Case Study – How a financial services company launched a new digital channel through a CX-led digital transformation strategy

The Client

An insurance provider, subsidiary company of a financial service provider.

The Problem

The financial service provider had existing customers who would need the services of the insurance company. However, the company was finding that they were not able to convert customers across the two subsidiaries of the business — a missed opportunity that was burning leads for the insurance company daily.

The Solution

Solutioneers took a deep dive into all the touchpoints across every channel on the customer journey. We started from awareness before the sales decision and continued through to post-sales service. We identified where the customer was making key decisions that would affect the outcome of doing business with the insurance company.

Solutioneers immediately identified several quick wins across all touchpoints, which instantly improved customer experience. We also recommended that several touchpoints be discontinued, because they were either not being used or were ineffective. By mapping out the customer journey in such detail, we could also identify and prioritise exactly where digital technologies would have the most impact.

We reviewed the consistency of the brand message and corporate identity at each touchpoint. Next, we evaluated the pre- and post-sales data generated by the various channels to understand where the sales journey could be enhanced.

In the comprehensive report that Solutioneers created for the company, we focused on filling the pits and elevating the moments that matter. The report became the basis for the company’s operational and digital transformation strategy.

Solutioneers identified ten projects that would significantly increase the company’s efficiency and remove friction for customers. One of these projects was to launch a new digital channel for customers.

Another of our recommendations was to create a new role for a Customer Experience Officer, tasked with driving the customer experience-led digital transformation strategy that Solutioneers had researched and developed.

The Result

It is now more than three years since Solutioneers started working with this client and we have continued in a coaching role to support the CXO.

The launch of a new digital channel has meant that more customers can be retained, increasing the customer lifetime value and improving the efficiency of  servicing new customers.

We’ve witnessed how a commitment to customer experience-led digital transformation has benefited this company in both the short-term and the long-term. These benefits have included improved efficiency, greater customer retention, a reduction in time-to-revenue, and better staff morale. It’s been incredibly rewarding for us to witness — and frankly, this is why we do the work we do.

Overall, the company experienced a major increase in momentum, because Solutioneers found the friction, greased the wheel, and as a result, velocity increased.

  • Is your company losing out on qualified customer leads due to friction in the customer journey?
  • Is your company ready for a digital transformation, but in need of a team of experts to guide you through the process?
  • When it comes to investing in digital technologies, is your company finding it difficult to prioritise to get the best return on investment?
  • Is your company considering hiring a Customer Experience Officer, but in need of coaching and support to get maximum value from a CXO role?

The Solutioneers team can help. Book a call with us to discuss how we can reduce friction on your customer journey and how we could support your team to be champions for digital transformation.