Revolutionizing Customer Feedback for an Indian Insurance Leader

Introduction

In a competitive insurance market, customer satisfaction and retention are crucial for maintaining long-term success. An Indian insurance leader partnered with Numr CXM to overhaul its customer feedback process, ensuring more accurate data collection and actionable insights.  

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The initiative focused on leveraging CX data analytics to optimize customer feedback, improve response rates, and drive strategies for enhancing customer satisfaction. This case study illustrates how digital feedback tools enabled the company to boost ROI of CX while reducing customer acquisition cost (CAC) and increasing customer lifetime value (CLTV).  

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 The Challenge  

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The insurance provider’s earlier feedback process faced significant limitations:  

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1. Low Response Rates:  

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   - Telephonic surveys had a response rate of just 1%, leading to insufficient data for decision-making.  

   - Responses were capped at 200 per touchpoint, restricting the depth and accuracy of insights.  

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2. Inflated NPS Scores: 

   - NPS results from telephonic surveys were artificially high (80s or 90s), as respondents were often too polite to express dissatisfaction directly.  

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3. Limited Feedback Accuracy:  

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   - Critical customer pain points were missed due to incomplete or non-reflective data.  

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 The Solution  

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Numr CXM implemented a robust CX strategy that leveraged scientifically designed digital surveys:  

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1. Digital Surveys Across Touchpoints: 

   - Replaced telephonic surveys with digital pop-ups and questionnaires delivered through emails, SMS, and website pop-ups.  

   - Enhanced privacy allowed customers to share honest feedback, leading to an accurate NPS in the high 60s.  

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2. Touchpoint-Specific Insights:  

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   - Policy issuance: Response rates rose to 9-10%.  

   - External purchases: Achieved a 6% response rate.  

   - Medical insurance tests: Response rates reached 18-19%.  

   - E-commerce direct: Record-breaking response rate of 49%, surpassing industry standards.  

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3. Scientifically Designed Surveys:  

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   - Included a Hero Question with a colored scale to gauge the overall experience.  

   - Follow-up questions adapted dynamically based on the initial response to gather in-depth CX insights.  

   - Open-ended questions allowed customers to share additional thoughts, ensuring no data was missed.  

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4. Advanced Analytics:  

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   - Leveraged sentiment analysis to classify promoters, detractors, and the drivers influencing them.  

   - Text analysis provided granular insights into customer emotions and feedback themes.  

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 Implementation  

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1. Survey Distribution:  

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   - Surveys were delivered post-transaction via multiple channels, ensuring higher engagement.  

   - Real-time surveys captured immediate customer sentiments, leading to richer and more actionable data.  

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2. Dynamic Feedback Collection:  

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   - Adaptive questions provided a tailored experience, encouraging more accurate responses.  

   - No cap on responses ensured comprehensive data collection across all customer touchpoints.  

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3. Daily Data Insights:  

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   - Over 1200 daily responses provided actionable insights to improve customer experience metrics.  

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 Results  

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The transformation delivered measurable benefits:  

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1. Accurate NPS Results:  

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   - A more realistic NPS (high 60s) revealed critical issues and actionable drivers, enabling focused improvements.  

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2. Enhanced Customer Retention:  

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   - Better decision-making, driven by accurate feedback, reduced churn and increased loyalty.  

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3. Increased Response Rates:  

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   - Achieved a significant rise in response rates across touchpoints, with up to 49% for e-commerce surveys.  

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4. Stronger ROI of CX:  

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   - Advanced analytics optimized customer journey touchpoints, leading to higher customer retention and CLTV.  

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 Conclusion  

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By replacing telephonic surveys with scientifically designed digital feedback tools, the Indian insurance leader achieved a significant leap in the quality and volume of customer insights. With adaptive surveys, real-time sentiment analysis, and actionable CX data analytics, the company not only improved customer satisfaction but also maximized the ROI of CX.  

This case study underscores the importance of aligning CX strategy with customer experience metrics to foster retention, reduce CAC, and enhance CLTV. Numr CXM’s innovative approach empowered the insurer to take decisive measures, setting a benchmark for data-driven customer experience management in the insurance sector.  

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Author Name

Gourab Majumder

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Author Bio:

Gourab is a passionate marketer with deep interests in CX, entrepreneurship, and enjoys growth hacking early stage global startups.

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