Case Study Competition

FCB INDIA, COMSTRAT

Team Name: Curio-City

Team Members:
Rohan Roy (18PGP159)
Chetan Goyal (19PGP039)
Biplab Roy (19PGP035)
Our always on, digital world istransforming the
insurance industry with a particular impact on
customer acquisition andretention
In an always-on, 24X7 multichannel world characterized by complex
customer segmentation, delivering value has become more complicated
for insurers.
 Limited economic growth in  Rise of online and digital channels
developed countries empowering consumers

 Strong competitive  Customer experience is

pricing basis of competition

 Individual-
 Consumers are centered
ubiquitously economy
connected

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It’s a battlefield to acquire and retain customers,
and customer experience is rapidly becoming a
fundamental differentiator
• Trustin the financial services industry isthe
lowest of any industry at 44%

• Only 30%report having positive customer

experiences with their insurers

• 40%of consumers are likely to switch to

another automobile or home insurance
provider

• 35%are likely to take out a new contract

with a newprovider

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With the right customer experience,
insurers can increase the rate of
acquisition and reduce churn of
policyholders
70%of buying experiences are based
on how the customer feels they are treated
after they become a customer

89%of consumers have

stopped doing businesswith a
company after experiencing poor
customer service.

A positive customer experience influences purchase decisions and

minimizes customers switching to competitors

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Personalization is the key to enhancing the customer
experience, thereby driving both acquisition and
retention

• Policyholders of all ages

prefer personal interaction
when purchasing from
insurers

• A personalized customer
experience can increase
policyholder conversionby
up to 20%

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Acquisition isparticularly challenging in the
insurance industry because advertising
encourages consumers to shop around
• 55%of current marketing spend is
on new customer acquisition

• Policyholder acquisition is
triggered by an individual’s
specific need, not seasons or
economic trends

• Insurance advertising hasbecome

a daily part of our lives because
insurers don’t know exactly when
individuals will need a policy

Insurers need to understand when the individual’s need arises and be there at the
right time with the relevant offer to capture the opportunity.

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To successfully acquire new policyholders, insurers
must deliver an integrated and personalized
experience across six key pillars

1. Personalized Search 4. Technology

Experience Platform

2. Attribute Based 5. Policyholder

Routing Outreach

3. Custom Call 6. Analytics

Scripting Platform

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THANK YOU!