Singapore-based insurance tech startup Bolttech has selected American experience management company Qualtrics to integrate its systems, capture customer feedback and insights, and analyse data across 30 markets and three continents of Asia, North America and Europe.
With operations in Hong Kong, Indonesia, Malaysia, the Philippines, Thailand, South Korea, Taiwan and Vietnam - it is a B2B2C (business to business to consumer) platform ecosystem, connecting insurers, distributors, and customers to buy and sell insurance and protection products.
The firm is using CustomerXM, closed-loop feedback, TextiQ, site intercept, and EmployeeXM products from Qualtrics.
Bolttech’s customer experience lead, Andrea Linander told iTnews Asia that the firm intends to overcome challenges of the insurance industry including trust issues, complex pricing, lack of intuitive interface, and lengthy claim processes, by listening to customers through feedback on numerous interactions or touch points.
This helps gain a deeper understanding of customers' perceptions to provide better customer experience, she added.
After carefully evaluating multiple vendors, the team decided to go with Qualtrics which has helped the firm increase NPS (net promoter score) from 65 percent to over 75 percent in three years, Linander said.
NPS is a metric used to measure the loyalty of customers to a company.
Linander shares an example of the “claims experience”. Initially, the team believed it was the ease of submitting a claim that mattered the most to customers.
By actively listening to customers throughout the claims process, the team discovers that the customer's ability to access customer support and the convenience of claim delivery arrangements are more closely correlated with the NPS and customer sentiment.
Gaining a holistic 360 view of the customer
Talking about benefits, Linander informed that within three months, Qualtrics has integrated its systems across markets, helping the firm capture customer insights and analyse, alongside customer data points and operational data stored in its CRM.
The firm is using CustomerXM to capture real-time feedback giving a 360-degree view of customers, and its added feature iQ – Qualtrics predictive intelligence engine, helps extract customers’ pain points and automatically sends recommended actions to the right teams.
She added that Bolttech has established a centralised and unified mechanism for tracking customer experience KPIs (key performance indicators) and ensuring everyone within the organisation can access customer feedback.
TextiQ, the AI analytics capability helps analyse sentiment and key topics from free text and aids in terms of time efficiency and value.
According to Linander, closed-loop feedback helps the firm contact a customer on the same day when they seek support, as the goal is to uncover the issue, understand the potential sources of frustration, and address it.
She mentioned it's crucial to thoroughly investigate why a customer might be having a negative experience and to make calls to prevent them from walking away and choosing not to return.
Bolttech is also using EmployeeXM to gather feedback across the employee experience, from onboarding, employee engagement, and technology experiences to identify key drivers for worker productivity and engagement.
The firm is exploring to use of “site intercept” which will help the brand display custom messages, surveys and promotions to get immediate feedback.
Streamlining call centre operations
Linander mentioned that the firm's customers in Southeast Asia use to contact the brand through traditional channels, including call centres and email.
A deeper analysis revealed that over 70 percent of customers prefer interacting via social media chat, and in response, the firm has implemented a chatbot with Amazon Web Services (AWS) on Facebook Messenger to handle claim submissions and inquiries.
Within a few months, over 80 percent of the traffic got redirected from traditional channels to the chatbot, improving customer service and streamlining contact centre operations, said Linander.
In the context of social listening, Boltech has deployed Meltwater to collect and analyse customer comments, sentiments, and discussions across social media platforms and online forums, she added.