retaining customers effectively in the digital age

Engaging customers more profitably Barry McPhillips and Mark Buckingham

Getting closer to the customer

Hello

© Banner Managed Communication 2015


Barry McPhillips Multichannel Solutions

Director

Mark Buckingham Operations Director

Your speakers today

Banner Managed Communication £80m marketing services business – 250 staff UK, Europe, USA, India, Singapore We create multichannel campaigns that are as effective as they are efficient We help get clicks on websites; policies converted and renewed; Pounds on the bottom line Delivering results through our data, creative and tech; in an always-on, always-connected world Significant sector expertise and experience helping insurance companies to communicate more effectively with their audiences.

About Banner Creating amazing experiences


Multichannel Campaign Planning &

strategy

Data/Insight Services

Digital Marketing Services

Print, Document &

Logistics Management

Managed Technology

Services

Creative & content Services

Reality of Customer Experience today

Challenges and Opportunities

7 key essentials of CX

Best-of-class examples of CX

Real life examples for insurers/brokers

This session will take you

through:

The strategic dilemma


90%

of all insurance CEO’s chose ‘getting closer to their customer’ as their most important strategic initiative

over the next five years Study by IBM Institute for Business Value



90%

of all insurance CEO’s chose ‘getting closer to their customer’ as their most important strategic initiative

over the next five years Study by IBM Institute for Business Value


However…


Insurers might never even talk directly to a customer

When it does happen, information is fragmented due to complex multichannel, multi-equipment

communications

Information systems and processes revolve around products, rather than customers


The series of interactions people have with a company via all available channels such as telephone, web, branch,

marketing communications and service interactions.

Customer Journey concerns itself with

what people do and how they feel about those

interactions. It can focus on a specific task

(like buying a product) or the entire customer lifecycle.


Customer Journey

definition

Reality of CX today

70% Consumers frustrated by having to provide

information already given

35 Out of 100 people

unhappy the company didn’t recognise them as a current customer

53% Consumers said they use

multiple devices in the process of making a

single purchase

69% Marketing executives yearn for ‘real-time’

connectivity with customers

72% Of consumers frustrated

with an app that offers no functional difference from a business’ mobile website


The Reality

Customer Experience in numbers

55% Marketing Executives say its impossible to respond to every consumer social

media engagement

80% Companies believe they

deliver a superior customer experience – 8% of customers agree!

4% The percentage of

dissatisfied customers who voice concerns

to a business

5% Probability of selling to a new prospect

60%+ Probability of selling

to an existing customer

Sources: “Understanding Customers” by Ruby Newell-Legner

Forrester ‘State of the Nation for CX’ Report


The most cringe-worthy phrases customers don't want to hear:

“We’re unable to answer your question. Please call xxx-xxx-xxxx

to speak to a representative from xxx team.”

“We're sorry, but we're experiencing unusually heavy call volumes. You can hold or try back at another time.”

“Your call is important to us. Please continue to hold.”

Source: American Express Survey, 2014


The top three reasons for losing a customer:

3. Don’t talk to or listen to me

2. Failure to solve a problem quickly

1. Feel poorly treated

Challenges and opportunities

for insurers


Do you know what it is like to be your customer?



For questions about your existing policy, press 1. For information on taking out a new policy, press 2. For questions about making a claim, press 3. For questions about the status of your claim, press 4. For questions about our products and services, please visit our website at www...


Do you know what it is like to be your customer?


7 key essentials of CX

Predictability

Efficient

Convenient

Personality

Personal

Advocacy

Affirming

Simplicity


Making things easier for customers works


75% of consumers are more likely to recommend a brand because it provides simpler experiences

Simplicity increases loyalty


Customers would pay more for simpler experiences

Banks/Retail Shipping/Mail General insurance Utilities Media Telecom/Cable

up to

4.4% more


Global Simplicity Rankings

1. Internet search 950 14. Shipping/Mail 565

736

734

723

719

711

663

657

625

602

595

574

565

2. Electronics

3. Restaurants

4. Internet retail

6. Retail/Grocery

5. Appliances

13. Telecom/Mobile

7. Media

8. Retail/General

9. Travel/Hotels

10. Retail/Fashion

11. Travel/Booking

12. Travel/Air

15. Retail/Health and beauty 16. Social media

17. Automotive

19. Banks/Retail

18. Fitness

20. Travel/Train

21. Telecom/Cable

22. Utilities

23. Travel/Car rental

24. Health insurance

25. General insurance

564

530

529

524

517

501

484

473

445

329

258


Why are things so complicated?


Why simplicity matters

Online interfaces

Call center

Statements

Mobile self-service

Correspondence

Applications and welcome kits

Loyalty programs

The brand that customers know and trust is the one they interact with most


The all-too-frequent experience


2013 Industry Service Rankings moneysupermarket.com 01 Hairdressers 02 Hotels 03 Beauty salons 04 Restaurants/coffee shops 05 Garden centres/florists 06 Supermarkets 07 Department stores 08 Clothes stores 09 Entertainment centres (e.g cinema/bowling) 10 Travel agents 11 Gyms 12 Building societies 13 Mobile/broadband companies 14 Banks 15 Energy companies 16 Estate agents

Financial Services


7% of Britons trust and like their bank

Best-in-class examples of CX

Simplified patient reporting…

Before

Simplified patient reporting…

Makes data more

actionable

After

In any channel the patient prefers…

Simplified branch engagement Bank of Ireland


More relevant to audience

Making family days out more enjoyable

Customer Experience Design

Solves CX/business

problems

One2one2many CX Sainsbury’s renamed Tiger bread to Giraffe bread


Big Grocer becomes human

The CX Blueprint

How to improve your CX A Blueprint for success


Define customer and business needs

Map the current customer experience

Envision the optimised experience that will meet customer and business needs more effectively

Identify and prioritise specific work plans to implement the optimised experience

Test and refine prototypes of the highest-priority touchpoints and plan for long-term implementation

CX of the future

The re-imagination of CX


Connected "life platforms” are emerging

The Internet of Me: The smartphone

as a personal assistant

Real-time engagement

Turning content into conversation

Contextual collaborations

Generation Z behavioural

change

Predictive analytics / collective

intelligence

Enterprise intelligence – link

data across systems

What this means for you…


Connected objects will create more data—use it to create better experiences. Make recommendations based on customer preferences. Tap into programmatic technology to deliver relevant marketing in real-time. Use data-driven insights to up your customer service game.

The mobile device is the remote control for our lives. Make sure consumers have a great experience on their smartphone. Use context to make it even better—content about their location, promos with local deals/marketing calendar, one-click booking and payments etc.

Consumers expect to get what they want in the moment they want it. Think about what this means for your business—24/7 thinking? On-demand service? Make interactions as fast, simple, and easy as possible and make sure they are useful in all the moments that matter.

Real life examples of communication innovation

and simplification for Insurers/Brokers

Case study – Direct consumer Helping customers to self-serve


Challenge/Opportunity Our client wanted to improve renewal scores and reduce printed communications Solution Online based e-doc publishing facility allowing enhanced two-way customer comms channel via personalised portals What we achieved + Savings – Significant reduction in communication costs + Faster – Customers have access to all they need in real-time + Sales – Renewal scores increased and customer experience/loyalty enhanced + Experience – Customers able to access wider choice of channels to engage

Secure and personal access

Leading Insurance Co.

Two-way engagement

facility

Leading Insurance Co.

Branded for affinity partners

Integrate third party

systems

Case study – Direct consumer Individualised policy documentation


Challenge/Opportunity Client needed to support its affinity relationship by offering improved customer communications and policy document management Solution Individualised and branded policy documentation design, production and fulfillment management service across all affinity partnerships What we achieved + Speed – Customers received a branded insurance experience + Individual – Every document total bespoke containing personalised policy details + Revenue generating – Customers were happy to pay to receive these docs

Case study – Direct consumer Individualised policy documentation


Cover letter

Insurance schedules

Insurance policy

wordings

Sales leaflets on other insurance available

through Insurer

All manually picked and packed and posted to customer

Bespoke branded customer communications Reflective of the vehicle they have just bought Just-in-time production and fulfilment

Branded customer

interaction

Case study – Commercial/Brokers Real-time point of sale quotes


Challenge/Opportunity Client needed to increase quote conversion ratios through Brokers Solution ePublishing application to compose/publish and archive documents within an online broker portal What we achieved + Speed - Brokers had fully prepared quotations instantly + Agility - Singular or batched files could be processed + Sales - Improved conversions due to shorter wait times

Insert headline Reflective of the vehicle they have just bought Just-in-time production and fulfilment

Branded customer

interaction

. . . Branch Underwriter Broker

• Choice of electronic or optional paper documents

• eDocs available through secure eDoc portal for policyholders

• Real time review/approval of documents in seconds, not days

• Paper-free, eliminates 30% waste

• Choice of electronic or optional paper documents

• eDocs immediately available on eBroker site once approved

Phase 1: Branches Phase 2: Broker Phase 3: Policyholder

eDoc for Branches eDoc for eBroker site eDoc for Policyholders

Real-time point of sale quotes Real time electronic document creation and delivery by default Printing, binding and delivery for brokers that opt-in

Thank you for listening

[email protected] [email protected]

retaining customers effectively in the digital age

Presentations & Public Speaking

reality of customer

reality customer experience

current customer

superior customer experience

strategic dilemma

marketing services business

customer journey denition

customer journey concerns