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Malaysia Life Insurance Customer Experience Management

  • August 2015
  • -
  • Frost & Sullivan
  • -
  • 94 pages

Malaysia Life Insurance Customer Experience Management : Benchmarking the Industry Excellence in Delivering Superior Customer Experience

In this first Customer Experience Management report for Malaysia’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

Malaysia Life Insurance Customer Experience Management
Table Of Contents
1 MALAYSIA LIFE INSURANCE CUSTOMER EXPERIENCE MANAGEMENT

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 Malaysian Life Insurance Sector in 2014
2 Customer Experience—Definition
3 Factors for Choosing Life Insurance Provider
4 Factors for Discontinuation of Life Insurance Provider
5 Preferred Channel for Life Insurance
6 Preferred Channel across Stages
7 Online Vs Mobile Channels
8 Customer Experience Index—Definition and Score
9 Customer Experience Index 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 Report—Malaysia's Life Insurance Sector 2014
1 Reason for Service Discontinuation
2 Preferred Channel for Customer Interaction
3 Sales Agent vs Branch Transactions
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 Loyalty Reward
10 Degree of Satisfaction/Dissatisfaction—Branches Vs Online Channels
11 Degree of Satisfaction/Dissatisfaction—Mobile Vs Contact Centre Channels
12 Customer Experience With Touch-points

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 Channels Used for Pre-Purchase Inquiry
6 Customer Experience with Touch-points
7 Evaluation of Experience in the Pre-Purchase Stage by Customer Experience indicators

Understanding Purchase Behaviour
1 Channel Preferred by Life Insurance Company
2 Preferred Channel at Purchase Stage

Understanding Post-Purchase Behaviour
1 Channels Revisited for Post-Purchase Enquiry
2 Channel Used for Post-Purchase Enquiry
3 Customer Experience with Touch-points

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 Company
4 CEI Score for Branch
5 CEI Score for Sales Agent
6 CEI Score for Self-Service Facilities
7 CEI Score for Self-Service Facilities
8 Net Promoter Score (NPS)

Analysis by Company—Great Eastern Life Assurance
1 Great Eastern Life Assurance—Customer Transaction Preference
2 Great Eastern Life Assurance—Customer Priority-experience Profile
3 Great Eastern Life Assurance—Customer Frequency-Experience Matrix

Analysis by Company—AIA Berhad
1 AIA Berhad—Customer Transactions' Preference
2 AIA Berhad—Customer Priority-Experience Matrix
3 AIA Berhad—Customer Frequency-Experience Matrix

Analysis by Company—Prudential Assurance
1 Prudential Assurance—Customer Transactions' Preference
2 Prudential Assurance—Customer Priority-Experience Matrix
3 Prudential Assurance—Customer Frequency-experience Matrix

Analysis by Company—Etiqa Insurance
1 Etiqa Insurance—Customer Transactions' Preference
2 Etiqa Insurance—Customer Priority-Experience Matrix
3 Etiqa Insurance—Customer Frequency-Experience Matrix

Final Words—What We are Excited About
1 Contact Centres—Where is it Headed with Regards to CEM?
2 Mobile—Is this the New Battleground for CEM?
3 Timely and Relevant Product Promotions—What is Next?

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