In this case study, we apply an Insurance Customer Life Cycle Analysis to publicly available review data to help Hastings Direct gain greater insight into potential performance improvements.
Improve Customer Experience, Decrease Churn & Drive Revenue Using TouchpointCX
A prominent client in the General Insurance sector was looking for ways to address its market share in New Zealand. Although a number of major product and marketing initiatives were planned to grow revenue and market share, the customer experience through the sales/service/claim/renew cycle was key to minimising churn and increasing ROI.
The objective was to monitor and improve the customer experience and internal process to better understand what was driving customer behaviour, while simultaneously having the opportunity to intervene when required. The client was already collecting 500 feedback surveys per month and circulating to staff via excel reporting.
Touchpoint Group onboarded the Insurance company in two phases. Phase one focused on deploying a real time Customer Experience (CX) program across the Insurance Claims department.
Claims involved 150+ staff spanning a broad number of roles based in service repair and in-house contact centres. Within three months of onboarding, insights were being uncovered and actions were being taken. Staff were provided with a personalised dashboard that presented a view of the customer feedback relevant to their roles, KPI’s and team objectives. Phase one quickly proved itself within the claims area of the business and within six months the CEO signed off the business case to execute phase two;
- Upgrade the data feeds from the core systems so additional interactions and key data for sales/service/claims can be used within the CX program
- Upgrade the existing claims program to provide better visibility of customer experience with respect to external assessors and repairers
- Deploy the CX program across the remainder of the business – sales/service/website
With this upgrade, over 4500 individual customer surveys were completed, delivering real time feedback relating to over 450 staff across sales/service/claims and marketing, as well as over 1000 external suppliers. Since then the client has invested in enhancing internal processes to better support the program.
The Customer Experience program is being used to improve staff coaching and training processes as well creating stronger staff engagement at the front line. In addition, a number of process, channel and product improvements have come directly from customer feedback. The client has recently introduced a ‘customer council’ where key senior representatives from different parts of the business meet regularly to look at strategic initiatives that have been identified within the business from customer feedback.
Over the course of the deployment, independent industry awards won by the client included:
- New Zealand’s most trusted insurer
- New Zealand’s direct to public insurer of the year
- New Zealand’s best place to work
- New Zealand’s most satisfied customers
A number of lessons were learnt and reinforced in the deployment of this CX solution:
- Providing visibility of cross-channel interactions and issues is key to identifying root causes and reducing costs (i.e. contact centre supporting issues that originate on website)
- Closing the loop quickly with customers after poor experiences is key to reducing churn
- Hierarchical reporting down to teams and individuals is key to ensuring proper ownership and accountability of customer experience
- Direct access by frontline staff to real time customer feedback relating to their customer interactions, drives engagement from the bottom-up
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