Jeff Paxton from MetLife – the largest insurance company in the US – spoke about what they are doing in this area of cognitive computing. MetLife has 100m customers. 3-4 years ago MetLife embarked on a customer-centric journey. They wanted to give choice to the customer and make it easier for them to work with MetLife. Jeff talked about how they are using IBM Marketing Cloud to enable this customer-centricity.
MetLife used a gift-card approach to getting new customers. They offered 3 different gift cards and increased their annuity response by 30%.
MetLife looked at how to make paying a bill easier for their customers. They looked at a lot of different ways to pay a bill. They came up with the concept of paying your bill online without having to first register. So the experience was very smooth for the customer – just provide a couple pieces of data. They targeted customers who were not registered with MetLife and had a 50% response rate. 80% of those customers didn’t register previously, but now provided MetLife with their email address, which allowed MetLife to target market to them.
INGDirect talked about transforming customer loyalty to “Royalty”. They went from a small savings bank into Australia’s 5th largest bank. They had ambitious targets like 4x growth in primary bank transactions. They wanted to double their existing savings/mortgages. They targeted pension growth at 10 times the market rate.
INGDirect found they had to switch from product centricity to customer centricity. Using IBM Marketing Cloud, they created an integrated marketing platform to share personalized messages to thousands of prospects. The offers are consistent across all channels. They have cut the time to start a marketing campaign in half. They have doubled sales conversion. Today INGDirect is now #1 in NPS in Australia.