Customer Centricity and Digital Disruption in Insurance

©2016 QUALTRICS LLC.

Speakers

John Parker Former CMO of Zurich North America and current professor at Northwestern’s Kellogg School of Management

Bruce Paul

Principal Consultant, Banking and Financial Services

Qualtrics

1.  Seeds of Digital Disruption

2.  How Digital Can Help with:

•  Dropping Loyalty

•  Decreasing Touchpoints

•  Growing Advice Gap

•  Shrinking Margins

©2016 QUALTRICS LLC.

Agenda

©2016 QUALTRICS LLC.

Seeds of Disruption Commoditization

Disintermediation

Lowering barriers to switching

Reduction in touchpoints

Transaction focus

Encroachment of Fintech

©2016 QUALTRICS LLC.

Fin Tech

©2016 QUALTRICS LLC.

Digital Disruption Loyalty is dropping

Touchpoints are decreasing

Advice gap is growing

Margins are shrinking

©2016 QUALTRICS LLC.

How Digital Can Help When Loyalty is Dropping Use data to focus on satisfaction and loyalty

Segmentation to optimize the approach

Real-time behavioral data to head off attrition

©2016 QUALTRICS LLC.

Digital Disruption Loyalty is dropping

Touchpoints are decreasing

Advice gap is growing

Margins are shrinking

©2016 QUALTRICS LLC.

How Digital Can Help When Touchpoints are Decreasing

Get simple, quick feedback after interactions

React in real-time to problems: case management

Look at journeys, not just touchpoints

Empower the call center to do more

©2016 QUALTRICS LLC.

Digital Disruption Loyalty is dropping

Touchpoints are decreasing

Advice gap is growing

Margins are shrinking

©2016 QUALTRICS LLC.

How Digital Can Help When Advice Gap is Growing

Serve up advice based on survey feedback

Target them on the website

Utilize your CRM, other tools to optimize the message

Prepare quarterbacks or center midfielders

©2016 QUALTRICS LLC.

Digital Disruption Loyalty is dropping

Touchpoints are decreasing

Advice gap is growing

Margins are shrinking

©2016 QUALTRICS LLC.

How Digital Can Help When Margins are Shrinking

Lower the cost to serve

Identify and retain the high value clients

Fail faster

Manage expectations around problem resolution costs

©2016 QUALTRICS LLC.

Digital ADVANTAGE

Real-time reaction

Segment and understand customers better

Customize customer experience

Contribute to the bottom line

Q & A

Key stages of the customer journey

Pre-Sales Capture new customer insights instantly on any channel. Drive customer conversion by delivering exactly what customers want.

Application Process Improve the application process to increase customer satisfaction and drive completion rates.

Onboarding & Cross-sell Optimize the onboarding process to ensure new customers are satisfied and responsive to cross-sell efforts.

Answering Questions & Problem Resolution Empower your organization to optimize how it responds to feedback and ensure customer satisfaction by closing the feedback loop.

Claims Anticipate claims based on customer behavior. Get feedback at every step of the process to learn and improve. Get post-claim feedback

•  Website & mobile satisfaction

•  Page-level feedback

•  Market research

•  Website feedback

•  Agent CSAT

•  Post-onboarding CSAT

•  Holistic financial evaluation and barriers to conversion

•  Problem incidence & resolution feedback

•  Agent CSAT

•  During claim feedback and correction

•  Post-claim CSAT

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