By Steve Deaville We recently sponsored and took part in a Post Magazine webinar entitled ‘Business Agility for Improved Profitability’. Joining me on the panel was Tony Richards, senior manager for customer analytics and database marketing at Aviva.
He captured nicely the underlying premise for the seminar when he noted that it was ‘an on-going challenge in that you can get to a single customer-view but further acquisition or getting products to market means that you have to maintain and refresh that view on an on-going basis.’
The webinar, which is available on the Post website, was hosted by the magazine’s editor, Jonathan Swift. He chaired the discussion that took a close look at how building agility into an organisation’s communications strategy can help meet customers’ changing needs and improve profitability and revenues.
So, what did those who attended the webinar think?
- Asked to rank the main reasons for customer satisfaction, they highlighted poor communications, including not being treated as an individual, and inappropriate offers.
- When it came to identifying who their real customers were, top ranking went to understanding the customer better and the use of models to profile for potential customers.
- Unanimous belief that customer loyalty and targeting can be improved
- And when it came to methods of communication, there was general consensus that insurance companies needed to be using all channels.
Understanding customers = loyalty and retention
The webinar provides an authentic view of the challenges faced by the industry and attempts to provide solutions. Where I highlighted the churn challenges faced by insurance companies, Tony was able to provide a deeper insight into the issues around customer loyalty and retention.
He explains how Aviva’s customer panels reveal that people expect an insurance company to know what products they have with but that ‘loyalty’ and ‘retention’ depends on understanding different customers’ needs and grouping them into ‘cohorts’ so that these special requirements can be met.
To achieve this customer expectation, insurance companies need to be more agile with their communications. It’s all about communicating in a way that the customer wishes and having clean and enriched customer data to deliver the best customer service possible.
Find out more about this subject by catching up with the webinar if you have not already done so.
0 Response to “Business agility for improved profitability”
Guidelines for Comments: The UK Insurance is hosted by Pitney Bowes Inc. By using this Blog you agree that you are solely responsible for any comment you post to the Blog and you agree to abide and be bound by the Pitney Bowes TERMS OF USE.
Please stay on topic. We may redirect certain submissions if they are better handled through another channel such as customer service. With regard to the content of any submissions you make through this Blog, you agree to remain solely responsible and agree to not submit materials that are unlawful, defamatory, abusive or obscene. You also agree that you will not submit anything to this Blog that violates any right of a third party, including copyright, trademark, privacy or other personal or proprietary rights.
Pitney Bowes reserves the right to terminate your ability to use and/or submit posts to this Blog. Pitney Bowes may not review all postings and is not responsible for comments posted on this Blog. Pitney Bowes nevertheless retains the right to not post, edit a posting or to remove any postings in its sole and absolute discretion.
Opinions expressed by authors and commenters of this blog are theirs alone, and do not represent Pitney Bowes' position, strategies and opinions. Pitney Bowes is not responsible for the accuracy of any of the information supplied in this blog.