Customer Analytics for Financial Services & Insurance
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Transcript of Customer Analytics for Financial Services & Insurance
Customer Analytics Creating an Exceptional Customer Experience
Mark Hodson, Managing Practice Leader – Financial Services & Insurance
2 ©2016 Clarity Solution Group, LLC
Consumer Engagement for Insurance, from Lessons Learned to Considerations for Getting Started…
3 ©2016 Clarity Solution Group, LLC
Disruption Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.
GOOGLE, GOOGLE, GOOGLE: Don’t Expect Them to Give Up On Insurance, What’s the Future for Online Insurance Shopping Now?, History of Their Rise and Fall in Insurance, Compare Shutdown Not an Automatic Victory for Agents although They Couldn’t “Compare” In Other News…
Tom Goodwin, TechCrunch http://techcrunch.com/2015/03/03/in-the-age-of-disintermediation-the-battle-is-all-for-the-customer-interface/
Kauffman Foundation http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2012/06/fortune_500_turnover.pdf
Valen 2/26/2016 “This Week in Analytics” blog post http://valen.com/google-exits-insurance/
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Look beyond the bookends
Data Analytics Engage Customers Influence Outcomes
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Look beyond the bookends
Data Analytics Engage Customers Influence Outcomes
INSTRUMENT INSTRUMENT
EXPERIMENT
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Interface
Omni-channel experience rapidly evolving with connected digital, mobile, and social expectations
• Intentional
• Consistent
• Connected
• Cohesive
• Immediate
• Engaging
app
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Instrument (the interface)
• Identity
• Interactions
• Feedback
• History
Data Analytics
app
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Instrument (the back office)
• Identity
• Events
• Transactions
• History
Data Analytics
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Experiment “If you double the number of experiments you do per year, you’re going to double your inventiveness.”
- Jeff Bezos, Amazon
“What we’ve done is to create an innovation machine. This is not just a credit card strategy, testing is a revolution that can be applied to many businesses.”
- Rich Fairbank, Capital One
“By thorough experimentation and trial-and-error in the market, [successful companies] iterate towards a strategy and a business model that really is viable.”
- Clayton Christensen, Harvard Business School
10 ©2016 Clarity Solution Group, LLC
Experiment Business environment as a lab for controlled experiments - Gain clearer, more accurate, more significant insights about causation and results
- Fine tune data requirements for models, instrumentation, and feedback loops
- Ongoing strategy optimization at the customer interaction/transaction level
Endless: product development, interface/content design, service/process improvement, recommendation engines, churn/retention, price elasticity, …
Which content raises more campaign contributions?
Will opening stores an hour later reduce sales?
Do live lobster tank displays increase lobster sales?
Does image quality affect auction bidding and sales price?
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Experiment Evolution of a testing culture…
Too often, organizations stall at A/B or OFAT—for data, talent, and/or technology reasons—missing out on the benefits that compound with every step forward…
None A/B “One factor at
a time” (OFAT)
Multivariate Multivariate
with covariate analyses
Expansive, cyclical
testing and learning
Increasing insight and benefits while moving to the left, but still “picking one winner for all”
Relentlessly refine actions and optimize strategy
12 ©2016 Clarity Solution Group, LLC
Conclusion
Interface
Instrument
Experiment
Data analytics capabilities that bear more fruit
Mark Hodson, Managing Practice Principal – Financial Services and Insurance
847-702-6422