Presentation at Big Data & Analytics for Insurance 2016

Paul Laughlin, Managing Director, Laughlin Consultancy

The Softer SkillsData Professionals also need these to make an impact

Background

❖ Created and lead customer insight teams for all the major insurance brands, products & channels used by Lloyds Banking Group over 13 years

❖ Added over £11m incremental profit to bottom line annually

❖ Pioneered work with FCA on Behavioural Economics in comms

❖ Developed capability in team of 44 & mentored next generation of leaders

Business“Helping businesses make money from customer insight”

Laughlin Consultancy helps companies maximise sustainable value from their customer insight, for example by growing their

bottom line, improving customer retention and demonstrating to their regulator that they treat customers fairly.

Globally, Data Science matters

© Laughlin Consultancy Ltd, not to be used without permission.

6 months of data progress

9 Step Analysis Model

Question

Data Analysis Insight

Planning & Design

Presentation & Distribution

Solution

Buy -‐ in Sign -‐ off

“Contracting” translating business

questions into actionable,

analytical terms

“Delivering” expressing analysis

& insight in actionable business

terms

Addressing business need

Transparency of activity

Engagement with key stakeholders

Getting a good quality brief

Question

The problem with requests

Socratic questioning

❖ Aim is to help client have clarity on need not just what they want:

❖ Concept clarification questions

❖ Probing assumptions

❖ Probing rationale, reasons & evidence

❖ Questioning viewpoints & perspectives

❖ Probe implications & consequences

“By failing to prepare, you are preparing to fail” Benjamin Franklin

10

Planning & Design stage

Question

Planning & Design

11

What do we already know?

What am I missing?

How could I fill this gap?

How am I going to communicate

findings?

What are the Hypotheses?

You could start at any point in the cycle but you should look to

address all elements in completing your

analysis

Design Map

Who

Use / Involvement / Experience

Shopping/Buying

Engagement / Influences▪What characterises the customer/ segment −demographics −stage of life −attitudes −behaviours −dissatisfactions −routines −etc

▪What are their chief concerns in life (attitudinal data)?

▪What are their key needs and aspirations?

▪What are their circumstances and what is going on in their lives that impacts how they see the category?

▪What motivates them?

▪What are their preferred channels for researching and purchasing products and how does this compare with other types of products?

▪How do they make a purchase decision and what factors are important?

▪What are their attitudes to advice? What prompts/triggers them to seek advice?

▪How do they perceive your brand vs other brands? (product category and wider)

▪How do they become aware of the category?

▪What is there attitude to planning for the future? When do they think ahead, what triggers this?

▪When do they reconsider their choices? What prompts change?

▪ What and who influences them and their choices? Who do they turn to for guidance/information/ recommendations?

▪What competitive product holdings do they have and why?

▪When are they receptive to messages?

▪What does the segment need and want when buying your products?

▪What products are they most likely to buy and why?

▪What is the current customer experience?

▪What are the key dissatisfactions (irritations, frustrations etc) with the current process?

Pricing/Finances

▪How engaged/informed/involved are they with regard to competitive pricing?

▪What products do they hold? How does this contrast with other segments?

▪What triggered their purchase? What stops them buying?

▪Do they go on to buy something else? (us or competitor)

▪What are their goals and to what extent do they plan their spend (budgets)?

12

Insightful questions

“Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.” Alexander Hamilton (American politician)

13

Buy-In stage

Question

Planning & Design

Buy-‐in

Stakeholder Mapping

“A moment's insight is sometimes worth a life's experience” Oliver Wendell Holmes, Sr. (American writer)

15

Insight stage

Question


Planning & Design

Buy-‐in

Media and Technology Trends

Regulatory Environment

Socioeconomic Stats

Competitor Intelligence

Market Developments

Qualitative Research

Quantitative Studies

Tracking Studies

Meeting Customers F2F

Customer Complaints

Listening in at Call Centre

Those who meet customers

Sales, Customer & Transactional data

Communication Evaluations

Behavioural

DataEnvir

onment

Research Customer

Conne

ction

Customer Personas/Vox pops

Customer Experience Study

Market Intel. Team External MI Database

Data Team Analysis Team

Research TeamCustomer facing

Colleagues

16

4 sources of Insight

“Think like a wise man but communicate in the language of the people” William Butler Yeats (Irish poet)

17

Sign-off stage

Question


Planning & Design

Buy-‐in Sign-‐off

Communicating your analysis

Question


Planning & DesignPresentation & Distribution


Effective Communication

❖ Complete

❖ Concise

❖ Considerate

❖ Concrete

❖ Clear

❖ Courteous

❖ Correct

Hierarchies of communication

❖ Hierarchies of headlining

❖ Short, eye-catching, wording

Storytelling

❖ People are engaged by stories

❖ Psychological studies show better attention & recall (esp. feelings)

❖ Common templates: ❖ “Just imagine, if…” ❖ “Wow! I’m going to tell… about this” ❖ The Burning Platform

Data Visualisation Principles

❖ Graphical integrity

❖ Data-Ink

❖ Chart Junk

❖ Data Density

❖ Small Multiples

Data Visualisation

Influencing the Outcome

Question


Planning & DesignPresentation & Distribution

Solution


It’s all about taking action

❖ Ensuring request is for action

❖ Designing analysis for action

❖ Including recommended actions

❖ Progress updates on action

❖ Measure effect of actions


Influencing at the Top Table❖ What’s on their agenda?

❖ Bring Customer updates

❖ Bring Commercial updates

❖ Joint updates with Marketing, Sales or Ops (collaborate)


9 Step Analysis Model

Question


Planning & Design

Presentation & Distribution

Solution

Buy -‐ in Sign -‐ off

“Contracting” translating business

questions into actionable,

analytical terms

“Delivering” expressing analysis

& insight in actionable business

terms

Addressing business need

Transparency of activity

Engagement with key stakeholders

Action orientated learning

One thing I will do differently as a result of

this presentation is…

linkedin.com/in/paullaughlin

[email protected]

+44 (0)7446 958061

Any questions?

customerinsightleader.com

laughlinconsultancy.com

@LaughlinPaul


Presentation at Big Data & Analytics for Insurance 2016

Business

Transcript of Presentation at Big Data & Analytics for Insurance 2016