Friday, 22 June 2012
Thursday, 21 June 2012
Disconnected Customer Channels: Research Reports
Pitney Bowes Software has undertaken a major piece of research into the current state of customer communications channels. Research consultancy Opinion Matters conducted a survey of 250 CMOs and Marketing Directors in B2C companies with 1000+ employees across the UK, France and Germany; within Financial Services, Telecoms and Utilities. The aim of the survey was to discover how well integrated marketing strategies and market channels are and how relevant and consistent customer communications are across these channels.
Technology has provided a dizzying array of new communication channels that mean that we can receive information continually - "Always On Marketing". This increase in channels is no less pronounced in the corporate world where the research tells us almost all the organisations we surveyed are engaging to some extent with social networks to reach consumers, where more are starting to use Facebook, Twitter or LinkedIn for marketing in conjunction with traditional channels.
With this ever growing number of channels being used, the survey overwhelmingly shows that the corporate preference is to have these channels integrated. However, it also shows that while this is an active goal the majority are still some way short of reaching integration. Barriers to achieving this include a lack of strategy, concern over channel security, inability to be consistent across channels and fear of confusing customers.
As a result customers are being lost though fragmented and inconsistent communications. For example, during on-boarding large numbers of customers are lost for many and varied reasons including fragmented ownership, no pertinent follow-up, and perceived lack of customer understanding.
The survey also looked at the sorts of practices that will drive greater customer engagement. For example the survey found that only a small minority of call centres are using predictive analytics and on screen prompts when talking to their customers, therefore missing the opportunity to engage more relevantly. Furthermore less than a quarter of organisations use location intelligent systems to provide specific location-based offers and services to their customers. Operationally the majority of organisations do not use sophisticated segmentation techniques, such as randomised control groups, to measure campaign effectiveness.
In this information age customers expect to be understood by their suppliers. They have preferences not only in what they want but in how and when they wish to engage. In order to achieve this, companies must ensure co-ordinated and integrated communications to place themselves in a position of advantage in terms of driving customer satisfaction, loyalty and therefore revenue. The research, however, suggests that for the majority of companies this standard of engagement is still some way off.
Get the report here http://www.insurancehound.co.uk/abstract/disconnected-customer-channels-research-report-13663?EDID=KQY98VR-C5XZV-30C8E9-Q3PJH-FDL5H-v1
Technology has provided a dizzying array of new communication channels that mean that we can receive information continually - "Always On Marketing". This increase in channels is no less pronounced in the corporate world where the research tells us almost all the organisations we surveyed are engaging to some extent with social networks to reach consumers, where more are starting to use Facebook, Twitter or LinkedIn for marketing in conjunction with traditional channels.
With this ever growing number of channels being used, the survey overwhelmingly shows that the corporate preference is to have these channels integrated. However, it also shows that while this is an active goal the majority are still some way short of reaching integration. Barriers to achieving this include a lack of strategy, concern over channel security, inability to be consistent across channels and fear of confusing customers.
As a result customers are being lost though fragmented and inconsistent communications. For example, during on-boarding large numbers of customers are lost for many and varied reasons including fragmented ownership, no pertinent follow-up, and perceived lack of customer understanding.
The survey also looked at the sorts of practices that will drive greater customer engagement. For example the survey found that only a small minority of call centres are using predictive analytics and on screen prompts when talking to their customers, therefore missing the opportunity to engage more relevantly. Furthermore less than a quarter of organisations use location intelligent systems to provide specific location-based offers and services to their customers. Operationally the majority of organisations do not use sophisticated segmentation techniques, such as randomised control groups, to measure campaign effectiveness.
In this information age customers expect to be understood by their suppliers. They have preferences not only in what they want but in how and when they wish to engage. In order to achieve this, companies must ensure co-ordinated and integrated communications to place themselves in a position of advantage in terms of driving customer satisfaction, loyalty and therefore revenue. The research, however, suggests that for the majority of companies this standard of engagement is still some way off.
Get the report here http://www.insurancehound.co.uk/abstract/disconnected-customer-channels-research-report-13663?EDID=KQY98VR-C5XZV-30C8E9-Q3PJH-FDL5H-v1
Private motor insurance: Report on the market study and proposed decision to make a market investigation reference - May 2012
This market study launched following a call for evidence on the UK private motor insurance market. The information gathered gave the OFT reasonable grounds for suspecting that there are features of the UK market for private motor insurance that are preventing, restricting or distorting competition.
You can get the report here http://www.insurancehound.co.uk/abstract/private-motor-insurance-report-market-study-proposed-decision-market-investigation-reference-2012-13633?EDID=KQY98VR-C5XZV-30C8E9-Q3PJH-4VQ8E-v1
You can get the report here http://www.insurancehound.co.uk/abstract/private-motor-insurance-report-market-study-proposed-decision-market-investigation-reference-2012-13633?EDID=KQY98VR-C5XZV-30C8E9-Q3PJH-4VQ8E-v1
Insurers ‘less exposed than banks to Greek euro exit’
Insurance companies are less exposed than banks to the contagion risk that would be triggered by a Greek exit from the eurozone, Fitch Ratings said today.
http://www.theactuary.com/news/2012/06/insurers-less-exposed-than-banks-to-greek-euro-exit/
http://www.theactuary.com/news/2012/06/insurers-less-exposed-than-banks-to-greek-euro-exit/
Work-related cancer linked to 8,000 deaths a year
Around 8,000 British cancer deaths a year are thought to be work-related, in particular where asbestos, diesel engine fumes or night-shift work are involved, a study has found.
http://www.theactuary.com/news/2012/06/work-related-cancer-linked-to-8000-deaths-a-year/
http://www.theactuary.com/news/2012/06/work-related-cancer-linked-to-8000-deaths-a-year/
Monday, 18 June 2012
Introduction to Grouplife Insurance
Grouplife
Insurance Cover
Grouplife insurance is a
policy bought by an employer on behalf of its employees. The aim is to provide
death benefit for the dependants of a deceased employee before retirement.
Most employees are bread
winners of their families and their untimely death will leave a vacuum in the
finances of the family. The children might still be in school, there may be
loans or mortgages running and so on. The ideal therefore is to minimise the
financial burden the dependants will go through in time of death of a beloved.
Africans also believe in
giving a befitting burial for the departed one and the cost of this could be enormous.
It may not be a good idea imposing more financial constraints on the bereaved
family.
Every employer therefore tries
to provide its employees with a death-in-service benefit to encourage them more
to work and to allay the above stated fears. The death-in-service benefit will
usually apply in addition to other benefits that are related to age or length of
service.
The amount of the benefit will
usually be a multiple (typically 3 of 5 times) of the annual salary but will
not depend on the age, sex, length of service or any other factor.
Why
Grouplife Insurance?
Most countries make it
mandatory for an employer of labour to have such benefits in place for its
employees. There is however the need to ensure that funds will be available to
pay such benefits whenever they arise (i.e. upon death of an employee). There have
been cases where the employer was not able to pay such death benefit.
The solution appears in transferring
the risk of payment to another organisation, typically by insuring such risk. The
employer does this by purchasing a grouplife insurance policy from an insurance
company. The employer pays the premium on behalf of the employee while the
insurance company settles claims that may arise. By so doing, the ability to
pay is no longer tied to the financial capability of the employer at the time
of the claim.
The
Practice in Nigeria
Section 9 (3) of the Pension
Reform Act 2004 requires all employer to maintain life insurance policy in
favour of the employee for a minimum of three times the annual total emolument
of the employee. The act defined total emolument to be the sum of basic salary,
housing allowance and transport allowance. The law also stipulates a fine of up
to N250,000 and/or an imprisonment of one year for contravening any of its
provisions.
Conclusion
Is there a grouplife insurance policy in
place in your organisation? Is the minimum threshold of a minimum of three
times annual emolument being kept?
It is also important to know that the
burden of paying the premiums for the life policy is strictly that of the
employer and the employee should not be made to bear any part of the premium in
any form.
Sunday, 17 June 2012
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