360Globalnet’s Post

I had a conversation about #CLV yesterday. Sadly, that doesn't happen often enough at airlines. Why? 1. Frequent flyer programs take up all the space. 2. CRM isn't about technology. I believe FFPs have long been one of the greatest obstacles to customer-centricity at the modern airline. The GDS is up there, too. Overall, airlines do a decent job managing flight profitability and operational efficiency—sophisticated practices in the industry. But what do they leave almost entirely unmanaged? Churn. Wallet share. Corporate sales teams do this a little. However, despite the prevalence of Chief Customer titles—at the core of consumer travel—an airline executive rarely owns Customer Lifetime Value as a key outcome. No one's bonus is based on whether customers stay or go, only on whether aggregate revenue and profits meet targets. Predictive models that incorporate future revenues, variable costs, a churn factor, and a discount to present value are the gold standard. Yet, the best version I've seen in the industry was at Continental twenty years ago, and even that was a simple, historical model. When done right, a forward-looking CLV can be a powerful metric of metrics—a super-KPI that puts the customer at the center of corporate strategy and enables an organization to reconcile and balance competing interests. Meanwhile, FFPs and associated elite benefits have devolved into what amounts to an alternative currency on an ultra-commoditized product. With ever-increasing sophistication, miles have become less a reward and more a stored (or trapped) value. The assets and liabilities of such programs are so astutely managed that they’ve become the basis of subsidiaries, spin-offs and collateralized debt. Furthermore, elite benefits, meant to reward the most loyal customers, have become viewed internally as entitlements, a cost center to be carefully titrated each year. Alternatively, with a CLV optimization mindset, the focus is on exchanging value for a mutually beneficial outcome. If I'm measuring the likelihood of customers to leave or buy less and I know I need to reverse a trend, I can use a CLV program to justify adjusting offers in real time—and at a 1-to-1 customer level. This kind of flexibility isn't possible with the complex rules and financial accounting of traditional frequent flyer programs. Notice I said "mindset" before. Airlines have all the necessary technology to accomplish this level of customer-centricity. What they lack is the business strategy and processes. Ultimately, #FFP ≠ #CRM and managing elite status qualification isn't the same as managing customer value. Many might think of the #NPS programs, ubiquitous in the industry. But show me the airline where those programs move the needle. Research shows they don't move the needle anywhere. What gets measured gets managed. Show me an airline with a Chief Customer Value Optimization Officer, and I'll show you an airline doing something exceptional for customers.

To drive growth in the insurance sector, exceptional customer experience is key! Research shows that great CX boosts financial success and overall performance. A fun way to enhance CX is by improving employee experience and this calls for flexibility. By embracing flexible work and mobile tech, insurance agents can shine anywhere, leading to happier employees and better customer care. Many insurers still stick to traditional office setups, missing out on agility. Mobile solutions empower claims adjusters and underwriters to gather real-time data and engage clients effortlessly. As the push for innovative work environments grows, insurers focusing on tech and flexibility will attract top talent and deliver stellar customer experiences. #insurance #businessgrowth #customerexperience

ICYMI: Are you ready to take your one shot?: Pretectum Customer Master Data Management is all about providing your systems with the necessary information to support these touchpoints. Using a combination of APIs and direct integrations, you can have the Pretectum C-MDM operate as the customer master data hub to your touchpoint engines serving up insights on the details of customers' social media identifiers, their associated product reviews and personalizing emails. In store personnell have the opportunity to directly engage with identified customers in a much more personalized way that conveys a sense of care and attention that your competitors may not be able to offer. #CMDM #CLV #Personalization #touchpoints

insured.io has just released their 2024 User Experience Survey, revealing that online portals are just as important as brand reputation when consumers choose an insurance carrier. With 35% of customers ranking digital experiences on par with brand, insurers must prioritize seamless online engagement to stay competitive. View the full release or download the survey with the links below: 🔗 Read the Press Release HERE: https://lnkd.in/gx4wvR4f 🔗 Download the Full Report HERE: https://lnkd.in/gwBveUMj #InsuranceTech #CustomerExperience #InsurTech #DigitalTransformation #CustomerEngagement

We often get asked about what customer self-sufficiency the Atlas platform has. Our strategy is to deliver that where it counts, for example being able to edit rating parameters and criteria, and to maintain and publish rating versions, independently of IS2. But rather than dumb down the end product with restrictive tools, we went the route of ultimate self-sufficiency, which allows our tenants to build and control their own customer journeys around Atlas. The Atlas API makes this possible and keeps all customer and data policy synced, regardless of the distribution channel. Our customer Ceta Insurance Ltd have their own team of skilled engineers, they built all their end customer interactions, and Atlas resides in the ecosystem. If you are looking for an open platform that can deliver even the most complex of digital roadmaps. You want to have full control of your customer journeys, and you don’t want to be locked into a closed legacy, or technically restrictive solution, then please message me to see Atlas in action. #heritageandpedigree #notlegacy #ultimateselfsufficiency #digitaldistribution #singleorginpricing

𝗘𝗟𝗘𝗩𝗔𝗧𝗘 𝗜𝗡𝗦𝗨𝗥𝗔𝗡𝗖𝗘 𝗪𝗜𝗧𝗛 𝗠𝗢𝗗𝗨𝗟𝗔𝗥 𝗧𝗘𝗖𝗛 🔧 Flexibility and efficiency are at the core of Alicia’s tech – consisting of 4 individual tech studios. This is what each studio can do to help create modern, easy and seamless insurance. ⚙️ 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗦𝘁𝘂𝗱𝗶𝗼 Develop or improve on innovative digital insurance products, tailoring solutions to meet specific needs and market demands. 📝 𝗣𝗼𝗹𝗶𝗰𝘆 𝗔𝗱𝗺𝗶𝗻 & 𝗨𝗻𝗱𝗲𝗿𝘄𝗿𝗶𝘁𝗶𝗻𝗴 𝗦𝘁𝘂𝗱𝗶𝗼 Streamline your policy management and risk assessment, enabling insurance professionals with a complete, digital overview. 🤕 𝗖𝗹𝗮𝗶𝗺𝘀 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗦𝘁𝘂𝗱𝗶𝗼 Enhance your claims processing with a user-friendly interface, ensuring fast, compliant and transparent resolutions. 📈 𝗗𝗮𝘁𝗮 & 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗦𝘁𝘂𝗱𝗶𝗼 Use data analytics to gain insights that lead to action, improving the product, conversion and customer satisfaction. Whether it’s one studio or the full package, our tech can do it all. Seamless, modern insurance is just around the corner! Want to know more? Dive into the nitty-gritty by clicking the link in the comments 👇 #insurtech #embeddedinsurance #insurance #innovation #cro #data #tech

With a staggering 75% of customers preferring digital interactions, traditional insurers must partner with insurtechs. This synergy allows them to leverage cutting-edge technology to enhance customer experience, streamline operations, and develop innovative products. Read the blog to learn more 👉 🚀 https://lnkd.in/gJEJRvqU #insurancetechnology #insurancetech #insurtechs #insurtechcompanies #digitalinteractions #cuttingedgetechnology #customerexperience

What customer self-sufficiency can the Atlas platform provide you.... #heritageandpedigree #notlegacy #ultimateselfsufficiency #digitaldistribution #singleorginpricing #insuranceplatform

Insurtech is the fusion of innovative technology and the insurance industry and it is reshaping customer communications. By leveraging Insurtech advancements, businesses can streamline operations, enhance customer experiences, and stay ahead in the market. From efficient claims management to personalized communication, Insurtech offers numerous benefits. Learn more: #Insurtech #CustomerCommunications #Innovation

State and local governments use SimpliGov to improve constituent interactions and reach traditionally underserved communities. Learn how workflow automation increases engagement by delivering personalized experiences across service channels. Browse our use cases: https://bit.ly/3TIzb4f #CX #digitalforms #workflowautomation #esignatures #digitalmodernization