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Customer Experience Management Study-Singapore Life Insurance 2014 : Benchmarking the industry excellence in delivering superior customer experience

In this first Customer Experience Management report for Singapore's Life Insurance industry, Frost & Sullivan explores the relationship of the experiences provided by life insurance companies for its customers. We look at the critical factors that influence customer behaviours throughout the three phases (pre-purchase, purchase and post-purchase) of their journey, through the companies' touch-points.

Table Of Contents

Customer Experience Management Study-Singapore Life Insurance 2014
Table Of Contents
1 CUSTOMER EXPERIENCE MANAGEMENT STUDY-SINGAPORE LIFE INSURANCE 2014

Research Methodology
1 Frost and Sullivan Research Approach
2 Frost and Sullivan Research Step-by-Step Overview
3 Overview of Research Process
4 Sample Methodology
5 Data Collection Quality Process
6 Sample Distribution by Service Provider
7 Sample Demographics—Age and Gender
8 Sample Demographics—Monthly Personal Income
9 Frost and Sullivan Customer Experience Index

Executive Summary
1 Customer Experience Management (CEM) for Singapore's Life Insurance Industry in 2014
2 Customer Experience—Definition
3 Factors for Choosing Life Insurance Provider
4 Factors for Discontinuation of Life Insurance Patronage
5 Preferred Channel for Life Insurance
6 Preferred Channel across Stages
7 Online Vs Mobile Channels
8 Customer Experience Index—Definition and Score
9 Overall CEI Score by Life Insurance Company
10 Net Promoter Score by Life Insurance Company
11 Channel Integration and Feedback by Life Insurance Company
12 Product and Service Recommendation by Life Insurance Company
13 Customer Loyalty Reward by Life Insurance Company

CEM Study—Singapore's Life Insurance Industry 2014
1 Reason for Service Discontinuation
2 Preferred Channel for Customer Interaction
3 Sales Agent vs Online Transaction
4 Average Frequency of Branch Visit
5 Customers' Top Priority Experience Matrix
6 Degree of Channel Integration
7 Priority of Superior Customer Experience and Living up to Sales Promises
8 Customer Loyalty Reward
9 Customer Experience With Touch-points
10 Degree of Satisfaction/Dissatisfaction—Branch Vs Online Channels
11 Degree of Satisfaction/Dissatisfaction—Mobile Vs Contact Centre

Understanding Pre-Purchase Behaviour
1 Factors for Choosing Life Insurance Company
2 Product and Service Recommendation by Life Insurance Company
3 New Product Consideration by Life Insurance Company
4 Channel Used at Pre-Purchase Stage
5 Channel Used for Pre-Purchase Enquiry
6 Customer Experience With Touch-points

Understanding Purchase Behaviour
1 Channel Used
2 Preferred Channel at Purchase Stage

Understanding Post-Purchase Behaviour
1 Channels Revisited for Post-Sale Enquiry
2 Channel Used for Post-Sale Enquiry
3 Evaluation of Experience in the Post-Purchase Stage by Customer Experience Indicators

Analysis by Customer Experience Index (CEI)
1 Customer Loyalty, Recommendation and Additional Purchase
2 Overall CEI Score by Channels/Touch-points
3 Overall CEI Score by Life Insurance Provider
4 CEI Score for Sales Agent
5 CEI Score for Branch
6 CEI Score for Self-Service
7 CEI Score for Contact Centre
8 CEI Score for Mobile
9 Net Promoter Score (NPS)

Analysis By Company—AIG Asia Pacific
1 AIG Asia Pacific—Customer Transaction Preference
2 AIG Asia Pacific—Customer Priority Experience Profile
3 AIG Asia Pacific—Frequency of Interaction Customer Experience Profile

Analysis By Company—NTUC Income
1 NTUC Income—Customer Transaction Preference
2 NTUC Income—Customer Priority Experience Profile
3 NTUC Income—Frequency of Interaction Customer Experience Profile

Analysis By Company—Great Eastern Life Assurance
1 Great Eastern Life Assurance—Customer Transactions' Preference
2 Great Eastern Life Assurance—Customer Priority Experience Profile
3 Great Eastern Life Assurance—Frequency of interaction Customer Experience Profile

Analysis By Company—Prudential Assurance
1 Prudential Assurance—Customer Transaction Preference
2 Prudential Assurance—Customer Priority Experience Profile
3 Prudential Assurance—Frequency of Interaction Customer Experience Profile

Final Words—What We Are Excited About
1 Contact Centres—Where is it headed in terms of CEM?
2 Mobile Application—Is this the new battleground for CEM?
3 Timely and relevant product promotions—What is next?

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