Decoding the DNA for the Insurance Industry

Following up on the comments I received for my last blog, “Your DNA to Business Success”, I am taking the DNA process to the next step and crafting it for a specific industry in each follow up edition. This edition’s focus is on the Insurance sector.

DNA = DISCOVERING NEEDS ANALYSES

Let’s take a closer look at the insurance sector and uncover what lies beneath the DNA coded within this sector and its key subsectors, Auto/Health/Life/P&C/Travel.  And understanding the impact of the DNA process for the B2B, B2C, and B2B2C customer experience journey loops.

Insurance today, can be purchased online, offline: through brokers and sales. In our DNA process, we examine consumers’ experience in the search, purchase, and post purchase experience of the service in real time through social media platforms.

DE-CODER KEYS THAT ARE UNCOVERED IN THE DNA PROCESS:

1.     MOMENTS:

Insurance purchases mostly tend to be based on change: need (life event/car-home purchase etc.) and value (better pricing and features). The ZMOT (Zero Moment of Truth) entails exploration. This is mostly carried out on price comparison sites and brand sites. Brand identity plays a key role in this process. The FMOT (First Moment of Truth) is contingent on a symbiosis of brand visual identity and service-price options. The LMOT (Last Moment of Truth) where the customer completes the purchase, either online, offline, or in some cases both: working with a broker and their site to finalize the purchase, and then closing the loop with PPX (Post Purchase Experience) where the customer is engaging with and telling others about the brand.

2.     TRIGGERS:

Understanding and dissecting customer pathways for:

a.    “Aha Moments” and Pain Points, which for Insurance depend heavily on emotions: Fear, Guilt, Trust, Value, Instant Gratification, and Re-assurance. Insurers use many of these key emotions in building their visual brand identity.

b.    Enablers, insurance is a necessity, hence ease of use and clarity are paramount for sector’s success. For example, does the insurer’s website have a plan selector guide that explains plan details in a few simple bullet points, does it cater to different generations and languages to fulfill diverse needs.

c.   (de)Energizers, representing key life events such as “New Baby” to “Property Loss” having the appropriate ambassador, say a popular sportsperson to a cartoon character that provides the tangible connective tissue to insurer brand presence and reinforces identity.

d.    Competitors, and disruptors and their associated impact on key touch-point and moments. A highly competitive needs-centric market that relies on environment-based changes: economic (financial market fluctuations), political (Obamacare or NOT), technological (telematics) and the resulting impact on customer experience and satisfaction.

 

3.     SIGNALS:

Insurance has a direct and personal impact on its user hence a “high touch” technique is recommended that offers a personalized approach and response mechanism to customer (dis)satisfaction. With Social Intelligence replacing traditional word of mouth, insurers are keen observers for real time insights generated by social media platforms on performance, needs, and “unmetness”. Coupling this with Big Data to take advantage of (or proactively protect from) market disruptors to one up competitors.

WHAT IS THE END RESULT OF THE DNA?

Using the decoders mentioned above, we craft a DNA and Brand Builder strategy, which includes a custom fit infinity loop customer journey map for key customer segments.

Then we measure Customer Experience by incorporating indices (such as CES- Customer Effort Score) to measure impact on key areas of business, which in turn helps assess net returns (and gains/losses) on investments, including:

1.     Brand Equity

2.     Optimizing Resources:

3.     Multicultural/Multi-Sector Reach

Having employed the DNA process to significant omnichannel success during my time at a large insurance entity, I have firsthand experience in using DNA to monetize Insurance Customer Experience.

AT THE END OF THE DAY, IT’S STILL “SHOW ME THE MONEY!!!”

A Business DNA will help you generate profitable revenue and maximize Return on Investment (ROI). To learn more about your company’s DNA or our proprietary processes, please contact me at nandini.sankara@gmail.com