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Cincom - ContactCenterWorld.com Blog

What 1,199 Customers Communicated about Loyalty to Their Insurers

Securing customer loyalty for the long term is one of the highest priorities for your business stability and growth. What if you had a road map that could help you navigate those challenges?

Such a road map has, in fact, been charted. What it reveals can help to inform your loyalty strategy and identify the tools you will need to execute it.

The academic team of Martin Mende, Ruth N. Bolton and Mary Jo Bitner[i] developed a matrix that shows the relationship between preferences from customers in how closely you are interacting with them and how that relates to their overall loyalty to your firm. (You can see their full paper, including the matrix, here. Customer loyalty is the vertical axis, and preferences for closeness are the horizontal axis.)

They analyzed survey data from 1,199 insurance customers, and followed up with purchase records from 975 of those customers. The data results in theories from them on how to serve each segment that are not quite as straightforward as you might expect:

  • Those customers in the upper right quadrant of the matrix, defined by high loyalty to your firm and a high preference for closeness in your relationship, should be handled much as you would suspect. They are comfortable and happy in receiving consistent contacts from you across multiple touch points.
  • Those in the lower right quadrant are a bit trickier. That group has a desire for a close relationship with your firm, but has a lower level of loyalty. This quadrant also featured the highest percentage of the 1,199 people surveyed, with just under 40 percent of all respondents reflecting this combination of attitudes. Obviously this is a desirable group on which to focus your communication strategies in hopes of increasing their lagging loyalty. In many cases, these customers feel that their preference for closeness in the relationship is not being reciprocated by your firm. For this group, you need messaging that consistently emphasizes the strengths of your service.
  • The upper left quadrant are complete opposites of the lower right; they have high loyalty but seek a low level of contact from your company. The key here is to accurately recognize these customers for who they are at an early stage, and then treat them appropriately. You want to limit your contact points with them to as few as possible in order to not disrupt their satisfaction.
  • Finally, the lower left quadrant is a real challenge (or a real opportunity, take your pick). They have low loyalty and prefer a low level of closeness in their relationship to your firm. Statistically, this was the second-largest group in the matrix at about 29 percent. The researchers actually identified customer inertia as being a factor for this group, so despite what many firms would instinctively turn to as a strategy with this quadrant, the recommended approach is putting emphasis on the high quality of your services in your messaging, but reaching out to this group with a low level of frequency.

One of the big takeaways from this research is that you have to be able to differentiate up front between attitudes among your customers. As customer service has increased in importance for today’s businesses, you may already be doing this kind of legwork. A second conclusion that is equally important, though, is having the means to carry out the communications strategies suggested by this study.

It’s an arrangement that mirrors what takes place in modern medicine. First comes the right diagnosis, and then a treatment plan follows. Customer Communication Management (CCM) tools allow the treatment plan for customer loyalty to be fully implemented.

As an example, consider the flexibility you need to be able to carry out the four strategies laid out above for each matrix. Your one customer communications solution needs to be able to produce multi-channel choices for delivery based on every customer’s preference. It could be in the form of a letter, an e-mail or a text.

Your solution needs to have the ability to avoid creating “silos of communications” within your company, so that the entire communications stream can be managed in a way that meets the customer’s expectations. You also can benefit by “right-channeling” messages, directing customers to the communications channel that is most appropriate in terms of effectiveness and cost.

A system that is going to clear such a high bar will need to be well conceived if it is going to be cost-effective as well as business-effective, and offer advantages like giving front-end users within your company a larger role with less need to rely on IT. Such a solution will also need to make your content library flexible and easy to use across multiple settings and formats.

Getting total alignment on all of these factors is the key to making customer communications a part of your business success both now, from the aspect of efficiency, and in the future, from the standpoint of reinforcing customer loyalty. When you successfully match that functionality with properly targeted messaging strategy, you’ve put your company in an ideal position to retain your customers.

____________________________________________________________

[i] Martin Mende, Ruth N. Bolton and Mary Jo Bitner, “Decoding Customer-Firm Relationships: How Attachment Styles Help Explain Customers’ Preferences for Closeness, Repurchase Intentions, and Changes in Relationship Breadth,” Journal of Marketing Research, February 2013

Source: http://www.cincom.com/blog/customer-communications/what-1199-customers-communicated-about-loyalty-to-their-insurers/

Publish Date: September 21, 2015 5:00 AM


Appreciating the Value of a “Niche” Fit

Upgrading your Customer Communications Management (CCM) capabilities is the right decision for your business; you’ve already decided that.

Your next step is to find the right provider that fits with your company’s processes and goals. That’s like shopping for a new car—the market is full of quality choices with different sets of options at different price points. Your challenge is to find the one that best fits your unique needs.

Just like with car guides, you can turn to expert opinion such as Gartner for guidance. In their most recent Magic Quadrant for Customer Communications Management Software guide for CCM, they position Cincom in the Niche Players quadrant.

What does that mean for you?

We do indeed have a lot of customers in several specific market segments and key verticals—health insurance, life insurance, property and casualty insurance, state government agencies, financial services and travel. Our solution fits well there, but it’s also a good fit for other industries.

What really makes us “niche” and why we know it could be great news for you is our philosophy.

We believe that Gartner’s positioning recognizes our unwavering commitment to providing the right solution for each specific customer we work with. We know it’s this continued focus on being the right solution for your specific needs and not “everything for everyone” that enables us to out-innovate and outperform other players in the CCM space.

CCM is built on a philosophy of providing the best service to your customers. When you are the customer, why would your company not be deserving of the same kind of treatment from the software provider that’s behind your CCM efforts?

Here’s what some of Cincom’s customers say about our commitment to working with them:

“Cincom asks for their customers’ opinions, what they see coming in the future and what they would like to have, and then they respond to it. They not only gather all of that information, but they actually take action on it. It doesn’t matter the size of your company or what version of the product you’re using, they listen to everybody on an equal basis … they listen and respond quickly to things that will help your business.”

− Kathy Biwer, Director of Business Applications Services, MTL Insurance

“We invite Cincom’s product team to our strategic meetings so that we can collaborate and allow them to share their roadmap with us. By understanding each other’s business plans, we can implement the roadmap in a more transparent way and ultimately help our business meet its goals. Cincom Eloquence® has been a major contributor in helping us grow our business by exceeding the expectations of our members and providers through better communications.”

− Rick Hopfer, Chief Information Officer, Molina Healthcare

“There is no intervention of IT during the lifecycle of a template or a document. The business is able to validate the use of templates and specify who is responsible for them. … The Cincom team was reactive and ready to help at all times.”

− Didier Caupain, Project Manager, BNP Paribas

“Our ultimate goal is to provide clear, accurate, actionable communications. We want to speed the claims process and provide a timely customer-service experience. With Cincom as our partner, we know we will consistently be advancing document communications workflow and techniques relative to these objectives.”

− Dave True, Director of Customer Service, Wisconsin Physicians Service Insurance Corporation, TRICARE Division

“What we really like is the improvements we have experienced in business response. Now that business users are playing a bigger role in managing content in our documents, changes to content are happening relatively quickly compared to before when it would have required a week’s worth of work by IT, often pulling them from other planned projects. That’s a big, measurable improvement.”

− Sam Heigh, Director of Insurance Applications, Montana State Fund

“There was some concern that once the check was written, Cincom’s commitment would lessen, but that didn’t happen. Then there was concern that support would go downhill after implementation, and that hasn’t happened either. All along, we had access to Cincom’s top professional services and support personnel. Cincom went out of its way to make its talent available to the project, and that was a major part of its success and something we definitely appreciated.”

− Information Systems Department Claims Systems Director at a major property/casualty insurer

Source: http://www.cincom.com/blog/customer-communications/appreciating-the-value-of-a-niche-fit/

Publish Date: August 26, 2015 5:00 AM


MMIC Selects Cincom’s Customer Communications Software

Cincom Eloquence to Help Midwest’s Largest Medical Professional Liability Insurer Deliver a Superior Customer Experience through Improved Communications

LAS VEGAS, NV — June 8, 2015 — Cincom Systems, a worldwide software provider, announced today at the 2015 IASA Annual Educational Conference and Business Show, that MMIC (www.mmicgroup.com), the largest policyholder-owned medical liability insurance company in the Midwest, has chosen Cincom Eloquence® (www.cincom.com/cds) as its new customer communications solution to support policyholder communications, including policy issuance, forms and correspondence across its enterprise.

“MMIC was founded by physicians and remains focused on helping those in the medical community achieve their professional, business and personal goals by addressing the risks inherent in healthcare delivery. A significant element in that commitment is delivering a stellar customer experience to the professionals we serve, each and every time,” commented Debra Penrod, vice president − IT/CIO. “We are confident that Cincom’s Eloquence product will play a key role in helping us enhance our customer’s experience with more timely, relevant and personalized communications across the entire policyholder lifecycle from policy issuance to claims processing. And, with its extensive library of APIs and exit facilities, Eloquence will allow us to streamline integration with our core administration platforms, including Delphi Technology’s OASIS, which will help us realize a return on our investment quickly.”

MMIC will focus initially on using Cincom Eloquence to power its batch-driven, policy issuance processes. Once in production, MMIC will turn its attention to using Cincom Eloquence to generate real-time communications in areas throughout the organization such as claims, sales, marketing and customer service.

“We are pleased to welcome MMIC to the Cincom Eloquence family,” said Heath Laudick, North American sales director, Cincom Document Solutions. “Helping medical professional liability insurance companies improve the customer experience through better communications is at the core of everything we do from product development to professional services and support. We anticipate a long, mutually rewarding partnership with MMIC as they continue to make affordable medical professional liability insurance available to over 17,500 physicians and 550 medical facilities across the Midwest.”

About MMIC (http://www.mmicgroup.com/)

MMIC serves more than 17,500 physicians and 550 medical facilities in the Midwest and through UMIA in the Western States. We are always thinking ahead to find ways to protect clients through medical professional liability insurance, improving patient safety and physician well-being and reducing risks associated with information technology. Visit us at MMICgroup.com or at our holding company site ConstellationMutual.com.

About Cincom (http://newsroom.cincom.com/about/)

Since 1968, Cincom has helped world-leading businesses deliver enterprise-class software solutions. For more information about Cincom’s products and services, contact Cincom at 1-800-2CINCOM (USA only), send an email to info@cincom.com or visit the company’s website at http://www.cincom.com.


Source: Document Solutions

Source: http://www.cincom.com/blog/news/mmic-selects-cincoms-customer-communications-software/

Publish Date: June 8, 2015 5:00 AM

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