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Fremtind

Customer experience strategy for increased market share

Becoming customer-focused is high on the agenda in many sectors, and banking/insurance is no exception. But what do customers really demand, what should characterize the customer experience and how should a company proceed to deliver this experience in order to increase its market share?

Smiling man standing behind a car

Disruptive forces and innovation - what will it mean for the insurance industry?

Better technology, changing customer preferences, the market, etc. enable new innovations that contribute to pressure on the insurance industry across value chains, and will in the future lead to an increased fragmentation of value chains.

SpareBank 1 Insurance/Fremtind is one of the largest insurance companies in Norway ‑ and the largest supplier of insurance sold through the banking channel. Their customers are both individuals and companies, and they expect services that meet their needs.

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Mindshift was responsible for creating a strategy for customer experience. Key to the process was a series of in‑depth interviews with customers, several sessions with customer‑facing functions within Fremtind, qualitative and quantitative analysis, competitive positioning analysis and management team workshops.

The report provided a fresh perspective of each customer segment and detailed the desired customer experience, both at an emotional, reflective and behavioural level. It provided guidelines and examples on how to deliver this experience through customer support conversations, digital interfaces and advertising. The report also included a tactical implementation plan, as well as organizational development advise to ensure consistent customer experiences in the long‑term.

Within distribution, one will see a fragmentation as a result of e.g. e-aggregators, where customers can compare prices and buy insurance products digitally. When customer preferences change and insurance products become a commodity, they will be able to displace traditional distribution channels.One type of aggregator may be technology suppliers with a stronger brand than the insurance companies. By entering the insurance market, they can take advantage of their customer base and the extensive data and distribution power they have.

Bank and finance sector clients

  • If

    Solution architecture for business system

    Solution architecture for business system

    Mindshift defined the solution architecture for If’s new business system serving all insurance products within the commercial sector in the Nordics, including integrations to customer relation management, call centre, claims and payment systems, enabling If to roll out new products faster, lower system maintenance costs and innovate at a faster pace.

    If

  • SpareBank1

    Customer service concept

    Customer service concept

    First‑time homebuyers are a large customer group for SpareBank 1. However, the bank experienced considerable churn when this group made their next property investment. Quantitative analyses did not provide the clues. In a series of in‑depth interviews, Mindshift revealed the underlying drivers for switching to other banks (price was not the driver). The project resulted in a series of measures, one of which was changing the advisors’ communication with customers about to make their next home investment.

    SpareBank1

  • KLP

    Improving self-service

    Improving self-service

    KLP’s traditional retirement pension calculator led to member confusion and generated a lot of traffic to the call centre. Mindshift assisted KLP with development of a new digital pension guide, which provided members with different scenarios and how each would affect their pension benefit. The pension guide resulted in a huge reduction of pension benefit related calls, estimated at approximately 25%.

    KLP

  • Segmentation based on behavioural analysis

    Statens Pensjonskasse

    Statens Pensjonskasse

    Statens Pensjonskasse is focused on effective processe, so the members will receive as much as possible for their pensions. To identify precise measures for increased self service, the members were segmented after their behaviour. Members with similar behaviours and drivers were placed in the same segment. After this, a number of highly focused measures were identified to influence their behaviours.

    This resulted in a data platform that enables continous segmentation of the members, based on actual behaviour, cost effective and precise measures for increased self service behaviour.

    Statens Pensjonskasse

  • SpareBank1

    Behaviour design for increased conversion

    Behaviour design for increased conversion

    Getting young adults to sign up for pension savings was a challenge for SpareBank 1. Digital solutions to educate customers in pension regulations, how installments affect their future pension and the details of how it is calculated, resulted in poor conversion rates. Mindshift applied behaviour psychology to develop a concept where the pension calculator was replaced by a simple digital solution, tapping into the target groups underlying drivers. The new approach resulted in an increase of more than 40% in average amount of payment installed.

    SpareBank1

Let's Talk!

Ambitious business manager with a complex issues to solve? Potential colleague who enjoy challenging old habits? Let's talk!

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Anne Stokke

Anne Stokke

CEO

anne.stokke@mindshift.no

+4798238713

Andre Ruud

Andre Ruud

CTO

andre.ruud@mindshift.no

+4797569513

Bjørn Hallan

Bjørn Hallan

COO

bjorn.hallan@mindshift.no

+47 917 59 222

m/unlock

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Contact

Mindshift AS

Wergelandsveien 21 B

0167 Oslo

Norge

kontakt@mindshift.no

Telefon 982 38 713

Org. nr. 818 500 912 MVA

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