Case Study Insurance

Driving Customer Loyalty and Business Performance in the Insurance Industry

With a clear purpose of helping their customers achieve lifetime financial security and live healthier lives, our Client’s mission was to continuously look for ways to bring innovative, insightful, and simple solutions to their customers.

For The Verde Group, delivering accurate, timely data to our clients is the cornerstone of our approach. Moving customer insight from “out of the binder” and into the “day-to-day operations” in an actionable and efficient manner is what we do, setting the stage for a performance-based measurement program.

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Client Background

The Client, a global industry leader touching the lives of millions of individuals and thousands of companies across the country, had an objective to advance the quality and consistency of their customer experience based on tangible customer insights. For our Client, service quality was a key market differentiator, driving renewal rates, product penetration, and perceived value.

To provide our Client with the data and insights necessary to better understand their customers, The Verde Group conducted both qualitative and quantitative research to identify the specific drivers of loyalty, and discover high impact opportunities where service delivery, capability and culture could be improved.

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How We Helped

Drawing on our experience in implementing unique customer dissatisfaction research, we worked with the Client to isolate the most business-critical pain points across the customer journey, financially quantified their revenue at risk, and reversed the customers’ most damaging experiences.

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Our Revenue at Risk Solution

Revenue@Risk® analysis is a unique, proprietary analytic methodology that quantifies the financial impact of customer problems to answer these key business questions:

  • Which experiences matter most to the recurring revenue and profit potential of my business?
  • Which CX moments of truth are causing the greatest risk to my top line?
  • What specific CX actions should I prioritize to improve my market share?

Our Revenue@Risk® analysis identified very high alignment between the findings of the quantitative study and qualitative assessments.

Key Insights

  • Sales Reps made things easier, and proactivity was a key miss

    Customer satisfaction and loyalty to the Client was strong. In fact they performed better than average when compared to others in the industry.
  • Customer satisfaction and loyalty to the Client was strong

    In fact they performed better than average when compared to others in the industry.
  • 80% of Clients experienced problems

    And while the majority of the problems were resolved, customer satisfaction with problem resolution was low. As a result, 12% of business was at risk due to problems and contact handling.
  • Effective Problem Resolution was a loyalty lever

    Problem resolution was an important loyalty lever for this Client. When customers’ issues were resolved to their complete satisfaction, they were just as loyal as those customers who had not experienced a problem. However, this happened less than 50% of the time.

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Impact and Outcomes

Based on the insights derived from the Revenue@Risk® study, our Client prioritized the following three actions:

Organizational Structure Re-alignment to Better Meet Customer Needs

  • A single point of accountability for the customer acquisition process and other key processes was defined. Leaders were clear about their ownership and customers knew who to contact for problems.

Creation and Deployment of a Training Strategy for Effective Problem Resolution

  • High priority was placed on training and staffing models and incorporation of adequate training time. A clearly defined training strategy & effective training structure endorsed by executive management was deployed.

Implementation of a Performance-Based Measurement Program

  • A comprehensive CX catalog was completed to support the isolation and priority ranking of those customer experiences that were most damaging to customer renewal rates, account health and overall brand equity.
  • An assessment of internal employee experiences and perspectives was conducted to identify internal issues degrading the quality and consistency of service, support, and customer experiences.
  • A clear action-path was established to improve distribution channel capability and Central Support services catering to brand and customer experience.

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