pension IRA Working Capital Management AccountBusiness Brokerage Account Services Advice Access FutureComp NQDC Trust Services FutureComp Program NQCD Service Officer Director Equity Service Principal NQDC Platform Professional Alliance Program GoalManager Portfolio Rebalancing Service Trust Administration Advantage
- 14. 14 MAIN AREAS OF CONFUSION ARE • FINANCE • INSURANCE • GOVERNMENT • TECHNOLOGY
- 15. 15 Terminology is particularly perplexing Protected Withdrawal Value Mortality Expense APY, NSF, Deposit Advance Loan Return of Purchase Payments Death Benefits Available balance, collected balance, bank balance, statement balance
- 16. 16 “Complexity is a thief that must be apprehended. It robs us of time, patience, understanding, money and optimism.” – Irene Etzkorn Author of Simple: Conquering the Crisis of Complexity
- 17. 17 That’s why I wrote a book about simplicity.
- 18. 18
- 19. 19 YOU CAN REVOLUTIONIZE A BUSINESS WITH JUST THREE CORE PRINCIPLES OF SIMPLICITY
- 20. 20 Three key principles EMPATHIZE Perceive other’s needs and expectations
- 21. 21 Three key principles EMPATHIZE Perceive other’s needs and expectations Boil down customize what’s being offered to meet needs DISTILL
- 22. 22 Three key principles EMPATHIZE Perceive other’s needs and expectations Boil down customize what’s being offered to meet needs Make the offer easier to understand, use and benefit from DISTILLCLARIFY
- 23. 23 Three key principles EMPATHIZE Perceive other’s needs and expectations Boil down customize what’s being offered to meet needs DISTILL BREAKTHROUGH SIMPLICITY CLARIFY Make the offer easier to understand, use and benefit from
- 24. 24 “Simplicity...starts with understanding the circumstances and needs of others...and caring enough to respond to them.” – ”Simple: Conquering the Crisis of Complexity” by Alan Siegel Irene Etzkorn
- 25. 25 1 EMPATHIZE Perceive other’s needs and expectations
- 26. 26 Anticipate concern about overdraft
- 27. 27 Anticipate concern about overdraft
- 28. 28 Clear design Clear design: Visualize why the information matters before after
- 29. 29 Submit a roadside claim
- 31. 31 Ease of use in context
- 32. 32 The Center for Family Life | Siegelvision June 22, 2015 2 To tell a data-based story, it is helpful to create meaningful charts, graphs and other infographics to illustrate key messages. Allow the data to tell the story and determine what type of graphic to use to best illustrate that story. Provide data first at the summary level to set context for the reader, then drill down to specifics. By striving to make the graphic self-explanatory and writing the prose to narrate the illustrations, the text will likely be shorter, more precise and more likely to be read and understood. Use data to tell a story 0 $5 $10 $15 $20 $25 Compare and contrast parts of a whole Pie chart Bar chart Line chart Maps 10 2 3 4 5 Group B Group C Group D Group E Group A Horizontal bar chart Donut chart Stacked bar chart F M AJ 2011 Share price A Share price B Share price C 0 100 200 300 400 500 $600 Show trends over time Depict geographic relevance 0 10 20 30 40 50 60 70 Compare and contrast quantities Illustrate rank or position Existing Cooperatives Supported Startup Cooperatives Use the right graphic for the information
- 33. 33 “Many people mistakenly believe...that to move forward you must add to what already exists. Sometimes what you take away can be just as important.” – ”Simple: Conquering the Crisis of Complexity” by Alan Siegel Irene Etzkorn
- 34. 34 DISTILL Boil down and customize what’s being offered 2
- 35. 35 A typical household with Wall Street investments received at least 28 MAILINGS, totaling more than 250 PAGES.
- 36. 36 Streamlined agreements, disclosures and forms by 75%
- 37. 37 One-page biz plan “If you can’t fit it on a page, you’re not simplifying enough... I told my team they have to put the entire plan on a page this big [half sheet] by next week— same font size.” —Brian Chesky, Airbnb CEO
- 38. 38 Bring to the forefront key information
- 39. 39 Inelegant variation masks choices All of these words discuss the same concept: choice.
- 40. 40 Checklist helps to avoid deadly errors
- 41. 41 Smart thermostat displays only key data
- 42. 42 “To be clear is to be brave. There is nowhere to hide in brevity.” – ”Simple: Conquering the Crisis of Complexity” by Alan Siegel Irene Etzkorn
- 43. 43 3 CLARIFY Make the offer easier to understand, use and benefit from
- 44. 44 The beauty of simplicity lies in being both unexpectedly fresh and remarkably self-evident.
- 45. 45
- 46. 46 Highlights key information using plain language
- 47. 47
- 48. 48
- 49. 49 “Learned helplnessness...” Buried in section 57.10 of Amazon’s terms of service, about acceptable safe use of lumberyard materials, the online marketplace has stashed a clause that negates the whole section should the zombie apocalypse take place. Of course, they have a broader legalese way of stipulating such an event...
- 50. 50 “However, this restriction will not apply in the event of the occurrence (certified by the United States Centers for Disease Control or successor body) of a widespread viral infection transmitted via bites or contact with bodily fluids that causes human corpses to reanimate and seek to consume living human flesh, blood, brain or nerve tissues and is likely to result in the fall of organized civilization.”
- 51. 51 Not all annuities are created equal. Your advisor can tailor your plan to your goals, so each annuity will differ in terms of: Time frames Fees Rider options (lifetime income and death benefits) Tax implications Risk/reward Flexibility Rate lock-ins Payment dates Security Spousal protection Provide Income, legacy and spousal opportunities Annuities are uniquely designed to be able to provide you with lifetime income options, legacy planning and spousal opportunities. Lifetime income Achieved through the use of annuitization at no cost or via a lifetime income benefit rider available for an additional cost. Legacy Most annuities have a return of premium standard death benefit (your beneficiary gets back what you put in at a minimum), however, you have the opportunity to purchase enhanced death benefit riders that could increase the amount left to loved ones. Spousal opportunities You’re able to cover the life of your spouse on your annuity, either on a death benefit or a lifetime income benefit; please note that some carriers may charge a fee for these services. Protect Plan for what—and who—matters most ANNUITIES ALSO PROVIDE DEATH BENEFITS TO A LOVED ONE. You can pass your assets to beneficiaries while avoiding the costly probate process. Married couples can also choose spousal protection. SIMPLY SPEAKING Spousal protection is a lot like having dual airbags; the plan offers security for both of you. With spousal protection, your Mr. or Mrs. is protected in the event that you pass away first. Your spouse then has the flexibility to choose: CONTINUATION Continue the contract at the death benefit amount or FULL PAYOUT Take a lump-sum distribution Tip: Ask your advisor about annuity providers that offer spousal protection on qualified money as well as non- qualified money. FRIENDLY FACT Beware of oversimplification
- 52. 52 Disclosure and Transparency differ • Transparency reveals what is – virtues, flaws, facts • Disclosure attempts to inform and educate
- 53. 53 Successful disclosure Pew’s model disclosure box for checking accounts
- 56. 56 Use automated tools as first line of defense • Readability scoring can point out relative difficulty • Way to categorize areas for improvement • Identify “easy fixes” so writers/editors can concentrate on improving overall customer experience
- 57. 57 Some limitations of readability scores • Algorithms don’t measure who’s reading • Words with many syllables might be quite familiar (e.g. communications, information, compensation) • No measurement for engagement or entertainment
- 58. 58 How do you go from here... Paper-based Complicated Impersonal Uneven Digital Simple Customized Consistent
- 60. 60 Start with your users C L I E N T E M P L O Y E E “Make it easy for me to read and understand.” “Cut down on the number of screens I need to use.” “Give me just one thing to sign.” “Get me what my customer needs with fewer clicks.” “Let me do more online.” “Give me an easy process to follow.”
- 61. 61 “Are we communicating in the right way, at the right time, with the right information?”
- 62. 62 How to get it done 1 2 Find an executive champion Top management must drive, live and fund simplicity Use simplicity as a vaccine rather than a cure Bake in simplicity
- 63. 63 3 4 Create limits Resist proliferating product variations Great simplifiers look to outsiders for expertise and innovation Seek experts How to get it done
- 64. 64 5 Use a tested methodology Test both comprehension and perception of simplicity How to get it done
- 65. 65 Work across functional silos LEGAL AND COMPLIANCE TECH AND OPERATIONS MARKETING PRODUCT OWNERS DIGITAL
- 66. 66 How to benefit from CLARITY • By using plain language • By tailoring information to meet customers’ needs • By providing greater access • By reflecting real-world behavior • By engaging and motivating employees • By delivering a consistent customer experience
- 67. 67 Cost benefits Large Property/ Casualty Insurer Saved $8 million in paper alone by simplifying letters and reducing renewal notices by 40% Large Auto Insurer Saved $20 million annually by streamlining its auto insurance documents by reducing customer service calls and increasing renewals European Annuity Provider Increased revenue by over $20 million as a result of a targeted message on pension statements encouraging customers to increase payments into their annuity accounts Regional Bank Saved over $4.9 million annually by combining and simplifying bank statements Major Hospital Choice Realized an additional $1 million in revenue in the first year after launching a simplified hospital bill Regional Bank Reported annual savings of $1.2 million in postage and $88,000 in envelopes after consolidating account statements. Saved $108,000 by replacing direct mail and inserts with on-statement messaging Wall Street Brokerage Reduced the page count of account opening documents by 75% through consolidating unique agreement and disclosure forms across several programs
- 68. 68 Collaboration is key • Voice of the customer • Subject matter expert • Voice of the agent • Legal/regulatory • Primary content developer • Plain language writer/editor • Customization architect with knowledge of available data • Final approver for sign-off • Consumer researcher to develop method and interpret results • Implementation evaluator/ impact assessment • Team coordinator
- 69. 69 EMPATHIZE DISTILL CLARIFYPROTOTYPE TEST REFINE IMPLEMENT • Develop an understanding of your users • Identify core points • Consolidate • Customize • Organize • Write in Plain Language • Design • Apply simplified results to real world scenarios • Return to your customers • Prioritize and apply feedback • Put the vision into effect • Provide customer service support DESIGN THINKING
- 70. 70 Customers should hear one voice. Everywhere. Every time. DEEPLY BRANDED CUSTOMER EXPERIENCE Correspondence Agreements, Disclosures Bills, Statements Sales Materials Online Interfaces Customer Service Mobile
- 71. 71 Best Advice + Best Tech = Simplicity 2.0 VisibleThread delivers a technology solution for measurable results: 23% 19% Reduction in related resubmissions Reduction in related calls to customer call center Results of plain language re-writes of 7 explanation of benefits letters by a global financial services organization.
- 72. 72 VisibleThread Insights Platform VT Readability Score your content, clarify your message VT Insights Measure tone of voice in real time, across the organization
- 73. 73 Questions?
- 74. 74 THANK YOU Siegelvision Irene Etzkorn ietzkorn@siegelvision.com 516.729.5523 Follow Irene on Twitter: @Irene_Etzkorn VisibleThread Evelyn Wolf evelyn.wolf@visiblethread.com 703.888.3530 Book your demo: info@visiblethread.com