Having considered some of the obstacles to the insurer’s journey to customer-centricity, I’d like to highlight a few endeavors that can make a difference in a successful journey to customer-centricity.
The first thing to do is to fix the basics and fill the gaps in the business and operating models. A sound approach to starting this process would include the following:
Evaluation of the insurer’s maturity with regard to each of the key building blocks of the customer-centric journey
In an earlier post, I outlined the pillars of customer-centricity: customer understanding, customer oriented offering, multi-modal interaction management, and customer experience management. Insurers must start out by assessing their proficiency levels in each of these pillars. For example, in assessing the proficiency level of “customer understanding”, the main areas to explore are customer data management and customer analytics.
Inventory of existing assets and capabilities
Another important exercise is the identification and assessment of the customer-centric and digital assets and capabilities already developed within the company. It often comes as a surprise to insurers to discover how many uncoordinated but relevant initiatives they already have in place.
Furthermore, it is often the case that technical assets core to customer-centricity (e.g. single CRM) are available within the IT department, but they are simply not fully exploited throughout the insurer’s organization.
Review of touch points and “last meter”
The identification of the main and most frequent customer touch-points will allow insurers to ascertain if and how service levels and customer loyalty may be enhanced at no or limited cost. The “last meter” refers to the physical or virtual places where the customer and the insurer meet. It is where the customer experience manifests. Insurers should devote much more attention to the last meter, since it is here where they can deliver tangible value to the customer.
Assessment of metrics and KPIs
Insurers should also conduct a review of the customer-centric metrics and KPIs, their quality and consistency, and their relevance in setting the objectives and appraising the performance of the different organizational units of the insurer.
Following this review of the business, the insurer can start making a range of “no regret moves” towards customer-centricity. Those will be the focus of my concluding post.