This week, it's about a success story - about a P&C Insurance Company (Personal Lines, Direct Business) that's been doing great in the market. Happy customers, Happy employees and a bottom line that's improving year-on-year... Ah !! sounds like a "dream", right!?...
When a majority of the Companies are struggling to maintain status quo, what's making this Company succeed, against odds? They must be doing something different or they have the pulse of the Customer better than others?
We had an opportunity to interview their CEO (we don't work with them). Here is an excerpt & insight!
Starting with the CEO's Statement
"In an Industry, where the product value, at point of sale, is intangible and the fulfilment can be experienced only by the "unfortunate few", how do we make our Customers feel that they are everything for us? In pursuit, we found our "Model". A Model, that is seen from their eyes"
Getting into the details:
Business Model Design around the Customer:
"We modelled ourselves around the Customer and we made sure our team is happy serving the customers, in fact, motivated to serve better"
- Processes designed around customer (service) encounters - which means, dismantling of the processes by functions (UW, Claims, Billing, Reinsurance etc) and designing the processes as a series of "Customer Encounter Flows" - Customer seeking the quote, Customer taking the policy, Customer asking for status updates and Customer looking for handholding etc.
- Product Offerings around customer needs - each customer can choose what & how much they want. They are not fixated by the standard offerings, except for those mandated by the statute.
- Availability defined around customer expectations (not just office hours, not just one or two mediums)
- Special & more detailed attention to Claims - right from lodgement to settlement with minimal inconvenience and maximum support. Driving question: How to make this experience emotionally gratifying?
- Making the Org. structure lean and powerful, with decision making closer to the team
- Performance metrics defined around "Value" and not "Compliances & Statuses/SLAs"
Technology into the Design:
"We designed the Model first and pulled Technology into the Design - the one that is advanced, for disruption/innovation/scalability/stability - through 4 key dimensions. Focus on a combination of personal touch & automation"
1. Customer - easy to use Apps/Portals, 24/7 Intelligent Assistance AI BOTs, Multiple Communication Mediums - Anywhere, anytime, across all of their encounters
2. Product - Flexible & Customizable Product Offerings for Customers to choose from
3. Processes - automation of all those that repeat themselves (Robotic Process Automation), so the team has time to focus on "Value" based decisioning and service to the customer
4. Decisioning - Intelligence based on data from internal and external sources (simple to most complex using AI/ML algorithms)
Concluding with the CEO's words again!
"I know all this sounds preachy and not possible, but when you actually get into the details, you realise it is just a shift in perspective.
Let us leave it to the customers to perceive, and give them a platform to experience the value - let them decide - let us be there to support - they KNOW. Ultimately, they are the only ones who can pull us away from COMPETITION"
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