Business Situation
- A global insurance company faced declining customer satisfaction (CSat) scores and increasing churn rates.
- Claims processing was inefficient, leading to customer frustration.
- The lack of personalization across various touchpoints resulted in inconsistent experiences, and ineffectively targeted marketing efforts resulted in low conversion rates.
SGA Approach
Technology
- Developed a unified data platform to consolidate customer information from all touchpoints
- Created automated triggers for proactive customer communication at key points in the journey
AI
- Developed predictive models for customer churn, lifetime value, and propensity to buy additional products
- Implemented a recommendation system powered by machine learning (ML) for personalized product offerings
- Created dynamic customer segmentation models for targeted marketing campaigns
Data
- Created a detailed inventory of all customer touchpoints across the entire lifecycle
- Developed color-coded journey maps based on customer satisfaction scores to identify pain points
- Implemented emotion mapping and embedded the voice of customer (VOC) data into journey maps
Key Takeways
- Implementing comprehensive customer journey mapping across all touchpoints helped increase the CSat score by 30%, from 7.2 to 9.4.
- Redesigning key processes based on data-driven insights and focusing on customer pain points reduced annual churn from 15% to 17%.
- Establishing a dedicated customer experience team for ongoing monitoring and optimization increased first contact resolution (FCR) from 55 to 62.
- The above improvements increased the net promoter score (NPS) from 28 to 52.
- A 15% increase in employee satisfaction (ESat) scores was observed.
