This document discusses how insurers can become more customer-centric in order to meet evolving consumer demands and expectations. It outlines three essential steps insurers need to take: 1) Develop customer-centric operating models focused on understanding customer needs; 2) Apply advanced data analytics and segmentation to improve the customer experience; and 3) Harness digital technologies as part of an integrated channel strategy. The journey to becoming truly customer-centric will be challenging and require significant cultural shifts within insurers, but taking these steps can help insurers strengthen customer relationships, drive growth, and gain competitive advantages.
The Secrets to Increasing Customer Retention and RenewalsSocious
Learn how to create a sustainable system for boosting customer retention and renewals.
In this presentation, you’ll learn:
- How to leverage higher engagement
- 6 key elements of B2B customer retention
- Actionable strategies to increase customer retention and renewals
Find out if your business has all of the major symptoms of high customer churn.
Watch the video: http://web.socious.com/secrets-to-increasing-customer-retention-renewals
Michael Pace is a customer support and community management executive who shares information on his Twitter account @mpace101. He discusses topics like customer experience marketing, building customer loyalty over a long-term relationship, and the importance of customer retention for increasing average revenue and profitability per customer. Pace emphasizes organizing customer support to deliver value from the customer's point of view and empowering associates to act according to the company's vision of exceptional service.
The document discusses the importance of customer experience and loyalty for businesses. It notes that loyalty has become more critical as markets have become saturated and products commoditized. It then outlines several key points about customer experience, including that customers are willing to pay more for a good experience and will drop brands after a single poor experience. The document emphasizes that improving customer experience needs to be a company-wide effort across all departments in order to be effective.
Mapping the customer experience: innovate using customer experience journey mapsJoyce Hostyn
This document maps out a customer's negative experience with a company's dishwasher repair/replacement process. It took months to resolve, with multiple unnecessary service visits and a lack of communication. The customer grew increasingly frustrated as the process involved misplaced records and confusion about next steps. They did not feel their problem was being properly addressed or that the company cared about providing a good experience.
This presentation discusses using customer journey mapping to better understand the customer experience across online and offline channels. It recommends creating a map that traces a customer's interactions with a company from initial research to purchase and beyond. The map should identify key customer segments, their needs at different stages, touchpoints, and insights from data sources. Mapping the journey can help companies improve their offering, prioritize efforts, increase revenues and customer understanding.
The document discusses product-centric vs customer-centric marketing strategies. A product-centric strategy focuses on developing new products and increasing market share, while a customer-centric strategy focuses on understanding customer needs and increasing profitability from the most valuable customers. Research findings show referred customers are more profitable and loyal than other acquired customers, and the difference in customer lifetime value depends on the individual customer. To be customer-centric, companies should identify their most valuable customers, find more like them, understand what they want, and increase profits through cross-selling and premium prices.
This document provides an introduction to customer experience. It begins with definitions of customer experience, focusing on the interactions customers have with a company and how those interactions make them feel. Examples are given of companies that deliver great customer experiences. The presentation notes that factors like customer service, CRM systems, and UX specialists are not enough on their own and that the goal is to meet or exceed customer expectations. It introduces the key concepts of customer experience personas, touchpoints, and moments of truth. Overall statistics about the importance of customer experience are also presented.
This document discusses cross-selling and up-selling techniques for increasing sales. Cross-selling involves offering complementary products to an initial purchase, while up-selling aims to upgrade customers to more expensive items. Key skills for cross-selling and up-selling include product knowledge, understanding customer needs, communication, and objection handling. Professionals should explore ways to make additional sales a win-win for customers and the business by creating higher value and a better buying experience through complementary products and services.
Customer Success Model PowerPoint Presentation Slides SlideTeam
Measure customer success using Customer Success Model PowerPoint Presentation Slides. Make sure customers achieve their desired outcomes while using your products and services. Evaluate customer satisfaction by adding these relevant customer success model complete presentation slideshow. This content-ready customer success model presentation comprises of topics such as customer segmentation, customer success cycle, customer success maturity model, pillars of customer success, and more. Analyse your customer service strategy to increase upsell opportunities. Add customer success PowerPoint templates to manage the relationship between a vendor and its customers. These templates are completely customizable. You can edit the color, text, icon and font size as per your need. Download customer success model complete presentation to satisfy the customers’ requirements which in turn improves the customer lifecycle value for the company. Our Customer Success Model Powerpoint Presentation Slides enable a glocal approach. They allow close contact with customers anywhere.
The document discusses customer centricity as an alternative business model to the traditional product-centric model. It defines customer centricity as aligning a company's products and services around the current and future needs of profitable customers to maximize their lifetime financial value. The document notes that many companies claim to be customer centric but are not. It also discusses how customer centricity requires an organization-wide transformation, including changes to marketing, finance, R&D, production, sales, and front-line staff. The document concludes by reflecting on questions organizations should consider when assessing customer centricity.
Customer service architecture timeline
Customer service activities
Customer service questionnaire
Customer servicing
Customer service feedback
Source: Harvard Business Review : 7 steps to deliver better Customer Experience
This document discusses the key elements of building a successful customer loyalty program, including collecting customer data, developing a value proposition, designing loyalty mechanics like points and badges, setting investment ratios, creating clubs within the program, and developing coalition programs with partner brands. It emphasizes that loyalty programs should be targeted towards specific customer segments, provide rewards that motivate desired behaviors, and use gamification elements to increase customer engagement.
The document discusses key concepts related to customer experience including customer experience, customer experience management, customer experience optimization, and customer experience enablement. It defines customer experience as all interactions people have with a solution, customer experience management as treating customer relationships as assets to engage customers as advocates, customer experience optimization as aligning a company around buyer priorities for revenue/profit growth, and customer experience enablement as the bridge between customer feedback and engagement to build trust, loyalty and profits.
This document discusses the consumer journey and how understanding it through personas and journey mapping can improve marketing outcomes. It provides an overview of user-centered design principles and outlines the benefits of creating buyer personas to understand different customer types. The key aspects of building personas like gathering insights and utilizing sales teams are described. Examples of personas are also presented. Finally, the document discusses how to create journey maps by mapping the customer path and identifying touchpoints, emotions, and opportunities for improvement.
Personalisation to improve customer experienceEpiserver
Personalisation uses the priceless information you gather about customers, both new and returning, to tailor content, information and offers. This session will look at how you can use personalisation to improve user experience and bring your segmentation strategy alive.
New Approach to Customer Experience Management CX Pilots
There are ways to lower risk, cost and speed of effectiveness in raising the Customer Experience bar in your organization. This is a focus on developing quick wins to get better #custexp outcomes in shorter time frames.
1) The document outlines various touchpoints and metrics for customers at different stages of the customer lifecycle from pre-sales to support.
2) It identifies frustration sources for customers such as only receiving calls near renewal time and slow ticket responses.
3) Recommendations are provided to address the opportunities including hiring a customer marketing manager, improving the free trial experience, and creating a deployment playbook.
Cross-Selling & Up-Selling with Miller Heimansarahlmilligan
These slides were originally presented by Rich Blakeman, sales vice president for Miller Heiman, in a presentation, Cross-Selling & Up-Selling:Uncovering Hidden Opportunities, to the San Francisco Chamber of Commerce, Tuesday, July 14, 2009.
In the new Digital economy where Customers are demanding personalised, transparent & seamless customer journeys over multiple digital devices as standard
Are Insurance companies prepared?
What are the key forces driving change in the retail sector?
Where does the opportunity with the consumer lie?
In our Retail Showcase, we share with you our vision of what it takes to win in retail today.
Digital Marketing in Banking: Evolution and RevolutionCognizant
Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center.
Banks see Smart Commerce as a growing threat that could distance them from customers. Smart Commerce is defined as involving digital payment methods that simplify purchases and enriched communication between merchants and consumers using mobile technology. It is driven by demand from both consumers and merchants, and by large profit pools outside of just payments, particularly merchant sales promotions. Many banks believe Smart Commerce will become widespread within two years and pose the main risk of intermediating banks and reducing their relevance in consumer commerce.
This document provides an executive summary of a report on how consumer behavior is changing and the implications for businesses. Some key points:
- Consumers have become more cautious researchers who expect value, quality, and personalization. They are versatile in their use of channels.
- Online purchasing and research is increasing across most categories, though some like cars remain more in-store. Brand loyalty is up but varies.
- Digital consumers can be divided into informers, buyers, and "hypertaskers" who are best informed and versatile.
- Businesses must provide excellent, personalized experiences across channels through advanced analytics and innovation to succeed. Silos must be dismantled to allow new ideas to flourish.
Accenture estimates that the global "Switching Economy" represents up to $5.9 trillion in potential revenue shifts as consumers change providers. In the US, the switching economy is $1.3 trillion. Customer frustration with poor customer service has led to a 5% increase in switching among US consumers over the past year. Common frustrations include having to contact companies multiple times, long hold times, and repeating information. While digital technologies provide opportunities to improve experiences, companies have largely failed to deliver more personalized service.
The Seattle Mariners implemented a CRM system from Onyx to integrate their 13 disconnected databases and improve customer service. Their main goal was to increase customer retention by making it easier to service existing season ticket holders and sponsors. The Onyx system allowed the Mariners to better understand customer needs and strengthen relationships through a more centralized view of customer information.
This document discusses the rise of customer-centric marketing in the auto insurance industry. It notes that while marketing spending by insurers has increased significantly in recent years, this has not translated to growth in market share for many carriers. The document advocates for insurers shifting to a more segmented approach to marketing that considers different customer needs and behaviors throughout the purchasing process. It also emphasizes the growing importance of digital channels and the need for insurers to strengthen their use of social media and targeted digital tactics.
1. The document discusses recent trends in the retail industry, including the rise of omnichannel retailing, increasing online shopping and mobile payments, and a focus on personalized customer experiences.
2. Key trends include increasing consumer interconnectivity and demand for individualized experiences, as well as the growth of social media and data collection about customers.
3. Retailers face issues around managing large amounts of customer data while respecting privacy, and need to listen to consumers through multiple new channels to understand changing needs and spot trends.
UK marketing executives are keen to explore the possibilities of marketing in context, but encouraging customers to share contextual information is the key challenge.
GN 16 aims to strengthen policyholder protection and promote fair treatment of customers in Hong Kong. It expands the scope of an earlier guidance note to cover all long-term insurance business, not just Class C. Key requirements include suitable product design, needs-based advice to customers, and clear information provision. Insurers must ensure products meet customer needs, distribution channels are appropriate, and remuneration structures are fair. GN 16 applies to new products from April 2016 and existing products from January 2017.
"If one word could sum up the focus of insurers in 2015, it is ‘technology.’ With the return of stable economic conditions, it makes sense for insurance companies to invest in digital solutions that widen margins and provide competitive differentiation."
Shaun Crawford, Global Insurance Leader
This document summarizes a report from The Economist Intelligence Unit on pricing strategies and business models for engaging customers in the on-demand economy. It finds that attracting new customers is the most challenging stage for companies due to information overload and competition. Effective strategies for customer engagement across the journey include using social media and influencers to attract attention, offering free trials and location-based targeting to convert leads, and bundling products to generate repeat business. Customer retention is also difficult due to competitive pressures, so flexibility in pricing and personalized experiences are important to build loyalty.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
John controls when and how he interacts with retailers on his mobile device through a standardized "shop mode" switch, which was developed as part of a set of "Consumer Engagement Principles" or guidelines established by the consumer goods and retail industry. The principles were created in response to growing consumer concerns over digital data privacy and a lack of control over how companies collect and use personal information. They aim to build trust with consumers by ensuring mutual value for consumers, businesses, and society through responsible data practices and a balanced exchange of value.
The document provides an overview of global marketing trends in 2013 based on a survey conducted by the International Federation of DMA's across 12 countries. Key findings include:
1) Marketing budgets increased in 2013 after several years of declines, with over 40% of respondents reporting higher budgets. Digital channels like social media, search, and email saw the largest budget increases while traditional channels like TV and radio saw decreases.
2) Marketers are evaluating and shifting budgets to channels that can demonstrate business metrics like lead generation, conversion, and return on investment. Social media is unique in being evaluated on both awareness and business goals.
3) Around half of respondents linked their marketing activities to increased company revenues over the past year,
Going Digital - The Banking Transformation Road MapMichel Jaubert
The document discusses the digital transformation occurring in the banking industry. It finds that digital banking leaders understand the importance of mobile, are developing more agile operating models, and have undertaken internal cultural shifts to be more customer-centric. These leaders are fundamentally changing their organizations to deliver the best customer experiences and results. The greatest challenge for banks will be changing internal mindsets and cultures to adapt to the digital age.
Going Digital: The Banking Transformation Road MapSemalytix
The leaders in digital banking are more client-centric, tech-savvy, and inclusive—and are fundamentally changing to deliver the best results.
Most banks today want to become digital banking leaders—after all, that's where the customers are. And for much of the past decade as digital banking has taken hold, most leading traditional banks have incorporated strong digital strategies.
So what separates the digital banking leaders from the laggards? A new A.T. Kearney study on digitization, in conjunction with Efma, seeks the answer and finds three main findings: the leaders understand the importance of mobile in a digital strategy, they are developing more agile operating models, and, most notably, they have tackled the need for internal culture shifts (see sidebar: About the Study).
With top-down implementation, these leaders have set their paths toward becoming more client-centric, more tech-savvy, and more inclusive. As the market evolves even more rapidly through the end of the decade, all banks will have to adapt to a disruptive model in people and IT—the two engines of retail banking—and must fundamentally adapt to deliver the best results.
This paper looks at the trends and the path forward.
The Evolving Digital Journey
Most banks began their digital journey years ago and have clear digital strategies, yet even those are facing major changes. In particular, as more customers use their mobile phones and tablets to do their banking, and omnichannel takes hold in financial services, the mobile experience is becoming a crucial aspect of digital strategy that banks must address.
Secondly, to keep up in this fast-changing market, traditional banks will have to adapt their operating models. In particular, changes in IT, new products and services development, and changing expectations for time-to-market will be key factors going forward.
Perhaps the most important step, however, is that banking in the digital age requires a drastic, profound reset of how banking staff reacts to customer needs. This means thinking customer first, rather than by channel; as one panelist puts it, "Banks think in channels, but customers don't." It means being conscious that small digital players can gain market share faster and in a manner that is more disruptive to traditional banks' models. It means understanding that organizational silos pose significant obstacles to creating new solutions for customers. Most importantly, it means looking inward, changing organizational beliefs and habits to facilitate clients and drive digital innovation.
A new spirit of banking—led by top executives—will lead the way to addressing market changes, becoming more agile, and improving openness in day-to-day business.
- See more at: http://www.atkearney.com/latest-article/-/asset_publisher/lON5IOfbQl6C/content/going-digital-the-banking-transformation-road-map/10192?_101_INSTANCE_lON5IOfbQl6C_redirect=#sthash.oKsJGij3.dpuf
- The biggest data challenges facing marketers are the storage and integration of customer data into a single database, according to over a third of respondents. Data quality is also a concern for around a quarter.
- Aggregated web data and transactional data are the most common types of customer data collected, reported by 70% and 48% of respondents respectively. Around half also collect demographic and customer interaction data.
- Customer data is stored in a variety of places, with over a third storing it in a single centralized database. Around a third also use separate marketing data marts or content management systems to store customer data.
Báo cáo thống kê về Cnsumer insight trên Digital Marketing 2014Duy, Vo Hoang
- The biggest data challenges facing marketers are the storage and integration of customer data into a single database, according to over a third of respondents. Data quality is also a concern for around a quarter.
- Aggregated web data and transactional data are the most common types of customer data collected, reported by 70% and 48% of respondents respectively. Around half also collect demographic and customer interaction data.
- Customer data is stored in a variety of places, with over a third storing it in a single centralized database. Around a third also use separate marketing data marts or content management systems to store customer data.
Similar to The journey toward greater customer centricity (20)
It i te-s_q8102_ai-business_intelligence_analyst_final_version_25_10_2018shivamagarwal223
The document outlines the national occupational standard for preprocessing data as per specifications. It includes 10 performance criteria related to defining the dataset and performing preprocessing operations like identifying and fixing missing values, data types, sorting data, transforming types, and dealing with redundancy. The knowledge and skills required are analyzing data, paying attention to detail, understanding data types, preprocessing tools, and identifying anomalies. The goal is to clean and transform imported data into the required format and structure for analysis.
Building a goal-oriented organization is important for several reasons. Only 14% of companies have employees who understand company strategy and goals. The document discusses setting goals at all levels of an organization to increase employee engagement. It provides tips for identifying corporate goals, implementing goal-based hiring and reviews, creating goal-focused managers, and using goal tracking software to enable a goal-based organization. The overall message is that aligning employee and company goals improves performance, productivity, and business outcomes.
This document summarizes several types of flawed or biased thinking that can undermine critical thinking. It discusses how we often draw conclusions based on inaccurate, incomplete or irrelevant information. Examples are given of how false information was used to justify the Iraq war and claims linking vaccines to autism. It also describes biases like confirmation bias, superiority bias, self-interest bias, group bias, and how inconsistencies in beliefs or behavior can occur.
This document discusses the application of customer relationship management (CRM) across several industries, including hospitality, telecom, banking, insurance, airlines, and automobiles. For each industry, it outlines how CRM is used to better understand customers, improve customer service, increase sales and retention, and gather valuable customer data and insights. Overall, the document emphasizes that as competition increases across all industries, CRM strategies have become important for organizations to nurture customer relationships, maximize profits, and sustain themselves in the long run.
The document discusses building a successful customer lifetime value (CLV) roadmap. It recommends forming a team to identify possible CLV use cases and applications, then prioritizing and ranking them. Quick wins that are easy to implement and have high impact should be the initial focus. Communication is important to get buy-in for the roadmap. The roadmap should have multiple phases, starting with refinements and expansions of quick wins, then taking on more complex applications. Measuring tangible benefits from early applications helps build momentum.
This document presents a case study on optimizing manufacturing test times for printed circuit boards using the DMAIC (Define, Measure, Analyze, Improve, Control) process at a Cisco manufacturing facility. The optimization project reduced advance flying probe test times by over 50% without compromising product quality. Statistical analysis over 6 months confirmed the time savings. The test time optimization provided a significant return on investment. The case study demonstrates how DMAIC can be effectively used for manufacturing process improvement.
This document provides an overview of a book titled "50 Communications Activities, Icebreakers, and Exercises" which contains various activities, icebreakers, and exercises aimed at improving communication skills. The book is divided into three parts covering communication principles, communication icebreakers, and communication exercises. The activities are designed to help participants better understand facets of communication and gain expertise in related skills.
This document discusses the need for companies to develop customer-centric cultures in order to succeed in today's business environment where customers have more choices and control over their purchasing decisions. It outlines how customers are more empowered, demanding, diverse, and shop across multiple channels. The document then argues that building a customer-centric culture through shared values and empowering employees is important for delivering excellent customer experiences and driving financial performance. It concludes that understanding and assessing organizational culture is challenging for many companies but important to shape culture in a way that aligns with customer-centric strategies.
This document provides an introduction and table of contents for the book "50 Activities for Achieving Excellent Customer Service" by Darryl S. Doane and Rose D. Sloat. The book contains 50 activities organized into 13 parts covering various aspects of customer service such as service attitude, communication, problem solving, and handling difficult customer situations. Each activity provides instructions and discussion questions to help readers develop their customer service skills. The introduction explains that the book is a resource for customer service trainers, both experienced and new, to use in educational and training events.
This document provides 10 customer service activities for teams. It begins with an introduction explaining the challenges customer service leaders face and how the activities can help address questions about commitment, handling upset customers, and unexpected employee actions. Each of the 10 exercises corresponds to a chapter in the book "Service Failure" and focuses on an aspect of customer service such as identifying complaints, balancing productivity and quality, and ensuring organizational culture supports goals. Instructions are provided for facilitators to implement the hands-on activities with their teams.
1. The document discusses effective customer service techniques, including communicating well with customers, creating a positive first impression, and developing and maintaining high service standards.
2. It emphasizes the importance of having the right attitude towards customers, listening skills, managing nonverbal communication like body language and tone of voice, and ensuring accessibility for all customers including those with special needs.
3. Providing reliable, responsive, efficient and consistent service is key to customer satisfaction and return business. Organizations should plan for good customer service and have policies to deal with difficult situations.
This document provides instructions for using the Clipboard application in Sabre Red Workspace. It describes the main functions of Clipboard including itinerary copying, schedule copying, shopping for air, hotel and car, and hotel billback faxing. It also outlines how to configure Clipboard settings at the agent, admin, branch and agency levels to control the output displayed. Settings can be exported to text files and stored in a shared folder location to allow centralized management of preferences across levels.
The document discusses how analyzing the business environment is important for companies to achieve their objectives. It states that companies need to adjust their strategies based on changes in the environment in order to be successful. Conducting environmental analysis allows companies to identify opportunities and threats, enabling them to anticipate changes, develop early warning systems, and take appropriate actions to maximize opportunities and mitigate threats. While analysis provides useful information, it does not guarantee success or eliminate uncertainty for companies.
The document describes the QUEST analysis technique, a four-step process for environmental scanning and strategy planning. The four steps are: 1) strategists observe events and trends, 2) they identify important issues that could affect the organization, 3) they prepare a report summarizing the issues, implications, and 3-5 scenarios, and 4) strategists review the report and scenarios to identify feasible strategic options.
There are two types of common sense - good sense, which is using sound judgment and understanding things as they are, and folk wisdom, which is unreflective knowledge not based on training or thought. Developing common sense involves familiarizing yourself with its purpose and meaning, understanding how the mind can convince itself of ideas contrary to reality, acquainting yourself with reflective and rapid thinking, learning practical knowledge, establishing new thinking habits, and continually learning about yourself and others. Common sense is not always accurate, as psychological claims that seem like common sense are often untrue and should be evaluated critically rather than trusted solely based on intuition.
This document discusses developing a global mindset. It outlines a 5-step cycle to improve cross-cultural interactions: 1) Recognize your own cultural values and biases, 2) Get to know your personality traits like curiosity, 3) Learn about workplace expectations in other countries, 4) Build strong intercultural relationships, 5) Develop strategies to adjust your style. Having a global mindset means leveraging self-awareness and what you know about different cultures to interact productively without losing your own identity.
Gap analysis is used to compare a company's actual performance to its expected performance to determine if it is meeting expectations. It identifies the current state and future state. The first step is to identify the project's objectives and goals to understand the desired future state. Next, the current situation is analyzed by determining what information is needed and how to collect it. Interviews and documents are reviewed. Finally, the gap between the current and future states is identified and actions are determined to bridge that gap and accomplish the objectives. The results are then presented to the team with the right level of detail.
An HR gap analysis assesses how well a company's current HR systems and practices align with its goals and identifies areas for improvement. It examines organizational strengths and weaknesses, talent needs versus current skills, and compliance with policies. The analysis involves reviewing documents, practices, and legal standards to evaluate performance and make recommendations. Implementing changes following a gap analysis can take time and ongoing support but can improve HR practices and reduce risks.
Workplace diversity encompasses differences beyond physical attributes to include work styles, generations, and personalities. A diverse workforce increases talent and brings new ideas and skills. Respecting differences and encouraging mutual respect reduces conflicts and stress while increasing productivity, knowledge sharing, and innovation. Leaders must model respectful behavior to earn respect from employees.
The document discusses career counseling and its benefits. It notes that career counseling can help employees tackle problems effectively, sort through issues, assist with decision making, and provide a new perspective. This prevents small problems from escalating and helps retain key employees. Career counseling is a strategic resource that can be used when work performance, career transitions, conduct, or cultural fit become issues.
Certified Cybersecurity Compliance Professional.PREVIEW.pdfGAFM ACADEMY
The Certified Cybersecurity Compliance Professional (CCCP) is a gold-standard certification from the Global Academy of Finance and Management ®. Earning this credential demonstrates that you have skills and experience in implementing cybersecurity systems, ensuring compliance with the cybersecurity policies, guidelines, procedures, and the organization’s cybersecurity regulatory requirements.
To purchase, visit: https://gafm.com.my/gafm-book-shop/
reStartEvents Nationwide TS/SCI & Above Cleared Virtual Career FairKen Fuller
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Join us at the reStartEvents Nationwide TS/SCI & Above Cleared Virtual Career Fair on July 11th and engage with hiring managers and recruiters from some of the nation's leading defense contractors, all from the safety and comfort of your home or office. Accomplish what it would take weeks to do, ALL in one day at reStart!
reStart Nationwide TS/SCI & Above Cleared Virtual Career Fair
Thursday, July 11th, 2024
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An Active TS/SCI or Above Security Clearance IS Required For This Event
Companies Interviewing:
• Leidos
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This event will be accessible to job seeking professionals with a minimum TS/SCI Security Clearance from coast to coast and will offer Cleared career opportunities both CONUS & OCONUS.
Please share this unprecedented event with ALL your TS/SCI & Polygraph Tested Security Cleared friends and colleagues
Looking forward to having you join us online on July 11th.
You have been assigned to manage a project but have no clue how and where to begin. It sounds like an opportunity but it can also turn out to be a disaster if you do not possess the knowledge and skills.
You must have come across a book called The Project Management Body of Knowledge which is most commonly called PMBOK. PMBOK is about processes, tools, and techniques to manage a project. It does not talk about the art and science of executing a project from the initial phase to the end of the project life cycle. PMBOK introduces you to a bunch of processes that you may use in managing a project, initiation processes for the project initiation phase, planning group of processes that you may apply during the planning phase, and the list goes on. After reading the PMBOK guide, you still have no idea where to begin. If you do not have the time then what you need is a book that will provide a birds-eye view and content that is sufficient enough to assist you in kicking off a project. Get this book now and begin to kick off a project like a pro.
To purchase, visit: https://gafm.com.my/gafm-book-shop/
3. The journey toward greater customer centricity 3
01 Executive summary
03 Introduction: evolving consumer dynamics
• Consumer demands and expectations
• Influencing persistency and retention
• Insurers are not meeting customers’ expectations
05 Core principles for redefining customer relationships
07 Protecting the core: becoming more customer-focused
• Customer-centric models
• Data for competitive advantage: advanced segmentation and data analytics
• Harnessing the power of digital as part of an integrated channel strategy
15 Customer-centric innovation
• A significant cultural shift
• Develop a culture of innovation
16 Practical steps on the journey
19 Conclusion
Contents
4. Ernst & Young4
Advances in technology and communication,
combined with the explosive growth in data
and information, have given rise to a more
empowered global consumer.
5. The journey toward greater customer centricity 1
Executive summary
Advances in technology and communication, combined with the
explosive growth in data and information, have given rise to
a more empowered global consumer. Recent economic and political
events highlight the need for insurers to understand how consumers
view the world and the most important attributes for their
purchasing decisions.
Our discussions with global insurance executives, non-executive
directors and regulators corroborate this view and demonstrate,
without exception, that the challenge of responding effectively to
rapidly changing consumer needs is one of the top strategic agenda
items, alongside regulatory change and talent management.
In our Ernst & Young Global Consumer Insurance Survey 2012
report, Voice of the customer,1
we learned about the value of
customer centricity and why it is so important to an insurer. Our
survey probed customer attitudes and behaviors to determine
how customers view and interact with the industry, as well as their
expectations for the future. Our findings confirmed that those
insurers who respond best to what customers want now are most
likely to succeed. A clear understanding of customer needs and
behaviors across the organization will help drive profitable growth
strategies and provide the confidence to invest in opportunities at a
time when staying within budget is extremely difficult.
In this paper, we explore how technology is changing consumer
dynamics and show how insurers have an opportunity to influence
persistency, retention and expectations through improved
customer engagement. We discuss the strategic paradigm and
operational areas where insurers can become more customer-
focused: developing customer-centric models, applying advanced
segmentation and data analytics to design an effective customer
experience, harnessing the power of digital in an integrated channel
strategy, and shifting to a new culture of innovation that will drive
growth and competitive advantage.
The journey to customer centricity will not be an easy endeavor.
In building a strong foundation for the future, insurers will need to
focus on a new set of core principles to redefine relationships. There
will be many challenges in developing the critical new capabilities
that align objectives, targets, rewards and recognition with
customer needs.
We offer practical steps for insurers to consider along the way
as they build momentum for customer centricity across their
organizations. Some of the topics will be presented in greater detail
in the months ahead. Look for a discussion of how insurers can
harness digital more effectively in an upcoming 2013 report.
In this paper, we explore how technology
is changing consumer dynamics and
show how insurers have an opportunity
to influence persistency, retention and
expectations through improved
customer engagement.
1. Voice of the customer: time to rethink your relationships, Ernst & Young. Download at www.ey.com/insurance.
7. The journey toward greater customer centricity 3
Introduction: evolving consumer dynamics
Technology is growing at an exponential rate, influencing consumer
behavior and insurance marketing strategies. By 2020, 80% of
the global population will have access to mobile telephony and
more than 60% to smartphones or low-cost tablet computers. It is
anticipated there will be more than 50 billion connected devices
globally, with mobile being the primary internet device for
most individuals.
Social media and unprecedented access to information, such as
peer-to-peer product and service reviews, are giving greater power
to consumers, creating more informed and demanding customers.
These experiences are shaping consumer expectations across all
sectors, including insurance.
Consumer demands and expectations
Although technology is changing the way customers engage with
insurers, our survey indicates that personal interaction is still highly
regarded. The complex nature of insurance products and customers’
need for advice mean that some level of personal interaction will
remain an important component of overall channel strategy.
Customers prefer products to be simpler and more transparent, so
it is easier to make informed choices. This has implications for the
role of insurance agents. In an industry where margins are coming
under increasing pressure, insurers need to choose where they
invest across the value chain to avoid adding extra cost while still
paying agents for services customers may prefer to do themselves.
These changes are forcing a dramatic change in the business
operating model, as insurers need to focus on where their sales
channels add value to the end customer. This will be helped by
greater transparency in the sales process and in product design.
Overall, customers are looking for value to be clearly demonstrated,
reflecting a balance of price, product features and service tailored
to their needs. They prefer to buy more products from companies
they trust. Once they have made their choice and established a
relationship with an insurance provider, they expect the provider’s
products and services to meet their expectations — and through
their channel of choice.
More demanding
Increased expectations:
convenience, flexibility and
personalization are a given
More diverse
Global growth of women
in the workforce
More sophisticated
Emerging middle classes want
more financial services
More hedonistic
It’s all about me
8. Ernst & Young4
Influencing persistency and retention
Recognizing the value of the customer relationship is vital — at
the point of initial sale and over the customer lifetime. Customer
segmentation models, which identify those who have the highest
propensity to purchase, can improve customer satisfaction,
compared to traditional unfocused “product push” cross-sell efforts.
Insurers also have an opportunity to influence persistency and
support retention through improved engagement with existing
customers. This must be backed by flexibly designed products that
respond to changing customer needs and financial incentives to
reward customer loyalty — over the customer life cycle rather than
just at the point of lapse.
But the key to improving persistency is removing the reasons why
customers consider leaving in the first place. Use of predictive
models can target customers based on likelihood of lapse and the
value of retention, but “test and learn” approaches are essential to
determine which interventions are most effective.
Customers are willing to build long-term relationships with their
providers and purchase multiple products. However, insurers must
improve the effectiveness of their communications, as well as
recognize and reward the value of the relationships.
Insurers are not meeting customers’ expectations
Our Voice of the customer survey indicates four dimensions where
insurers are failing to meet customers’ expectations: service quality,
rewarding loyalty, communication and product transparency.
Consumers have a strong sense that insurers could do more to earn
their trust. They tend to judge insurers against other consumer
industries, expecting comparable standards of service and
rewards for loyalty. Yet, in our client experience, insurers typically
benchmark themselves against their peers in the industry. That’s
a big disconnect. Insurers need to continually evolve customer
propositions to meet changing needs and expectations, particularly
by improving information and transparency, and they need to look
outside the industry to do this effectively.
The need for clarity and transparency is also driven by regulators
protecting consumer interests more than ever before. Insurers that
align themselves to a customer-centric model of operation will find
the transition to the new regulatory environment less painful, and
they may even gain a competitive advantage.
Customers are willing to build long-term
relationships with their providers and
purchase multiple products. However,
insurers must improve the effectiveness of
their communications, as well as recognize
and reward the value of the relationships.
9. The journey toward greater customer centricity 5
In this fast-changing environment, insurers need to focus on
a new set of core principles to redefine relationships with
customers and transform business models. To achieve this
new strategic paradigm — and the first step on the journey to
customer centricity — insurers need to take the following steps.
Protect business against disintermediation: Insurers unable to
understand or deliver against current and future consumer needs
and preferences face the prospect of losing the connection with or
being pushed further away from the end customer. Insurers need
to make sure they retain a strong influence on how customers view
their products and services, regardless of overall channel strategy.
Redefine customer relationships: Insurance has traditionally been
a product-centric business, focused on developing the best products
for a given risk and delivering those in the most cost-effective
manner. Now insurers need to better understand the true needs of
their customers in order to redefine the products and services they
offer and the ways in which they interact and serve them. They need
to know their customers better than ever and use the information
and knowledge as a source of competitive advantage.
Increase productivity to gain a competitive advantage:
Historically, productivity improvements were viewed as a response
to adverse market conditions. Insurers typically curtail spending in
times of shrinking revenue or increasing cost pressures. However,
those insurers who are able to view productivity enhancements
with the dual lens of improving the expense position while growing
the top line will achieve a competitive advantage. As consumer
expectations for better levels of customer service grow, insurers
will need to navigate the challenges imposed by large-scale,
paper-based legacy systems. Those carriers that are able to
increase productivity through streamlined business processes and
technology improvements will be able to enhance their expense
positions and increase the quality of their customer service.
Diversify sources of revenue: Insurance by nature is cyclical.
Non-life insurers face hard and soft pricing cycles, while life and
pension sales and profit performance are affected by interest rate
movements and equity market volatility. Insurers need to diversify
to sustain stable top-line growth and earning fluctuations. This
also affects customer centricity, as it recognizes that product
performance and consumer needs shift with market conditions and
life events.
Collaborate with new partners across the value chain: The
shift from pushing products to delivering solutions often requires
insurers to develop new capabilities or provide products outside
the current portfolio. In addition, the adoption of new technologies
(SOA, web services, etc.) is opening opportunities to outsource
non-strategic functions to improve the efficiency and effectiveness
of business functions across the value chain. Successful insurers will
be those that develop capabilities to identify and manage strategic
business partnerships.
By focusing on these core principles, insurers can build a strong
foundation for the future while improving top-line growth and
profitability over the near term. To truly succeed, they must
embrace and embed the concept of innovation within their
organizations. Future industry winners will be nimble and able to
respond quickly and effectively to changing market conditions, new
consumer demands and emerging regulations.
Core principles for redefining
customer relationships
10. Ernst & Young6
The challenge is how to transition
from existing product and traditional
distribution models to those that
deliver what customers want.
11. The journey toward greater customer centricity 7
With these core strategies in place, the focus can shift to operational
issues that will enable change. Insurance companies can drive
growth in revenue and profit by improving their businesses,
attracting customers and strengthening relationships. However,
implementation is not easy, particularly where insurers have
extensive legacy systems and operations. The challenge is how to
transition from existing product and traditional distribution models
to those that deliver what customers want, as well as how to develop
the critical new capabilities to enable this transformation.
We believe there are three essential steps along the journey to
customer centricity. Insurers need to focus on customer-centric
operating models, advanced segmentation and data analytics, and
harnessing digital to better engage with customers at a lower cost.
Customer–centric operating models
A customer-centric organization builds an operating model around
a deep understanding of its customers, what they value and the
contribution each makes to the profitability of the company.
This requires:
• Designing business processes that recognize different customer
segment needs
• Delivering a positive and seamless customer experience at
every touch point across the customer life cycle
• Maintaining an active dialogue with customers (and acting
on feedback)
• Fostering a culture that places the customer at the heart of the
decision-making process
Maturity model assessment
Assessing an organization against a customer-centric maturity
model may provide a better understanding of the relative
maturity of key capabilities such as segmentation or lifetime value
management, as well as offer guidance on where to invest. Through
our work with clients, we have a clear view of what constitutes
different stages of maturity, from undeveloped to leading practice.
Protecting the core: becoming more
customer-focused
Figure 1: Compares how four major global insurers are currently
positioned in the five stages of development. Defining and
understanding what it means to be “emerging” versus “advanced”
can be a process in itself, even before mapping your company
against these criteria.
Indeed, understanding and communicating the scale of the
challenge ahead is the first step of any journey. It is important to
be realistic about expectations — leading customer centricity (the
far right of the maturity model) may be unattainable. However, the
process of considering how to balance customer-centric principles
with financial considerations is critical. For some, the trade-offs
between the level of investment required and realized benefits will
determine how far they progress.
The journey to deliver a mature operating model may take years.
Such a significant organizational transformation must be broken
down into a manageable, phased implementation. Focusing on
quick wins, key technology decisions and targeted improvements
initially can help to prove the case and garner organizational
buy-in. Prioritizing “high touch, low tech” changes that improve
the customer experience relative to the cost and implementation
effort will further generate momentum for more extensive
technology-enabled change.
Barriers to successful transformation
Typically, most insurers will encounter challenges inherent in their
current operating models due to technological and operational
limitations, as well as cultural constraints. Among the more
obvious are strong organizational silos, which create an inability or
unwillingness to share customer data or cooperate across business
units and functions.
This is particularly common in businesses that historically have
been segmented along distribution channels, e.g., intermediary
and direct. In fact, the traditional insurance customer engagement
model presents significant barriers: in many cases, initial customer
contact and ongoing advice are controlled by an intermediary or
agent — and often, provider engagement at this stage is purely
administrative. Legacy systems and processes, and poor quality
or insufficient end-customer data, constrain many organizations
12. Ernst & Young8
Figure 1: Customer–centric maturity model
Brand and
market
positioning
Low brand equity among target
customers — known but not valued
High brand recognition and strong positive associations
among target customers, based on real evidence and
reputation for customer focus
Customer
segmentation
Broad, undifferentiated offering, not
specific to any distinct customer segments
Clearly defined target segments based on robust
understanding of current and potential customer
lifetime value
Distributor
management
Distributor relationships driven by volume,
little or no provider involvement in sale or
post-sale customer activity
Highly selective approach to distributors driven by
customer and distributor profitability; partnership
approach with selected distributors with joined up
customers engagement model
Propositions Broad range of traditional life products:
complex, inflexible, opaque, capital–intensive
with provider-financed commission
Focused product range based on insight into needs
of profitable customer segments; flexible design with
transparent pricing, supporting fee–based advise
and/or customer self-service
Service
delivery
Transactional and admin–driven, reactive to
customer and distributor requests; low-touch
approach with no proactive contact or value
added interaction
Relevant and value-adding customer contact through
variety of media including phone and online self-service
tools and information
Customer
lifetime value
management
No attempt to manage customer lifetime
value beyond standard service model
Explicit understanding of customer lifetime value with
value–adding interventions at key stages including lapse,
life-stage changes, maturity, retirement etc., tailored to
needs and value of specific customer segments
Culture New business volume and market share are
key metrics; enforce those customers not
actively managed or measured
Customer lifetime value management is key metric: clear
focus on meeting needs of profitable customer segments
across their whole life cycle
Process Product push approach; little or no customer
segmentation; products developed ad hoc;
“One size fits all” service footprint
Tailored product offering based on discrete customer
segments; real–time customer insight supports
personalized interactions; predictive analytics employed
to adjust offers and service actions accordingly;
multi-channel approach based on behaviors and
buying preferences
People No ownership of the customer within the
organization; compensation drives
inconsistent behaviors; customer–facing
employees not supported by back office
functions; lack of authority to resolve
customer issues at point of contact
Customer–centric culture pervasive at all levels of the
organization; customer insight is a key component of
the company’s strategic agenda; employees take clear
ownership for customer problems and manage issues
through to resolution
Technology Technology strategy not aligned with
customer–centric culture; legacy systems
limit ability to meet customer requirements;
customer data trapped in organizational
silos; lack of enterprise–wide data strategy
hampers integration
Unified vision for data management across both
enterprise and business partners; master data is
managed as a corporate asset; proactive measures
are in place or ongoing data quality improvements;
the organization embraces customer–facing technologies
as integral to channel effectiveness
Stage 1: Undeveloped Stage 5: Leading
Stage2:EmergingStage3:DevelopingStage4:Advancing
13. The journey toward greater customer centricity 9
in managing the end-to-end customer relationship. Even when
customers are “orphans” (they no longer have an active agent or
intermediary), many organizations do not, or cannot, seize this
opportunity to re-establish a relationship directly with advice and
service offerings.
One of the greatest barriers for insurers is the business case that
often requires substantial investment. Culturally, traditional industry
focus has been on new business and market share, rather than
deriving value from the in-force book. When viewed with a narrow
lens and a short-term focus, many investments do not make it past
the planning stage. The key for insurers is to shift to a longer-term
perspective and to recognize the opportunity to reduce costs while
improving customer centricity.
Executive management ownership and commitment to driving
customer centricity is imperative. This must be supported by clearly
defined customer-centric objectives and metrics across all business
units, with performance management and compensation aligned
with customer-focused behavior.
In setting goals for customer operating model transformation,
insurers need to ask these strategic questions:
• Why do you want to be customer-centric and to what degree?
• Is there a clear strategic imperative from the board of directors?
• How incremental or revolutionary a change is required, and how
much change is the organization prepared to undertake?
• What are the main barriers and key strategic imperatives?
• Where and how will you start — by targeting specific functions or
business units, or with an enterprise-wide phased approach?
Data for competitive advantage: advanced segmentation and
data analytics
Many insurers grasp the concept of segmenting and tailoring their
service propositions. This is often done based on socioeconomic
factors and product holdings. Leading insurers are grouping
customers based on behaviors and values.
Creating a micro-segmentation model to understand customers
and aligning this with a modular distribution model that allows
customers to access the organization through multiple channels
(when and how they prefer) will optimize customers’ experience.
Data analytics has become critical to designing an effective
customer experience. Insurers need to understand the true drivers
of customer satisfaction — for every segment. What attributes of
their experience (price, personal attention, response time, service
calls, claims, etc.) will have the most impact on delivering a positive
experience? Equally, insurers must identify what is not driving
value, as this presents an opportunity to reduce costs.
Stage 1:
Undeveloped
Brand and market positioning
Customer segmentation
Distributor management
Propositions
Service delivery
Customer lifetime value management
Culture
Stage 2:
Emerging
Stage 3:
Developing
Stage 4:
Advancing
Stage 5:
Leading
Company 2
Company 1
Company 3
Company 4
Figure 2: Customer centricity maturity assessment of four global insurers
15. The journey toward greater customer centricity 11
online tools and calculators, combined with customer account
information, can enable call center representatives to deliver
personalized advice and service.
Data analytics and predictive modeling capabilities can also be
applied in other ways within an organization:
• Behavioral engineering models to unpack the existing risk
culture and its implications, as part of a transition to a more
customer-centric and innovative culture
• Customer retention analysis — why, where and when you are
losing customers
• Customer leads analysis to support development of a fully
integrated distribution model
• Financial modeling (of staff and/or customer base) to inform
customer experience and advisor conversations on how to
improve financial client well-being
• Claims management and leakage analysis
Harnessing the power of digital as part of an integrated
channel strategy
Most consumers want access to a mix of online and personal contact
throughout the product life cycle. Digital is not the panacea, but it
is a critical enabler to delivering the experience customers want.
The key insurance challenge is how to harness the power of digital
to better engage directly with customers and lower costs. Digital
technology will complicate the process and frustrate customers if
it is not joined seamlessly with other channels, recognizing that
existing channels or access points will also need to adapt and, in
some cases, play an alternative role within the business.
The effective integration of channels across sales and service
activities is critical to delivering a positive, brand-reinforcing
customer experience at every touch point in the customer
Applying data analytics to the customer
service front line can be powerful. Analysis
of call center transactions, combined with
customer behavioral insight, can help
insurers better route customers to the
appropriate type of support.
relationship life cycle. As digital channels continue to grow in
importance, insurers need to define a strategy for integrating these
touch points as part of their overall distribution infrastructure.
Insurers should focus on two critical enablers. For those utilizing
third-party channels, engaging channel partners early in the
process and communicating a clear value proposition are essential
to successful integration. This could be in the form of leads
generated through digital channels or time-saving customer service
activities handled by the call center. Second, it is imperative that
customer information be handed off between channels with
limited consumer effort. In addition to slowing response times,
redundant steps communicate that the needs of the customer are
secondary to investments in capabilities required to streamline
business processes.
17. The journey toward greater customer centricity 13
Call centers will continue to play a critical role through the life cycle
and must be adapted within the business to respond to evolving
trends and drive greater value at lower cost. Currently, call centers
operate in a telephone-dominated world with little data integration
between other channels, and they are viewed as an expensive
mechanism to service basic customer queries. Additionally, call
handlers are not always equipped with the right skill sets and tools
to support a multichannel offering.
Launching digital channels for many insurers with an agency-based
distribution model is an enormous challenge, requiring changes to
agent segmentation, customer management and communication
protocols, training, incentives and rewards. Agents will need to
become more technologically savvy and connected, as they will
be positioned on the front line to supply the unstructured but rich
customer data required.
An agency force with the “listening” capabilities and agility to
play this role can become a key strategic asset. Agents who were
primarily producing sales volume may soon be more focused on
information collection and relationship management. They will
produce leads to the digital channels and, in turn, receive them
from online browsers as customers ask to speak with an agent.
Call centers will continue to play a critical
role through the life cycle and must be
adapted within the business to respond
to evolving trends and drive greater
value at lower cost.
18. Ernst & Young14
Embedding innovation throughout
the organization will involve tapping into
external discovery centers and industry
research labs to regularly gain insights
from other sectors.
19. The journey toward greater customer centricity 15
These activities will only provide insurers with the ability to catch up
to the leading competitors and to “protect the core.” To genuinely
leapfrog the competition and generate significant growth, a new
culture of innovation is required, along with a significant change in
approach to strategic decision-making.
Embedding innovation throughout the organization will involve
tapping into external discovery centers and industry resesarch labs
to regularly gain insights from other sectors. It will also require
introducing internal test-and-learn processes that generate ideas,
test their feasibility and pilot initiatives in a rapid and agile manner.
A significant cultural shift
For many insurers, this represents a substantive and significant
cultural shift. The risk-averse nature of most insurers is a key
inhibitor to innovative thinking and stifles the experimental launch
of new products, processes and other business changes. The
required change in culture must be driven from the top down.
Senior management must instill and clearly communicate a
corporate strategy focused on customer-centric innovation and
recognize and reward efforts to deliver this. Collaboration and
empowerment of employees to spot customer improvements
and act upon them must become the new norm, as well as
physical spaces such as innovation centers to help develop and
incubate ideas.
One of the most significant cultural changes will be a shift from
short-to long-term strategic decision-making. The traditional
industry focus (and one that is embedded in most performance
management and compensation systems) has been around new
business and market share rather than deriving value from the
in-force book. This often means it is difficult for customer
proponents within an organization to secure investment in
enabling capabilities such as data analytics or long-term customer
relationship-building activities, as these may not present the most
compelling short-term revenue-generating business cases.
Customer-centric innovation
A change in mindset is required. Rather than the traditional
“what will I get?” question, organizations need to consider “what
is the opportunity cost of not doing this?” in terms of financials,
competitive positioning and customer experience.
Above and beyond customer-centric innovation, some players are
thinking more disruptively, developing radical new customer value
propositions that move beyond the traditional confines of insurance
and address customer demands in other industries. This requires
new business models and competencies but can generate significant
revenue streams by tapping into new profit pools. There are unique
opportunities to enter other industries, often by establishing
alliances and collaborating with new partners.
Develop a culture of innovation
Three stages of innovation are depicted in Figure 5 across the
dimensions of business models and competencies. Protecting the
core is about getting the basics right, becoming more customer-
centric and, where appropriate, adopting the leading practices
that competitors or other industries have demonstrated. However,
this relies on largely existing competencies and business models
and could be a catch-up strategy. Only genuine customer-centric
innovation that is embedded into the organization will produce
significant growth and deliver competitive advantage.
CompetenciesCurrentNew
Business models
Insurance
as a service
and hybrid
models
Customer–
centric
innovation
Significant
growth
Protecting the c
orebusiness
Disrupt
ive
growth
Current New
Figure 5: The stages of innovation across competencies and
business models
20. Ernst & Young16
Practical steps on the journey
Define your target customers
and their needs
Take a realistic look at your
propositions (solutions, not
products) — what will it take
to deliver what customers
want at a price they want to
pay and still make money?
Generate customer
engagement across their
life cycle — this is vital to
building loyalty
Involve distributors and,
together, build stronger
partnerships
The journey to customer centricity will not be easy. We offer these
practical steps to help you understand the process and guide you
along the way.
Involve
Generate
Define
Take
21. The journey toward greater customer centricity 17
Learn to be adaptive — use
detailed customer insight
to test, learn and act
quickly, accelerating the
process with prototypes
Start to build a culture
that puts the customer
at the center and aligns
objectives, targets, rewards
and recognition with
customer needs
Focus on some key levers
and build momentum
throughout the organization
Focus
Learn
Start
22. Ernst & Young18
Many insurers are not keeping pace with
changing market and consumer dynamics
and are far behind other industries in
meeting customer expectations.
23. The journey toward greater customer centricity 19
Many insurers are not keeping pace with changing market and
consumer dynamics and are far behind other industries in
meeting customer expectations. To succeed in this fast-changing
environment and achieve sustainable top-line growth, insurers
need to focus on redefining customer relationships, transforming
business models to embrace data and digital and introducing an
innovative culture in support of strategic decision-making.
Achieving customer centricity is less about implementing a grand
vision than about building cadence today, next week, next month
and next year. But the time has come when the journey is a
strategic necessity, and all insurers need to be clear about where
they stand and what steps lay ahead for them.
Conclusion