4 marketing essentials from Google, Facebook and LinkedIn

Today marks the start of our 2014 Digital Financial Services Summit and as a content marketer it’s a personal favorite from our portfolio.

This morning kicked off with Google, LinkedIn and Facebook all talking about their latest developments and it was interesting stuff. It genuinely makes me excited to be working in this field.

There seemed to be some real change in the room from even just 12 months ago. People are really starting to ‘get it’ when it comes to smart, customer centric marketing models but a few key things really stood out.

The linear funnel is dead.

Ok, maybe that’s slightly dramatic but we can’t just move people down a linear path any more. Just like digital in its essence, we’re currently going through exponential growth in the way we service and market to customers. Connecting on a ‘flight path’ now seems more accurate than taking through a funnel.

For example, statistics demonstrate that people on average have taken themselves through 60 per cent of the overall buying cycle by the time they engage with a brand. Using a flight path approach will allow companies to connect across more or those touch points rather than assuming they can be pushed through a linear funnel. It also offers the best chance of being in mind before 60 per cent of the decision has been made.

It’s perhaps these sorts of statistics that drove Barclays Bank in the UK move 25 per cent of their service desks straight into one of the leading supermarkets, Asda.

Content is not.

Content marketing is the leading marketing tactic. It’s been around for years, probably around 150 but in 2014 the barrier is low and the ROI is high.

In Australia, Facebook users who log on everyday (85 per cent of overall users) log on 14 times. There’s a constant hunger for keeping updated and consuming knowledge.

Even on LinkedIn, well known as being a place of job opportunities – Content is currently viewed 7 times more than jobs posts on the platform.

So what’s going to make good content going forward? It’s still the same principle – helping someone and offering value. To tie in with the omni style flight path, and 50 per cent of traffic now through mobile, we’re going to see the rise of Big Rocks. In other words, those big pieces you can slice and dice 5-10 other ways. This generally starts with an eBook, but then splits into articles, videos, webinars, infographics, podcasts etc.

We’ve still got emotions

Many a marketing team is trying to get a grasp on data, targeting, segmenting and creating various different buyer personas. However, some of the most successful marketing campaigns of the year have played more on our emotive sides, a reminder to never forget the powerful impacts a heartfelt campaign can have.

The latest example is the #TDThanksyou from Canadian Bank TD. And yes, I challenge you to watch it without shedding a tear – I failed (6 times). The video with the tagline ‘Sometimes you just want to say thank you’ has had over 10 million views and doesn’t play on any of the features the bank can offer with smart analytics or intelligent services. Nope it focuses on positive awareness and brand reputation, but I tell you what – I’d bank with them!

Mobile mobile mobile

I wish I’d started a kitty for $1 every time the word mobile was mentioned. Mobile has very much become our primary screen and we need to make sure every single landing page is optimized for that.

In any customer centric model, to be with the customer from the start of the journey, there absolutely has to be a massive focus on mobile. It’s about ‘information that moves with you’ – get that wrong and you’ve lost that customer forever.

Drawing on finance as an example, search results show that ‘home loan’ as a term was very much a Monday-Friday search. It completely dropped off at the weekend. However, we’re now seeing a consistent level of search results 7 days a week – this is causing the home lending companies to move into real estate listings to be there on the day as the person is looking at a house – being a mobile tap away from seeing if the buyer will be accepted for funds as the notion pops into their head.

Google are working on a next generation mobile concept for our everyday lives with phones connecting into the internet of things. ‘Project Tango’ (and you can find more here https://www.google.com/atap/projecttango/#project) uses visual cues to map out interactions. The goal of Project Tango is’ to give mobile devices a human-scale understanding of space and motion.’

Only time will tell the next big trends to make an impact, but no matter what tech occurs, it’s never been more important to start planning for being agile as a business. There are things that aren’t in the market yet, but the only way you can take advantage is to set a flexible working model now.

Last note – Did you know that if you’d have bought 100 bit coins in 2010, they’d be worth 761,000 now!?

Join the conversation @digifinance #digifinance

Facebook on a quest to revolutionize financial services marketing

With 12 million users in Australia, Facebook has developed into a core marketing platform to help organisations achieve their business objectives.

The organisation has been through a bit of a transformation of late, with the initial focus being the social networking customer experience – adding features to revolutionise the way we communicate and share with each other. Now though, the spotlight is well and truly on the business world, to leverage the wealth of information Facebook holds to drive efficiency and experience for financial services.

Here in Australia, Paul McCroy joined the Facebook team 12 months ago and his role as Head of Travel and Finance tasked him with the objective to build a team that can work closely with financial services to use Facebook. Paul explains: “It started with the team we created. We’ve hired a group of people to really understand the problems industry is faced with; we have people who worked in finance now working for us. It’s a constant focus to understand the problems faced by industry and build our Facebook platform to solve those problems. From there we want to work closely with financial services here in Australia to help them use Facebook in the best way possible.”

Whilst some of the big four were initially sceptical about the potential threat of Facebook in the financial services arena, the social networking giant has insisted they want to grow new users and enhance experience, rather than create banking services of its own.

Mobile

There’s a huge focus on mobile and it’s clear to see why. Digital advertising overtook traditional advertising for the first time last year, drive mainly by the onset of mobile. With 10 million active daily users and 85 per cent accessing via mobile devices – it’s easy to see where the potential lies for many a marketing team. Paul explains:

“Digital has overtaken television and mobile is the new upstart. Facebook became a mobile first business two years ago, transforming from desktop. Here in Australia, there’s a higher mobile percentage than any other developed country. Facebook represents an opportunity to take advantage of the fact that more people are consuming media on mobile phones.”

It’s this drive to mobile that’s seen a surge in app development over recent years, with the finance industry among the top performers for app engagement, providing customers with ease of access like never before. But with many banks allocating huge resources to develop their own assets, is there really any need to tap into the Facebook pool? Paul explained where the potential lies:

“One of the immediate benefits is the opportunity to capitalise on the trend. Mobile Banking was developed to service the customers where they are. It is also the most cost efficient way to service customers and has been quoted by Mckinsey as 1/8 the cost of servicing via the call centre.

“One in every five minutes on a mobile phone is spent on Facebook properties. When you want to speak to people who are on a phone, Facebook is where you should go. Our biggest growth area is banks taking their apps to our platform and promoting their advert in front of their customers. Customers then go and install that app unit. In terms of results, we’re the most cost effective for getting apps installed – 30 to 40 per cent of app installs come from Facebook.”

“Phase two is where the banks have people with the app installed, but they’re not necessarily engaged. We have developed a tool that helps with app engagement. Essentially, once it’s installed, you continuously re-engage them so that they use it as a utility. By them frequently engaging on the app, it takes the pressure off the contact centre and service channels, so the overall experience has been a success.”

Easing data concerns

There are some real alarm bells that often get triggered thanks to some serious spotlight on large data companies like Facebook and Google. Naturally an integrated banking service would lead to some data concerns, an area Paul insists is at the core of that they do:

“We don’t give anybody data. We have 12 million Australian users who do a lot of things on our platform. What we do is provide a targeting interface to enable advertisements to people that fit their interest behaviour. That data is never given back to an advertiser, it stays with us. Our primary goal is privacy. We’re one of the largest data companies the world has and will ever see. Everything we do is about keeping our site secure. It works well with banks, as it’s exactly the same as what they do. Whilst some people see data as a problem, we see it as a really nice fit.”

 Driving experience and efficiency

The team at Facebook are already seeing results creating unique experiences by targeting the right people, with the right content, on the right platform.

“When it’s done well, the conversions are huge. There are key challenges facing industry right now – efficiency, scalability and profitability.

We know certain media channels are becoming more expensive, every company in the world wants to achieve their goals in a more efficient manner. Where in the world is there more scale and engagement than Facebook? Our users are very engaged and it’s a huge opportunity to reach your customers and prospects at scale.”

Paul will be speaking at Digital Financial Services 2014: “I want to impart some of that knowledge to the audience and provide real life examples. A big thing we want to bring is what we see trending and how we can work with you to capitalise on some of those trends. We’ll also take a look at what we’re developing in the future.”

Visit www.digitalfinancialservices.com.au or follow @digifinance for more information on the event.

View the full interview with Paul here: http://youtu.be/t196-WP4_8U

Low cost marketing innovation – 4 essentials to success

It’s tough to be a marketer. It’s hard to allocate cash for innovation, but at the same time rapid consumer behaviour changes and increased competition make it a bit tricky to stand out.

All is not lost. We can once again get our creative juices flowing without breaking the bank (sorry…). I recently took a look at the world of Financial Services and it’s safe to say a few obstacles need to be overcome; the allure of the non-banks and a heck of a lot of expectation from the customer.

With that in mind I recently caught up with Simon Clarke, Head of Online Banking Suncorp.

Simon and the team have a clear focus: “We’re delivering our new core banking capability. It is a major strategic initiative for us and will enable a new generation of customer experience through our simpler and more agile platform.”

“At more of a group level, we are constantly looking at ways we can improve the customer experience across our key areas of banking, life and insurance. We want to ensure that customers have a consistent experience no matter what product they have and touch point they engage us from.”

The team have a smaller budget than the major banks, encouraging (sometimes forcing) Suncorp to think outside the box to build and optimise customer experience. This approach can often far outweigh consultation and reading through insight all day.

So how exactly are they doing this? Here’s Simon’s recipe to success:

Sweat the small stuff

“Post GFC, innovation has been always associated with research and development. But in more recent times, people and customers have come to realise that innovation isn’t always about the newest technology or gadget. It’s often just tapping away to remove a step or part of a process.

“We often find in banking that we build, design, rebuild and redesign technologies very quickly due to tech improvements and resilience. But we often neglect to review the process which the technology facilitates. That often leads to a slick looking application underpinned by a very long, frustrating seven-step process to do something that should only take two.

“We have a goal in which we constantly go through customer journey maps and ask: ‘Does that need to be there? Is it just because it’s always been there?’ As we optimise our websites, online banking platforms and mobile channels, we have the opportunity to challenge and improve the process. We also blend with user experience design so every word, click or tap culminates in a simple, easy to use engagement.”

What to do today: Innovate incrementally. Start with a small pain point with your product, system or process. Pull it apart and put it back together 2% at a time. Overtime, these 2% add to 20% very quickly and culminates in achieving high customer satisfaction at low cost and risk.

Mix it up

“We often find it amusing the costs that come out of delivering innovative technology or simply keeping up with customer demand. All of our banking platforms are designed and built in-house.

“This allows for very tight ‘product teams’ to form with a mix of business and IT people to take a challenge, sketch it, design it, user-test it, build it, secure it and get it out the door within a few days. We have feedback forms that are monitored and answered by product owners so every idea, complaint or comment goes straight to the person who can make a decision and execute on that idea or fix that problem.”

What to do today: Speak constantly to your team to understand roadblocks and attack them one by one to form a lean, effective team. Take the time to also listen to your customers. They should influence and be a part of your strategy and execution, not just an end user.

Look past the fancy reports

“From a design and UX perspective, again we use the same tools that a small business might to perform UI online tests, surveys and lab tests using basic video conference equipment.

“Some of these tools can cost $150 to run and the feedback and insight we get is amazing compared to a $10,000 report. We love using these ‘guerrilla tactics’. From an execution side, it allows us to try a lot of new things and if some don’t hit the mark, there isn’t a swollen budget sitting at the other end.”

What to do today: If you need insight, there’s plenty of it out there for free. Form an idea, build it out with creative and knowledgably colleagues and put it to the test. Learn fast and do it cheap. If the idea doesn’t hit the mark, gather your learnings and put it towards your next opportunity.

Persist

“Having a ‘fail fast and learn’ culture can be difficult to achieve and persist. But with the right attitude, enthusiasm and decision-making capability, we can strive to build the easiest-to-use websites and online banking platforms and see the effects through direct feedback.

“I think the biggest challenge is building the right culture and acknowledging that innovation doesn’t need to be cutting edge development. Simple touches each day accumulate to building an innovative model that customers can appreciate each time they engage us.”

What to do today: Build a safe working environment that allows your staff to thrive in generating and testing ideas. Isolate risk adversity so that it is managed but not impacting your ability to innovate and drive user experience.

Join Simon at Digital Financial Services 2014, he’ll be delivering the Case Study ‘Banking Channels at Speed through Lean Innovation’.  Visit www.digitalfinancialservices.com.au or tweet @digifinance

Outsourcing? Don’t trip up on customer experience…

We’re starting to see some real changes in the Shared Services industry. Whilst the earlier focus on delivery cost remains important, the all-in cost to the enterprise is more in focus.  SLAs are becoming less important as users are realising that green SLAs don’t feel green, cheap does feel cheap, and the lack of the ‘right’ service is spawning an increase of shadow services across the enterprise eating into the initial estimated business case benefits.

The earlier solution to cost pressures through increased scale is facing into the reality that there are two curves at work – benefits of scale versus cost of complexity, and as you scale out across processes the added complexity can cause your benefit case to turn negative.

There is a need to look at this again, and this time from a different direction; the customer perspective, rather than purely from a cost and efficiency perspective.    For the cost element, Shared Services need to be looking to manufacturing to learn new tricks.  Whilst lean has been a buzzword for years, the new focus on lean in the context of a component based service delivery model is gaining ground.

“View every process as if you’re a customer, and then apply learning from the manufacturing industries – when you start doing this you start moving your services away from products and to a customer centric process.” Explained Simen Munter, Group General Manager of Global Shared Services at ANZ when I recently caught up with him to discuss the changing nature of ANZ’s business.

Five years ago, ANZ embarked on a strategic transformation which recognised there was a unique opportunity to create value for shareholders by broadening its presence in Asia, whilst leveraging its strong foundation in Australia and New Zealand, to become a super regional bank.   The move recognised that a once-in-a-century shift was underway in the global economy as growth opportunities moved from the developed economies of the West to the Asia Pacific region.

“Instead of running 33 different banks, we want to be able to gain scale benefits and run as one bank across the 33 markets in which we operate. To do this we have significantly invested in our operations network across the region.

Our hubs network is expanding ANZ’s operations capability to support business growth in a way that is sustainable and cost effective. As a part of our super regional growth strategy we have operations in Australia, New Zealand, Manila (the Philippines), Chengdu (China), Bangalore (India) and Suva (Fiji).”

ANZ Operations

In Shared Services we aspire to operate  through a set of processes which are globally consistent, but able to handle local variations. We work to have the right people in the right locations to offer the best service to our customers.

Simen explained: “Specialist hubs help us build a super regional workforce, giving us access to capabilities that may be limited in our domestic markets. The Manila hub, for example, is a centre of excellence in voice based work. Our hubs are built around local talent pools and expertise.”

“Capability and capacity are the main drivers of a customer centric operating model. Staff in operating hubs provide additional capability to deal with increased volumes and allow in-country teams to focus on other activities that support business and customer outcomes. We work towards sharing products, platforms and processes across our geographies to give us the ability to build a ‘single production line’ and maximise re-use wherever possible.

“A key benefit of our approach is the ability to access ‘been there and done that’ talent, enabling us to leverage experience gained elsewhere. Take things like payroll and accounts payable, we have 33 markets to run this for. To find people who are experienced at running that kind of complexity is very difficult in Australia, whereas some global companies have done this for years. By being able to tap into a wider pool of skillsets across multiple locations we can leverage these learnings and operate more efficiently.“

“There is a real opportunity through blending highly skilled employees with low cost delivery so that we can be both locally competitive and cost effective. Nowhere is this as important as when you are competing in low cost locations.”

Looking for the extra edge

Looking at what you do from a customer perspective is challenging, as current best practice has been focused on SLAs and not based around the moving target of providing excellent customer service.   SLAs are typically set at the worst outcome your customer is willing to accept – meeting that consistently is hardly a good measure of success.

Simen explains: “The focus cannot be on these types of measures, the focus must be on solving the issue for your customer. My approach to shared services leverages skill and expertise across our regions to design, build and deliver services with the customer in mind.

“You’ve really got to focus on quality, as bad quality is a driver of resource requirements. The other focus is to ensure that the work being done is worth doing or is it work which exists as a result of failure in other processes.  We are seeing substantial opportunities in ‘turning off’ volumes by fixing things at source by looking beyond the current process and into what would have been ‘perfect’.

“We have seen a significant uptake in both external customer satisfaction and  internal customer satisfaction over recent  years.  It’s something we’re spending a lot of resources on as we see that as critical for our long term success.

“We focus on getting the customer service right and embed this  in our processes.

Also, when you have satisfied customers it gives you the room you need to further innovate and improve. If you are on the backfoot with quality you are spending all your time firefighting.  I don’t want great firefighters, I want superb ‘fire prevention officers’ – the people whom are able to look at things which are ‘not perfect’ and change them prior to issues becoming real service issues.”

Increased expectations

For outsourcers, these changes in approach can be quite complicated. Previously a product or transaction based approach was the norm, and you could meaningfully quote for particular parts of a business.  In a component based enterprise, the ‘end to end’ products disappear as many processes are identical across products and there is a new need to offer value beyond undertaking a particular type of ‘set in concrete’ work.

“This is similar to what happened in manufacturing decades ago, you can’t just aim to deliver to outdated SLAs, you have to own the outcomes in a very different way, as your element is integrated into the overall service delivery in a much more holistic manner.  The outsourcer needs to make sure they drive the innovation within their area, it isn’t only about the ‘run’ and meeting SLAs anymore.

“You need a competitive advantage beyond offshoring.  Outsourcers really need to bring something which adds value beyond the  added complexity of engaging with them, demonstrating they know what a business wants, they know what good output looks like and they know how to do it effectively.

“Overall, we’re seeing a strong growth in the industry towards work going to captives as they have proven to be more effective in driving adaptive change – it is difficult to outsource change. However, as organisations are increasingly process oriented, there’s a huge opportunity for outsourcers to provide large scale processes offering standardization while leveraging capabilities across multiple customers.” said Simen.

“I continue to see Global Shared Servicesas a key growth area in the corporate world, and an exciting area of opportunity for talent.  The specialist skill-sets required to effectively use a global delivery model, optimise skill-sets across talent pools and locations,  automation, organisation, production management is valued and there is a level of excitement about how the world of service delivery is changing.

“We are also seeing real opportunities in other areas, for instance, reporting and analytics is an important area for us.  We see that as a huge growth area, both in terms of offering the service to others across ANZ, but also in terms of using those insights into operating more effectively ourselves.

“There are two golden rules: quality cannot go down and price cannot go up. We don’t believe we need to compromise on quality to get the cost benefit when we do this right.

“Our customers need consistency, effectiveness and efficiency and that is what we aim to deliver,”said Simen.

“If you look at what’s successful from our perspective there’s only two metrics which really matter: customer satisfaction and cost.”

Join Simen during Shared Services & Outsourcing Week 2014 where he’ll be delivering the presentation Driving out Costs while Improving Internal Customer Service Delivery.

New airport funding revenue set to take off…

There are a lot of issues facing infrastructure funding at a national level. The simple truth is there’s less money in the government pot. As a result, it’s time for economic infrastructure projects to start thinking outside the box about how they’re going to get funding.

Economic infrastructure has a distinguishing characteristic – there is a third party revenue stream generated by people that want to use that piece of infrastructure.

If you want to use a road, or use an airport, then there’s a way in which airport charges are included into the overall financial structure.

Pre-GFC environment, people were ready and willing to take the risk on the third party revenue streams. But as times get tougher, it’s becoming harder to justify taking the risk on the revenue stream.

To get a bit of insight on exactly how we can start to green-light regional airport development projects, I caught up with Martin Locke, Partner at PwC.

Martin and I took a look at the different models government can use to facilitate new investment in infrastructure that is expressly going to have an impact on productivity, and have an impact on growing the economy, generating revenue streams over time:

  1. Government can still decide to build and finance a new piece of infrastructure in its entirety. As revenue streams begin to firm up, government can then choose to sell off that piece of infrastructure. That’s been done in the context of some of the road transactions recently in Queensland. That model is what can be referred to as ‘build now, future sell’ and could apply in relation a completely new piece of infrastructure, or a piece of infrastructure that is an expansion of an existing arrangement.
  2. Another model is to leverage existing assets. This is when the government identifies a particular brownfield asset that’s already generating a revenue stream, and looks at how to expand it. Stakeholders may be asked to step up and take a risk on a revenue stream before it’s been firmed up. Repayment is sometimes provided out of the existing asset, rather than the expansion.  There’s an example of this currently being developed in the roads area with the extension of the F3 to connect up with the M2 motorway. That’s been done as an extension of the original concession – it’s called Missing Link. In return for taking on the risk of constructing and generating this new revenue stream, shareholders ask for compensation in the form of extending the lease term on the existing concession.
  3. Revenue securitisation is another option. When social infrastructure is financed from substantial government investment, it’s because the private sector won’t take the revenue risk. For economic infrastructure projects, the government’s approach is to pay the private financier an availability payment once the infrastructure has been built, generating a return on the initial private capital. Separately, government will also look to generate a charge and revenue stream from that piece of infrastructure. That type of transaction is what’s currently being contemplated for th East West Link project in Victoria. It’s also an example of what was in relation to the subsequent leasing of the Sydney desalination plant.
  4. Contingent support: The fourth area is for government to provide some form of contingent support for a project.  For example, private financier funding might build an expansion, and the government agrees to provide funding support for that expansion. When the private sector financiers step up with their money, they’re told what the projected revenue stream is going to be, as it’s still a projection, and government provides a return guarantee (normally set at a lower level). There’s a cap and collar type arrangement that is adjusted depending on how much is earned. Once the level of the cap is reached, any excess revenue is paid back to government.
  5.  Finally, government can provide subordinated debt. The private sector will provide funding, but will only agree to fund around 50 per cent of the capital costs of the expansion. This will be because they can only see sufficient revenue to amortise 50 per cent of the capital. Government can then offer the remaining balance, in the form of a subordinated loan. Their subordinated loan is only serviced after the prior ranking loan for the banks has actually been repaid. It provides a mechanism where government is providing funding, designed to earn a return and ultimately be repaid.

The above models certainly offer some innovative funding methods, but without a solid business case to begin with, hopes of funding will be slim. Martin shared his key advice for building a successful business case:

Provide clear support for the future ability to generate third party revenue.  If you’re coming up with financial projections around how you’re going to repay your capital, and how are you going to come up with different forms of revenue stream, do your due diligence around that revenue stream to provide strong evidence.

People make a mistake of confusing economic analysis with financial analysis. People will be trying to justify a project by claiming it’s got a really good economic cost benefit ratio. A lot of indirect economic externalities might help generate a really decent economic cost benefit ratio, but unless they are related to financial benefits, the project will not be financially viable.

The government has become increasingly credit constrained. There’s very little money to deploy. They would far sooner see projects being privately funded rather than publicly funded. Ask yourself: How do I make sure that I’ve actually got a business case and a financial structure that is consistent with private funding being made available?

Hear more from Martin during Regional Airport Development 2014 where he’ll facilitate the workshop ‘Exploring Alternative Funding Models for Infrastructure and Commercial Developments’.

 This workshop will assist you with understanding the alternative infrastructure funding models; and aims to guide you through the processes and criteria for securing such funds. Now is the time to comprehensively explore your funding options to ensure you can turn your master plan into master actions.

4 key steps to transform from claims process to claims experience

As the phrase ‘Customer-centricity’ shows no signs of slowing down, I recently caught up with Richard Poole, Head of AustralianSuper account at TAL Life to see what this means for the Claims industry. He explained:

“We’ve taken on a very customer-centric view across our entire business. The customer is at the forefront of everything we do; our processes, our policies and our products and most importantly in all of the personal interactions with our customers, or our service.”

The 4 key streams to focus on:

  1. Build relationships with your customers

Knowing our clients well means we can understand what products they actually want and need. We then also have a better understanding of how can we satisfy that need while still being efficient and cost effective. It’s about looking for the win-win.

  • Building a relationship is relatively straightforward when dealing with our direct customers, because we have a connection with them from day one. From the first contact we establish that relationship directly, and it stays all the way through the life of that customer. Hopefully, for their sake it won’t result in a claim, but if it does, they’ve got a consistent experience with us all the way through.
  • With Retail customers (adviser-driven), the relationship is generally owned by a financial adviser. So we may not get involved with these customers until the time when a claim needs to be made. Our role here is to manage the process as quickly and simply as possible, supporting the client’s relationship with the advisor.
  • It can be harder to build a relationship with our Group customers, because their insurance comes packaged with their superannuation. Similarly to Retail customers, our role generally comes into play when they need to make a claim on their policy. This is when we have the opportunity to build a relationship, by providing support through a difficult time.

Over the last 12 months, we’ve been working on those relationships to identify how we streamline that process and establish strong direct links to the customer.

Ideally, the customer will be able to make one phone call, or submit a claim through one channel, preferably with us, while we can keep all other interested parties informed in real-time.

  1. Clearer communications

The key issue around product is always going to come from the terms and conditions, and the wording of those products.

We’ve come a long way in the last few years to have more plain English in our products, with the days of fine print and ambiguous wording well gone. The key is to make it as easy as possible for the customer to understand exactly what they’re buying, and to help them understand under what circumstances they can make a claim on that policy. It’s also our responsibility to make sure the policy has very clear entry and eligibility rules, to ensure the validity of a claim is unambiguous for claims assessors.

Plain language cuts down on confusion and miscommunication between the customer and ourselves. Everybody knows exactly what’s expected of them, and there shouldn’t be any surprises.

  1. Provide a seamless experience

Wherever possible, our processes are agnostic to the channel. We try to build in as much automation into those processes as we can while retaining the flexibility to ensure we’re managing exceptions and preserving the customer experience.

Standardise as much as you can, keep your claims process system updated and keep refining it. We’re currently on Year One of a three-year project to build our new claims system into the business. It’s bringing in another level of automation, including being able to segment claims into the appropriate areas of complexity.

  1. Add value

The next step in modern claims processing is to begin to add value to the customer to assist their return to wellness. The way we’re doing that now is by really focusing on the customer and their needs very early on. It’s that move from reactive to proactive, and being there right from the start of the journey.