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.
How automated coding delivers fast, powerful results for Market Research Agencies
Market research agencies are uniquely poised to take advantage of advances in NLP and AI text analytics; as the demand for and frequency of open text surveys increases, combined with the increasing availability of freely available text reviews online. Adding a qualitative analysis to existing quantitative research strategies is crucial for an ongoing effort to reveal the multiple layers of understanding required to provide valuable, trustworthy results that clients can act on.
Touchpoint Group has worked with market research firms across the globe in industries from medical research to entertainment, and although each agency has unique systems and requirements, there are key elements that tie together the effectiveness of Touchpoint Group’s AI Text Analytics tool, Ipiphany, for market research applications. Our recent work with a New Zealand based agency analysing feedback from their international pool of survey respondents illustrates the breadth of solutions Ipiphany can provide.
Automated coding improves efficiencies
Automated Coding: Using a combination of AI and machine learning to automatically categorise feedback according to topic, aspect, sentiment, or a combination of these. An alternative to manually reading and assigning these categories.
Our client deployed a survey online, using question formats that included both structured and open text fields. Much to their surprise, the survey received approximately five times the number of responses they were expecting, and they urgently needed a way to automatically categorise the feedback: the plan to manually read and code each answer in the pool of fifteen thousand was no longer achievable within their deadline
In addition to the time-saving aspect, our client understood that there was value in the unstructured text, and needed to ensure that the results they delivered were as free from bias as humanly possible. They couldn’t risk taking shortcuts by sampling the data, they knew they needed to understand all of it. The answer? Ask a machine to do it, of course! This freed up the agency’s team to focus on analysing and interpreting the results so they could deliver the best possible outcome to their client and helped them meet their deadline despite the unexpectedly high survey response rate.
Further investigation provides a deeper understanding
Cross Tab Analysis: Cross Tabulation compares two different aspects of a dataset against each other. This analysis can be manually built using Microsoft Excel for each instance in which it is required, or it can be automatically generated by Ipiphany to explore segments in depth with various comparison metrics.
With fifteen thousand surveys processed through Ipiphany in the space of half an hour, the agency skipped past days of tedious manual coding by multiple analysts and was immediately able to begin learning from the survey results. Using the selection of visualisation tools in Ipiphany, the agency was able to delve down into a deeper level of detail than they would have achieved from a manually coded dataset, starting with a hierarchical view that helped them immediately understand the relationships in their data.
To further explore these relationships, their next line of questioning involved the investigation of a certain segment of survey respondents. Using the Crosstab function in Ipiphany, the market research agency was able to use both the structured and unstructured comments to segment respondents who voiced specific opinions against their demographic profiles. This helped them achieve a more complete contextual understanding of this segment, and understand its impact against the whole dataset.
Ipiphany’s suite of built-in reporting tools offers the unique ability to streamline reporting by sharing analyses directly with clients. These reports can be easily gated to a ‘view-only’ mode so that the agency can control which aspects the client sees, or they can be shared to facilitate collaboration within an agency team. We understand that the way you tell a story to your client is as important as the data you analyse, and Ipiphany’s effortless reporting and export features are designed to facilitate this.
Ipiphany lays the foundation for success
With plenty of text analytics tools available on today’s market, (each boasting “Supercharged Insights with AI Technology”) It can be frustrating to feel like you have to wade through tech-speak to become an expert in the inner workings of the black box to understand which one is best suited for your business. Although we do love a bit of tech speak ourselves, Touchpoint Group’s 20 years in the CX business has given us a unique perspective on the importance of real, hands-on work with our clients.
Although we’re happy to provide the training you need to analyse your data in Ipiphany (and confident that it will prove more effective than any other tool you might demo), we also provide consultancy, analysis, and reporting services with our team of experts, which you can choose to use as little or as much as required. Our team can help you take advantage of unstructured questions, allowing you to maximise the information yield from your research. Our TouchpointMX tool also offers survey deployment capabilities should this be required.
Why make the switch?
Leveraging AI text analytics technology can become a key differentiating factor for a market research agency, providing the opportunity to offer additional value to existing clients and provide a clear path to winning new ones. Ipiphany is uniquely positioned to help market research agencies achieve these outcomes through dedicated features, a powerful NLP, and access to specifically tuned tools for the complex datasets that often result from multi-question surveys. In addition to powerful technology, you can choose to take advantage of our team of analysts and consultants to assist in survey development, analysis, and reporting - a flexible way to create efficiencies within your organisation.
To see how Ipiphany can work for your agency, get in touch with our team of experts today and arrange a demo with your data.
Touchpoint group offers text analytics capabilities and a wealth of experience to market research agencies worldwide. For more information or to see a demo with your own data, send us a message today.