Insurers – is customer churn really inevitable?

“Nothing is more terrifying to me, really, than the status quo. I’ll make mistakes before I keep doing something the same way”.

Coming from the world of arts, Twyla Tharp can probably afford to be a bit more gung ho than most of us in her approach, but I believe there is still a lesson to be had here.

I was fortunate to be involved in the 2015 Insurance Times Innovation and Disruption Conference which took place in London recently; and although I didn’t quite see terror in the faces of my fellow attendees, there’s no doubt that the threat of disruption from “continuing to do the same things” was a cause for concern for many of the insurance providers that were there.

If we take customer churn for example; in many industries this is seen as a huge problem and quite frankly a sign of an unhealthy business. In the insurance industry, it’s become the accepted norm.

Don’t believe me? According to research by the Chartered Institute of Loss Adjusters, customers of insurers are second only to supermarket shoppers in their fickleness. Their research showed that one in four policyholders had changed their home or motor insurance provider in the past 12 months, and more than a third planned to do so in the year ahead!

The reasons for this are well known. Some of the biggest consumer brands in the market are now comparison websites rather than the providers themselves, and customers often don’t form much of a relationship with the insurer that is actually underwriting them, opting instead for the cheapest available cover.

This reality is costing their business dearly however. Accenture recently estimated that if insurers lost 20 per cent of their customers each year – a very conservative scenario – that would represent £3.3 billion of churn across home and motor insurance alone. This equates to somewhere between £500,000 and £1 million in lost premiums for every 1,000 policies.

We’ve seen in many other commoditised industries that customers don’t really only care about price – they care about value, and they are willing to pay more for a better service experience.

In light of this, I think it’s time for the industry to stop and ask itself whether these levels of churn really are inevitable or whether, by doing things a little differently,  there might just be a place for customer loyalty?

Our latest white paper Insure Against Loss examines in detail the opportunities in the insurance sector. In this paper we will explore how delivering an exceptional customer experience can increase customer engagement levels and reduce customer churn.


Webhelp Payment Services has joined forces with Limonetik to develop a solution to manage specific payment flows within marketplaces

To make a complex world simpler! This is the ambition of Webhelp Payment Services – FDI, a division of Webhelp and a market leader in the payment institutions area, is proud to announce its technical partnership with Limonetik, a key player and provider of global digital payments and marketplace solutions. One goal for the new partnership is to enable the main marketplaces to securely increase domestic and International growth via an easy-to–implement, regionally legally compliant, solution providing merchants with a user-friendly platform improving the consumers payment journey and experience.

FDI, a division of Webhelp Payment Services – partners with Limonetik to develop a global and innovative payment solution that responds to the specific challenges and requirements of marketplaces.

Webhelp Payment Services – FDI, Webhelp’s business unit that manages financial services, decided to use Limonetik’s experience and solutions to offer its clients a technological payment platform to ‘fast-track’ their time to market, connecting to the Bank and PSP (Payment Service Provider) of their choice and delivering multi-channel payment reconciliation and multiple-merchant shopping cart management.

The partnership between Webhelp Payment Services - FDI and Limonetik allows marketplaces to offer a large range of French and International payment methods, to facilitate International development by adapting payment methods to targeted consumer’s habits and local regulations.

Webhelp Payment Services - FDI and Limonetik collectively provide the necessary functions and features to marketplaces and their consumers as a response to business and regulatory challenges of retailers and tour operators.

An easy payment solution in order to improve customer experience

The solution developed by Webhelp Payment Services and Limonetik is created to enrich and improve customer experiences and gives marketplaces the possibility to optimize growth of their turnover in the complete value chain. Thanks to following functionalities:

  • connection to the largest range of payment methods on the market,
  • ‘trackability’ of the end-to-end flow with multi-payment method reconciliation,
  • complex basket management,
  • easy integration,
  • compliance to multi-country regulation,

Users of this payment solution are able to foster the buyer and consumer communities’ loyalty.

Dominique Chatelin, president of Webhelp Payment Services - FDI: "Based on the successes and on our strong experience as a payment institution, we wanted to offer our customers an innovative payment solution, that is easy to integrate, as a response to the marketplaces’ challenges regarding flow trackability and audit, varied payment methods and regulatory requirements. By using the technology and expertise of Limonetik, a universal payment provider, we were able to offer our clients a flexible solution as a response to these regulatory challenges both today and in future business challenges."

Christophe Bourbier, president and co-founder of Limonetik: “Combining the expertise and the power of the Webhelp Group and the technological agility of Limonetik, this partnership gives us the capacity to assist our clients and prospects to develop their business everywhere in the world in compliance with local laws and consumers habits and preferences”.

 

Press information: 

Hadrien Le Roux
Press Office Webhelp
T : +33 (0)1 40 89 12 34 / e. hadrien.leroux@agence-elan.com

Jérémy Côme
Groupe Webhelp, Director of communications
T. +33 (0)6 811 621 06 / e. jcome@fr.webhelp.com

Leslie Choffel
Groupe Webhelp, marketing project and communications manager
T : +33 (0)1 44 40 52 05 - M : +33 (0)6 04 67 85 59 / e. lchoffel@fr.webhelp.com

 

About Webhelp Payment Services

Webhelp Payment Services – FDI is the recognized payment establishment of Webhelp Group. They are specialized in the development of innovating payment services in France and elsewhere. Webhelp, n°3 in Europe in outsourced customer experience, has a multi-channel and multilingual network of more than 25 000 associates worldwide. By tripling their turnover in 5 years, reaching 528 million euros, they have shown the strongest growth of the sector. More than 450 clients trust Webhelp to manage and optimize their organisation of customer’s relations concerning management (client service, technical support), acquisition solutions, payment solutions, loyalty solutions and operational consulting. Webhelp helps more than 500 000 consumers every day and they add a strong value by assisting its partners in the design and the improvement of the customer’s journey. They also apply tailor made solutions by capturing and analysing multichannel data.
Webhelp is a company that values social responsibility and investment in human capital. Respecting their employees, giving them a chance to develop themselves and giving them equal chances are key elements in their commitment to CSR.
http://www.webhelp.com/

About Limonetik

Limonetik, provider of complex and international payment methods on Internet, has developed a technology that transforms cash flow in standard payment methods and that is compatible with all the existing payment gateways (PSP buyers) and all types of platforms and e-commerce. All payment methods are instantly at the users’ disposal on the e-commerce websites by simply connecting to Limonetik. They also enrich payment pages, that are simple and fast, by using marketing and loyalty tools : loyalty points, coupons, promotions, gift certtificates, vacation checks, additional payment with credit card, etc.

Some of Limonetik’s main customers are : Sodexo, Edenred, CACF, BNPP, Groupon, Smartbox and also several e-commerce websites of the TOP 100 : Cdiscount.com, Voyages-sncf.com, Priceminister.com, Belambra.com, mistergooddeal.com, pixmania.com
http://www.limonetik.com


Webhelp UK scoops silver for ‘Customer Experience Champion’ at top industry awards

Leading customer experience provider, Webhelp UK, took the silver award for ‘Customer Experience Champion’ at tonight’s UK National Contact Centre Awards, thanks to the hard work and dedication of team member Zoe Bateman.

Zoe, customer experience manager at Webhelp’s Dearne Valley site in Rotherham, stood out for spearheading a customer-focussed cultural change model, which was rolled out across six of the company’s major clients and integrated as one of Webhelp’s core operating standards.

Her energy and enthusiasm helped to drive this key strategic agenda within Webhelp, and included the recruitment of 14 people to act as champions across the business.

Zoe also led the winning team in the category of ‘Team of the Year’ at the 2014 UK Customer Experience Awards.

David Turner, chief executive at Webhelp UK, said of Zoe’s win: “We are extremely proud to have one of our best and brightest recognised for all of her efforts. Zoe‘s passion for the customer sets the benchmark for everyone at Webhelp UK to aspire to. She has been a key component in delivering the great service that we provide– this is why she is a very deserving of the Customer Experience Champion silver award.”

Commenting on her award Zoe said: “I am absolutely over the moon. It’s quite overwhelming to be recognised for just doing your job, but it is a huge validation of all the team’s hard work and dedication over the past 12 months. The level of support they have given me is fantastic and I can’t wait to share this success with them.”

The UK National Contact Centre Awards, now in its 20th year, recognise individuals in the customer experience industry who are role models, striving to ensure their workplace is professional and industry leading.


Webhelp UK Rothesay site awards longest standing team member

Customer experience provider, Webhelp UK, is celebrating the 20th anniversary of its longest standing team member. To recognise the achievement, the business’s chief executive officer, David Turner visited Rothesay’s customer experience centre for a day of fun and reminiscing.

Jacqui Reynolds, originally from Arran, was one of the very first recruits, employed before the Rothesay site was even established. She began her career as a receptionist followed by a period working as part of the company’s recruitment team, before becoming a campaign manager.

Providing customer support on behalf of some of the UK’s most progressive brands including Sky and EE, Webhelp UK, part of the Webhelp Group, is one of the largest employers in Scotland with about 2,000 team members.

David Turner made a special trip to the company’s UK origins, the Rothesay experience centre, to thank Jacqui for her commitment and continuing service. He presented her with vouchers, a special bouquet of flowers and bottle of champagne.

WebhelpUK-Rothesay-longest-serving-employeesA further five of Jacqui’s colleagues, Catherine Docherty, Helen McCallum, Irene Hughes, Jacqueline Howard and Janet McKay, were each thanked by David and presented with their vouchers and flowers for their 15 years of service at Webhelp UK.

Jacqui is also set to attend Webhelp UK’s annual ‘length of service’ dinner this year at the Trump Turnberry Resort, along with fellow colleagues that have each spent 10 years or more with the business.

Commenting on his visit to Rothesay, David said: “We are extremely grateful to the Rothesay team for their long-standing service. Jacqui, in particular, has been able to progress with us as we have evolved over the years, reflecting her dedication to both her immediate team and the wider Webhelp Group.

“Our business has grown massively in the last 20 years, but it’s important to remember where our UK business started, and that was here in Rothesay.

“Webhelp is only as strong as the people who work in it, and they should all be very proud of what they have contributed, not only to the growth of Webhelp but to the growth of the community as well.”

Jacqui added: “It is great to have the hard work of both myself and my fellow team members acknowledged and David’s visit to Rothesay to thank us personally made us feel truly valued.

“A lot can change during 20 years of anyone’s life so having the opportunity to progress my career at Webhelp throughout this time has given me real security while allowing me to achieve my career goals.”


Top workplace design tips to motivate your people

Creating an inspiring work environment for your people can prove a powerful tool for growth. Research indicates that innovative workspaces serve as a foundation for an effective, engaged workforce.[1] Businesses that adopt collaborative workspaces are better equipped to ensure employee satisfaction and improved productivity.

The way in which people learn is also heavily influenced by the professional environment. The classroom set up may be the best fit for baby boomers, but generation Y require a more creative, interactive way of learning.[2]  Creative workspaces can help inform training programmes and promote effective learning across all the generations.

When we create an environment, we cater for a multi-generation workforce by developing a multi-layered base. Fostering ground-breaking innovative spaces helps our people to feel engaged while they learn and grow in their career.

Here’s our top tips to implementing an original, inspiring and inventive working environment:

  • Design your space around your people. Take care over the level of detail in your design plans, think outside the box and incorporate ideas that will be conducive to a motivated, engaged workforce.  For example, if you are a retail brand you could create an on-site shop for training purposes. This will draw employees’ right in to the heart of your business, giving them an authentic, customer experience, which is guaranteed to result in exceptional customer service.
  • Mix up your break out areas. Avoid the dull staff room and opt for bright, colourful and engaging spaces. For example, you could allocate space to be converted into a house allowing employees to rest and recuperate in comfort similar to their homes. This will help them recharge their batteries and come back to work with a more positive attitude.
  • Establish creative quiet zones. We all have days where we need some down time. Why not create a seated garden which acts as a phone free zone so that employees know they have somewhere to go when needed. Having a designated area like this will instil harmony amongst team members as the option is there to leave the desk and take a breather.
  • Design pods for informal gatherings. These small areas are best dotted around the workplace so that people can choose a different location each time. Changing surroundings encourages people to be more creative, so this is perfect for gathering employee feedback.

 

I'm on LinkedIn if you want to talk more about how your environment can drive engagement.

Andy.