Aegon Life (India) has developed an award-winning technique that uses the familiar ‘Word Cloud’ approach to map, prioritize and improve customer loyalty.
Like 98% of Aegon's businesses around the world, Aegon Life measures the loyalty of customer relationships using a NPS. This effectively measures a customers' willingness to recommend products and services to their friends and family.
Aegon Life has developed a new tool to identify the root cause of key issues contributing to neutral and negative NPS responses.
Finger on the pulse
The tool, AUCUA PULSE, uses advanced customer sampling to capture actual customer sentiment, and correlates the impact of customer satisfaction issues raised by customers.
Simply put, this means that customers receive a questionnaire about their experience with Aegon Life. The tool then identifies 'key phrases' from the data and correlates this to their level of satisfaction. The results are displayed in a Word Cloud, which highlights likes and dislikes, and their relative importance to customers, in a clear visual manner.
Investigating and resolving priority issues identified by the Word Cloud has already led to an increased NPS of almost 39 points. NPS scores can range from -100 to +100. Scores above zero are felt to be good, and over 50 seen as excellent.
Using data effectively
The method helps get the right sample size, the right sample data and accurate NPS results. For the first time, Aegon Life is able to identify key drivers of NPS by capturing the emotions of customers. It has proven extremely effective in terms of accuracy, speed and multi-dimensional analytics and won the team a Celent Model Insurer Asia Award last month.
The Celent Model Insurer Asia Awards recognize the effective use of technology by insurers through implementation of IT programs that epitomize best practices for technology projects across multiple business functions. AUCUA PULSE was recognized in the category 'Data Mastery and Analytics'.