conversation about maximising value from customer insight

Event: More Behavioural Economics at a Cricket Ground

Following my presentation at Edgbaston, last week I also presented at the Gloucestershire County Cricket ground in Bristol. Clearly the CII favour the view over a green for their regional market forums. Anyway, it was another opportunity to share my thoughts on Behavioural Economics and why it matters for Insurers. Another positive response and good engagement from a mixture of insurers, brokers and related agencies; which promises well for this industry engaging with the FCA’s challenges in this area.

To help spread the word further, below I share the presentation that I used:

Happy to offer training or consultancy to companies wanting to engage with this challenge. To my mind expertise in this area is a natural and needed fit with customer insight teams within Financial Services.

Infographics

I believe in the importance of data visualisation, both because most people can more readily understand a visual representation than tables of numbers and because it is a useful language with which to communicate not just analysis but story. In other words, the challenge to appropriately visualise data or analysis, encourages the analyst to get closer to insights.

Anyway, I’ll blog more on that wider topic another time, for now I just wanted to share links to two agencies whose work on infographics have impressed me. If you’ve not come across them before, see if these spark any creative ideas…

Home logo

There is always a risk that fashion obscures function, so I am aware of the risk that some people now equate data visualisation with infographics, which would also be a mistake in my book. So, as promised, more on data visualisation to following a later post, with the obligatory reference to Edward Tufte.

For now, please do feedback with your experience of infographics. Any tips?

Event: CII Regional Market Forum

Good to present at this event on the relevance of Behavioural Economics to the Insurance industry. I’m used to presenting on this theme to marketers but it was interesting to engage with underwriters, brokers and other insurance professionals.

CII Regional Market Forum

 

The follow-up to this will be an article I’ve written, entitled “Why Behavioural Economics matters for Insurers“, to be published in July’s CII Journal.

Plus it afforded us all a fine view of the grass at Edgbaston:

Edgbaston

 

 

Customer Insight, what do you think of this for definition?

iStock photoMany terms in the lexicon of marketing and business are ambiguous at best, misleading at worst. Both old terms like ‘proposition’ and new ones like ‘big data’ seem to bring more smoke than light. But the lack of clarity that has troubled me most in corporate life is the many meanings of ‘customer insight’.

I have come across companies that mean data analytics, those that mean consumer research, some which still mean deeply held beliefs by the marketing leader and only a few which mean something more complete.

From my experience, genuinely producing customer insights does require the outputs of data experts, statistical analysts, experienced researchers and commercially minded database marketing analysts, but it is more than that. Akin to Aristotle’s “the whole is greater than the sum of its parts“, I see real customer insights as being developed based on a convergence of the above evidence.

It’s always difficult to come to a precise definition which is not too verbose, but a working version for me at the moment is as follows… (more…)

Poll: Customer Insight, the forgotten leader?

Joseph BeuysWhilst leading the largest customer insight function amongst UK insurers, I was struck how poorly served CI leaders are; in terms of coaching or consultancy support. Compared to my peers in Marketing or Operations, this looks like a real gap in the market.

Sure, there was technical training for members of an insight team; be that in analytical software, SQL coding, statistics, data management or research methods. Plus, yes, there is a wealth of general management or leadership support available; from softer skills training courses to executive coaching at the other end of the spectrum. However, the gap I’m referring to is the “filling in that sandwich”. The art and science to effectively use the range of technical insight skills in concert and in a way that drives action (to both improve customer experience & to make money).

So, why the gap? Well, as far as I can tell the audience is not well understood. There does not appear to be an agreed common definition of Customer Insight; for example some companies use this term to refer to research, some to analysis and few to the combination. But I wonder if it is also because it is only fairly recently that customer insight leaders have risen to greater seniority and influence within companies. Few of this brave band have since moved on to consultancy and training, so a practitioners perspective is rarely available as an offering.

I’d be interested in hearing existing customer insight leaders thoughts on this:

 

Event: Data IQ Now 2014

I had the pleasure of attending and presenting at this conference. It was an enjoyable and useful event, hosted at etc Venues near St Paul’s, which seems to be a popular location for such events this year. David Reed was as ever a convivial host.

For me the stand out presentation was from eBay, a clear message on simplification to manage complexity, that is so relevant in getting from too much data & even too much analysis to clear recommendations that can be acted upon.

I’m pleased my presentation was also well received, especially as it was my last opportunity to present on behalf of Lloyds on the good work that has been achieved there. Exciting times ahead for that organisation as the focus that we’ve built over years (on customer needs not just product sales) is implemented to actually control interactions across a massively multi-channel, multi-brand, multi-product environment.