Reinventing insurance technology through experience-centric business

Understanding the needs of the customer is critical for every business. There is a clear distinction between good and bad customer service, and businesses that get it wrong almost always pay the price.

For a company specializing in life insurance and health insurance, a mishandled claim or a costly administrative error can quickly escalate, resulting in loss of business, or worse, a brand-damaging crisis. With prospects having instant access to an online market of your competitors, the consequences of subpar service are heightened.

To overcome this, brands must find a way to add value beyond just policies and service offerings. Spring Venture Group has achieved this by focusing on delivering the best possible experience and using the latest technology to enable that. 

Our recent growth has been driven by our improved understanding of the connection between online and offline customer behaviors. We’ve achieved this with a combination of experience analytics and machine learning algorithms. By linking this to lifetime customer value, we’ve been able to revise our customer journey and reshape the way in which our customers interact with, and experience, our brand.

Through our partnership with Clicktale, we’ve been able to gather intelligent and actionable insights into the customer experience. This has helped us to improve our service at points of contact, nurture existing customer relationships, and attract new prospects.

It’s difficult to overstate the impact that experience analytics has had on how we now view the customer journey. We’re now much better able to understand the needs of our customers and provide them with the best possible experience. By leveraging the behavioral data, we’ve gained invaluable insights into intent – helping us identify exactly what services or products customers were interested in purchasing. For example, we have been able to segment customers based on whether or not they used prefill or autofill to complete a web form.

By gathering this information, we’ve been able to identify new solutions and models to transform our approach and derive greater customer insight across our digital channels.

This behavioral data has also been instrumental in identifying parts of the customer experience that we’d previously missed. As a result, we’ve been able to implement new solutions and models to transform our approach and derive greater customer insights from across our digital channels.

In the first three weeks of analyzing customer behavior on-page, we discovered 10 new online behavioral features indicative of higher conversion rates. This has helped us tailor the way we deliver our services, so that they’re more suited to the individual needs of a customer. 

Providing an excellent customer experience is not simply about reducing risk or minimizing customer service errors, it’s a strategic approach enabling businesses to distinguish themselves from their competitors and stand out in a crowded marketplace.

To do this, companies need to take a more holistic view and ensure that interactions remain consistent across all channels. In our business, this is especially relevant because the majority of initial interactions take place online. We then follow up with a call, so understanding customer intent is vital in terms of knowing which calls to prioritize and how best to service them.

Working with Clicktale has helped us shift from being conversion-centric to being experience-centric as a business. In the future, we’ll be able to tweak our algorithms further to make sure the in-session experiences are creating an overall positive customer experience every single time, across all of our channels. Working alongside Clicktale, we will be continuously enhancing the relationships we have with our existing customers and building strong interactions with new prospects.

This blog post was provided by Alex Allen, Chief Marketing Officer at Spring Venture Group

Talk to us to explore how customer experience analytics can improve your business