Oct 2016 Case Study. Customer Experience Assessment for Square Mile Broking

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1 Oct 2016 Case Study Customer Experience Assessment for Square Mile Broking

2 About IIC "IIC is now widely recognised as the benchmark to articulate the delivery of customer satisfaction" Investor in Customers (IIC) provides an independent assessmentofexcellencein the field of customer service and customer relationships. The assessment is based on internal and external perceptions of the customer experience. Customer Perception Employee Perception IIC Assessment "We truly value the in-depth feedback the IIC survey provides us each year, giving an excellent insight into how our clients view our service" IIC Perception

3 Introduction The IIC customer experience model tests the extent to which businesses 1. understand the needs of their customers; 2. meet those needs through their products and services; 3. delight their customers through the delivery of those products and services; and 4. create loyalty amongst customers and employees. Understand Customer Needs Know your customers Understand needs Meet Customer Needs Product/service quality Match to customer needs Delight Customers Treating customers fairly Right first time Engender Loyalty Repeat purchases Willing to recommend Anticipate needs Customer feedback Customer always right Quality relationships Communication Easy to do business with Post-sales service Customer experience Data is collected by an online questionnaire with the assessment questionsall scoredout of 10. IICwillthen present an Award Bronze, Silver or Gold, depending ontheoverallscoreachieved: Net Promoter, Net Promoter, NPS, and NPS, Net and Promoter Net Promoter Score are Score trademarks are trademarks of of Satmetrix Systems, Inc., Bain & Company, and Fred Reichheld. Satmetrix Systems, Inc., Bain & Company,and Fred Reichheld. For For more more information information visit visit investorincustomers.com investorincustomers.com

4 Background Key Findings from Square Mile Broking Square Mile Broking is an independent corporate Insurance Broker and are among a very small, elite number of insurance brokers in the UK who have been awarded the IIC Gold Standard within the Chartered Insurance Institute. Square Mile Broking wanted an independent review of their business, and benchmark themselves as they continue to grow. Their claim of focusing on building long term client relationships has definitely been confirmed when we tested this through the IIC assessment process. Based on a statistically valid sample of customers, they scored an exceptional, 8.91 out of 10 which is a superb result and qualifies them for the IIC Gold Award. The 8 th highest IIC score of all time! Customer and employees were both researched in order to gauge a complete 360-degree view of the customer experience. The research was carried out in July The high level results are tabulated below. Principle IIC Customers Employees Total Understand Customer Needs Meet Customer Needs Delight Customers Engender Loyalty Total % of customers scored the NPS question 9 or 10 out of 10.

5 Net Promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain & Company, and Fred Reichheld. Net Promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain & Company, and Fred Reichheld. Without exception, all customer scores fall into the 3-star category, showing an enviable degree of consistency. Their highest customer score at this level was Engender loyalty reflecting a strong customer loyalty ethic. Two customer quotes sum it up well: Withoutexception,all customerscoresfallintothe3-star I have dealt with Square Mile Broking in various capacities category, showinganenviable degreeofconsistency. and for various needs over the past 5 plus years and they Theirhighest customerscoreatthislevelwas Engender have always offered me an excellent service at what I loyalty reflecting a strong customer loyalty ethic. believe to be fair or very good value Two customer quotes sum it up well: We have used Square Mile for a few years now and I have dealt with Square Mile Broking in various capacities they are very helpful and will do their best to and for various needs over the past 5 plus years and they accommodate our needs. have always offered me an excellent service at what I believe to be fair or very good value The top customer theme scores were We have used Square Mile for a few years now and Repeat purchase they are very helpful and will do their best to Quality relationships accommodate our needs. Customer service Right time theme scores were The top first customer is always right Customer Repeat purchase Easy torelationships do business with Quality The company achieved a very positive Net Promoter Score which was in line with the customer assessment scores generally. 89% of customers scored the NPS question 9 or 10 out of 10. This is the third highest NPS score in the IIC database. The company achieved a good positive Net Promoter Comments include: Score whichwasinlinewiththecustomerassessment scores 89% of customers scored the NPS I havegenerally. always found they go the extra mile question9 orexcellent, 10 out ofprofessional 10. This is the third highest They are an company with very knowledgeable NPS good scorefriendly, in the IIC database. staff ICommentsinclude: have never experienced service like it, the attention to detail is second to none I have always found they go the extra mile They are an excellent, professional company with There were no actual bad comments from any very good friendly, knowledgeable staff customers, that said, Square Mile Broking will not sit I have never experienced service like it the attention on their laurels, but continue to improve the service to detail is second to none that they offer to their customers. There were no actual bad comments from any customers, that said, Square Mile Broking will not sit on their laurels, but continue to improve the service that they offer to their customers. Customer service One customer identified what it is that they Right firstvalue timeabout the service: particularly Customer Always right Easy to do business with One customer identifiedwhat is that they The staff in the company are it well trained, particularlyvalueabouttheservice: friendly and know the insurance market. The staff in the company are well trained, friendly and know the insurance market. " It's the best all round service I have received from an Insurance Broker" It's the best all round service I have received from an Insurance Broker

6 Staff Feedback The highest score from staff came in response to the statement Customer retention is as important as acquiring new customers which scored a very high 9.88 out of 10. This is an indicator that the business knows its customers well. The customer scores and comments highlight the fact that the employees at Square Mile Broking are determined to go the extra mile for customers. Out of the 32 employee questions, an incredible 24 all scored 9 out of 10 or higher. With the remaining 6, all being in the high 8 s. This is a firm endorsement of the fact that to truly excel as a company who puts customer experience at the heart of their business, employee engagement is key. The company truly recognises the importance of delivering a quality customer experience through attention to superior service and values the relationship it has with existing customers. These core values clearly permeate the business out of 10 for customer retention I think we provide an outstanding service to our clients. We are always on top of things and make sure that clients feel comfortable when dealing with us and that when they have a problem, we can try and take their stress away from them and resolve everything as quickly and easily as we can.

7 Summary Square Mile Broking have achieved an absolutely incredible first assessment, with solid scores across the IIC model. This assessmentshowsthey arealreadyan exceptional business but it is pleasing to see a clear commitment from the board to continuous improvement. We look forward to tracking their ongoing journey in improvements in their Customer Experience in future years. Investor in Customers Ltd July 2016 "Andrew Costello, Director at Square Mile Broking, commented: The Directors were truly delighted to hear we had received the prestigious 3 Star Exceptional award on the first time of applying to IIC under its rigorous and independent accreditation. It was true reward for the constant work invested by the team, managers and Directors that backed up the level of service we strive to deliver for our clients." Net Promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain & Company, and Fred Reichheld. For more information, visit investorincustomers.com

8 Be Remarkable. If your goal is to deliver a remarkable customer experience, contact InvestorinCustomerstoday. We ll help you to build a better business. T E enquiry@investorincustomers.com 17 Ensign House, Admirals Way, Canary Wharf, London E14 9XQ investorincustomers.com