This is the slideware from the live webinar hosted by inQuba in South Africa, on the 28th May 2020. The recording is available here: https://youtu.be/o74XndOxzR8 The Science of Creating Insurance Journeys That Your Clients Love Do you really know why your clients are leaving, and exactly what you can do to keep them? There are only a handful of reasons why clients leave their insurers. The good news is that a 100% boost in retention, acquisition and online conversion is now within reach. The world has changed forever, but clients are still won or lost at moments of truth. During this webinar we discuss the following: • The top reasons for churn in insurance • How to solve for retention – the three categories of solutions • How to create visibility of churn and retention throughout the business. • How to get started! Our guest speaker was insurance industry expert Clive Jainerain.

1. The Science of creating
the insurance Journeys
your customers love
Boosting Insurance Client Acquisition &
Retention in the New Digital Economy
using Journey Management
LIVE WEBINAR

2. CLIVE JAINERAIN
MAC Consulting
Insurance industry expert, previously
Santam & Old Mutual (SA & E. Africa)
ANTONY ADELAAR
Head: Product Marketing,
inQuba
Welcome to our Webinar!
Boosting Insurance Client Acquisition & Retention in the New Economy
Using Journey Management

3. Do You Really Know Why
Your Clients Are Leaving,
And Exactly What You Can
Do To Keep Them?

4. BUT FIRST, THE THINGS WE KNOW
Short term insurance:
The 3rd highest cost of acquisition per
client of all industries globally
It costs 5 to 10 times more to acquire a
new insurance customer than to retain one
84%
shop around for
insurance at time of
renewal
47%
leave
CONSUMER INTELLIGENCE GLOBAL REPORT 2018

5. Deliver value, generate loyalty
Ensure ease of interaction
Engage around moments of truth
Bridge digital and human channels
HOW TO KEEP INSURANCE CLIENTS:

6. Poor communication
Poor service
Poor supplier workmanship
Declined claims
No cover as expected
THE RETENTION BIG 6
TOP CANCELLATION REASONS (SA)
Value of cover

7. Poor communication
Poor service
Poor supplier workmanship
Declined claims
No cover as expected
TOP CANCELLATION REASONS (SA)
Value of cover
Deliver value, generate loyalty
Ensure ease of interaction
Engage around moments of truth
Bridge digital and human channels
HOW TO KEEP INSURANCE CLIENTS:

8. POOR COMMUNICATION
BIG 6 ROOT CAUSE/S
• Insurer communication is typically infrequent
• When it happens it’s usually sales-focused
• Communication is one-size-fits-all
POOR SERVICE • Insurer is not easily accessible
• Lack of continuity and hand-over of client
information
• Clients are not proactively updated
VALUE OF COVER • Client perception of cover versus history,
competitors and benchmarks
• Client perception of brand, influenced by word-of-
mouth
WHY IS THIS STILL HAPPENING?
• Mass, generic communication is efficient
• Quality of communication is not an important
metric
• The impact of communication is not visible
• CX considered operational, not strategic
• Operating models are siloed, not client-centric
• Nobody owns end-to-end client journeys, which
break at handovers
• Clients’ needs aren’t being anticipated
• Efficiency rather than communication of value at
onboarding
• Cover is not personalised according to clients’
changing requirements
1
2
3
WHY DO THE RETENTION BIG 6 STILL EXIST?

9. POOR SUPPLIER
WORKMANSHIP
• Suppliers doing poor work with minimal
accountability
• Suppliers not keeping the clients updated
• Suppliers don’t live the insurer brand
• Supplier business objectives differ
• Supplier service levels & trends are not visible
• Unhealthy supplier relationships
DECLINED CLAIMS • Irregular behaviour of insured clients (e.g.
unlicensed driving)
• Non-compliance (e.g. roadworthiness)
• Incidents not covered
• No dynamic communication with clients about
cover and options
• Staff don’t have sufficient visibility when making
decisions
NO COVER AS EXPECTED • A lack of awareness around the specifics of the
cover, and the requirements of the policy holder
• Inadequate communication at onboarding
• Inadequate continuous communication around
value
• Siloed approach and function competition
BIG 6 ROOT CAUSE/S WHY IS THIS STILL HAPPENING?
4
5
6
WHY DO THE RETENTION BIG 6 STILL EXIST?

10. POOR COMMUNICATION
BIG 6
POOR SERVICE
VALUE OF COVER
POOR SUPPLIER
WORKMANSHIP
DECLINED CLAIMS
NO COVER AS EXPECTED
SOLUTIONS?
Understanding clients & their unique journeys, & anticipating poor
experiences
Personalised, contextual engagements based upon client journeys
& behaviour
Engaging in contextual conversations throughout the clients’
journeys
Proactive engagement & information sharing throughout the journey
Visibility of supplier workmanship & service levels
Focus on end-to-end customer journeys, across functions, rather
than individual steps
1
2
3
4
5
6
WHY DO THE RETENTION BIG 6 STILL EXIST?

11. POOR COMMUNICATION
POOR SERVICE
VALUE OF COVER
POOR SUPPLIER WORKMANSHIP
DECLINED CLAIMS
NO COVER AS EXPECTED
CLIENT JOURNEY MANAGEMENT
CLIENT JOURNEY
MANAGEMENT
CLIENT JOURNEY DISCOVERY
UNDERSTANDING CLIENT SEGMENTS
CLIENT JOURNEY INSIGHTS
JOURNEY ORCHESTRATION
REVIEW & OPTIMISATION

12. Client Journey Management
What we’ve seen

13. increase in Acquisition,
Retention, & Conversion
100%
achieved with
Customer Journey
Management

14. HARD RESULTS
I love this slide but it’s not
visually consistent with the
deck which makes it look
like patchwork
OUR APPROACH
INQUBA
JOURNEY
ANALYTICS
LARGE
TELCO
GLOBAL
INSURER
LARGE
BANK
Big Data
Find patterns in customer & transactional data across
experiences & over time
Journey Analytics
Discover actual customer journeys through experiences &
channels, & their sentiment
Optimisation
Nudges & interventions, informed by Machine Learning, that
retain customers by helping them to reach their goals
80% to 120% increase in conversion
at moments of truth
20-point increase in Net Promoter Score

15. LEADING ACROSS VOC & JOURNEY ANALYTICS
Gartner
Market Guide for
Voice-of-the-Customer
Solutions
November 2018

16. MICROSOFT

17. POLL

18. So, how do we solve for
Retention in Insurance?

19. POOR COMMUNICATION
POOR SERVICE
VALUE OF COVER
POOR SUPPLIER WORKMANSHIP
DECLINED CLAIMS
NO COVER AS EXPECTED
CLIENT JOURNEY MANAGEMENT
CLIENT JOURNEY
MANAGEMENT
CLIENT JOURNEY DISCOVERY
UNDERSTANDING CLIENT SEGMENTS
CLIENT JOURNEY INSIGHTS
JOURNEY ORCHESTRATION
REVIEW & OPTIMISATION

20. Client Journey
Management

21. DISCOVER JOURNEYS
Discover where & when clients are leaving
UNDERSTAND SEGMENTS
Understand the cohorts of clients that are in motion
REVIEW DEEP INSIGHTS
Review client behaviour overlaid with emotional context
DESIGN A STRATEGY
Design interventions & nudges for each segment
REVIEW AND OPTIMISE
Iterate to maximise journey optimisation
SOLVING FOR RETENTION IN INSURANCE

22. Register / call centre
Register / email
Register / web
Assessment / supplier
Query / web
Approval / call centre
Query / call centre
Car hire / supplier
Collect car / supplier
Query / supplier
Query / web
Decline / supplier
Complaint / supplier
CLAIM(MOTOR)
!
!
!
DISCOVER JOURNEYS
Discover clients’ real paths, & where
& when they are leaving your
business. Get a view of their
sequences & their obstacles, &
where things are going wrong.
SOLVING FOR RETENTION

23. Register / call centre
Register / email
Register / web
Assessment / supplier
Query / web
Approval / call centre
Query / call centre
Car hire / supplier
Collect car / supplier
Query / supplier
Query / web
Decline / supplier
Complaint / supplier
CLAIM(MOTOR)
!
UNDERSTAND
SEGMENTS
Isolate the groups of clients within
the journey paths according to
characteristics, experiences,
behaviour & channels.
Collect information in real time to
enhance segment insight.
SOLVING FOR RETENTION
!
Dear Charlotte
We would really value your feedback
on your recent claim experience.
Kindly take a minute…
TransAtlantic Ins.
Today, 15:30
Very good!
Charlotte Weaver
Today, 17:40

24. Register / call centre
Register / email
Register / web
Assessment / supplier
Query / web
Approval / call centre
Query / call centre
Car hire / supplier
Collect car / supplier
Query / supplier
Query / web
Decline / supplier
Complaint / supplier
CLAIM(MOTOR)
REVIEW DEEP INSIGHTS
Overlay the real client journeys, by
client segment, with their emotional
context. Better understand your
clients’ while they’re achieving or not
achieving their goals.
SOLVING FOR RETENTION

25. Register / call centre
Register / email
Register / web
Assessment / supplier
Query / web
Approval / call centre
Query / call centre
Car hire / supplier
Collect car / supplier
Query / supplier
Query / web
Decline / supplier
Complaint / supplier
CLAIM(MOTOR)
DESIGN A STRATEGY
Orchestrate client journeys by
designing an intervention strategy to
retain each profile of at-risk clients,
through contextual nudges, feedback
collection & service recovery
SOLVING FOR RETENTION

26. Register / call centre
Register / email
Register / web
Assessment / supplier
Query / web
Approval / call centre
Query / call centre
Car hire / supplier
Collect car / supplier
Query / supplier
Query / web
Decline / supplier
Complaint / supplier
CLAIM(MOTOR)
REVIEW AND OPTIMISE
Review the impact of strategies &
tests on behaviour & conversion.
Iterated & fine-tune interventions for
maximum possible optimisation of
client journeys and retention of
clients. Measure ROI & repeat.
SOLVING FOR RETENTION

27. Optimising Customer Journeys:
An Orchestration Scenario

28. Journey
Orchestration

29. Register / call centre
Register / email
Register / web
Assessment / supplier
Query / web
Approval / call centre
Query / call centre
Car hire / supplier
Collect car / supplier
Query / supplier
Query / web
Decline / supplier
Complaint / supplier
CLAIM(MOTOR)
PROFILE
FEEDBACK Poor service
Poor
communication
Poor
workmanship
EXPERIENCE
AN ORCHESTRATION SCENARIO
!
!
Claim (motor), including interactions with numerous suppliers
such as vehicle hire and panel beaters
High value, high risk

30. REGISTER ASSESSMENT PANEL BEAT COLLECT CAR
Charlotte waited for 10 days for
an update. She eventually
received a call on a Friday
morning informing her that her
car was ready for collection. She
wasn’t able to make
arrangements on the day so
kept the hire car for the
weekend
Charlotte had an accident on
her way to work and
registered the claim. She had
to call several times for an
update and was eventually
able to select an available
panel beater
Charlotte rearranged her
meetings and took her car to the
panel beater. She took an Uber
to the car hire branch to collect
her hire car, which was neither
ready nor clean
Charlotte collected her car from
the panel beater, only to find a
new scratch and a peculiar
scraping sound when
reversing.. Charlotte
complained
Dear Charlotte, thank you for the
chat, and apologies once again…
I have arranged for your Polo to
be collected from you and a hire
car delivered at the same time.
This will happen tomorrow…
The issues on your car will be
resolved by one of our premium
suppliers by the end of this
week…
I’m overseeing this personally
and will keep you updated daily.
Please fee free to reach out to
me at any time by replying, or by
calling me directly..
Jennifer at TransAtlantic
Today, 15:30
Assignee: Jennifer J
Note: Hi Jennifer, kindly contact..
New Case: Priority Customer
Today, 15:41
CLIENT CONTEXT
CLAIM
Poor service
Poor
communication Poor
workmanship
HIGH VALUE
HIGH RISK
Assignee: Jennifer J
Note: Hi Jennifer, kindly contact..
New Case: Priority Customer
Today, 15:41
Dear Charlotte, I’m really sorry to
hear about this situation.
I’m overseeing this personally and
will arrange for an acceptable hire
vehicle..
Jennifer at TransAtlantic
Today, 15:30
PROFILE-SPECIFIC ROUTING & TREATMENT
PROFILE-SPECIFIC ROUTING & TREATMENT
!
! !
Dear Charlotte, we’d really value
your feedback on your recent
Assessment. Kindly take a
minute…
TransAtlantic Ins.
Today, 15:30
ABC made me wait, and car dirty!
Charlotte Weaver
Today, 17:40

31. REGISTER ASSESSMENT APPROVAL PANEL BEAT CAR HIRE COLLECT CARCLAIM
CASE MANAGEMENT
Closed-loop service recovery
CLIENT JOURNEY OPTIMISATION FOR RETENTION
CONTEXT-DRIVEN INTERVENTIONS
Interventions & nudges that encourage behaviour
FEEDBACK COLLECTION
Omni-channel surveying

32. In The Battle For Customer Loyalty,
Complete Visibility is Essential

33. Deep Insights

34. The Customer
“I want my problem fixed efficiently, and with caring.
Keep me updated. Allow me to raise a flag easily.
Reassure me that things are on track.”
The Supplier
“I want to get the job done quickly. Customer service is
important because ratings affect my business.
Communicate in real time. Please keep the customer
updated.”
The Insurance Exec
“I’m interested in my numbers – churn, retention, loss
ratio. What’s affecting these numbers, high level and
detail. I need confidence around the activity in the
business. Help me know what questions to ask.”
The Ops/Claims Manager
“I wanted closed tickets and satisfied customers.
Customers must be proactively updated. I need
customer context and progress per case. Help me
anticipate hot spots.”
The Broker
“I want happy customers so that my business is
successful. Keep me in the loop. Reduce hassle.
Assure me that the customer is updated. Allow me to
raise a flag.”
THE ROLE PLAYERS

35. OPS VIEW - CLAIMS
FEEDBACK PER STEP OF THE CLAIMS PROCESS
12 12 10 7
Registration Assess Approve Panel B
ASSESSMENT: CASES (8)
CASE 1… DATE … ASSIGNEE …STATUS …
CASE 2… DATE … ASSIGNEE …STATUS …
CASE 3… DATE … ASSIGNEE …STATUS …
CASE 4… DATE … ASSIGNEE …STATUS …
CASE 5… DATE … ASSIGNEE …STATUS …
Q: Where are the hot spots in the business, and what’s the
detail?
FEEDBACK COLLECTION
CONTEXT DRIVEN INTERVENTIONS
SERVICE RECOVERY

36. FEEDBACK PER SUPPLIER CATEGORY
15 22 11 14
Panel beaters Car Hire Assessors Towers
PANEL BEATERS
CASE 1… DATE … ASSIGNEE …STATUS … CLAIM NO.
CASE 2… DATE … ASSIGNEE …STATUS … CLAIM NO.
Q: Which supplier categories and suppliers are leading to hot
spots in the business?
MR DENT 4.5 (n= 120) Communication Timing Friendliness
CASE 1… DATE … ASSIGNEE …STATUS … CLAIM NO.
CASE 2… DATE … ASSIGNEE …STATUS … CLAIM NO.
DENT KING 4.8 (n= 120) Communication Effort Friendliness
OPS VIEW - SUPPLIERS
FEEDBACK COLLECTION
CONTEXT DRIVEN INTERVENTIONS
SERVICE RECOVERY

37. HOT SPOT PROMPTS, PER SUPPLIER CATEGORY
PANEL BEATERS NEEDING ATTENTION
MR DENT… 4.5 … 12 CASES
Q: Show me the hot spots that are below the surface?
DENT KING… 4.6 … 10 CASES
DENT MAN… 4.8 … 10 CASES
Communication
Timing
Effort
TOWERS NEEDING ATTENTION
MR TOW… 4.5 … 12 CASES
TOW KING… 4.6 … 10 CASES
TOW MAN… 4.8 … 10 CASES
Communication
Timing
Effort
OPS VIEW - SUPPLIERS
FEEDBACK COLLECTION
CONTEXT DRIVEN INTERVENTIONS
SERVICE RECOVERY

38. 75
ONBOARD
55
CLAIM
85
ADMIN
CLIENT FEEDBACK PER BROKER
Q: Which Brokers are leading to hot spots at which experiences?
42% 67%
Gauteng E. Cape
22 4
Broker A Broker B
JOURNEY VIEW
REGIONAL VIEW
CASE 1… DATE … ASSIGNEE …STATUS … CLAIM NO.
CASE 2… DATE … ASSIGNEE …STATUS … QUOTE NO.
Broker B 4.2 (n= 120) Communication Effort Friendliness
OPS VIEW - BROKER
FEEDBACK COLLECTION
CONTEXT DRIVEN INTERVENTIONS
SERVICE RECOVERY

39. IMPORTANT HIGH LEVEL METRICS
Q: I need visibility of important high level metrics?
35
NPS
65
CSAT
3.5
CHURN
75
ONBOARD
55
CLAIM
85
ADMIN
NPS
CSAT
EFFORT
15 22 11 14
Panel beaters Car Hire Assessors Towers
MR DENT… 4.5 … 12 CASES
DENT KING… 4.6 … 10 CASES
DENT MAN… 4.8 … 10 CASES
Communication
Timing
Effort
HIGH LEVEL METRICS JOURNEY VIEW
SUPPLIER VIEW
EXEC VIEW
FEEDBACK COLLECTION
CONTEXT DRIVEN INTERVENTIONS
SERVICE RECOVERY

40. REGISTER ASSESSMENT APPROVAL PANEL BEAT CAR HIRE COLLECT CAR
CASE MANAGEMENT
Closed-loop service recovery
CONTEXT-DRIVEN INTERVENTIONS
Interventions & nudges that encourage behaviour
FEEDBACK COLLECTION
Omni-channel surveying
CLIENT JOURNEY MANAGEMENT
CLAIM

41. The inQuba Difference

42. Rapid insight into
what’s happening in
your business
SPEED TO
INSIGHT
Where & when to
intervene for best
results & to manage
risk
INTERVENTION
CLARITY Swift testing of
intervention
effectiveness
RAPID ITERATION
Tangible links
between interventions
and conversion
TANGIBLE
ROI
REDUCED DEV
DEPENDENCY
Light integration ensuring
speed to results
THE INQUBA DIFFERENCE

43. Journey Management
Entry Point?

44. CLIENT JOURNEY
MANAGEMENT
CLIENT JOURNEY DISCOVERY
UNDERSTANDING CLIENT SEGMENTS
CLIENT JOURNEY INSIGHTS
JOURNEY ORCHESTRATION
REVIEW & OPTIMISATION
JOURNEY MANAGEMENT
Entry point?

45. inQuba Journey Accelerator
Accelerating Digital Agendas

46. INQUBA JOURNEY ACCELERATOR
3 simple steps
1
Schedule your 2-hour
interactive, virtual
workshop
WHAT WE’LL DO
• Map your customer journey
• Define customer profiles
• Identify nudge opportunities
• Identify data requirements
• Quantify the ROI
WHAT YOU’LL GET
An Accelerator Pack to start your Journey trial:
• High level Journey Design
• Step 2 documented
• Journey ROI Modeller
2
3

47. So take that first step
of the Journey…
Book your Journey Accelerator
Workshop now!