Building Customer Engagement - SPLICE Webinar Series
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Join SPLICE President & CEO Tara Kelly and Found Strategy Meets Action Deb Smallwood in in the innovative use of voice in proactive, outbound communication to build Customer Engagement.
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Building Customer Engagement - SPLICE Webinar Series
- 1. Welcome to Today’s Webinar… July 23, 2014 Building Customer Engagement: Get Innovative, Get Proactive, Get a Voice How New Technology and Attention to the Customer Experience Can Boost the Bottom Line © Copyright Strategy Meets Action 2014 Presented By: Deb Smallwood Founder Strategy Meets Action
- 2. © Copyright Strategy Meets Action 2014 2 Welcome HOST: Chelsea Kaefer MC: Deb Smallwood PANELIST: Tara Kelly
- 3. Strategy Meets Action - Strategic Advisory Firm © Copyright Strategy Meets Action 2014 3 Our mission is to help insurers make wise technology investments that enable business value by advising, influencing and keeping a pulse of the industry... Retained Advisory Relationship Project-based Consulting Research – Syndicated and Custom Next-Gen Innovation Events – Summit and Forum
- 4. © Copyright Strategy Meets Action 2014 Today’s Presentation • Positioning for Innovation • Defining the Customer Experience • SMA Call to Action 4
- 5. © Copyright Strategy Meets Action 2014 Innovation is a Journey INNOVATION comes from a desire and a commitment to constantly improve, to think differently, and to envision and enact change. — Strategy Meets Action Source: Strategy Meets Action 2014 5
- 6. © Copyright Strategy Meets Action 2014 6 “ We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don't let yourself be lulled into inaction. ” – Bill Gates
- 7. SMA Top 10 Imperatives for Insurers – 2014 Capitalize on CUSTOMER EXPERIENCE © Copyright Strategy Meets Action 2014 7 Extend ANALYTICS across the Enterprise Commit to Dynamic DISTRIBUTION Capabilities Take UNDERWRITING Differentiation to the Next Level Optimize CLAIMS beyond the Transaction Achieve PRODUCT Advantage through CONFIGURATION Embrace CORE Transformation Power Develop a Unified DIGITAL Platform INNOVATE to become a NEXT-GEN INSURER Source: Strategy Meets Action 2014
- 8. © Copyright Strategy Meets Action 2014 Poll #1 8
- 9. 2014 Top Five - #1 Strategic Initiatives © Copyright Strategy Meets Action 2014 Source: SMA Research, Insurance Ecosystem 2014, n=100 9
- 10. Customer Experience Components © Copyright Strategy Meets Action 2014 Services value Source: Strategy Meets Action 2014 10 Press Product performance Transactions Multi-channel interactio n Agent discussions Personal connection Agent Multi-product Social graph Word of mouth Advertising Price Fit to needs Customer Documents 3 Customer JD Power Surveys Reputation
- 11. Required Customer Experience Business Capabilities © Copyright Strategy Meets Action 2014 11 PPeerrssoonnaalliizzee//CCuussttoommiizzee AAddaappttaabbllee//FFlleexxiibbllee EEffffeeccttiivvee//EEffffiicciieenntt DDiiffffeerreennttiiaattiioonn Source: Strategy Meets Action 2014
- 12. Required Customer Engagement Technology Capabilities © Copyright Strategy Meets Action 2014 12 PPeerrssoonnaalliizzee//CCuussttoommiizzee AAddaappttaabbllee//FFlleexxiibbllee EEffffeeccttiivvee//EEffffiicciieenntt DDiiffffeerreennttiiaattiioonn Source: Strategy Meets Action 2014
- 13. Innovative Customer Experience & Engagement © Copyright Strategy Meets Action 2014 13 PPrroodduuccttiivviittyy EEffffiicciieennccyy EEffffeeccttiivveenneessss DDeecciissiioonn--MMaakkiinngg QQuuaalliittyy DDiiffffeerreennttiiaattiioonn Source: Strategy Meets Action 2014 PPeerrssoonnaalliizzee//CCuussttoommiizzee AAddaappttaabbllee//FFlleexxiibbllee EEffffeeccttiivvee//EEffffiicciieenntt DDiiffffeerreennttiiaattiioonn
- 14. Innovative Customer Experience & Engagement - VOICE © Copyright Strategy Meets Action 2014 14 PPrroodduuccttiivviittyy EEffffiicciieennccyy EEffffeeccttiivveenneessss DDeecciissiioonn--MMaakkiinngg QQuuaalliittyy DDiiffffeerreennttiiaattiioonn Source: Strategy Meets Action 2014 PPeerrssoonnaalliizzee//CCuussttoommiizzee AAddaappttaabbllee//FFlleexxiibbllee EEffffeeccttiivvee//EEffffiicciieenntt DDiiffffeerreennttiiaattiioonn
- 15. Leveraging “Voice Technology” Across the Value Chain © Copyright Strategy Meets Action 2014 15 New Bus./ Underwriting Policy Servicing Distribution Management / Sales Billing & Collections Claims / Payout Reinsurance Asset / Investment Mgmt Enterprise Services Marketi & Product Develop Marketing & Product Development Source: Strategy Meets Action 2013
- 16. © Copyright Strategy Meets Action 2014 Poll #2 16
- 17. Call to Action for Insurers Accept that innovation and change is all around insurance Customer Experience Initiatives are a top priority Think big, but start small Look at “voice” as in easy & fast way to enhance the customer experience © Copyright Strategy Meets Action 2014 Source: Strategy Meets Action 2014 THANK YOU! 17
- 18. © Copyright Strategy Meets Action 2014 18 Tara Kelly President & CEO SPLICE Software
- 19. SPLICE Software We are a customer engagement software company providing innovative cloud-based solutions which empower enterprises to create dramatically better customer experiences… …and we believe it can be better! © Copyright Strategy Meets Action 2014 19 100% Human Voice Messaging Increase Customer Retention & Satisfaction Flexibility (full self-serve or managed service) Agile Implementation with Quick Start Programs Full Compliance with Regulatory Bodies Customizable Caller ID
- 20. © Copyright Strategy Meets Action 2014 20 New Techniques and Approaches Big Value of Small Data Info your customers have provided you directly = huge value Give them what they are asking for! Linguistic Optimization Targeting messages specifically to your customers using preferences, previous interaction information and demographics Crowd-Sourcing High Quality Voice Talent (Sound Local) Local sounding voices are more attractive to your listeners Easy and quickly connect with a huge pool of great talent Strategic Message Creation Phrase segment scripting sounds more natural and pleasant Using industry best practice to maximize engagement
- 21. © Copyright Strategy Meets Action 2014 SENTIMENT & CALL-TO-ACTION 21 Voice Scripting – A Winning Formula Hi Jane, GREETING This is Sarah at ABC Insurance here in Chicago at 123 Main Street. I have a quick update regarding the auto claim that you submitted today. Your claim has been received and we are starting to process your remittance. We promise to send you an update by email within the next 4 hours. If you’d like to repeat this message, please press 1. Did you know that you can conveniently submit claims through our mobile app? Go to www.abcinsurance/app to learn more and install to your mobile device. At ABC Insurance we strive to deliver the best claims experience possible and want to thank you for your continued business. Enjoy the rest of your day! INTRO SUPPORT COMPLIANCE + Personalized Caller ID = an easy customer experience!
- 22. © Copyright Strategy Meets Action 2014 22 Putting It All Together
- 23. © Copyright Strategy Meets Action 2014 23 Innovative Communication = Corporate Success Who: Industry: Retail Program: SPLICE VIP Invitation Program Details: Automated voice messages to invite previous customers back into the store for a special event and a free gift. Results: Double the store traffic, up to 467% increase in sales! La-Z-Boy has won a Retail Store Operations Superstar Award for their SPLICE VIP Invitation Program! The Retail TouchPoints Award recognizes companies that have the most innovative customer engagement strategies.
- 24. © Copyright Strategy Meets Action 2014 24 Insurance Use Cases Welcome Messages Create a brand relationship Reduce customer churn Claim Status Updates Reduce inbound call volumes Easy interaction for customers Late Premium Reminders Improve corporate cash flow Account Review Appointments Stronger agent relationships Ensure consistent touch points Increase retention / up-selling Claim Received Proactive Notification Happy Customers
- 25. © Copyright Strategy Meets Action 2014 25 Happy Customers = Money in the Bank
- 26. © Copyright Strategy Meets Action 2014 26 Leveraging New Approaches & Technology Improving the Customer Experience Create a lasting brand relationship Customers with a positive relationship are more forgiving Reduce customer churn (improved retention) Customer referrals bring in new business Improving your Bottom Line! Reduce inbound call volumes by 20% = cost savings Increase call center agent productivity by 15% Reduce costs associated with other channels by 20% Choose a Solution that integrates easily with your CRM, CCM, Policy, Claims and Billing Systems
- 27. SPLICE Quick Start Programs © Copyright Strategy Meets Action 2014 27
- 28. © Copyright Strategy Meets Action 2014 28 Making It Easy, Safe & Fun Easy as 1…2…3… Programs up and running in 4-6 weeks Easy to use online program management tool Fully supported by your SPLICE Account Team Program effectiveness statistics No Playing in the Streets Online secure data transfer site Adherence to all national, state and local legislations Integrates directly with any other systems Work Hard, Play Hard
- 29. © Copyright Strategy Meets Action 2014 29 Thank You!
Notes de l'éditeur
- Good afternoon Thrilled to be here Thank you CCC At SMA believe innovation is vital to all industries, and companies – I Included insurance industry and just about every company In today’s world - important for todays competitive differentiation and future survival Innovation is tough for us in insurance – financial stability, risk adverse, happy with retention and financial results - - right– why change.... But innovation and change is all around us and is seeping into our industry and like ti or not, will quickly become a requirement in the business of insurance. Today – I am going to talk about innovation in insurance Goal – share some research and perspective and some concept on innovation models.... To open you thinking about the possibilities, create a sense of urgency to embrace innovation and begin to rethink, reimage claims processing.... And take a few ideas back to you office – since innovation always starts with ideas...
- Id like to start with a quote.... Read it So let’s just look back... 2012 - - big hype on Big Data and Analytics in Insurance, even cloud... A lot of nose – great example of the industry moving slower than thought 2004 – Facebook, just a few colleges – no real social media, no iphone and app, no ning data concepts... Claims proposing – paper folders, no integration – old claims systems, and sue of very little data and analytics Fast forward 2014 - - still will be hype on innovation 2024 – we will look like a different industry – new entrants, new products and services, use of analytics, big data and emerging technologies will be a reality...use of analytics and Bring data in Claims fraud will be table stakes.. How we interact with repair shops will be very different - -