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September 2016
Creating value through customer centricity
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Starting the journey
– transforming your business by leveraging data and analytics
Dave Ovenden
Changing customer expectations
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 2
Change the view: From product / LoB to customer
Ensure permeability between channels:
One version of the truth for a client, integrated intermediary portals
Proper multi-disciplinary teams / strong analytics function / Break-up of silos
Alignment of strategy and ambition across all functions
Gain a deep understanding of risks, client and distributor behaviour
Increased frequency and breadth of modelling - continuous refinement of
customer knowledge
Handle large amounts of data efficiently
Integrate large amounts of internal and external data, to allow relevant products
and customer interactions
Where do you begin….
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The Customer Centricity Iceberg
3
Where are companies now….different stages, but common themes
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Issues with
legacy
systems
Poor data
quality
Implications of
failure
‘Pet’ projects that
are fragmented
across the internal
organisation
Culture that
does not
value dataAnalytics arms
race
Data ‘storm’ with the
potential for multiple new
data sources
Linking to your strategic business priorities
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Ambition PrinciplesInnovation
Projects
IT
InfrastructureData Strategy
Strategic Business Priorities
An integrated approach to the mix of projects in the portfolio
An example – Using UW and Pricing as a Strategic Driver
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Linking customer strategies to technical best practices
6
CROSS-
FUNCTIONAL
ENGAGEMENT
CROSS-
FUNCTIONAL
ENGAGEMENT
PROCESS
PROCESS
Systems &
Technology
Tools &
Techniques
Internal &
External Data
Capability &
Capacity
Governance &
RegulationStrategy
Risk Modelling Demand ModellingMI & Decision
Support
Underwriting
Approach
Product
Assessment
Product &
Portfolio
Management
Customer &
Intermediary
Insight
Product Delivery Sales Execution
IMPLEMENTATION & DELIVERY
DECISION MAKING & BUSINESS MANAGEMENT
ANALYSIS
FOUNDATION
Key
Product BothU/W
Aligning core competencies to composite strategy
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 7
CROSS-
FUNCTIONAL
ENGAGEMENT
CROSS-
FUNCTIONAL
ENGAGEMENT
PROCESS
PROCESS
Systems &
Technology
Tools &
Techniques
Internal &
External Data
Capability &
Capacity
Governance &
RegulationStrategy
Risk Modelling Demand ModellingMI & Decision
Support
Underwriting
Approach
Product
Assessment
Product &
Portfolio
Management
Customer &
Intermediary
Insight
Product Delivery Sales Execution
IMPLEMENTATION & DELIVERY
DECISION MAKING & BUSINESS MANAGEMENT
ANALYSIS
FOUNDATION
Key
Product BothU/W
Building competitive advantage
The Analytical Engines That Drive Automation and Customer Experience
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Portfolio segmentation triggering processes
CROSS-
FUNCTIONAL
ENGAGEMENT
CROSS-
FUNCTIONAL
ENGAGEMENT
PROCESS
PROCESS
Systems &
Technology
Tools &
Techniques
Internal &
External Data
Capability &
Capacity
Governance &
Regulation
Underwriting
Strategy
Risk Modelling Demand ModellingMI & Decision
Support
Underwriting
Approach
Price
Assessment
Product &
Portfolio
Management
Customer &
Intermediary
Insight
Price Delivery Sales Execution
IMPLEMENTATION & DELIVERY
DECISION MAKING & BUSINESS MANAGEMENT
ANALYSIS
FOUNDATION
Targeted customer engagement
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Building a Customer Engagement Index using Available Data
Action
Active investment choice
Option take-up
Policy alteration
Change of details
Re-contact (gone-aways)
Enquiry/complaint
Gone away
Awareness
Measures …
Interest/understanding
Financial capability
Adviser influence
Desire
Significance
Competing priorities
Customer data
Internal
Financial
Transactional
Biographic
KPIs
External
Geodemographic
Triggers
Segmentation using Example Engagement Drivers
Portfolio segmentation triggering engagement processes
Individual Identification
Affluence score
Risk Appetite
Product holding
Product implications
Engagement Implications
The Art of the Possible
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Automatic
claims
settlement
using
Underwriting
data
Real time
millisecond
individualised
pricing
Drag and drop
data upload
from
intermediaries
to insurers
Real time
customer value
metrics
Single
customer view
Real time
underwriter
decision
support
Customer
focused portals
across multiple
carriers
The need for a Strategic Roadmap – “My strategy probably needs a strategy”
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High impact projects
– enabling:
Understanding the impact
of mix changes on the
portfolio
Shorter decision cycle
times
Addressing specific product
opportunities
Short term
An strong foundation, where the leadership,
expectations, TOM and capabilities are all
aligned with the ambition, strategy and view of
the future.
Energy around communication
An effective and efficient test and learn environment
Decisions are with the benefit of great insight
A Roadmap for success
Strong Foundation
Insight, R&D and relationship
building create an environment
where:
The team is not just looking at
existing models
Data is the new currency
Successes are communicated to
attract interest and investment
Medium term
Questions
© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.