Challenges
“How can we upsell to our existing customers?” is probably one of the most frequently asked and used phrase when it comes to financial institutions. Coming from an insurance sector, with vast product offerings portfolio, it has always been our client’s interest to upsell their products to their existing customers. Hence, the desire to ensure their customers are constantly satisfied and as a saying goes “A weIl-satisfied customer will bring the repeat sale that counts.” – James Cash Penney, Businessman Entrepreneur. As such, the intention of our client to measure customers’ satisfaction and retention level to identify opportunities for further improvement and potential of upselling products for further growth.
Approach
A nationwide study was conducted where we spoke to a pool of n=600 client’s Life policy holders via CATI (Computer Aided Telephone Interviews) approach where we measure the extent of customers perceptions and satisfaction towards the various aspects of their interaction i.e. touch points with the company. At the same time, we also talked to n=100 competitors’ Life policy holders for benchmarking purposes.
Results
Using drivers’ analysis, we were able to identify which aspects of touch points drive customers’ satisfaction within the Life insurance segment and further assess how the client was doing in the respective touchpoints against these drivers. We also further dissect the touch points where we are able to tell our client which touch points are strong performing (of which they would need to maintain and monitor) as well as which are the touch points that need immediate attention and resource allocations (as areas of improvement).