building customer engagement

© Copyright Strategy Meets Action 2014

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Building Customer Engagement: Get Innovative, Get Proactive, Get a Voice

Presented By:Deb Smallwood

FounderStrategy Meets Action

July 23, 2014Welcome to Today’s Webinar…

How New Technology and Attention to the Customer Experience Can Boost the Bottom Line


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HOST: Chelsea Kaefer MC: Deb Smallwood PANELIST: Tara Kelly

Welcome


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Strategy Meets Action - Strategic Advisory Firm

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Our mission is to help insurers make wise technology investments that enable business value

by advising, influencing and keeping a pulse of the industry...

Retained Advisory Relationship Project-based Consulting Research – Syndicated and Custom Next-Gen Innovation Events – Summit and Forum


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Today’s Presentation

• Positioning for Innovation

• Defining the Customer Experience

• SMA Call to Action

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Innovation is a Journey

INNOVATION

comes from a desire and a

commitment to constantly

improve,

to think differently,

and to envision

and enact change.

— Strategy Meets Action

Source: Strategy Meets Action 2014

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“ We always overestimate the change that will occur in the next two years and underestimate the change that will

occur in the next ten. Don't let yourself be lulled into inaction.

”

– Bill Gates


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SMA Top 10 Imperatives for Insurers – 2014

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ExtendANALYTICS

across the Enterprise

Committo Dynamic

DISTRIBUTIONCapabilities

TakeUNDERWRITING

Differentiation to theNext Level

Optimize CLAIMSbeyond the Transaction

Achieve PRODUCT Advantage through CONFIGURATION

Embrace CORE Transformation

Power

Capitalize on CUSTOMER

EXPERIENCE

Develop a Unified

DIGITAL Platform

INNOVATE to become a NEXT-GEN INSURER



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Poll #1

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2014 Top Five - #1 Strategic Initiatives

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Source: SMA Research, Insurance Ecosystem 2014, n=100


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Customer Experience Components

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Press Product performance

Services value

Agent discussions

Transactions

Multi-channel

interaction

Personal connection

Agent

Multi-product

Social graph

Word of mouth

Advertising

Price

Fit to needs

Customer Documents

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Customer

JD Power

Surveys

Reputation


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Required Customer Experience Business Capabilities

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Personalize/CustomizePersonalize/Customize

Adaptable/FlexibleAdaptable/Flexible

Effective/EfficientEffective/Efficient

DifferentiationDifferentiation



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Required Customer Engagement Technology Capabilities

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Innovative Customer Experience & Engagement

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ProductivityProductivity

EfficiencyEfficiency

EffectivenessEffectiveness

Decision-Making QualityDecision-Making Quality









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Innovative Customer Experience & Engagement - VOICE

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ProductivityProductivity

EfficiencyEfficiency

EffectivenessEffectiveness

Decision-Making QualityDecision-Making Quality









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New Bus./ Underwriting

Policy Servicing

Distribution Management

/ Sales

Billing &

Collections

Claims / Payout

ReinsuranceAsset /

Investment Mgmt

Enterprise Services

Marketi& ProductDevelop

Marketing & Product

Development


Leveraging “Voice Technology” Across the Value Chain


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Poll #2

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Call to Action for Insurers

Accept that innovation and change is all around insurance

Customer Experience Initiatives are a top priority

Think big, but start small

Look at “voice” as in easy & fast way to enhance the customer experience

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THANK YOU!


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Tara KellyPresident & CEO

SPLICE Software


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100% Human Voice Messaging Increase Customer Retention & Satisfaction Flexibility (full self-serve or managed service) Agile Implementation with Quick Start Programs Full Compliance with Regulatory Bodies Customizable Caller ID

We are a customer engagement software company providing innovative cloud-based solutions which empower enterprises to create dramatically better customer experiences…

…and we believe it can be better!

SPLICE Software


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New Techniques and Approaches

Big Value of Small Data Info your customers have provided you directly = huge value Give them what they are asking for!

Linguistic Optimization Targeting messages specifically to your customers using

preferences, previous interaction information and demographics

Crowd-Sourcing High Quality Voice Talent (Sound Local) Local sounding voices are more attractive to your listeners Easy and quickly connect with a huge pool of great talent

Strategic Message Creation Phrase segment scripting sounds more natural and pleasant Using industry best practice to maximize engagement


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Voice Scripting – A Winning Formula

Hi Jane,

This is Sarah at ABC Insurance here in Chicago at 123 Main Street.

I have a quick update regarding the auto claim that you submitted today. Your claim has been received and we are starting to process your remittance. We promise to send you an update by email within the next 4 hours.

If you’d like to repeat this message, please press 1.

Did you know that you can conveniently submit claims through our mobile app? Go to www.abcinsurance/app to learn more and install to your mobile device. At ABC Insurance we strive to deliver the best claims experience possible and want to thank you for your continued business. Enjoy the rest of your day!

+ Personalized Caller ID = an easy customer experience!

GREETING

INTRO

SENTIMENT & CALL-TO-ACTION

SUPPORT

COMPLIANCE


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Putting It All Together


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Innovative Communication = Corporate Success

Who:

Industry: Retail

Program: SPLICE VIP Invitation Program

Details: Automated voice messages to invite previous customers back into the store for a special event and a free gift.

Results: Double the store traffic, up to 467% increase in sales!

La-Z-Boy has won a Retail Store Operations Superstar Award for their SPLICE VIP Invitation Program! The Retail TouchPoints Award recognizes companies that have the most innovative customer engagement strategies.


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Insurance Use Cases

Welcome Messages Create a brand relationship Reduce customer churn

Claim Status Updates Reduce inbound call volumes Easy interaction for customers

Late Premium Reminders Improve corporate cash flow

Account Review Appointments Stronger agent relationships Ensure consistent touch points Increase retention / up-selling

Claim

Received

Proactive Notification

Happy Customers


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Happy Customers = Money in the Bank


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Leveraging New Approaches & Technology

Improving the Customer Experience Create a lasting brand relationship Customers with a positive relationship are more forgiving Reduce customer churn (improved retention) Customer referrals bring in new business

Improving your Bottom Line! Reduce inbound call volumes by 20% = cost savings Increase call center agent productivity by 15% Reduce costs associated with other channels by 20%

Choose a Solution that integrates easily with your CRM, CCM, Policy, Claims and Billing Systems


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SPLICE Quick Start Programs

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Making It Easy, Safe & Fun

Easy as 1…2…3… Programs up and running in 4-6 weeks Easy to use online program management tool Fully supported by your SPLICE Account Team Program effectiveness statistics

No Playing in the Streets Online secure data transfer site Adherence to all national, state and local legislations Integrates directly with any other systems

Work Hard, Play Hard


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Thank You!

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