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October 19, 2021October 31, 2021Alexandra-Emily Kokova

Measurable Business Impact: Equip Your CX Strategy for Digital Success

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Undoubtedly, exceptional customer experience leads to happier, engaged and loyal customers. But one question remains: how do you measure and prove the impact of your CX program without a measurement strategy and the tools set in place? 

TABLE OF CONTENTS

  • Digitisation – planning your strategy from the ground up >
  • Accelerating CX through digitisation: designing journeys for success >
  • The solution lies beneath your customer data >
  • Skyrocket CX through well-planned improvement initiatives >

The 5-step framework to success for insurance CX leaders

MEASURE

Deploy real-time transactional CX measurement with newly designed digital journeys.

LISTEN

Use open-ended CX feedback to identify digital journey improvement areas,

PREDICT

Use predictive analytics to model the financial impact of proposed digital initiatives.

TEST

Use CX metrics to A/B test journey steps.

EVALUATE

Evaluate actual financial impact of CX-driven initiatives and understand customer lifetime value vs other distribution channels.

Digitisation: Planning your strategy from the ground up

One of the positive side-effects of digitisation is the lowering of acquisition and fulfillment costs directly affecting the bottom line and ROEs. Once COVID-19 hit us in March 2020, going digital became a core focus for the entire insurance sector. The fundamental function if digitisation is improvement through optimisation.  

In a recent survey conducted by EIB, experts state that  

Digital transformation is a critical policy issue, greatly affecting investment and competitiveness of the organisation.  

The same survey reports about 59% of large EU digital companies expecting digital technologies to gain importance in the upcoming years, in comparison with 46% large EU non-digital ones. Companies that skip on adopting digitalisation of services are likely to face difficulties in the future, as the gap between digital and non-digital businesses expands by the day. 

Another aspect of digitalisation is the customer-driven change. Designing simple, yet efficient digital journeys will become the main force for businesses to transform into a customer-centric organisation.  

Accelerating CX through digitisation: designing journeys for success

The entirety of customer success lies in the value you deliver to your customers. Are you designing journeys for success? Have you adopted an agile, customer-centric mindset? Have you made customer-centric transformation an organisation-wide, cross-functional priority? 

Transforming into the customer-centric mindset is a task, yet few have mastered right from the start. It’s the way you design your product and services, the way you communicate and deliver them to your customers, the way you interact with your fellow co-workers throughout the process and how you utilise the data generated in between. 

The solution lies beneath your customer data

Another recent great study indicates that insurers struggle with their customer’s loyalty. On one side, there has been a big setback in the lack of products and services, designed to increase the average customer lifetime value for the segment of baby boomers who choose to rent rather than own.  

The shift from owning to renting poses a great risk of retention. In that case, designing better services and providing improved, more personalised journeys with high service expertise, is a one-way ticket in an otherwise impossible situation. The same survey states renters remain loyal to their previous insurance brand for a few reasons – the service is up to their expectation, the brand has a good name and reputation, and the journey is seamless, with bundled products, tailored to the individual customer’s needs. 

Skyrocket CX through well-planned improvement initiatives

  • Deploy real-time transactional CX measurement across the digital journey 

Deploying real-time transactional CX measurement allows for quick and efficient planning on improvement initiatives. It’s a collaborative task between customer experience leaders and their digital peers. Discover, analyse and measure the importance of your customers’ needs, then plan and deliver accordingly.  

  • Use open-ended CX feedback to identify digital journey improvement areas 

When asked, customers are happy to share the reasons behind their unhappiness with a certain situation, service, or a product. Insurance digital teams frequently don’t have access to such data, or if they do, they might face difficulties making sense of the massive chunks of unstructured text data their audience has already generated. An experienced CX professional can fill-in the gap between expectations, needs and reality with a cost-effective solution such as text analytics to make the data insights accessible.  

  • Use predictive analytics to model the financial impact of proposed digital initiatives 

Insurance customer experience leaders can deploy predictive analytics to estimate the financial impact of CX-based improvements. This allows them to pick and prioritise the initiatives with the highest impact first. Predictive analytics open the gates to omnichannel sales optimisation with the sole purpose of maximising the average customer lifetime value. In a round table, conducted back in March, Insurance leaders share that higher NPS® brings more business, whilst predictive analytics impact and improve financial outcomes. 

  • Use CX metrics to A/B test different journey designs 

Traditional A/B testing requires time and multiple iterations, typically relying on clickstream data and extensive user testing. When supplemented with CX data, these journeys allow for better understanding of what customers do, what their attitudes, is there a vulnerability factor, how it affects their ability to decide, and how likely are they to proceed further in the journey. 

  • Evaluate financial and operational impact on CX-driven initiatives 

It’s hard to wave your hand on CX improvement initiatives when looking at reasonable data. Once an initiative is deployed, CX leaders can use it to analyse and evaluate the real business impact and how it affects operational and financial performance.  

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