Allianz + Qualtrics
How Allianz Global Corporate & Specialty calculated the ROI of trust and the real impact of happier employees
How do you make things better for your customers? It’s the question facing every CX team, and the answer lies with understanding what they want and pinpointing experience gaps in your organisation. By combining X-data and O-data, Allianz Global Corporate & Speciality (AGCS) was able to suss out the key drivers of higher customer loyalty, what its detractors have in common, and the importance of its employees to delivering superior CX. Now, armed with this knowledge, the company is in a position to turn metrics into meaningful action.
Gut feelings can only take your CX program so far. Our analysis of customer and employee data, plus X- and O-data, has given us a strong foundation for taking the right actions. Actions that drive improvements for our customers in the areas that matter most to them - and deliver the greatest ROI to our business.
Felicity Holdgate, Global Director of Customer Experience
THE BREAKTHROUGH INSIGHTS
The ROI of trust
To drive up loyalty and satisfaction, you need to understand what matters most to your customers. For AGCS, trust turned out to be the biggest driver of NPS – improve trust by 1 point, and you drive up NPS by 0.36. That breakthrough insight highlights exactly what teams around the world need to focus on – and the returns they can expect.
A global business can’t take a one-size-fits-all approach to CX. What matters most to customers differs by region. For example, it was shown that certain experience drivers were up to four times as important for one region compared to another. This clearly indicates that focusing and investing in specific areas, such as claims, may have a bigger impact for one region compared to another, enabling regions to more effectively prioritise investment areas.
Getting to know detractors
Bringing in O-Data tells you what your detractors have in common. AGCS can focus its energy on business areas lagging behind, and use X-Data to understand the NPS drivers of each. Plus, it can focus on product areas where detractors make up a higher proportion of customers.
Happy employees do equal happier customers
It’s often said employees drive CX, but having the data to back it up makes the business case much stronger. That’s what AGCS has done. It can see the territories with the 5 highest CX scores also have the 5 highest EX scores. So moving the needle on employee experience has a direct link to customer outcomes.
From back office to frontline
You can only drive EX when you understand where, why and how engagement differs across teams. Frontline and back office employees can have vastly different experiences. So in those regions where market-facing or non-market-facing employees have lower engagement, a different solution is needed.
The impact on NPS of a 1pt increase in “Trust”
Validating the link between employees and customers
of higher NPS identified for all of its markets
HOW AGCS GENERATED BREAKTHROUGH INSIGHTS
Integrating X- and O-Data
Operational data includes your sales data, finance data, HR data – things that tell you what happened. Experience data is the human factor — the beliefs, the emotions, and the sentiments of customers and employees. In other words, why things are happening. By combining the two, AGCS was able to identify key areas to focus on to drive meaningful change.
Combining customer and employee data
Looking at customer and employee data side by side helps quantify the importance of your frontline staff when it comes to CX. It also gives you a blueprint for improving customer satisfaction, through targeting those teams, departments or regions where the employee experience is lagging behind.
Breaking down data silos
You can’t make region-specific CX recommendations if your data is siloed and impossible to cross-reference. By collecting and analysing global customer and employee data on a single platform, AGCS is able to take a holistic look at its performance and identify where local markets should focus.
Allianz Global Corporate & Specialty (AGCS) is the Allianz Group's dedicated carrier for corporate and specialty insurance business. Worldwide, AGCS operates in 32 countries with their own units and in over 210 countries and territories through the Allianz Group network and partners.agcs.allianz.com