To see how important it is to provide a seamless, multi-channel experience that will captivate customers, take a look at our experience with a large North American property and casualty company. Revenue was falling. Too many customers were leaving. Customer support and also the overall customer experience were lacking.
Antiquated systems – both those facing the customer and also the back-end, legacy infrastructure – must be modernized.
The company began a multi-year transformation, beginning with its car insurance business unit, after which expanded to other areas. With this help, the organization designed and deployed a “Quote to Card” capability across multiple channels. The solution provides real-time information by integrating internal and third-party systems. The insurer is now complete the “end-to-end” quoting process (build/rate/bind an estimate) for both the direct-to-customer channel along with the agent channel, inside a a lot more efficient and stylish manner.
The insurer incorporated a rich analytics component. As a result, it may perform robust online analytics, capturing information such as time spent by a prospect on the site, analyzing when and why a prospect is abandoning the quote process, etc. The insurer may also personalize the user experience, using is a result of the analytics platform coupled with advanced techniques such as caching and multivariate testing.
Subsequently, the insurer added self-service capabilities for customers to conduct billing activities for example reviewing their account summary, paying the bills, viewing payment background and updating personal profiles and other information.
As due to the initiatives, the insurer is now create a 360-degree view of its customers across sales and repair. There's been a 34% increase in customer retention along with a 37% rise in customer satisfaction.
Meanwhile, costs are dropping. Average times for handling issues are dropping at call centers. A shorter period is required to train agents, as well as their productivity is up 40%. More customers are using self-service channels. Fraud can also be declining because the insurer can, for example, see when people are trying to game the process by fiddling with numbers to obtain a better quote.
Additional capabilities are still being added included in the multi-year transformation guide.
