3 Tips for Insurance CX Programs Looking to Collect Valuable CX Data

Insurance brands have a unique set of challenges to overcome in order to find the valuable customer experience (CX) data they need to improve experiences. Insurance customers are buying into a long-term relationship, which means building brand trust is extremely important to keep customer retention rates high. And for insurance CX programs, customer data is a key source of information that can help insurance companies cultivate a growing trust with their consumers. 

So how do you collect the most valuable feedback from your customers? We have three tips for you to apply to your own CX strategies:

Tip #1: It’s Time to Rethink the Voice of Customer

For insurance CX programs, listening to the voice of customer shouldn’t mean collecting as much data as possible. Instead, the goal should be to collect the data that matters. For example, many insurance CX programs survey with metric-based questions and get consistently high scores from customers. But what they’re not receiving is actionable feedback to improve further. This can be solved by focusing more on unstructured questions to allow customers to actually express what they’re thinking about. 

Another important thing to consider when listening to the Voice of Customer is when your CX team is listening along the customer journey. That can matter just as much as the type of questions you’re asking. So think about the different touchpoints that pose potential for valuable CX data. 

Insurance CX programs commonly hone in on claim submission with their surveys, but it’s actually rare for a customer to do so in the first place. On the other hand, paying bills is a much more frequent action that customers take and could give your program greater access to the Voice of Customer. 

What kind of questions you ask and when you ask them in the customer journey can make a big difference in the data you’ll collect.

Tip #2: Are Traditional Surveys Really Your Best Bet?

The next question you have to ask is, “are surveys really the best way to engage customers?” Traditionally, surveys have been a core part of CX programs for insurance brands but it’s time to move beyond that. In our 2022 Experience Trends Report we discovered that Gen Z customers and employees in the U.S. are about 19-22% likely to complete a traditional survey.

This doesn’t mean we should discard survey methods for the rest of time, however. It just means we need to evolve with customers’ expectations. Providing channels other than traditional surveys for customer feedback—like video, microsurveys, or speech—can help your insurance CX program reach a wider range of the customers you’re trying to cater to. 

Tip #3: Remember, CX Data Is for Proving ROI

Executives in insurance companies have a specific language they speak—and communicating with them effectively is the best way you can prove Return on Investment (ROI). The CX data on its own isn’t enough, you need to translate numbers and comments into meaning. When you speak your C-Suite’s language, your executives will be onboard with your program and you’ll have more opportunities to build that high level of trust with customers. 

This is especially crucial since insurance customers are in it for the long run. If they don’t believe your business is improving customer satisfaction efforts overtime, then their loyalty will dwindle. If your insurance brand has customers who have been with you for years, it’s in your best interest to make their voice heard among your executive board.

Want more tips on how to improve your insurance brand’s CX program? Check out this video about understanding customer expectations from InMoment Client, Aegon!

Four Tips for Using Customer Data to Improve the E-Commerce Experience

E-commerce is one of the fastest growing industries of this decade. Thanks to COVID, digital roadmaps across industries have quickly accelerated. If you weren’t yet online, it didn’t take long for brands to adapt when brick and mortar businesses across Asia Pacific were forced to shut down in 2020 and 2021.  

It’s not been easy for e-commerce brands. After a whirlwind of COVID-spurred digital transformation, rapid brand expansion, and supply chain woes, consumer expectations and their relationships with e-commerce brands have changed before our eyes. So what can these brands do to get ahead of customer expectations? The key is to dive into your customer data. And we’re here to help.

Tip #1: Rethink the Digital Customer Journey

Because of the rapid growth that businesses have undergone, e-commerce brands have not had an opportunity to slow down and evaluate the experience they are delivering. The acceleration of digital roadmaps during the pandemic has meant that many elements might have been half-baked. Now that the “new normal” is underway, e-commerce brands should rethink the digital customer journey.

Tip #2: Invest in Customer Care

A lot of businesses had to scale back their customer care teams during the pandemic because they couldn’t cope with the sheer amount of call volumes enquiring about updated delivery processes and updated policies. We saw in these times of crisis that much of customer care is related to the digital journey. When customers have an inquiry, you need to find ways for customers to self-serve or use technology to reduce the number of enquiries that need to involve your care team.

Tip #3: Upgrade Your Technology

Advanced technology is now available to intercept customers browsing on site, and ask them questions to understand their current experience. InMoment’s Digital Intercept solution has the ability to capture rich data from logged in users when they’re taking a survey. 

You can also integrate InMoment’s Rapid Resolution Engine, which is designed to analyse customer verbatim in real time. The technology uses tags that are customised to your businesses to provide helpful links, ultimately resolving concern and complaints,  or “solve in survey,” before customers have to call into the contact centre. 

Tip #4: Collect All Pieces of Data Possible: Explicit + Implicit + Operational

Most brands are proficient at collecting explicit data like NPS scores and customer verbatim. But have you considered layering implicit data over the top of it? Implicit data points like customer sentiment, emotion, cursor movement, and more can help you paint a more accurate picture of the customer experience. As a final step, adding in operational data like customer value and  segmentation will allow you to be really targeted to the best place to trigger a digital intercept along the customer journey. 

For more on upgrading customer experiences in e-commerce, check out this eBook “4 Digital Quick Wins” 

Quality, Not Quantity: Strategic Customer Listening for Experience Improvement

For many years now, conventional wisdom has held that the best way to listen to as many customers as possible is to turn every customer listening post within your customer experience (CX) program on and simply capture all insights that come your way. This strategy makes a simple kind of sense on paper; if you’re listening to as many people as possible, you’re bound to hear something pertinent to your CX and organizational goals, right?

The answer to that question is more complicated than conventional wisdom would have you believe. While it’s true that this approach will gain you a lot of data, a large portion of it may be wholly irrelevant to the CX goals you’re trying to achieve. At the same time, you may miss out on highly relevant data when you focus only on customer listening posts while leaving other signals, such as behavioral and operational data, aside. 

So, is there a better, more efficient way to find data pertinent to what you need your program to achieve? As it happens, the answer is yes, and we’re going to get into it right now!

Where the Drive for Data Came From

If there’s a more targeted approach to gathering the data and insights you need to achieve Experience Improvement (XI), why is the standard approach to simply gather as much data as possible? To answer this question, we need to remember that over the last 20 years, the word “data” has been seen by many organizations as a prescription for any business, technology, or marketplace problem. At the same time, the cost to capture and analyze data has also gone down significantly.

But don’t be under any illusions;  just turning listening posts on and gathering as much data as possible does not translate directly to actionable business and experience solutions. Frankly, in most cases where CX programs are not focused and use all kinds of listening posts but rarely all relevant behavioral, operational, and contextual data, the resulting insights frequently leave brands with an endlessly tall mountain of white noise. That’s the state of affairs for far too many experience programs, and it’s why a lot of them fail.

A Better Approach

Rather than begin by flipping every light switch on and inhaling as much data as possible, brands should take a further step back when activating or refurbishing their experience program. They must, quite simply, design their program with their end goal in mind before any listening posts are even activated and before deciding which other data to ingest. 

Taking time to design with the end in mind also allows you to consider which audiences are most relevant to which goals, as well as the approaches you need to take in order to connect to each one. This is a more targeted methodology than simply lying in wait for a large lake of data, and while it requires more initial legwork, the end result is a wealth of actionable intelligence that by and large curates itself.

Starting with clarity on intended outcomes and getting company-wide agreement on key performance indicators (KPI’s)  gives your team concrete, quantifiable goals to connect your initiative to. It lays the basis for the management support and corporate buy-in you need to be successful.

Applying What You’ve Learned

Whether you’re intending to strengthen loyalty and grow your business with existing customers or to make efforts to win new ones, the approach I’ve laid out here makes all the difference when it comes not ‘just’ to ensuring the success of your CX program, but also creating Experience Improvement for your customers and employees that drives business outcomes. Patience and forethought will save you time that you’d otherwise spend attempting to connect data to business outcomes.

And, don’t forget to design your customer listening posts (and, consequently, your products and services) in an inclusive way. This is imperative not only from an ethical perspective, but also key to making your Experience Improvement initiatives truly effective from CX and EX standpoints.

Click here to read my full-length PoV on how customer listening with diversity and inclusion in mind can make the methodology I’ve detailed here even more beneficial for your customers, your employees, and your bottom line.

3 Simple Steps That Make Your CX Program Actually Move The Needle

It’s no secret that many companies’ experience initiatives aren’t delivering the results that those brands expect and, frankly, need. Too many customer experience (CX) programs are stuck solely on giving companies metrics, which by themselves cannot deliver a meaningfully improved experience and thus a stronger bottom line.

However, there is a solution. Companies don’t have to stay stuck merely “managing” their experiences. We’ve put together three proven steps that companies can follow to take their program, and thus their brand, to the top:

  1. Determining Business Objectives
  2. Gathering The Right Data
  3. Taking Intelligent Action

Step #1: Determining Business Objectives

Traditionally, many firms have been in such a hurry to start listening in on their customers’ tastes and preferences. And while this eagerness is admirable, it often results in wantonly turning listening posts on everywhere and waiting for insights to roll in. Listening is important, yes, but listening passively is worlds different than listening intently. The former focuses on gathering metrics, feeding those metrics into a piece-by-piece reactive strategy, and calling it a day. The latter calls for businesses to firmly establish what they want to achieve with their experience program before turning any ears on.

There are several merits to determining business objectives before listening to customers, and they all have to do with looking before leaping. First, companies need to decide what business problems they want their experience program to solve. Foregoing this step and listening for the sake of listening is why so many programs either fail or provide ROI that’s murky at best.

Additionally, companies can take considering objectives as an opportunity to tie their experience programs to financial goals. Like we just said, it’s hard to prove a CX initiative’s ROI if it has no clear objective beyond just listening to customers. Spelling your program’s goals out in financial terms gives CX teams a hard number to work toward—then, when that number is achieved, those teams will have a much easier time using that achievement to leverage additional funding in the boardroom.

Step #2: Gathering The Right Data

There’s another reason why it pays to stop and think before turning listening posts on in every channel: some customer segments are more worth listening to than others. This idea may sound a bit callous, but think about it—a listening program geared toward evaluating a loyalty program is going to be much more useful if it hones in on long-term customers instead of casting a net all over the place.

This notion is also known as the concept of gathering the right data. It’s okay for brands to use different listening posts for different audiences—in fact, this strategy is much more likely to garner useful intelligence. Thus, it’s just as important for companies to consider their audiences as it is concrete financial goals when it comes to experience programs. The right data can yield the right intelligence, which can enable brands to take the right steps toward transformational success.

Step #3: Taking Intelligent Action

Much of the work in this step will already have been done if companies follow the previous two steps correctly. Like we said, it’s a good idea for brands to look before they leap and carefully consider what they hope to accomplish with a listening program. Yes, the goal of “listening” is all well and good, but the problem with experience management is that the buck stops there. Take your CX aspirations further than gathering metrics and decide what that listening is meant to accomplish. More customer acquisition? Retention? Lowering cost to serve? Set those goals and attach dollar amounts to them.

Then, take some time to consider which audiences you need to listen to in order to achieve those goals. Arming yourself with concrete goals and intelligence from the right audiences will enable your organization to take the meaningful action it needs to reach the top of its vertical, make a stronger bottom line, and create an emotional, connective experience for both customers and employees. Companies can use these steps to move the needle and take their program from experience management to something far more profound: experience improvement.

Want to learn more about how CX programs can move the needle and create lasting success for businesses, customers, and employees? Check out our new POV article on the subject, written by EVP Brian Clark, here.

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