Customer Focus
Revitalising Sales and Customer Centricity: A Case Study of Transformation at Cigna Thailand
In the competitive landscape of insurance, stagnant sales and waning persistency can spell disaster for any company. Cigna Thailand found itself precisely facing this challenge, with a homogeneous product range, lack of innovation, and a glaring absence of customer-centric focus. Recognising the need for a paradigm shift, Gary devised a strategic roadmap that would not only diversify the product portfolio but also infuse a customer-centric ethos into the company's operations.
Strategy: Gary identified three key opportunities to drive growth and enhance customer satisfaction:
Focused product management and new product design.
Product differentiation through add-ons.
Embracing customer centricity and segmentation.
Key Actions:
Pioneering innovation: The introduction of the first-ever dental product in Thailand marked a pivotal moment in Cigna's product diversification strategy.
Differentiation through innovation: Supplemental products such as Assist America and MediGuide were introduced, offering added value and differentiation to customers.
Putting customers first: Customer segmentation, coupled with data modelling and analytics, allowed for a personalised approach to customer service and product offerings.
Enhancing persistency: Customer service improvements were implemented to drive better persistency rates, alongside targeted win-back/retention and cross-sales initiatives.
Streamlining processes: Customer-centricity was embedded into claims and underwriting processes, leading to improved efficiency and customer satisfaction.
Outcome:
A remarkable 13-month persistency rate improvement from mid-40% to 58%, signalling enhanced customer loyalty and satisfaction.
Cigna Thailand emerged as the largest seller of the Assist America product across Asia, a testament to its commitment to product innovation and differentiation.
Trailblasing customer segmentation: The company became the first to manage customer lists using propensity-to-buy and next-best-product analytics, enabling targeted marketing efforts and improved sales outcomes.
Achieving efficiency gains: The acquisition cost ratio was improved by over 100%, while reductions in inbound calls to claims and underwriting departments, coupled with a decrease in claims paid timeframe, underscored the company's operational efficiency gains.
Conclusion:
Through strategic product innovation and a steadfast commitment to customer-centricity, Cigna Thailand underwent a remarkable transformation under Gary's leadership. By diversifying its product range, enhancing customer segmentation, and streamlining processes, the company not only revitalised sales performance but also elevated the customer experience to new heights. Cigna Thailand's journey serves as a powerful testament to the transformative power of strategic foresight and customer-centric innovation in driving sustained growth and success in the insurance industry.