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Blog | Insurance

• Insurance Digital Transformation: Improving the Customer Experience

In this insurance digital transformation case study, our design thinking practice drives impactful results to the client's bottom line and customer experience.

JANUARY 29, 2018

As data analytics transform the global business community at a rapid pace, many opportunities exist for insurers to leverage information to grow their bottom line. All insurance companies are sitting on a wealth of information about their customers and operational processes. The biggest challenge insurers face with this data? There’s too much data to sort through, and it’s difficult and time consuming to translate information into actionable insights.

Making your data work harder – and more valuable -- is what the Sutherland Cloud Analytics platform is all about. It has positively impacted many companies on a global scale, combining the power of data analytics with artificial intelligence (AI) to drive insights to fuel decisions that boost your bottom line and customer experience.

Harnessing Big Data Drives Insights, Streamlines Processes

Guardian Group , an integrated financial services organization with a focus on life, health, property and casualty insurance, pensions and asset management, recently partnered with Sutherland to rapidly monetize its data assets to meet their business needs.

Prior to engaging Sutherland, the leading insurer was challenged with disparate, unsynchronized databases and inconsistent data across their organization, and basic financial and operational reporting did not deliver valuable information for executive decision making. The time was right for Guardian Group to make agile adjustments to address changing customer expectations, market needs, and regulatory mandates.

Sutherland’s Cloud Analytics Platform and associated consulting established an ongoing big data capability to facilitate a culture of leveraging insights for business decisions. Thanks to Sutherland’s cloud-based solutions, Guardian Group saw an approximately 25 percent reduction in manual efforts and associated labor cost for some activities, 20 percent reduction in claims-related processing turnaround time, and 100 percent digitization of forms now available online.

An End-to-End Analytics Transformation

Core components of the data analytics solution for Guardian Group include:

Suspense Amount Management for cloud: AI-leveraged analytics that enables insurers to wade through complex data streams and meaningfully allocate premium suspense amounts to the right policies. It’s designed to optimize cash flows to improve loss ratios, combined ratios, and current ratio.

Operational Lapse Accounts Analytics to better understand agent performance and drive optimal account management processes.

Operational solutions to help drive efficiencies and automation in customer-facing and claims management processes.

Precise customer service and predictive modeling powered by analytics capable of turning customer and market behaviors into models.

Strategic customer, agent, and policy profitability analytics to assess emerging risks, identify new revenue sources and optimize enterprise-wide profitability.

Now is the time to leverage data analytics to your drive competitive advantage and positively transform processes throughout your insurance organization.

Reduce Risk. Gain Advantage. Improve Retention.

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Lemonade: Delighting Insurance Customers with AI and Behavioural Economics - A Disruptive InsurTech Business Model for Outstanding Customer Experience and Cost-Effective Service Excellence

By: Wolfgang Ulaga, Ziv Carmon, Laura Heely

This case explores InsurTech start-up Lemonade's disruptive new business model aimed at creating and delivering a 'shockingly great user experience' around a 'lovable brand' - in an industry plagued…

• Length: 12 page(s)
• Publication Date: Jul 1, 2020
• Discipline: Marketing
• Product #: IN1673-PDF-ENG

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This case explores InsurTech start-up Lemonade's disruptive new business model aimed at creating and delivering a 'shockingly great user experience' around a 'lovable brand' - in an industry plagued by low customer satisfaction. The digital disruptor leverages principles of behavioural economics to address conflicts of interest and mistrust which prevail in the existing industry. It uses digital technologies to automate, accelerate and manage an impressive amount of work - with few employees - thereby reducings customer effort and , increasing customer satisfaction to achieve cost-effective service excellence. The effortless experience is aggressively priced and relies on a flexible subscription-based pricing model. Artificial intelligence (AI), data and machine learning are key in the race to achieving data parity with incumbents. The case culminates in Lemonade's filing for an initial public offering (IPO) and asks where growth should come from next: incremental improvements, further expansion across the United States, global expansion beyond Germany and the Netherlands, or from new types of property.

Learning Objectives

This versatile case allows students to explore how digital disruption is impacting the insurance industry and understand the digital transformation of the customer experience (CX). They deep dive into the key building blocks and performance metrics of Lemonade's innovative business model, with a special emphasis on AI, data and machine learning. It allows a discussion of how principles of behavioural economics come to life in an insurance setting and beyond, and demonstrates a hands-on approach to the design of the CX and customer-journey mapping in a digital context, such as job-to-be-done analyses, means-end laddering, and service blueprinting.

Jul 1, 2020 (Revised: Feb 27, 2023)

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IN1673-PDF-ENG

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Insurance Firm’s Improvement of Customer Service- A Case Study

In an era marked by rapid digital advancement, insurance firms face a pressing challenge: how to meet the ever-increasing expectations of their customers while navigating the complexities of an evolving technological landscape. Customer service has emerged as a critical battleground, where the quality of interactions can make or break a company’s reputation. Unfortunately, many insurance firms grapple with outdated legacy systems that hinder their ability to provide seamless experiences. Enter MuleSoft, a game-changing integration platform that has revolutionized customer service for countless organizations. In this blog post, we will explore a captivating case study of an insurance firm that harnessed the power of MuleSoft to overcome its customer service challenges and emerge as an industry leader. From the depths of frustration to the pinnacle of customer satisfaction, this is the story of how the Insurance Firm conquered the digital divide with MuleSoft’s transformative capabilities.

Specific Problems Faced by Insurance Firm

Insurance firms face a variety of challenges and specific problems. Some of the common problems faced by insurance companies include:

• Siloed Data : Insurance Firm struggled with siloed data spread across multiple systems and departments. This made it difficult to obtain a complete and accurate view of customers, hindering personalized interactions and efficient issue resolution.
• Inefficient Communication: The firm’s legacy systems lacked effective communication channels, resulting in fragmented customer service experiences. Customers had to navigate through various channels and face long response times, leading to frustration and decreased satisfaction.
• Manual Processes: Insurance Firm relied heavily on manual processes, which were prone to errors and delays. Tasks such as policy administration, claims management, and customer inquiries required significant time and effort, hampering operational efficiency and impeding quick resolution of customer issues.
• Limited Self-Service Options: The company’s self-service capabilities were limited, preventing customers from accessing policy information, initiating claims, or managing their accounts independently. This created a dependency on customer service representatives and hindered convenience for tech-savvy customers who preferred self-service options.
• Lack of Real-Time Data: Insurance Firm lacked real-time data synchronization across systems, leading to outdated information and potential discrepancies in customer records. This hindered decision-making, customer service quality, and the ability to respond promptly to customer inquiries.
• Inconsistent Customer Experience: The firm struggled to deliver a consistent customer experience across multiple channels, such as phone, email, and social media. This resulted in disjointed interactions, varying response times, and inconsistent service quality, leading to customer dissatisfaction and potential churn.

Solution Implemented: Leveraging MuleSoft’s Capabilities

Insurance Firm recognized that to overcome its customer service challenges and deliver exceptional experiences, they needed a robust integration solution. MuleSoft’s Anypoint Platform emerged as the ideal choice due to its comprehensive set of capabilities. Here’s how the company utilized MuleSoft to address their specific challenges:

• Data Integration and Connectivity: Insurance Firm integrated disparate systems, achieving real-time data synchronization and a unified view of customer information. Customer service reps accessed accurate data for personalized interactions.
• Omnichannel Experience: Using MuleSoft, the company delivered seamless customer service across channels like phone, email, chatbots, and social media. Regardless of the chosen medium, issues were addressed swiftly and consistently.
• Automated Workflows and Processes: MuleSoft streamlined manual processes by integrating core systems, such as policy administration and claims management. Hence, this automation reduced errors, accelerated response times, and freed up reps for more complex inquiries.
• Self-Service Capabilities: Leveraging MuleSoft, Insurance Firm enhanced customer self-service through portals, mobile apps, and chatbots. Real-time integration ensured convenience, reducing reliance on reps and elevating overall satisfaction.
• Real-Time Data and Analytics: MuleSoft provided real-time insights into customer behavior, preferences, and policy details. Empowered with data-driven solutions, reps offered personalized service and drove continuous service improvements.

With MuleSoft’s integration, Insurance Firm transformed its customer service: efficient, connected, and customer-centric. Real-time data insights, seamless omnichannel experiences, and automated workflows led to remarkable improvements in customer satisfaction

Results and Benefits

The implementation of MuleSoft’s Anypoint Platform brought forth remarkable results and tangible benefits for Insurance Firms. So, let’s delve into the specific outcomes they experienced:

Improved Customer Satisfaction:

By leveraging MuleSoft’s capabilities, Insurance Firm witnessed a significant improvement in customer satisfaction. Customer interactions became more personalized and efficient, resulting in a higher level of customer engagement and loyalty. Customer feedback surveys showed a 20% increase in overall customer satisfaction ratings within the first six months of implementing MuleSoft.

Enhanced Operational Efficiency:

MuleSoft’s Anypoint Platform streamlined processes and automated workflows, leading to enhanced operational efficiency for Insurance Firms. The company experienced a 30% reduction in manual effort and a 40% decrease in average handling time for customer inquiries. These improvements allowed customer service representatives to handle a higher volume of requests while maintaining service quality.

Increased Revenue and Customer Retention:

The improved customer service experience resulting from MuleSoft’s implementation contributed to increased revenue and customer retention for Insurance Firm. A direct correlation was observed between customer satisfaction scores and policy renewal rates, with a 15% increase in policy renewals compared to the previous year.

Cost Savings:

MuleSoft’s Anypoint Platform helped Insurance Firms realize cost savings through process automation and increased operational efficiency. The company experienced a 25% reduction in operational costs related to customer service, including reduced staffing needs and improved resource utilization.

Competitive Advantage:

By delivering exceptional customer service and seamless omnichannel experiences, Insurance Firm gained a competitive advantage in the insurance industry. The company saw a 10% increase in market share in their target segment, outperforming competitors who were slower to adapt to digital transformation.

Real-Time Data Insights:

MuleSoft’s integration capabilities enabled Insurance Firm to gain real-time data insights and analytics. The company could monitor key customer service metrics, such as response times, issue resolution rates, and customer satisfaction scores. Moreover, with this data-driven approach, the company identified areas for improvement and made data-informed decisions to enhance its customer service strategies continually.

These results and benefits exemplify the transformative impact of MuleSoft’s implementation for Insurance Firms. Improved customer satisfaction, enhanced operational efficiency, increased revenue, cost savings, competitive advantage, and data-driven insights demonstrate the value MuleSoft brought to the company’s customer service operations. By harnessing the power of MuleSoft’s Anypoint Platform, Insurance Firm successfully elevated its customer service capabilities and established itself as a leader in delivering exceptional experiences in the insurance industry.

Conclusion:

In conclusion, MuleSoft’s Anypoint Platform transformed Insurance Firm’s customer service, overcoming challenges and delivering exceptional experiences. With seamless integration, automated processes, and real-time insights, the results were outstanding: increased satisfaction, efficiency, revenue, and a competitive edge. However, this success story showcases the power of MuleSoft in driving customer service excellence, inspiring organizations to embrace digital transformation and achieve unparalleled success.

“Unlock Customer Service Excellence with TriColor Initiatives MuleSoft team!”

Are you facing customer service challenges? Unlock MuleSoft’s transformative power with TCI . Our experts will guide you through MuleSoft’s Anypoint Platform, streamlining processes, enhancing self-service, and delivering seamless experiences. Don’t let outdated systems hinder growth – reach out to TCI today.

Together, redefine customer service excellence!

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• Reports & insights

Insurance customer service futures: A Lippincott case study

The insurance customer experience is lacking. see how lippincott's customer of the future applies to insurance. not evolutionary. revolutionary., key research questions.

• How will the future customer affect the insurance industry?
• Is the insurance industry prepared for tomorrow's customer?
• What should insurers do today?

Is the insurance industry ready for the customer of the future? Maybe. Find out why.

Customer service needs and goals in insurance are changing. Insurers are still learning what that means. This case study focuses on work being done by Lippincott and adds Celent's insights in insurance. Celent's sister company Lippincott has a unique vision for the customer of the future. Celent reviews their approach and adds their observations on how this applies to insurance.

The impact is dramatic. Consumers are underwhelmed by their insurance experience. Everything. Celent’s research shows that the investment in innovation in insurance is modest, perhaps even below modest. This needs to change.

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A Customer Experience Case Study: Lemonade

RevOps , or revenue operations, is a strategy for businesses to align revenue-enhancing teams and activities while improving the customer journey. When discussing RevOps, the emphasis is usually on overcoming silos and having departments such as marketing, sales, and customer service working seamlessly. However, it's equally beneficial from the customer's point of view. The insurance company Lemonade is an instructive case study to illustrate best practices for optimizing the customer experience.

How Lemonade is Disrupting the Insurance Industry

Lemonade is an innovative insurance company, founded in 2015, that offers products such as homeowners, renters, life, and pet insurance. Lemonade has similar services as other insurance companies but has radically changed the customer experience. Here are some features that set Lemonade apart.

• • Strong branding. Lemonade has carved out a distinct niche for itself. Clearly targeted towards tech-savvy younger customers, it promises "Insurance built for the 21st century."
• • Personalized service. One of the qualities that distinguish Lemonade from other insurance companies is the level of personalized service. Maya, the company's chatbot, makes it easy for website visitors to get information and sign up. Maya takes visitors through a questionnaire that guides them to the most appropriate services and provides quick quotes. Another chatbot, named Jim, handles payouts.
• • Flat fee. Pricing is often confusing for insurance customers. Lemonade also  appeals to millennials  and other younger customers, who tend to have less experience with insurance policies. The company takes a flat fee of 20% from their customers' premiums, which is simple and straightforward. As they point out, their fee structure also eliminates a conflict of interest with customers. The flat rate, combined with their Giveback program (see below), means that Lemonade doesn't lose money by paying claims.
• • Giveback program. When customers sign up for insurance, they choose a nonprofit to support. At the end of the year, any unclaimed money from an account is donated to the nonprofit.   Lemonade Giveback   provides customers with the satisfaction that they're performing a social good, something that's extremely relevant to millennials. A  Deloitte Global Millennial Survey  revealed that 42% of millennials would start patronizing a business with a positive impact on society, while 38% would stop supporting a business with a negative impact.

A Data-Driven Approach

Source: Lemonade is disrupting insurance. The incumbents will have to respond Lemonade vs Traditional Insurance Companies: Customer Experience

Lemonade claims that it  collects 100x more data points per customer  compared to other companies. In a blog post, Lemonade describes how collecting and studying data are helping to  improve its loss ratio . This is the ratio of losses to premiums. As the article explains, a very high loss ratio isn't sustainable for an insurance company, while a very low one is profitable for the business but not good for customers. Lemonade's system of charging a flat rate and donating leftover funds to charity allows it to maintain a stable loss ratio.

One of Lemonade's taglines is to turn insurance "from a necessary evil to a social good." The Giveback program plays a big role in this. But what does this really mean for the average customer? Let's explore if (or how) the customer experience differs with Lemonade when compared to traditional insurance companies.

Do Everything Online

At a time when  73% of millennials prefer to shop online  using their phones (the figures are 2x higher for Zoomers, or Generation Z), Lemonade has perfectly tapped into this target market. The traditional process for getting insurance information requires the user to contact an agent, fill out a form, and wait for a quote. With Lemonade, the process is streamlined to be much faster and more convenient. The system's built-in AI (Maya the chatbot) provides personalized service without the user having to talk to a live agent.

What really sets Lemonade's customer service apart is the way it seamlessly transitions customers from one function to another. A new user is presented with information tailored to their buyer persona as they see comparisons of data so they can choose the best service. They can just as easily access claims processing when needed. All of this is automated, without the need to wait on hold or fill out complicated forms.

For a thorough review of the UX advantages of Lemonade's landing page, see  A UX Review of Lemonade Insurance in Less Than 5 Minutes .

Image Source: Lemonade

Fast Payments

Another distinctive customer experience feature of Lemonade is guaranteeing fast payments without any paperwork. As with the application process, customers can complete everything online. Claims are approved in seconds.

Easy to Switch

Lemonade targets customers who already have insurance as well as people buying it for the first time. Their "Check Prices and Switch" guides users through the process. As with other tasks on the site, Maya the chatbot guides users through a series of questions to highlight the advantages of switching to Lemonade.

Mobile Apps

Speed and convenience are supported by mobile apps that customers can download. Customers can set up and manage their policies on their mobile devices.

Active on Social Media

Another way Lemonade taps into its millennial customers is by providing news and policy information on social media. Their twitter account  is frequently updated. They're also active on Facebook and Instagram. Social posts aren't simply ads for insurance, but links to news items and timely blog posts.

Lemonade posts stories that are educational and helpful to its audience. For example,  a recent post addresses concerns that renters may have about eviction and suggests resources to help. This type of post isn't directly related to Lemonade's services, but it establishes them as a useful source of information.

What Lemonade Has Accomplished

Is Lemonade actually disrupting insurance and stealing customers from more established companies? The Motley Fool, in the article,  Can Lemonade Disrupt the Insurance Market?  shares some impressive facts.

• • While 50% of renters are under 30, only 37% get renter's insurance. Lemonade is targeting this largely untapped market.
• • Customers who signed up with Lemonade three years ago have increased their spending on renter's insurance by 56%.
• • Between 2017 and 2019, Lemonade increased the number of premiums sold from $9 million to $16 million.

While the article goes on to question whether Lemonade can succeed at converting older and more affluent customers, in our opinion this innovative model will prove to be a clear competitive advantage for Lemonade. 

Lessons From Lemonade

Here are some lessons that businesses in any sector can take from Lemonade.

• • Long-standing products and services can be marketed in a new and fresh way.
• • Target specific demographics (e.g. Lemonade targets millennials and renters).
• • Today's customers appreciate speed and efficiency.
• • Provide simple and personalized services. AI tools such as chatbots can help improve the customer experience.
• • Use automation tools to collect and analyze data.

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A Major Health Insurance Company Builds Unified, Cross-Functional Teams Across Sales and Customer Service to Support Major Customer Accounts

A major southeastern U.S. health insurance company is on a mission to improve the health and well-being of citizens in their state and to be the model for transforming the health system through an unwavering commitment to quality, affordability, and exceptional experience. To reach those goals, they must reach more customers, provide them excellent customer experiences and deepen their relationships with more services. 

• Build a unified cohesive “pod” – cross-functional teams that pull from sales, customer service and support functions to support major accounts
• Improve internal teamwork and collaboration
• Reduce silos and blame
• Improve internal and external service interactions

When the company reorganized part of its sales and customer service organizations into a new “pod” structure to support its largest, most strategic clients, the goals were to provide an excellent and cohesive customer experience, deepen internal and external partnerships, and boost sales. However, it was a challenge to get these cross-functional teams to work together as a cohesive, mutually supportive unit aligned behind shared objectives. People struggled to find their roles within the pods and to understand and support the roles of others. Team members continued to operate within silos when the organization needed them working shoulder-to-shoulder to advance excellent client engagements and mutually beneficial wins.

After experiencing an Integrity Service® workshop firsthand, a buying committee member recommended the program to help assist the teams in overcoming their challenges so they could realize the original goals of the reorganization. She built enthusiasm and buy-in for the solution through meetings and one-on-one discussions, gaining the support to pilot the program with two of the pods.

The change effort kicked off with pre-work for the teams followed by a half-day Integrity Service workshop facilitated by an Integrity Solutions master trainer. Over the next 7 weeks, the teams met with their managers and an Integrity Solutions facilitator in small groups for an hour to discuss the practical application of the Integrity Service skills and the impact those skills were having internally and externally. Each of these Zoom meetings focused on a particular subset of the skills, with prep work sent in advance. As opposed to the typical “role play” exercises found in other programs, these “real play” exercises allowed participants to work through actual issues and get immediate, tangible value from the experience.

The pod leaders and organizational development partners report that the Integrity Service implementation has already created value for the organization, including improving teamwork, collaboration and morale as well as enhancing sales success. 

The project leaders highlight the phased learning and “real play” approach as key to the initiative’s impact. The weekly calls saw high engagement from participants and managers alike, and all found these calls to be extremely valuable.

Now that the Integrity Service skills are integral to the way the company does business, their teams are aligned behind a shared mindset that has bridged service and selling and is enabling them to deliver greater value to their customers. They attribute a number of positive results since the implementation to the new skills and attitudes developed through this initiative, including:

• increased customer retention
• expanded lines of coverage with existing accounts
• increased new business as a result of greater collaboration and creativity
• improved internal and external relationships

The company is in process of expanding Integrity Service to the other major accounts teams. 

TESTIMONIALS

“Our customer service team has gone from siloed to unstoppable! Our people are excited to use the skills and tools from the program which have breathed new life into the team. Integrity Service has become an integral part of how we do business” – Client Success Lead

“We’re already seeing an impact in terms of building our business. It’s amazing and speaks volumes for the power of Integrity Service. We’re retaining customers more effectively and adding additional lines of coverage. This will help our business and I’m very excited about it.”

“Improvement have been seen both internally and externally. Their customers feel it, the same band is producing the sound. This process has sparked some creatively in the way that they are thinking about customers and presenting to them. They actually pull out the GVALHI card and walk through each step and describe how they used it to pitch different ideas to their clients.  They ended up winning an important case, that was otherwise dead to us, because of that.”

“It’s a powerful process that generates results you can see right away. As the weeks went on, people applied the skills more and more, individual confidence improved and overall interactions became more productive and collegial. ”

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Patty Gaddis

Vice President, Client Development

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ServiceNow | Insurance industry case study

Harmonizing IT processes for an international insurance firm

A leading insurance company

Harmonizing IT processes

The challenge

A leading insurance company wanted to implement an ITSM platform that could streamline processes across different business units and vendors worldwide. At the time, their existing systems had fallen out of sync and were highly customized, creating delays, frustration, and unnecessary expense. Problems were arising in areas from onboarding to event management, and performance reporting became almost an impossible task.

Our solution

During the first phase of the project, we looked closely at the existing architecture, focusing our efforts on understanding the processes that were already in place, what was not working, and what changes were required to create an effective solution. To achieve this, we conducted a series of in-depth workshops with users at business centers across the globe, testing, reviewing, and re-engineering our platform to suit their different concerns, needs, and priorities.

Success through collaboration

Our solution was based directly on our close collaboration with users on-site. Working with them, we were able to establish a single global process for all of their core IT infrastructure library (ITIL) procedures, including global reporting and metrics. Not only did this streamline the user experience, it also gave the company broad visibility of data across their different units and supplier landscape. To support self-service, we also designed an extensive and detailed organizational change management (OCM) strategy, which included a highly successful train-the-trainer program. The enterprise-wide solution automated routine processes wherever possible and reduced the items in their service catalog by more than half, resulting in a streamlined and positive end-user experience.

Short time frames, lasting change

The client’s challenge was for us to implement the breadth of ServiceNow’s ITSM platform across a complex, global organization in an extremely short window of time. To meet that challenge, we drew on our team of KPMG professionals and developers, some with over nearly a decade of experience in implementing ServiceNow. By combining this know-how, our business knowledge, and ServiceNow’s technology, we were able to work collaboratively with this international client to help aggressively transform the way they deliver IT services, creating a unified platform that could support and drive large-scale organizational change well into the future.

Insurance industry case study

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11 great customer service examples

Excellent customer service is essential for business. In fact, consumers are willing to spend 17 percent more with companies that deliver great customer service, according to American Express .

Unfortunately, it’s true that bad news travels faster than good news, especially in the age of social media. Most customer service stories online are about a bad customer service experience, and consequently, you don’t always hear about companies who are achieving customer satisfaction.

Keep scrolling to find customer service examples that will inspire, as well as tips for improving your customer experience.

What does excellent customer service look like?

The definition of “good” customer service is flexible, because it entirely depends on the level of expectation that customers have for your brand. This can be affected by variables such as your industry, product cost, brand reputation and more.

For example, if you’re flying in Economy, you don’t expect a 5* service with champagne and snacks - but if you were flying Business class, you’d be annoyed if those things weren’t provided for the higher cost of your seat.

What consumers expect from your customer service experience is the key factor in whether they perceive your brand to be great or terrible. Do they want to be able to resolve issues on multiple channels, or do they go to one channel for specific problems? Is your average response time more important to them, or is it how many self-service options you provide that matters? Is poor customer service the main reason why they might try a competitor?

Your support teams are your front line, shaping customer experience on a day-to-day basis. They can be proactively helpful in providing customer service that’s memorable, and turn a bad customer service experience around.

Investing in great service is worth your while. Don’t lose customers and brand loyalty by failing to meet and exceed expectations - grow your business’ revenue by ensuring that your excellent service keeps customers coming back.

Examples of good customer service experiences are more often than not the result of a kind, customer-centric service agents who are good at the following things:

Good customer service examples

• Responding quickly: A customer will appreciate fast response times when they want to ask a question or highlight a problem.
• Acting on customer feedback: When a customer support agent acts on the feedback they’ve received, it shows them that their opinion mattered.
• Showing empathy: Employees that try to understand a customer’s point of view make a customer feel valued, and can turn an angry customer into a happy one.
• Maintaining customer self-service options: Sometimes customers would prefer to find their own answer to problems rather than getting in touch with your customer service center. Having an up-to-date FAQ page or knowledge article base can be very helpful.
• Providing omnichannel support: Different communication channels can support customers that have busy schedules or want flexibility in how they connect with businesses. Your customer service teams need to be prepared to offer support through email, phone, live chat, and social media.
• Going the extra mile: When an employee is able to deliver excellent customer service beyond the customer’s expectations or adds a personal touch to the service experience, it can leave a positive impression and increase customer loyalty.

A less generalized amd more specific example of enhancing customer satisfaction and building loyalty is by offering discounts and coupons (depending on your industry and needs).

Why is delivering excellent customer service important?

There are several reasons why great customer service is important for your business. Below we list the most important ones.

Satisfied customers will spend more

According to Hubspot , 68 percent of consumers are willing to pay more for products and services from brands associated with excellent customer service. When you invest in delivering great customer service, you’re creating happy customers but also generating enough brand equity to charge a premium for your offering.

Your ROI will improve and profits will increase

Deloitte found that brands that were customer-centric were 60 percent more profitable when they were compared to companies that neglected to focus on customer experience. Your support team should be empowered to provide excellent customer service, not just for the customer’s benefit, but for your brand’s financial benefit as well.

Customers are more likely to forgive you

If you provide good customer service, you can convince customers to return, even if something didn’t go as they expected. Salesforce found that 78 percent of consumers will do business with a brand again after a mistake is made if the customer service is excellent.

Customer loyalty improves with great customer service

Microsoft says that a whopping 96 percent of customers believe customer service is vital when they’re choosing to be loyal to a brand. If you don’t provide customer service that meets expectations when dealing with an upset customer, you risk alienating them from returning to spend more. Quality service will help you to increase customer lifetime value.

A great customer experience means a higher chance of recommendations

Consumers who have a good customer service experience are more likely to recommend your brand to other people. Our own XM Institute found that consumers who rate a brand’s service as “good” are 38% more likely to recommend that company to others.

Real-life examples of great customer service

It's one thing to talk about what good customer service is in theory, and another to apply it to real-world companies. Below are eleven customer service examples from companies that go above and beyond, as well as the customer service tips we’ve taken from their stories.

• JetBlue - Thank frequent customers with small gestures
• Tesla - Meet your customers where they're at
• Adobe - Respond to customer service complaints before they happen
• Trader Joe's - Help those in time of need
• Coca-Cola - Get involved in social causes
• Zappos - Personally reply to every email
• Us! - Provide an exceptional event experience
• Sainsbury’s – Don't be afraid to change everything
• American Express – Give customers benefits that can be used globally
• Walmart - Invite customers into the company family
• The Ritz-Carlton Hotel Company – Turn customer errors into service opportunities

1. JetBlue - Thank frequent customers with small gestures

Paul Brown was flying JetBlue airlines when he casually tweeted that he couldn’t grab his Starbucks coffee before boarding the plane because he was flying out of the smaller terminal at Boston’s Logan airport. Within seconds of seeing the tweet, JetBlue sprang to action and the airport customer service reps delivered a Starbucks venti mocha to his seat on the plane. Brown was elated and raved about JetBlue on Twitter.

Good customer service takeaway : This is definitely one of those great customer examples other companies can learn from. The main takeaway? Your customers don’t always need large gestures, but just want to know they’re appreciated. In fact, 68 percent of customers leave because they perceive you don’t appreciate them.  I’m sure after knowing his request was heard, Mr. Brown feels appreciated and he’ll be a loyal customer for a long time. Keep your company at the top of your customer’s mind, with good customer care by doing small acts for more people, instead of a few large things for a lot of people. Believe it or not, it's the simple things that count and produce loyal and happy customers.

2. Tesla - Meet your customers where they’re at

Tesla literally meets customers where they’re at by going to the customer’s home and fixing issues on their car. It’s convenient for the customer because they don’t have to sit around a repair shop and it can be scheduled on their own time. This is an example of excellent customer service.

Flat tire on Sunday. Called Tesla, git a loaner tire within 40 minutes. Today they came to my house to replace the tire in 10 minutes. scheduled to come back to fix a small issue next week. What other car company does this? @elonmusk @TeslaModel3 @Tesla #mobileservice pic.twitter.com/GiNwOM3RJZ — Chris Kern (@cjk7216) October 31, 2018

3. Adobe - Respond to customer service complaints before they happen

When Adobe had an outage due to an issue with Amazon Web Services, they posted a tweet about it before they started getting customer complaints. The tweet contained a video of a puppy stampede as a distraction and lightened the mood. While there were some comments asking when the program would be running again, many replies focused on the adorable puppies.

Hi all, some Adobe services are down due to the AWS outage: https://t.co/U2qtybaT8J Here's a puppy stampede to take your mind off of it. ? pic.twitter.com/Glv6Anavje — Adobe Customer Care (@AdobeCare) February 28, 2017

4. Trader Joe's - Help those in time of need

An 89-year-old man was stuck in his house during a snowstorm and his granddaughter was worried he wouldn’t have enough food. She called around to several grocery stores and asked if they would deliver, to no avail. Finally, Trader Joe’s said they normally don’t deliver, but they would help. She read off a big list to the store and they delivered the entire order and more within 30 minutes, free of charge.

5. Coca-Cola - Get involved in social causes

Since 1984, Coke has given back more than $1 billion through the Coca-Cola Foundation. What’s great is they give back at the local level and not just to large organizations. For instance, Coke in Ireland initiated the Coca-Cola Thank You Fund , which gives €100K annually to local charities that empower young people, foster sustainability, and encourage diversity and inclusion.

6. Zappos - Personally reply to every email

Zappos responds to every email it receives, even if it’s addressed to the CEO. In this case, a woman sent a request to Tony Hsieh and even though he was unavailable, his representative sent a humorous and engaging email back.

7. Us!  - Provide an exceptional event experience

During many conferences that we attend, we send our  “Qualtrics Dream Team” to fulfill customers' needs and wishes to make the event a truly exceptional experience. From food and drinks, to swag, to even vacations and massages, our team tries to fulfill as many requests as possible. They also collect customer feedback and make changes for a better event experience, such as room temperature and providing phone chargers.

Not a legal comment, but every other company listed here has some example of a customer thanking them for good customer service. I think our example would be stronger if we had something like that.

Curious to know how we run the Dream Team using our own software, or why we bring it to events like #CXOLeadersSummit ? Stop by our booth and we'll share all the secrets! Our team is here till 4pm AEST. pic.twitter.com/pEjfd2Jl8K — Qualtrics (@Qualtrics) August 8, 2018

8. Sainsbury’s – Don't be afraid to change everything

When Sainsbury’s, a UK supermarket chain, received a letter from three-and-a-half-year-old Lily Robinson, they ended up rebranding one of their products entirely. Lily thought their "tiger bread" didn’t resemble a tiger’s stripes at all – it looked more like the pattern on a giraffe. Sainsbury’s responded that the little girl was right and made new labels to share Lily's insight with other customers.

9. American Express – Give customers benefits that can be used globally

American Express maintains their position as a top-tier credit card company by offering its customers plenty of extra benefits: complimentary travel flight credit, insurance, and access to airline lounges to name a few. Combine these worldwide benefits with American Express's 24/7 support line and its global partners network and you have a company that truly connects with you wherever you are.

10. Walmart - Invite customers into the company family

Walmart has a reputation for being focused on providing value to everyday families. They live out their family focus through the way they treat their employees. When one of their associates turned 101 years old, they shared the news on Facebook and invited customers to participate in the celebration.

11. The Ritz-Carlton Hotel Company – Turn customer errors into service opportunities

Ritz-Carlton employees are allowed up to $2,000 to fix any guest problem, no questions asked. One example was told by customer John DiJulius, who left his charger behind at The Ritz-Carlton Sarasota. He received a next-day air package with his charger and a note saying ‘Mr. DiJulius, I wanted to make sure we got this to you right away. I am sure you need it, and, just in case, I sent you an extra charger for your laptop.’

How to provide great customer service

The best way to provide a good customer service experience is to gather feedback, set metrics and take action on your overall customer experience (CX) .

Why not check out our free survey template to collect feedback for customer service and contact centers? You can download it here.

With Qualtrics, you can track key metrics with a customer service benchmark report to help you to understand how your service is improving over time. Track interactions and feedback across the customer journey and customer service experience, and set action into motion to gain customer trust and loyalty.

Best customer service practices: Improving agent effectiveness

Diana Kaemingk

Diana Kaemingk is a contributor to the Qualtrics blog.

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Customer Service Case Studies: Real-Life Examples Of Service Scenarios.

Are you looking for real-life examples of customer service scenarios that can help you improve your own customer service skills? Look no further!

In this article, we will explore a series of case studies that highlight different aspects of effective customer service. These case studies will provide you with valuable insights into how to handle challenging situations, resolve issues, and create positive experiences for your customers.

Customer service plays a crucial role in the success of any business. It is not just about answering phone calls or responding to emails; it is about building relationships and exceeding customer expectations. By studying real-life examples, you can gain a deeper understanding of the importance of effective customer service and learn strategies to enhance your own skills.

In each case study, we will delve into different scenarios and examine how businesses successfully handled them. From resolving product quality issues to dealing with difficult customers, these case studies will showcase various approaches and solutions that you can apply in your own work.

Get ready to dive into these insightful stories that demonstrate the power of exceptional customer service!

Table of Contents

Key Takeaways

• Effective customer service is crucial for the success of a business.
• Empathy and proactive customer service are essential aspects of providing excellent customer service.
• Prompt resolution of product quality issues, with notification and compensation for affected customers, helps maintain customer satisfaction and loyalty.
• Handling difficult customers with a calm and empathetic approach, offering alternatives, and empowering them to make choices can build trust and loyalty.

The Importance of Effective Customer Service

You can’t underestimate the impact of great customer service – it’s like a warm cup of coffee on a chilly morning, instantly making you feel valued and appreciated.

In today’s competitive business landscape, providing effective customer service is more important than ever. Customers have numerous options at their fingertips, and one bad experience can send them running to your competitors. That’s why empathy plays a crucial role in customer service.

When customers feel understood and cared for, they’re more likely to become loyal advocates for your brand. Empathy is the ability to understand and share the feelings of others. In customer service, this means putting yourself in the shoes of your customers and genuinely listening to their concerns.

By showing empathy, you demonstrate that you value their emotions and are committed to finding a solution that meets their needs. This not only helps resolve issues effectively but also builds trust and strengthens the relationship with your customers.

Proactive customer service is another essential aspect of providing exceptional support. Instead of waiting for customers to come to you with problems or complaints, proactive customer service involves anticipating their needs and addressing any potential issues before they arise.

This approach shows that you’re dedicated to delivering an outstanding experience from start to finish. By taking the initiative, you can prevent problems from escalating and create positive interactions that leave a lasting impression on your customers.

The importance of effective customer service cannot be overstated. Empathy allows you to connect with your customers on a deeper level by understanding their emotions and concerns. Proactive customer service demonstrates your commitment to going above and beyond expectations by anticipating needs before they become problems.

By prioritizing these aspects in your approach to customer service, you can foster loyalty, build strong relationships with customers, and ultimately drive success for your business.

Case Study 1: Resolving a Product Quality Issue

Resolving a product quality issue can be challenging, but did you know that 86% of customers are more likely to repurchase from a company that resolves their complaint? When faced with a product quality issue, it’s important for companies to take immediate action and address the problem effectively.

One notable case study involves a product recall due to safety concerns. The company promptly notified customers about the recall through multiple channels such as email, social media, and website announcements. This proactive approach not only ensured customer safety but also demonstrated the company’s commitment to resolving the issue.

To further enhance customer satisfaction during this challenging time, the company offered compensation to affected customers. The compensation included a full refund for the recalled product as well as additional discounts on future purchases. By going above and beyond in compensating their customers, the company not only mitigated any potential negative feelings but also showed genuine concern for their customers’ wellbeing.

In addition to addressing individual complaints, the company took steps towards preventing similar issues in the future. They implemented stricter quality control measures throughout their production process and conducted thorough inspections before releasing any products into the market. This proactive approach reassured customers that their concerns were taken seriously and instilled confidence in the brand’s commitment to delivering high-quality products.

By resolving a product quality issue promptly and ensuring customer satisfaction through compensation and preventive measures, companies can not only retain existing customers but also build trust with new ones. It’s crucial for businesses to recognize that effective customer service goes beyond simply resolving complaints; it requires taking responsibility for failures, implementing meaningful solutions, and continuously improving processes to prevent similar issues from arising again in the future.

Case Study 2: Handling a Difficult Customer

Navigating through challenging interactions with clients can be a test of your company’s ability to handle difficult situations. Dealing with angry customers requires a delicate balance of empathy, patience, and problem-solving skills.

One real-life example of a company successfully managing a difficult situation involved an irate customer who had received a damaged product.

In this case, the customer contacted the company’s customer service department immediately after receiving the damaged product. The representative on the phone remained calm and empathetic throughout the conversation, acknowledging the customer’s frustration. They apologized sincerely for any inconvenience caused and assured the customer that they would resolve the issue promptly.

The representative then offered several options to address the problem, including sending a replacement or providing a refund. By presenting these alternatives, they empowered the customer to choose what solution best suited their needs. This approach helped defuse tension and created an atmosphere of collaboration rather than confrontation.

Ultimately, by effectively managing this difficult situation and prioritizing customer satisfaction, the company not only resolved the issue but also built trust and loyalty with their client base.

Case Study 3: Going Above and Beyond for a Customer

Exceeding expectations and leaving a lasting impression, one company went the extra mile to ensure a memorable experience for a dissatisfied client. The customer, let’s call her Sarah, had purchased a high-end laptop from this company but encountered numerous technical issues soon after receiving it. Frustrated with the product’s performance and the lack of support she received initially, Sarah reached out to the company’s customer service department for assistance.

To address Sarah’s concerns promptly, the customer service representative assigned to her case took immediate action. Recognizing that resolving her technical issues alone would not suffice in restoring Sarah’s trust and satisfaction, they decided to go above and beyond what was expected. The representative personally followed up with Sarah daily to provide updates on their progress in fixing her laptop. They also offered additional compensation for the inconvenience caused by sending her a complimentary accessory package.

In addition to their exceptional level of communication, this company created a personalized experience for Sarah through small gestures that left an indelible mark on her overall perception of their brand. One example was when they surprised her by upgrading her laptop’s warranty without any additional cost. This unexpected act not only demonstrated their commitment to providing quality products but also highlighted their dedication towards ensuring customer satisfaction.

By going above and beyond in addressing Sarah’s concerns and surpassing her expectations at every turn, this company exemplified outstanding customer service. Their proactive approach not only resolved technical issues efficiently but also left a lasting impression on Sarah concerning how much they valued her as a loyal customer. Through personalized attention, generous compensation, and unexpected upgrades, they not only ensured Sarah’s satisfaction but also fostered a long-term relationship based on trust and loyalty. This case study serves as a powerful reminder that going the extra mile can make all the difference in customer satisfaction and retention.

Case Study 4: Turning a Negative Review into a Positive Experience

If your business has ever received negative feedback, it’s important to know how to turn that experience into a positive one.

In this case study, we will explore how a business addressed a customer’s concerns and transformed their perception from negative to positive.

By taking the necessary steps and going above and beyond, the business not only resolved the issue but also improved their reputation in the process.

The negative feedback received by the business

Despite your best efforts, your business was bombarded with a barrage of scathing feedback that left you reeling. Customers expressed their dissatisfaction with the quality of your products and the poor customer service they received.

These negative reviews not only affected customer retention but also posed a threat to your brand reputation. The negative feedback highlighted areas where improvements were needed. It pointed out flaws in your product design, manufacturing processes, and communication channels.

While it may be disheartening to receive such criticism, it presents an opportunity for you to address these issues and enhance the overall customer experience. By acknowledging the shortcomings and taking immediate action to rectify them, you can regain customers’ trust and loyalty while rebuilding your brand’s reputation.

The steps taken to address the customer’s concerns

After receiving the negative feedback, we quickly took action to address the customer’s concerns and improve our products and services. We understand that addressing customer complaints is essential for maintaining a positive reputation and ensuring customer satisfaction.

Our first step was to reach out to the customer directly, expressing our apologies for any inconvenience caused and assuring them that their concerns were being taken seriously.

To resolve the customer’s issues, we implemented a thorough investigation into the matter. This involved examining the specific details of their complaint, evaluating our internal processes, and identifying any areas where improvements could be made. By conducting this analysis, we were able to pinpoint the root cause of the problem and develop an effective solution.

Once we identified areas for improvement, we promptly made necessary changes to prevent similar issues from occurring in the future. This included updating our training programs for staff members involved in customer service interactions and enhancing quality control measures throughout our production process. We also communicated these updates transparently with all relevant stakeholders to ensure everyone understood our commitment to resolving customer issues.

Addressing customer complaints is not just about solving individual problems; it is about continuously improving our overall products and services. By taking immediate action upon receiving negative feedback, we demonstrate our dedication to providing exceptional experiences for every customer.

We remain committed to resolving any issues promptly while striving to exceed expectations in delivering high-quality products and top-notch service.

The transformation of the customer’s perception and improved reputation

Now that the steps have been taken to address the customer’s concerns, let’s discuss the transformation of their perception and the improved reputation of your business.

By promptly addressing the customer’s issues and providing a satisfactory resolution, you’ve demonstrated your commitment to customer satisfaction. This level of responsiveness not only resolves the immediate problem but also leaves a lasting impression on the customer.

As a result, their perception of your brand is likely to improve significantly. They’ll appreciate your willingness to listen, understand, and take action to rectify any issues they may have faced. This positive experience can lead to increased brand loyalty as customers recognize that you value their feedback and are committed to delivering exceptional service.

To further enhance customer satisfaction and foster brand loyalty, consider implementing these strategies:

• Personalized follow-up: Reach out to customers after resolving their concerns with personalized messages or phone calls. This gesture shows that you genuinely care about their experience and want to ensure their ongoing satisfaction.
• Proactive communication: Keep customers informed about any changes or improvements related to the issue they encountered. Sharing updates showcases transparency and builds trust in your ability to continuously improve.
• Loyalty rewards program: Offer incentives or exclusive benefits for loyal customers who continue choosing your brand despite any initial challenges they may have faced. Rewarding their loyalty encourages repeat business and strengthens long-term relationships.

By investing in improving customer satisfaction and building brand loyalty, you can create a positive reputation for your business while fostering long-term success in an increasingly competitive market.

Frequently Asked Questions

What are the key elements of effective customer service.

Effective customer service requires several key elements.

One interesting statistic is that 86% of customers are willing to pay more for a better customer experience. This highlights the importance of providing exceptional service.

Effective communication plays a crucial role in customer service as it allows you to understand the needs and concerns of your customers, while also conveying information clearly and concisely.

Empathy and understanding are equally important, as they enable you to connect with customers on an emotional level, showing them that their satisfaction is your top priority.

By incorporating these elements into your customer service approach, you can create positive experiences that leave a lasting impression on your customers.

How can companies measure the success of their customer service efforts?

To measure the success of your customer service efforts, you can utilize various customer satisfaction metrics and conduct thorough customer feedback analysis.

Customer satisfaction metrics, such as Net Promoter Score (NPS) or Customer Effort Score (CES), provide valuable insights into how satisfied your customers are with the service they received. These metrics allow you to quantify customer sentiment and identify areas for improvement.

Additionally, analyzing customer feedback through surveys or social media monitoring enables you to understand specific pain points and address them proactively.

By consistently measuring these indicators and taking action based on the results, you can continuously enhance your customer service performance and ensure a positive experience for your customers.

What are some common challenges faced by customer service representatives?

Handling difficult customers and managing high call volumes can be incredibly challenging for customer service representatives. Dealing with irate customers can feel like trying to calm a hurricane with a feather, as their frustrations can reach astronomical levels. It requires an extraordinary level of patience and empathy to navigate through their anger and find a resolution that satisfies both parties.

Additionally, managing high call volumes can feel like juggling flaming swords while walking on a tightrope. The constant influx of calls puts immense pressure on representatives to provide quick and efficient assistance without compromising the quality of service.

However, despite these Herculean tasks, customer service representatives rise above the challenges by employing exceptional communication skills, problem-solving abilities, and an unwavering commitment to customer satisfaction.

How can companies improve their customer service skills and knowledge?

To improve their customer service skills and knowledge, companies should invest in comprehensive training programs that provide employees with the necessary tools and techniques to handle different scenarios. These programs can include modules on effective communication, problem-solving, and empathy to ensure that representatives are equipped to handle any customer interactions.

Additionally, implementing feedback systems that allow customers to provide their input and suggestions can also be beneficial. This feedback can help identify areas for improvement and enable companies to make necessary adjustments in their processes or training programs.

By prioritizing ongoing training initiatives and actively seeking customer feedback, companies can continually enhance their customer service skills and knowledge, leading to improved overall customer satisfaction levels.

What are some best practices for handling customer complaints and resolving issues?

When it comes to handling customer complaints and resolving issues, think of yourself as a skilled navigator guiding a ship through stormy waters. Customer feedback is like the wind, sometimes gentle and other times fierce, but always pushing you towards improvement.

Conflict resolution is your compass, helping you find the right path to address concerns and turn unhappy customers into satisfied ones. Actively listen to their grievances, empathize with their frustrations, and offer swift solutions that demonstrate your commitment to their satisfaction.

By taking ownership of the problem and going above and beyond to resolve it, you can transform a dissatisfied customer into a loyal advocate for your brand.

In conclusion, effective customer service is crucial for businesses to thrive in today’s competitive market. As demonstrated by the case studies discussed, handling product quality issues, difficult customers, and negative reviews with empathy and proactive solutions can turn potentially negative experiences into positive ones.

One interesting statistic that highlights the impact of great customer service is that 86% of consumers are willing to pay more for a better customer experience (Source: PwC). This statistic evokes an emotional response as it emphasizes the value customers place on exceptional service. By investing in providing top-notch customer service, businesses not only create loyal customers but also have the potential to increase their revenue.

To ensure success in customer service scenarios, it is essential for businesses to empower their employees with proper training and resources. By equipping them with problem-solving skills, effective communication techniques, and a genuine desire to help customers, companies can build strong relationships and foster trust. Additionally, embracing technology solutions such as AI-powered chatbots or self-service options can streamline processes and provide faster resolutions.

In summary, delivering exceptional customer service requires a proactive approach that focuses on resolving issues promptly while exceeding expectations. By prioritizing the needs of customers and going above and beyond to provide personalized solutions, businesses can create memorable experiences that result in increased customer satisfaction and loyalty. Remember, investing in superior customer service is not just about satisfying your current customers; it’s about attracting new ones who’re willing to pay more for an outstanding experience.

The eSoft Editorial Team, a blend of experienced professionals, leaders, and academics, specializes in soft skills, leadership, management, and personal and professional development. Committed to delivering thoroughly researched, high-quality, and reliable content, they abide by strict editorial guidelines ensuring accuracy and currency. Each article crafted is not merely informative but serves as a catalyst for growth, empowering individuals and organizations. As enablers, their trusted insights shape the leaders and organizations of tomorrow.

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Geico Auto Insurance Review 2024

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Discounts Ratings are based on the number of discounts a company offers in comparison to other insurers.

Ease of use Ratings are determined by our editorial team. Our “ease of use” category looks at factors such as website transparency and how easy it is to file a claim.

NAIC complaints Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

• Robust website and mobile app.
• Many discounts available.
• Doesn't offer gap insurance.
• Limited network of local agents.
• Below average customer satisfaction for auto insurance claims in a recent J.D. Power study.

Geico earned 5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Geico is the nation’s third largest auto insurance company, known primarily for low rates offered directly to consumers online and over the phone. It is available in all 50 states and Washington, D.C.

» MORE: The best car insurance companies

In our auto insurance reviews, our editorial team considers both the customer and the insurer. These are some of the factors we take into account:

Financial strength. We use A.M. Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. NerdWallet does not recommend companies with a rating lower than a B. 

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best auto insurance companies have fewer than the expected number of complaints.

Ease of use. This category looks at how easily consumers can interact with an insurer through its mobile app and website. This includes how much coverage information is offered online, whether a user can start and track a claim online and get a quote and mobile app scores based on the Apple and Google Play store ratings.

Discounts. We look at both the kind of discounts a company offers and the total number of discounts available.

Where Geico stands out

Geico offers plenty of discounts and may be an affordable choice for many drivers. The company regularly appears as one of the cheapest options in recent NerdWallet cheap car insurance analyses.

The company also offers a variety of ways to digitally manage your auto insurance policy, including through its website and mobile app. In fact, Geico received an online experience score of 79 out of 100 by a pool of its customers in a NerdWallet survey conducted online in June and July 2023. To put that in perspective, the average score among ten insurers was 78, and the highest was 82.

Where Geico falls short

Geico doesn’t offer gap insurance. And if you prefer to work directly with an agent, you might have difficulty finding one near you. The company has a limited number of local agents depending on the state you live in.

Geico doesn’t rank as high for customer satisfaction as some other auto insurers. The company has close to the expected number of complaints you’d expect for a company of its size, and in J.D. Power’s 2023 study of overall customer satisfaction [0] J.D. Power . 2023 U.S. Insurance Shopping Study . Accessed May 14, 2024. View all sources , Geico was ranked the fourth insurer out of eight.

Compare to other insurers

How much does geico car insurance cost .

Geico car insurance costs $1,846 per year on average for full coverage insurance . That is more than $100 a year less than the average national rate of $1,982 per year. Compared to other large insurers, Geico’s rates fall toward the front of the pack. 

These rates are for a 35-year-old driver with a clean driving history and good credit with full coverage insurance. Our full coverage rates include liability, comprehensive, collision and any additional insurance a state requires a driver to have. These rates are averages, and your own price will depend on your driving history, car make and model, location and other factors. 

For more information on Geico car insurance rates, including rates after an at-fault accident or DUI, check out the dropdown below.

How Geico's rates compare

Your car insurance rate is determined by a variety of factors including your driving record and credit history in most states.

Here are Geico’s average annual auto insurance rates compared to 2024 national averages for full coverage insurance and four driving profiles.

If you’re looking for the cheapest auto insurance rates possible, you may want to buy the minimum car insurance needed to drive in your state. Read our cheap car insurance article to see average minimum car insurance rates by company and state.

Geico auto insurance coverage

When you're shopping for car insurance coverage, it's important to understand what car insurance coverage you want and what you’re required to buy. For instance, most states require a minimum amount of car insurance to drive a vehicle. Alternatively, if you want extra protection, you may be interested in full coverage insurance. Read about the most common types of car insurance coverage to see how they work.

In addition to typical car insurance coverage choices, Geico offers mechanical breakdown coverage. This covers repairs to all mechanical parts of a new or leased car less than 15 months old and with fewer than 15,000 miles, except problems caused by wear and tear. There’s a $250 deductible.

Mechanical breakdown coverage is renewable for up to seven years or 100,000 miles, whichever comes first, and does not pay for regular maintenance, such as tuneups.

» MORE: Compare auto insurance rates  

Auto insurance discounts

Geico has a long list of car insurance discounts, so there’s a good chance you can find a price break that applies to you. Although details vary by state, you may be eligible for discounts for:

Having safety equipment, like airbags, anti-lock brakes, daytime running lights or an anti-theft system.

Owning a vehicle that is three model years old or newer.

Driving for five years with no accidents.

Using seat belts.

Completing a defensive driving course, or driver’s education for a young driver.

Having good grades, if you or someone on your policy is a full-time student.

Participating in an emergency deployment with the U.S. military.

Being an active or retired military service member or a member of the National Guard or Reserves.

Being an active or retired federal employee.

Insuring more than one vehicle with Geico.

Buying a homeowners, renters, condo or mobile home policy through Geico.

Being a member of organizations, such as alumni associations or sports groups.

First time shopping for auto insurance? Unsure where to start? Check out our guide on how to shop for car insurance .

Pricing based on tracked driving habits

In many states, Geico offers a program called DriveEasy, which uses a smartphone app to track habits such as speeding, hard braking and using your phone while driving. You can get a discount for safe driving, but in some states, you may end up paying more if the app finds you to be a riskier driver.

See what you could save on car insurance

Complaints and customer satisfaction.

Geico had close to the expected number of complaints about auto insurance to state regulators relative to its size, according to three years’ worth of data from the National Association of Insurance Commissioners.

Geico received an overall satisfaction score of 78 out of 100 from a pool of its customers in a NerdWallet survey conducted online in June and July 2023. To put that in perspective, the average score among seven insurers was 78, and the highest was 82.

Geico ranked below average in J.D. Power’s 2023 auto claims insurance study [0] J.D. Power . 2023 U.S. Auto Insurance Claims Satisfaction Study . Accessed May 14, 2024. View all sources , and slightly below average in its 2023 auto insurance shopping study [0] J.D. Power . 2023 U.S. Insurance Shopping Study . Accessed May 14, 2024. View all sources .

More about Geico insurance 

Website: You can learn about and get a quote for many types of insurance through Geico’s website, and you can also submit a claim or make a payment. Additionally, the site has a feature to help you find the cheapest gas station near you.

App: Geico’s mobile offering for iOS and Android helps you keep track of your policy and billing details, access your digital auto insurance ID card, pay bills and submit claims. You can also use the app to request roadside assistance and track your car’s maintenance history.

Virtual assistance: Geico’s virtual assistant is a feature of its website and mobile app that can answer your insurance questions and provide specific policy information. Your Geico account is also accessible using Amazon's Alexa and Google Assistant.

Life, homeowners and renters insurance from Geico

Geico offers home insurance through partner companies. To learn more about the coverage options available, read our Geico homeowners insurance review .

Geico also offers renters insurance through its partners. To read about this program, see NerdWallet’s Geico renters insurance review .

Other insurance from Geico 

Geico sells the following types of insurance:

Motorcycle insurance.

Insurance for all-terrain vehicles.

Recreational vehicle insurance.

Boat or personal watercraft insurance.

Commercial auto insurance.

Umbrella insurance (some policies sold by a third party).

Geico offers other policies through third parties, including:

Collector insurance for classic cars.

Condo and co-op insurance.

Mobile home insurance.

Pet insurance.

Life insurance.

Yes, Geico is a good insurance company for most. If you’re looking for an affordable car insurance policy, and you’re comfortable managing your own accounts online when an agent isn’t nearby, Geico might be right for you.

You can file a claim online, through the Geico app or over the phone.

Yes, Geico covers rental cars if yours is in a wreck, as long as you’ve added rental reimbursement coverage to your policy (it’s optional). The coverage may have daily and/or per-claim limits.

No, Geico doesn’t offer gap insurance. To find companies that do, see our guide to gap insurance .

Customer service number: Geico’s phone number is 800-207-7847. You can also find an agent to call on the website.

Email: Contact form via the website

Live chat: Geico offers a live chat on its website.

X: Reach out to Geico on X at @Geico_Service .

No, Geico doesn’t offer gap insurance. To find companies that do, see our guide to

gap insurance

Customer service number:

Geico’s phone number is 800-207-7847. You can also find an agent to call on the website.

Contact form via the website

Geico offers a live chat on its website.

Reach out to Geico on X at

@Geico_Service

Methodology

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

Auto insurance ratings methodology

NerdWallet’s auto insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints and discounts. Our “ease of use” category looks at factors such as website transparency and how easy it is to file a claim. Using our editorial discretion, we also consider customer satisfaction surveys. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines and full ratings methodology for auto insurance .

ON A SIMILAR NOTE...

Dive even deeper in insurance, compare car insurance rates, best car insurance companies of may 2024, cheap car insurance.

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The promise and the reality of gen AI agents in the enterprise

The evolution of generative AI (gen AI) has opened the door to great opportunities across organizations, particularly regarding gen AI agents—AI-powered software entities that plan and perform tasks or aid humans by delivering specific services on their behalf. So far, adoption at scale across businesses has faced difficulties because of data quality, employee distrust, and cost of implementation. In addition, capabilities have raced ahead of leaders’ capacity to imagine how these agents could be used to transform work.

However, as gen AI technologies progress and the next-generation agents emerge, we expect more use cases to be unlocked, deployment costs to decrease, long-tail use cases to become economically viable, and more at-scale automation to take place across a wider range of enterprise processes, employee experiences, and customer interfaces. This evolution will demand investing in strong AI trust and risk management practices and policies as well as platforms for managing and monitoring agent-based systems.

In this interview, McKinsey Digital’s Barr Seitz speaks with senior partners Jorge Amar and Lari Hämäläinen and partner Nicolai von Bismarck to explore the evolution of gen AI agents and how companies can and should implement the technology, where the pools of value lie for the enterprise as a whole. They particularly explore what these developments mean for customer service. An edited transcript of the conversation follows.

Barr Seitz: What exactly is a gen AI agent?

Lari Hämäläinen: When we talk about gen AI agents, we mean software entities that can orchestrate complex workflows, coordinate activities among multiple agents, apply logic, and evaluate answers. These agents can help automate processes in organizations or augment workers and customers as they perform processes. This is valuable because it will not only help humans do their jobs better but also fully digitalize underlying processes and services.

For example, in customer services, recent developments in short- and long-term memory structures enable these agents to personalize interactions with external customers and internal users, and help human agents learn. All of this means that gen AI agents are getting much closer to becoming true virtual workers that can both augment and automate enterprise services in all areas of the business, from HR to finance to customer service. That means we’re well on our way to automating a wide range of tasks in many service functions while also improving service quality.

Barr Seitz: Where do you see the greatest value from gen AI agents?

Jorge Amar: We have estimated that gen AI enterprise use cases  could yield $2.6 trillion to $4.4 trillion annually in value across more than 60 use cases. 1 “ The economic potential of generative AI: The next productivity frontier ,” McKinsey, June 14, 2023. But how much of this value is realized as business growth and productivity will depend on how quickly enterprises can reimagine and truly transform work in priority domains—that is, user journeys, processes across an entire chain of activities, or a function.

Gen-AI-enabled agents hold the promise of accelerating the automation of a very long tail of workflows that would otherwise require inordinate amounts of resources to implement. And the potential extends even beyond these use cases: 60 to 70 percent of the work hours in today’s global economy could theoretically be automated by applying a wide variety of existing technology capabilities, including generative AI, but doing so will require a lot in terms of solutions development and enterprise adoption.

Consider customer service. Currently, the value of gen AI agents in the customer service environment is going to come either from a volume reduction or a reduction in average handling times. For example, in work we published earlier this year, we looked at 5,000 customer service agents using gen AI and found that issue resolution increased by 14 percent an hour, while time spent handling issues went down 9 percent. 2 “ The economic potential of generative AI: The next productivity frontier ,” McKinsey, June 14, 2023.

About QuantumBlack, AI by McKinsey

QuantumBlack, McKinsey’s AI arm, helps companies transform using the power of technology, technical expertise, and industry experts. With thousands of practitioners at QuantumBlack (data engineers, data scientists, product managers, designers, and software engineers) and McKinsey (industry and domain experts), we are working to solve the world’s most important AI challenges. QuantumBlack Labs is our center of technology development and client innovation, which has been driving cutting-edge advancements and developments in AI through locations across the globe.

The other area for value is agent training. Typically, we see that it takes somewhere between six to nine months for a new agent to perform at par with the level of more tenured peers. With this technology, we see that time come down to three months, in some cases, because new agents have at their disposal a vast library of interventions and scripts that have worked in other situations.

Over time, as gen AI agents become more proficient, I expect to see them improve customer satisfaction and generate revenue. By supporting human agents and working autonomously, for example, gen AI agents will be critical not just in helping customers with their immediate questions but also beyond, be that selling new services or addressing broader needs. As companies add more gen AI agents, costs are likely to come down, and this will open up a wider array of customer experience options for companies, such as offering more high-touch interactions with human agents as a premium service.

Barr Seitz: What are the opportunities you are already seeing with gen AI agents?

Jorge Amar: Customer care will be one of the first but definitely not the only function with at-scale AI agents. Over the past year, we have seen a lot of successful pilots with gen AI agents helping to improve customer service functions. For example, you could have a customer service agent who is on the phone with a customer and receives help in real time from a dedicated gen AI agent that is, for instance, recommending the best knowledge article to refer to or what the best next steps are for the conversation. The gen AI agent can also give coaching on behavioral elements, such as tone, empathy, and courtesy.

It used to be the case that dedicating an agent to an individual customer at each point of their sales journey was cost-prohibitive. But, as Lari noted, with the latest developments in gen AI agents, now you can do it.

Nicolai von Bismarck: It’s worth emphasizing that gen AI agents not only automate processes but also support human agents. One thing that gen AI agents are so good at, for example, is in helping customer service representatives get personalized coaching not only from a hard-skill perspective but also in soft skills like understanding the context of what is being said. We estimate that applying generative AI to customer care functions could increase productivity by between 30 to 45 percent. 3 “ The economic potential of generative AI: The next productivity frontier ,” McKinsey, June 14, 2023.

Jorge Amar: Yes, and in other cases, gen AI agents assist the customer directly. A digital sales assistant can assist the customer at every point in their decision journey by, for example, retrieving information or providing product specs or cost comparisons—and then remembering the context if the customer visits, leaves, and returns. As those capabilities grow, we can expect these gen AI agents to generate revenue through upselling.

[For more on how companies are using gen AI agents, see the sidebar, “A closer look at gen AI agents: The Lenovo experience.”]

Barr Seitz: Can you clarify why people should believe that gen AI agents are a real opportunity and not just another false technology promise?

A closer look at gen AI agents: The Lenovo experience

Three leaders at Lenovo —Solutions and Services Group chief technology officer Arthur Hu, COO and head of strategy Linda Yao, and Digital Workplace Solutions general manager Raghav Raghunathan—discuss with McKinsey senior partner Lari Hämäläinen and McKinsey Digital’s Barr Seitz how the company uses generative AI (gen AI) agents.

Barr Seitz: What existing gen AI agent applications has Lenovo been running and what sort of impact have you seen from them?

Arthur Hu: We’ve focused on two main areas. One is software engineering. It’s the low-hanging fruit to help our people enhance speed and quality of code production. Our people are already getting 10 percent improvements, and we’re seeing that increase to 15 percent as teams get better at using gen AI agents.

The second one is about support. We have hundreds of millions of interactions with our customers across online, chat, voice, and email. We’re applying LLM [large language model]-enhanced bots to address customer issues across the entire customer journey and are seeing some great improvements already. We believe it’s possible to address as much as 70 to 80 percent of all customer interactions without needing to pull in a human.

Linda Yao: With our gen AI agents helping support customer service, we’re seeing double-digit productivity gains on call handling time. And we’re seeing incredible gains in other places too. We’re finding that marketing teams, for example, are cutting the time it takes to create a great pitch book by 90 percent and also saving on agency fees.

Barr Seitz: How are you getting ready for a world of gen AI agents?

Linda Yao: I was working with our marketing and sales training teams just this morning as part of a program to develop a learning curriculum for our organization, our partners, and our key customers. We’re figuring out what learning should be at all levels of the business and for different roles.

Arthur Hu: On the tech side, employees need to understand what gen AI agents are and how they can help. It’s critical to be able to build trust or they’ll resist adopting it. In many ways, this is a demystification exercise.

Raghav Raghunathan: We see gen AI as a way to level the playing field in new areas. You don’t need a huge talent base now to compete. We’re investing in tools and workflows to allow us to deliver services with much lower labor intensity and better outcomes.

Barr Seitz: What sort of learning programs are you developing to upskill your people?

Linda Yao: The learning paths for managers, for example, focus on building up their technical acumen, understanding how to change their KPIs because team outputs are changing quickly. At the executive level, it’s about helping leaders develop a strong understanding of the tech so they can determine what’s a good use case to invest in, and which one isn’t.

Arthur Hu: We’ve found that as our software engineers learn how to work with gen AI agents, they go from basically just chatting with them for code snippets to developing much broader thinking and focus. They start to think about changing the software workflow, such as working with gen AI agents on ideation and other parts of the value chain.

Raghav Raghunathan: Gen AI provides an experiential learning capability that’s much more effective. They can prepare sales people for customer interactions or guide them during sales calls. This approach is having a much greater impact than previous learning approaches. It gives them a safe space to learn. They can practice their pitches ahead of time and learn through feedback in live situations.

Barr Seitz: How do you see the future of gen AI agents evolving?

Linda Yao: In our use cases to date, we’ve refined gen AI agents so they act as a good assistant. As we start improving the technology, gen AI agents will become more like deputies that human agents can deploy to do tasks. We’re hoping to see productivity improvements, but we expect this to be a big improvement for the employee experience. These are tasks people don’t want to do.

Arthur Hu: There are lots of opportunities, but one area we’re exploring is how to use gen AI to capture discussions and interactions, and feed the insights and outputs into our development pipeline. There are dozens of points in the customer interaction journey, which means we have tons of data to mine to understand complex intent and even autogenerate new knowledge to address issues.

Jorge Amar: These are still early days, of course, but the kinds of capabilities we’re seeing from gen AI agents are simply unprecedented. Unlike past technologies, for example, gen AI not only can theoretically handle the hundreds of millions of interactions between employees and customers across various channels but also can generate much higher-quality interactions, such as delivering personalized content. And we know that personalized service is a key driver of better customer service. There is a big opportunity here because we found in a survey of customer care executives we ran that less than 10 percent of respondents  in North America reported greater-than-expected satisfaction with their customer service performance. 4 “ Where is customer care in 2024? ,” McKinsey, March 12, 2024.

Lari Hämäläinen: Let me take the technology view. This is the first time where we have a technology that is fitted to the way humans interact and can be deployed at enterprise scale. Take, for example, the IVR [interactive voice response] experiences we’ve all suffered through on calls. That’s not how humans interact. Humans interact in an unstructured way, often with unspoken intent. And if you think about LLMs [large language models], they were basically created from their inception to handle unstructured data and interactions. In a sense, all the technologies we applied so far to places like customer service worked on the premise that the customer is calling with a very structured set of thoughts that fit predefined conceptions.

Barr Seitz: How has the gen AI agent landscape changed in the past 12 months?

Lari Hämäläinen: The development of gen AI has been extremely fast. In the early days of LLMs, some of their shortcomings, like hallucinations and relatively high processing costs, meant that models were used to generate pretty basic outputs, like providing expertise to humans or generating images. More complex options weren’t viable. For example, consider that in the case of an LLM with just 80 percent accuracy applied to a task with ten related steps, the cumulative accuracy rate would be just 11 percent.

Today, LLMs can be applied to a wider variety of use cases and more complex workflows because of multiple recent innovations. These include advances in the LLMs themselves in terms of their accuracy and capabilities, innovations in short- and long-term memory structures, developments in logic structures and answer evaluation, and frameworks to apply agents and models to complex workflows. LLMs can evaluate and correct “wrong” answers so that you can have much higher accuracy. With an experienced human in the loop to handle cases that are identified as tricky, then the joint human-plus-machine outcome can generate great quality and great productivity.

Finally, it’s worth mentioning that a lot of gen AI applications beyond chat have been custom-built in the past year by bringing different components together. What we are now seeing is the standardization and industrialization of frameworks to become closer to “packaged software.” This will speed up implementation and improve cost efficiency, making real-world applications even more viable, including addressing the long-tail use cases in enterprises.

Barr Seitz: What sorts of hurdles are you seeing in adopting the gen AI agent technology for customer service?

Nicolai von Bismarck: One big hurdle we’re seeing is building trust across the organization in gen AI agents. At one bank, for example, they knew they needed to cut down on wrong answers to build trust. So they created an architecture that checks for hallucinations. Only when the check confirms that the answer is correct is it released. And if the answer isn’t right, the chatbot would say that it cannot answer this question and try to rephrase it. The customer is then able to either get an answer to their question quickly or decide that they want to talk to a live agent. That’s really valuable, as we find that customers across all age groups — even Gen Z — still prefer live phone conversations for customer help and support. .

Jorge Amar: We are seeing very promising results, but these are in controlled environments with a small group of customers or agents. To scale these results, change management will be critical. That’s a big hurdle for organizations. It’s much broader than simply rolling out a new set of tools. Companies are going to need to rewire how functions work so they can get the full value from gen AI agents.

Take data, which needs to be in the right format and place for gen AI technologies to use them effectively. Almost 20 percent of most organizations, in fact, see data as the biggest challenge to capturing value with gen AI. 5 “ The state of AI in 2023: Generative AI’s breakout year ,” McKinsey, August 1, 2023. One example of this kind of issue could be a chatbot sourcing outdated information, like a policy that was used during COVID-19, in delivering an answer. The content might be right, but it’s hopelessly out of date. Companies are going to need to invest in cleaning and organizing their data.

In addition, companies need a real commitment to building AI trust and governance capabilities. These are the principles, policies, processes, and platforms that assure companies are not just compliant with fast-evolving regulations—as seen in the recent EU AI law and similar actions in many countries—but also able to keep the kinds of commitments that they make to customers and employees in terms of fairness and lack of bias. This will also require new learning, new levels of collaboration with legal and risk teams, and new technology to manage and monitor systems at scale.

Change needs to happen in other areas as well. Businesses will need to build extensive and tailored learning curricula for all levels of the customer service function—from managers who will need to create new KPIs and performance management protocols to frontline agents who will need to understand different ways to engage with both customers and gen AI agents.

The technology will need to evolve to be more flexible and develop a stronger life cycle capability to support gen AI tools, what we’d call MLOps [machine learning operations] or, increasingly, gen AI Ops [gen AI operations]. The operating model will need to support small teams working iteratively on new service capabilities. And adoption will require sustained effort and new incentives so that people learn to trust the tools and realize the benefits. This is particularly true with more tenured agents, who believe their own skills cannot be augmented or improved on with gen AI agents. For customer operations alone, we’re talking about a broad effort here, but with more than $400 billion of potential value from gen AI at stake, it’s worth it. 6 “ The economic potential of generative AI: The next productivity frontier ,” McKinsey, June 14, 2023.

Barr Seitz: Staying with customer service, how will gen AI agents help enterprises?

Jorge Amar: This is a great question, because we believe the immediate impact comes from augmenting the work that humans do even as broader automation happens. My belief is that gen AI agents can and will transform various corporate services and workflows. It will help us automate a lot of tasks that were not adding value while creating a better experience for both employees and customers. For example, corporate service centers will become more productive and have better outcomes and deliver better experiences.

In fact, we’re seeing this new technology help reduce employee attrition. As gen AI becomes more pervasive, we may see an emergence of more specialization in service work. Some companies and functions will lead adoption and become fully automated, and some may differentiate by building more high-touch interactions.

Nicolai von Bismarck: As an example, we’re seeing this idea in practice at one German company, which is implementing an AI-based learning and coaching engine. And it’s already seeing a significant improvement in the employee experience as measured while it’s rolling this out, both from a supervisor and employee perspective, because the employees feel that they’re finally getting feedback that is relevant to them. They’re feeling valued, they’re progressing in their careers, and they’re also learning new skills. For instance, instead of taking just retention calls, they can now take sales calls. This experience is providing more variety in the work that people do and less dull repetition.

Lari Hämäläinen: Let me take a broader view. We had earlier modeled a midpoint scenario when 50 percent of today’s work activities could be automated to occur around 2055. But the technology is evolving so much more quickly than anyone had expected—just look at the capabilities of some LLMs that are approaching, and even surpassing, in certain cases, average human levels of proficiency. The innovations in gen AI have helped accelerate that midpoint scenario by about a decade. And it’s going to keep getting faster, so we can expect the adoption timeline to shrink even further. That’s a crucial development that every executive needs to understand.

Jorge Amar is a senior partner in McKinsey’s Miami office, Lari Hämäläinen is a senior partner in the Seattle office, and Nicolai von Bismarck is a partner in the Boston office. Barr Seitz is director of global publishing for McKinsey Digital and is based in the New York office.

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Case Study: AEON Bank (M) Berhad

Building a new bank from the ground up and revolutionising the customer service journey

• 10 minute read
• May 27, 2024

PwC South East Asia Consulting

Financial Services

Salesforce CRM

A subsidiary of Japan-based AEON Financial Service Co., Ltd. and AEON Credit Service (M) Berhad, AEON Bank (M) Berhad (formerly known as ACS Digital Berhad) successfully established an Islamic Digital Bank on 8 January 2024 to deliver innovative and inclusive financial services to retail customers in Malaysia. 

Situation Bringing value to client servicing

The collaboration between PwC and AEON Bank started at a strategic level. The Customer Relationship Management (CRM) implementation exercise was one key aspect of a holistic business strategy. The primary goal for AEON Bank was to introduce a landmark initiative to further innovate and expand the Malaysian banking landscape. From an execution perspective, while the customer service and CRM platform were one of the levers, an entire tech architecture was conceived; of which different streams of work were carved out – one of which included the CRM implementation on Salesforce. 

Before entering the market, the bank knew a comprehensive solution would allow them to comply with central bank guidelines for successful operational readiness while simultaneously driving financial inclusivity. Led by this vision, AEON Bank worked with PwC to design the digital bank’s systems to serve customers. 

“We needed support to implement our Customer Relationship Management (CRM) platform, as this was an initiative from the ground up,” said Ajith Jayaram, the Chief Strategy Officer of AEON Bank. “Given that this was a totally new area for us, we leveraged on PwC’s experience and technical know-how in the tech stack landscape.” 

Furthermore, as AEON Bank did not have existing infrastructure and processes related to customer service and support, PwC had the benefit of starting with a clean state.

AEON Bank chose to work with PwC to envision the customer journey from the ground up and build the business and technological framework for enabling it, keeping in mind the various priorities of different customer segments. The goal was to design a CRM system that would empower the bank to cater to the unique needs of its clients, helping earn their trust and loyalty in the long term by providing them with the best possible experience.

Solution Building a wealth of solutions from the ground up

With client care at front and centre of its service ethos, AEON Bank needed a comprehensive solution to make the customer journey more engaging and fulfilling. Moreover, with AEON Bank’s desire to engage in leading solutions, CRM in Salesforce was adopted.

With its trademark BXT method, PwC deployed the bank’s client-centric vision on three critical fronts: business, experience and technology. Marrying PwC’s deep capabilities in digital banking and cloud technologies with the bank’s innovative thrust, the team mapped the client experience to make it fast, responsive and personalised.

Business Investing in a solid foundation

Launching an Islamic digital bank in Malaysia is no simple feat. AEON Bank understood that it had to deftly navigate the Malaysian banking landscape and its regulations to succeed in its market entry and earn the trust of underserved and unserved customers not reached by traditional banks. This section of the population needed access to financial services without having to enter a physical bank as well as progressive retail banking solutions beyond conventional channels.   

With its extensive track record in the Malaysian banking space, PwC helped AEON Bank vault over regulatory hurdles and comply fully with the regulatory requirement. This allowed the bank to focus on preparing to deliver its services, including an emphasis on top-quality tech stack and enhanced operational efficiency in handling customer interactions from the outset – characteristics that set the bank apart in a crowded market.

Experience Banking on the right approach to transformation

Providing progressive and client-attuned financial services is one thing. Creating the business environment that enables both is another. Recognising this, PwC and AEON Bank worked to embed a culture of exceptional service across the organisation, from tech teams working the backend to front-facing customer support specialists. To do this, PwC paid close attention to different customer needs to map out the service experience journey. 

At the same time, PwC and AEON Bank’s adoption of a world-class platform such as Salesforce clearly depicted AEON Bank’s strategic vision, with an eye for tailored and responsive customer needs management that transcended the limits of traditional banking. By having a firm grasp of the bank’s business needs, PwC found the change management approach that helped the bank put customers first and bring finance closer to all.

Technology Delivering where it matters

Backed by technical acumen, PwC specialists joined forces with AEON Bank’s specialist teams to weave Salesforce Service Cloud into the bank’s operations, positioning it as the core system for running customer support activities. Working together, PwC and AEON Bank conceptualised and implemented the solution in a record four to five months, significantly quicker than the industry average for rolling out a customer service management system. 

“PwC played a pivotal role in introducing us to interested partners and various technology partners with world-class solutions to design and build the products and services we envisioned for the bank together with the Financial Projections to ensure the bank would be successful.”

This allowed the digital bank to fulfil its customer-oriented mission through greater operational efficiency and lightning-quick, tailored service, allowing it to create exceptional value for their customers and cement sound relationships with them. 

Results Deep collaboration towards rewarding outcomes

Together with AEON Bank, PwC orchestrated and completed a highly complex project that demanded creativity, collaboration and agility from both sides. Although this was just one part of a broader business transformation strategy, it was critical that it was done well – to set the tone for other activities that are a part of the holistic strategy.

“There is a plethora of moving parts in the setting up of a digital bank, so it’s critical to ensure all key pieces of the jigsaw fit together,” said Jayaram. “This demanded significant agility and adaptability to collaborate with different stakeholders, and PwC did a great job in facilitating this mammoth effort.”

The result has been rich in positive outcomes: by partnering with PwC, AEON Bank gained a solid foundation to operate a new bank in Malaysia — within timelines, within budget and in full compliance with local regulations. Customer service performance and productivity is expected to receive a decisive boost, in line with AEON Bank’s larger goal of client prioritisation. 

To ensure financial inclusion, AEON Bank decided to give users a seamless user experience and drive accessibility to banking wherever they are. Moreover, AEON Bank is Malaysia’s first Islamic Digital Bank – with all its products and services being Shariah-compliant. Nonetheless, its services are available to all Malaysians, which will undoubtedly bring holistic value to all users. As a new player, AEON Bank wants to be known as a tech enabler to enrich the banking landscape and contribute to the existing ecosystem.  

Users will benefit tangibly too, as reporting and analytical tools will give AEON Bank’s customers the means to make pivotal financial and business decisions. With a robust customer management system in place, the Bank is hoping to make banking simpler for its clients and playing a strong role in extending financial services to the underserved in Malaysia. 

As a digital bank without physical branches, it is imperative that AEON Bank instils a strong people-first culture that can diligently serve the diverse needs of its clients. Digitalisation and technology must be complemented with human capital, especially as the Bank aims to reach banking to everyday Malaysians. This was a mandate carried out by AEON Bank together with PwC.

“PwC is thrilled to have collaborated with AEON Bank to help realise its digital-banking vision. The relentless focus on an enhanced customer experience set the tone of the engagement right from the get go, and we are confident that AEON Bank will add tremendous value for an ever-growing customer base and enrich the Malaysian digital-banking landscape.”

Let us be part of your success story: Reach out to start a conversation

Tristan Hockley , Salesforce Practice Leader, South East Asia Consulting, PwC Singapore

Neha Mani , Director, South East Asia Consulting, PwC Malaysia

Shuchi Mehta , Director, South East Asia Consulting, PwC Singapore

Terence Moey , Director, South East Asia Consulting, PwC Malaysia

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