Increasing broker satisfaction to grow your market share

Baloise Insurance is part of the Swiss holding company Baloise Group. This insurance company has a network of brokers, partner-brokers and non-partners, who are responsible for offering insurance solutions for individuals and companies. Their revenues and growth depend on the results achieved by the brokers who sell their insurance products. Baloise want to increase their growth, they want to evaluate the level of satisfaction of their brokers thanks to customer feedback.

Their challenges:

1. Understand what drives the broker satisfaction and NPS. As the first point of contact, brokers have a great influence on whether the end-customer will purchase a Baloise product or not.

2. Establishing a customer-centric mindset throughout the company. Customer centricity is a top priority for the insurer, they want everyone in the organization to understand the impact they have on the customer.

3. Prioritize customer issues based on the data. The CX team at Baloise writes recommendations for executive management. Customer data helps to support their recommendations and give targeted advice. To write recommendations for management, Gert needs to base his reports on enough customer data.

1. Use feedback insights to understand what drives satisfaction

Through AI-powered feedback analysis, Baloise Insurance can identify the root causes of broker satisfaction or dissatisfaction and understand what drives their NPS. “NPS is our KPI, a metric we want to maintain and grow in a positive way. However, it’s not the most important thing we focus on. The question “why” is fundamental for us and that is the one we want to answer. Listening to your customers is one thing, but if you want to know what you are doing right, what you can improve and why, you have to look beyond the score.”

With the Hello Customer Platform, Baloise can easily add metadata to feedback (e.g., which region, which broker, etc.) to understand in a more granular way what impacts satisfaction, in which segment and why. This way, Baloise Insurance can also get a sense of how the company is performing in its market segment. “If your brokers tell you that you offer good value for money, that’s a confirmation for us that we are making the right decisions as a company.”

2. Cultivate a customer-centric mindset through feedback

Customer experience is often the responsibility of a single team within the company; However, few customer problems can be solved by a single department. “We created a core team of people from different internal departments. At their meetings, the team members review and evaluate the results of Hello Customer surveys. Then, each member is responsible for reporting back to their respective departments. With Hello Customer, it’s easy to see each comment relate to which departments. This means that relevant insights can be allocated to each department. We start with the negative comments and study them carefully. Any other comment that stands out or relates to a key business indicator is also tracked, regardless of the associated score.” 

3. Recommendations to management based on reliable data

Based on the surveys, Gert’s team drafts recommendations for the management. With Hello Customer, they can order and segment customer problems. The platform shows at a glance the problems related to each segment in order of importance.“This way, we can propose actions to management. If the same issues come up repeatedly in customer conversations, you know they are a priority. Often these are things we already thought we should be addressing differently. But with Hello Customer, we have the data that conclusively shows what the customer themselves is asking us to do, and we can give it more weight.”

1. Increased brokers satisfaction. Since 2016, the insurer has recorded an increase of +15 points, achieving its highest NPS to date.
2. Targeted, data-driven action. Thanks to AI-powered feedback analysis, Baloise Insurance quickly grasps which business areas to invest in. They have learned that 62% of customer cases do not require further action. 8% of the feedback provides insights into internal improvements requested at the team level. Finally, 30% are for improvements at the enterprise level as a whole.
3. Ensure the cost-effectiveness of product improvements. By closing the loop and giving a voice to its brokers, Baloise Insurance knows immediately how its products are perceived by end customers, whether they meet the needs of the market and how they can be improved.