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Creating sustainable value from customer centricity –
what does it take?
© 2016 Willis Towers Watson. All rights reserved.
Michael Murphy
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 2
Customer journey
Data Mining
Customer RevenueCustomer segmentation
Customer engagementData management
C u s t o m e r E x p e r i e n c eCustomer loyalty
management
External data sourcesCustomer life
event targeting
Customer x-sell / up-sell Customer mx / dashboard
Customer Communications
Customer voice / feedback
Customer lifetime value Customer
Convenience
New world needs
Employee experience Product DesignPricing ExcellenceData collection
Digital & interactive modellingClaims
Tailoring
Data
analytics
CX, CI,
CSAT etcClaims Excellence Social media management
Advanced
Analytics
Integrated content platformsUnderwriter
ExcellenceSingle customer view
Culture TransformationBig Data
Customer journey
Data Mining
Customer RevenueCustomer segmentation
Customer engagementData management
C u s t o m e r E x p e r i e n c eCustomer loyalty
management
External data sourcesCustomer life
event targeting
Customer x-sell / up-sell Customer mx / dashboard
Customer Communications
Customer voice / feedback
Customer lifetime value Customer
Convenience
New world needs
Employee experience Product DesignPricing ExcellenceData collection
Digital & interactive modellingClaims
Tailoring
Data
analytics
CX, CI,
CSAT etcClaims Excellence Social media management
Advanced
Analytics
Integrated content platformsUnderwriter
ExcellenceSingle customer view
Culture TransformationBig Data
Customer voice / feedback
Customer Centricity – ambiguous and diverse
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 4
Customer Centricity – ambiguous and diverse
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 5
Customer journey
Data Mining
Customer RevenueCustomer segmentation
Customer engagementData management
C u s t o m e r E x p e r i e n c eCustomer loyalty
management
External data sourcesCustomer life
event targeting
Customer x-sell / up-sell Customer mx / dashboard
Customer Communications
Customer voice / feedback
Customer lifetime value Customer
Convenience
New world needs
Employee experience Product DesignPricing ExcellenceData collection
Digital & interactive modellingClaims
Tailoring
Data
analytics
CX, CI,
CSAT etcClaims Excellence Social media management
Advanced
Analytics
Integrated content platformsUnderwriter
ExcellenceSingle customer view
Culture TransformationBig Data
Customer journey
Data Mining
Customer RevenueCustomer segmentation
Customer engagementData management
C u s t o m e r E x p e r i e n c eCustomer loyalty
management
External data sourcesCustomer life
event targeting
Customer x-sell / up-sell Customer mx / dashboard
Customer Communications
Customer voice / feedback
Customer lifetime value Customer
Convenience
New world needs
Employee experience Product DesignPricing ExcellenceData collection
Digital & interactive modellingClaims
Tailoring
Data
analytics
CX, CI,
CSAT etcClaims Excellence Social media management
Advanced
Analytics
Integrated content platformsUnderwriter
ExcellenceSingle customer view
Culture TransformationBig Data
Customer voice / feedback
Is this really new, haven’t we been talking about many of these things for years!
Customer Centricity – ambiguous and diverse
Customer Centricity – how have we done as an industry?
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 6
More compensation paid for PPI customers....
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 7
Why have we struggled so badly? What are the key challenge to address this time?
Highly intermediated
business with limited
end-customer
engagement
Regulatory environment
has constrained
innovation
Nature of insurance
purchase and products
have resulted
in limited
customer
interactions
The needs of
customers have been
fairly static over time
Significant
barriers to entry have
meant limited penalties/
competitive
disadvantage for slow
adoption
High cost per
acquisition due to
customer inertia
Complex products,
systems and limited
customer understanding
has made a customer
centric approach difficult
Risk averse
culture
How much of this is real – do we make it too
complicated?”Is the Insurance Industry ripe for the taking?
…but the rules to the game are changing
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 8
The world of our customers is changing at an
exponential pace!
Social Media Sharing economy
Drones
Block Chain
Wearables Driverless cars Augmented reality
Artificial
Intelligence
Customer Centricity – it is time to make it real!
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 9
© [yyyy] Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 11
Customer Centricity – it is time to make it real!
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
12
In 100 years, Hilton has built less room capacity
than Airbnb did within 6 years
700,000
rooms
1,000,000 rooms
12
Is the insurance industry ripe for the same
disruption?
We have made some progress – is health insurance leading the way?
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 13
Goal is to have the happiest members
paying the lowest costs for the healthiest
outcomes
145K customers in 2016 with plan to reach
1Mn customers
Making data-driven decisions based on
large data sets aggregated across providers
and care data
“Make health insurance suck less”
…some good things are happening – Health and life insurance that rewards you for being
healthy
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 14
Customer Centricity touches all aspects of the consumer experience
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 15
“It is not just about digital, data, applications
and analytics - we win when we listen to our
customers, fulfil our promises to them and
make the excellent experience real.”
Getting it right – the benefits of action can be significant
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 16
Royal London’s continued growth fuelled by digitally enabled capabilities, delivering
improved customer service and supporting the launch of new innovative products
Innovative behaviour-based model
drives global Discovery growth
…Vitality is winning new customers and
boosting sales by making people healthier
The art of the possible is closer than you think for insurance ...a change in mindset is crucial!
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 18
The art of the possible is closer than you think for insurance ...a change in mindset is crucial!
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 19
Learn from past mistakes
Listen to customers
Understand your customers
Do something about it
Culture of
relentless focus
on the customer
Embrace rapid
change and new
developments
Keep it simple
Be agile and adapt quickly
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 20
Is this the biggest change that we have to make?
Customer Centricity – no limits to who or what it can change!
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 21
“If I’d only known being nice to customers was so good for our
business, I’d have done it years ago.” Michael O’Leary, CEO, Ryanair
Customer Centricity – no limits to who or what it can change!
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 23
“If I’d only known being nice to customers was so good for our
business, I’d have done it years ago.” Michael O’Leary, CEO, Ryanair
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