Single View of the Customer - Digital Insurance in India
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Transcript of Single View of the Customer - Digital Insurance in India
Single Customer View 6th August 2015
Sharad Mathur Senior Vice President & Na?onal Head – Agency, Digital & Alternate Channel SBI General Insurance Company Limited, India
Overview
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Innova?ve Techniques to Track, Monitor & Analyse Customer Behaviour Across Mul?-‐Channel Touch points for a Coherent, Single Customer View
• Analyzing the en,re customer journey across all digital pla7orms for a joined-‐up, single
view of the customer
• Knowing customer’s expecta,ons and how they are changing towards devices and channels offline and online – to feed analysis back and improve the customer journey
• Enhancing sales throughout the purchase cycle by gaining a comprehensive overview of customer interac,on and conversions
• Harnessing the power of big data and CRM systems to generate leads and link data for an integrated, cross-‐channel view of the customer
General Insurance Landscape
• Insurance is largely a push product than a pull
• General Insurance policy period is small, an annual contract
• Churning of Insurers during renewal is prevalent
• Low loyalty and high transac,onal price driven rela,onship exists between Insurer and Insured
• Products like Health insurance are sought when a health related incident occurs in family or with friends
• Customers seek help from advisors as most do not understand the wordings or the coverage or benefits offered
• Brand selec,on and buying decisions are highly influenced by experiences shared in social circles
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Consumer changing behavior and expecta,ons
• Dwindling boundaries between Online and Offline space
• Customers exhibi,ng mul,-‐channel behavior – 60-‐70% of online users conduct digital research before purchasing a financial product – 66% customers change the product or Brand aTer researching online
• Consumer awareness and involvement has increased due to high penetra,on of internet and mobile. Self ini,ated Renewals have significantly improved in last 5 years
• Customers have varied needs and expecta,ons which demand a higher customer centric and solu,on oriented approach
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Customer interac,ons across different channels
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Mul?ple channels of Customer Interac?ons
Call Centre
Social Media
Internet Web Chat
ATM / Kiosk
Branch
SMS
Email Le[er Apps
Mul,-‐channels commonly used by Customers
• Receives an email about a product offering
• Visits the website for details and generates a quote
• Calls the Call Centre to get some clarifica?on
• Visits the branch and takes a policy
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Mul,-‐Channel customer expecta,ons
• 50% of customers today are mul,-‐ channel shoppers which is a mix
of Social, Mobile or Tradi,onal modes
• Customers demand flexible, real-‐,me personalized experience
• Customers expect consistent and immediately iden,fiable appearance across all sales channels
• Customer interac,ons are sca[ered but experience expected is unified
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Need for Single Customer View
• Single Customer View is needed to: – Create a 360 degree view of the customer interac,ons and preferences
– Combine customer informa,on
– Have a be[er knowledge and understanding of customer needs and preferences
– Conduct effec,ve and efficient Marke,ng ac,vi,es
– Offer higher level of service through be[er customer understanding
– Achieve higher return on investment
– Achieve higher customer sa,sfac,on
– Build durable customer rela,onships
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Single Customer View is an aggregated, consistent and holis,c representa,on of the customer data
SCV builds a base to drive ini,a,ves & innova,on
• Build dis?nc?ve granular customer insights to capture high poten?al growth opportuni?es
and enhance engagement across the customer lifecycle �
• Upgrade to next genera,on technical capabili,es (claims, underwri?ng, analy?cs, and actuarial capabili?es) �
• Build world class opera,ng models to achieve gains in efficiency while strengthening the human capital
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Cross Channel Customer Centric approach • Unified communica,on approach in CRM
– All Customer interac,ons with the company can be tagged together based on the unique customer iden,fier
– This can include all modes (email, sms, call, le[er) and channels (website, branch, agent) of customer interac?ons
– This can even include communica,on done by the Company
– It can also consolidate the mul,ple accounts and various rela,onships the user has with the insurer
– This can also include data from other backend systems
– CRM can store all the interac,on data for appropriate ac,on
• Rules can be triggered to handle the customer appropriately
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Predic,ve data analy?cs
• Historic and Current data coupled with Predic,ve Data analy,cs can help Intelligent cross-‐sell and up-‐sell
• Dynamically predict, based on feedback to con?nuously improve results
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Historic data +
Current data
Predic,ve Data Analy,cs
Intelligent cross-‐sell & up-‐sell
Customer journey based on interac,on insights
• Example 1: – Customer visited the insurer’s website – Computes premium for a Motor Insurance – Does not proceed with Policy
• This Customer interac,on is captured in Website and stored in CRM
• In CRM, an ac,vity is created as a ‘Poten,al Customer’
• Email related to Motor Insurance product is triggered to customer
• An outcall is done from the Call Centre to assist him further to purchase a motor insurance policy
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Customer journey based on interac?on insights Contd..
• Example 2:
– Customer calls Call Centre and complains about non receipt of insurance policy document
– With the available dispatch details, the Execu,ve informs the courier details and the exact reason for non delivery of the document
– Emails the policy document to customers available email id
• Due to the seamless integra,on of the system, the updated informa,on of the policy dispatch is available. This enables the Execu,ve to handle the customer aptly
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Big Data
• Big data refers to a very large and complex data sets that are sourced but can not be processed using tradi,onal applica,ons
• It helps businesses build long-‐term rela,onships, realize value and incorporate all sources of data, thereby changing the way they interact with customers
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Customer Disposi?on
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• Customer Disposi?on defines the essence of who a customer is
The relevance of Insurer’s interac,ons with the customer is directly related to its understanding of customer disposi?on and needs
Big Data & CRM
• To create value for customers, internal data mining and predic,ve data analy,cs form the base
• Understanding internal customers using CRM is essen,al and fundamental to ge_ng customer insights
• Integra,ng the two insights – internal customer data and external Big data create be[er understanding of customers and enables the business to provide superior personalized experience
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Leverage CRM & Big Data
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• Assess life,me value of a customer – Through internal data mining of exis?ng customers, iden,fy the a[ributes of the
current profitable and high-‐value customers eg: Motor Insurance customer having a specific segment of vehicle, in a par?cular loca,on and of a par?cular age group
– Target similar users to acquire new business
– Customized offers could be made throughout the customer lifecycle. Like an offer for his 2nd vehicle or a personal accident insurance
– Mode of communica,on could be chosen depending the frequency eg: user connects over the website or over web chat indicates, he would be recep,ve to a mobile responsive e-‐mailer
– Helps reduce resource drain on low value customers
– Keep a check of the low value customers to control nega,ve profitability and improve reten,on rates
Leverage CRM & Big Data Contd…
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• Improve accuracy and response to marke,ng campaigns
• Reduce cost of Acquiring new customers Example:
– Users who have expressed preference for health ar,cles or have subscribed for health magazines
– Health campaign to acquire new business would work be[er for this targeted set of users
– A/B Tes,ng of targeted campaigns would determine which campaign worked best for customer acquisi,on
Leverage CRM & Big Data Contd…
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• Iden,fy behavioural anomalies across channels indica?ng risk of losing customer Example:
– Receiving mul,ple calls, emails or web chats about service issues
– Nega,ve response on a survey or feedback
– Access Website FAQ pages to understand policy cancella?on process
This is a high alert to retain the customer by offering personalized be[er and tailor made offer