Attrition diagnostics research
Sector- Banking & Insurance
Business Practice- Customer Experience, Attrition Diagnostic Research
The client has been losing clients recently. To have a better understanding for them to take a decisive action in arresting this decline, they wanted to evaluate their customer experience and the reasons for attrition immediately after the customer closes their relationship. They were also keen to know, if there are any corrective actions, they can take to revive the relationship
Stakeholder interviews with the management and key business functionaries were conducted at the setup stage to understand better their needs, performance metrics and business actions they are looking to take from this research. These were built into a survey and was piloted to gain a firsthand experience and insights to further fine-tune the instrument. Thereafter, a full-fledged program was launched and is reviewed quarterly to fine tune and make it relevant to business actions.
Online survey is conducted on an ongoing basis. These customers are reached out for their feedback, within 10-15 days of their attrition to have better quality of response. This helps in reaching out to them as soon as they end their relationship with Marsh and help in capturing quality response based on their recent memory recency of experience. A longer window was looked at from a reporting point of views – reporting is done quarterly, to be able to monitor the improvement.
The research is helping the client, in implementing a win-back strategy through enhancing their aspects of business that have been limiting for some of their customers and leading to attrition. Also, the pointers on service quality and customer experience have been particularly very useful in highlighting the importance of customer centricity within the servicing team. This is helping the teams in raising the standards for Service Quality.