turning policyholders into customers · customers colin forrest, susie nursaw and kiran sandhu 11...

08/11/2013

1

Turning policyholders into customersColin Forrest, Susie Nursaw and Kiran Sandhu

11 November 2013

Policyholders vs. customers

2

08/11/2013

2

Maturity of customer analytics

3

Customer centricity in the insurance industry

4

08/11/2013

3

Why do we need to become more customer centric?

Retail distribution

Need for customer centricity

distribution review

Direct-to-consumer

market

ChangingNo margin

Social media -potential

brand damage

Changing customer behaviour

Increased competition

in the market

No margin to compete

on price

5

Why is this hard in our industry?

Li it d di lNo single definition of a

6

Limited dialogue

Limited and inconsistent measures of customer value

g‘customer’

08/11/2013

4

What can we learn from other industries

7

Other industries are shifting the focus from product to customer

8

08/11/2013

5

Using data and analytics to determine the most relevant next best action

RelevantRetention

Interaction Inputs

Decision Engine Present NBA Customer Input / LearnIdentify

Customer

RelevantChannels

Capture Response

Mortgage offer

Savings account

Up-sell / Cross-sellUpgrade account

Credit card

ServiceSelf service

Act now alerts

EducateAre you aware?

Better ways to pay

Data CaptureMobile number

Accept

Decline

Maybe later

Real Time Interaction

Context

Activity

Q&A response

Propensity

Strategy

Triggers

Value

9

Mobile number

Family size

Self-learning

Customer lifecycle management

Confirmation of ‘Concierge’ call

Early LifeMonth1

Potential< Month 0

Direct debitFirst newsletter

Customer calls with fault

Call to confirm

Early LifeMonth 2

Early LifeMonth 3

Exposure to Marketing materials

Word of mouth

Analysis of products and providers

Quality call

Quality letter and first steps guide

Confirmation of installation visit

Initial contact with product

Bill 0 and Marketing communication

Direct debit payment 0

Customer calls with a query, receives reactive welcome call

Second level faults team calls customer

Concierge call

Sale

Installation – Welcome kit and first ONO magazine

Conformity call



Billing

Bank transfer or corrected bill received

Contact with online channel

Unpaid bill – letter 2

Call to confirm ‘opportunity window’ for change of service

Technician visit (service transfer)

Customer calls retentions

Technician visit (fault)

Upgrade or upsell





Val

ue to

the

busi

ness

(€)

(5)

(3)(3)

(2)

(1)

Sales (3)

Service usage (2)

Marketing (5)

Installation (3)

Online (1)

10

Credit scoringContact made by recuperations department

Sales backlog

Complaint with the installation

Installation backlog

Commercial support platform

Billing complaint


Unpaid bill – call 1


Contact with the customer (with debt)

Customer calls SAC for payment information

Service transfer (2)

Billing complaints (2)

Exceptions (12)

Change of service (2)

Faults (3)

Billing / Collections (8)

08/11/2013

6

Multichannel personalisation

Context Multichannel

11

Strategic

Benefits of analyticsImproved Retention

Te

Increased Revenues

Confirmation of installation visit

‘Concierge’ call

Early LifeMonth1

Potential< Month 0


First newsletter

Contact with online channel

Customer calls with fault

Call to confirm ‘opportunity window’ for change of service

Early LifeMonth 2

Early LifeMonth 3

Better Customer Experience More Agile

Insight

Customer

Text

Shareholder

Customer

Value

Exposure to Market ing materials

Word of mouth

Analysis of products and providers

Quality call

Quality letter and first steps guide

Initial contact with product

Bill 0 and Marketing communicat ion


Customer calls with a query, receives reactive welcome call

Second level faults team calls customer

Credit scoring

Sale

Contact made by recuperat ions department

Installation – Welcome kit and first ONO magazine

Conformity call


Sales backlog

Complaint with the installation

Installation backlog

Commercial support platform

Billing complaint

Bank t ransfer or corrected bill received

channel




Unpaid bill – let ter 2

of service

Technician visit (service t ransfer)

Customer calls retentions

Contact with the customer (with debt)

Technician visit (fault )

Upgrade or upsell

Customer calls SAC for payment information





Val

ue to

the

busi

ness

(€)

(5)

(3)(3)

(2)

(1)

Sales (3)

Service usage (2)

Marketing (5)

Installation (3)

Online (1)

Service transfer (2)

Billing complaints (2)

Exceptions (12)

Change of service (2)

Faults (3)

Billing / Collections (8)

12

Shareholder

Value Zero time to market

08/11/2013

7

How can we apply these learnings to our industry?

13

Vision of a great customer experience

Ben gets a call offering a 20% discount on his term assurance policy. He is pleased

with the offer and accepts.

2During the call Ben is reminded about

GreenDot’s pension app. Shortly afterwards he downloads the app and is impressed with

the way it lets him model his retirement needs. He updates his change of address.

31Ben is 35 and has a term assurance and small pension pot with GreenDot.

Ben receives an email from GreenDot congratulating him on his new home and offering him home insurance. He never

knew they offered home insurance – he lets them know when it’s up for renewal.

4Ben is so impressed with GreenDot’s service and the app that he decides to

consolidate all his assets with them. They send an advisor to see Ben at home to

help him do this.

5Following this, GreenDot ask Ben to complete a short satisfaction survey online. He rates his experience as

excellent and recommends them to a friend.

6

14

08/11/2013

8

Customer t h i t

1 3 5 72 4 6 8

Ben is 35 and has a term assurance and Ben gets a call

During the call the salesman reminds Ben

Ben receives an email from GD congratulating

hi hi h

Ben’s wants to consolidate his Be ates GD’s se vice

How does this work?

touch points

Communication channel

CRM System

App

small pension pot with GreenDot. The

customer segmentation model shows that Ben

is an affluent customer with potential to buy more from GD

offering a 20% discount on his term assurance as he’s a valuable customer.

Ben is pleased with the offer and accepts.

about GD’s pension app. Shortly afterwards Ben downloads the app and is impressed with the way it lets him model his retirement needs

him on his new home and offering him home

insurance. He never new GD offered home

insurance – he lets GD know it’s up for renewal

on 14 Jan.

consolidate his investments and

savings to make them easier to manage. He’s so impressed with GD’s service he consolidates

all his assets with them

Ben rates GD’s service as excellent and

recommends them to a friend

Emailemail app

Data captured from app & fed

into CRM

Call centre

Contextual data, such as call reason captured in CRM system NBAs

presented through CRM

Data captured from app & fed

into CRM

NBA engine

Data & Analytics

Outbound prompts NBA

recommendation

Propensity models and data inform decisioning

to identify the most relevant NBA

Channel usage, transactional data and

preferences inform recommendations

Service prioritised based on Ben’s

needs and value

Contextual real time data informs real time decision

engine which pushes recommendations to CRM

Ben’s preferences for online

communications captured

Propensity models and data used to identify the

most relevant NBA

Personalised web experience based

on NBA recommendations

15

Insights on customer profile and proposition

to be offered

16

08/11/2013

9

08 November 2013 17

08 November 2013 18

08/11/2013

10

Given the knowledge and skills that exist within the actuarial profession, this is an exciting time for the industry.

19

Questions?

turning policyholders into customers · customers colin forrest, susie nursaw and kiran sandhu 11...

Documents