In this case study, we apply an Insurance Customer Life Cycle Analysis to publicly available review data to help Hastings Insurance gain greater insight into potential performance improvements.
A Real Time Voice Of Customer Platform Giving Businesses A Competitive Advantage
As New Zealand’s largest Tier 1 bank, customer satisfaction and Net Promoter Score (NPS) is consistently at the forefront of ANZ’s operations. How does such a large organisation with so many customer interactions and touch points engage with each individual & business on a personal level? ANZ knew that listening to their customers and responding quickly is a major business advantage, and to deliver a great customer experience you must have open dialogue with your customers and act in a timely manner.
Every minute of every day ANZ front-line staff were communicating with customers and businesses however, their NPS wasn’t reflecting the changes they were making to try and improve customer satisfaction.
ANZ wanted real-time feedback sent directly to their staff so they could respond and deal with enquiries as and when they were arising. Cost of resources was mounting as ANZ was trying to manually filter through thousands of lines of feedback, and chances to dig deeper were missed due to the time it took to find these ‘golden opportunities’.
Touchpoint Group stepped in and introduced ANZ to their TouchpointCX Voice of Customer (VoC) platform, it provided multi-channel listening in real-time, delivering actionable insights to frontline staff which in return increased customer satisfaction and revenues. TouchpointCX hosted an automated feedback case management tool that guaranteed positive and negative feedback was handled quickly and efficiently whilst being fully measurable.
The ANZ VoC solution ensured customer feedback is actionable by automating the process of soliciting, collecting and reporting feedback throughout the business. This was achieved through an automated process that triggered emails inviting customers to complete online surveys, immediately sorting through feedback identifying responses that required attention, and sent the data directly to front line staff in real time. In addition, the process also provided an ongoing highly visible summary of customer feedback throughout the organisation by way of its interactive reporting dashboards. The results;
- ANZ increased their NPS rating two places ahead of other top 5 banking institutions in NZ following implementation of the TouchpointCX VoC platform*
- In the first 12 months of launch, ANZ saw an 88% reduction in external spend and 90% reduction in internal resource costs*
- Collaboration & buy-in across all levels of staff increased once they had access and visibility to VoC and customer satisfaction
Jack Welsh commented; “People make the difference, and without the ability to empower and engage frontline staff to change their behaviour based on feedback, it is very difficult to improve customer satisfaction.” Welsh highlighted, “We have only two sources of competitive advantage: the ability to learn more about our customers faster than the competition, and the ability to turn that learning into action faster than the competition.”
TouchpointCX was able to give ANZ actionable insights in real-time, empower staff to affect change quickly, streamline feedback in a single platform and encourage staff collaboration. Thus giving them the advantage to stay ahead of competition and remain one of New Zealand’s most trusted and preferred banks.
*Stats were collated after onboarding was complete, November 2010