In the business world, a lifecycle is a marketing framework illustrating the series of changes that occurs as you move a customer through the marketing and sales funnel, while focusing on enhancing the customer’s experience. Also called the Customer Experience Cycle, it describes the steps a consumer goes through to build a relationship with a product or service, from the consumer’s point of view.
Within the life insurance industry, the Customer Experience Cycle is inclusive to all stages of the customer journey through the insurance continuum, from initial engagement and acquisition, through the underwriting process, to retention efforts, compliance and claims processing, ultimately increasing a customer’s lifetime value. While it may be true that all phases of the Customer Experience Cycle have an impact on the sales funnel, the earliest phases are the ones that often differentiate between someone who is merely interested (shopping), and someone who actually buys.
LexisNexis Risk Solutions has partnered with Maddock Douglas to develop Transforming the Customer Experience in Life Insurance, a complimentary webinar series that examines each phase of the Customer Experience Cycle. Throughout the coming months, these webinars show that when you apply customer experience best practices and learnings from life insurance and other industries, your teams can uncover new ways to help your company move the needle on sales, retention and customer satisfaction.
The first of these webinars, Life Insurance and the Customer Experience Cycle: Acquire with Retention in Mind, took place on May 24, 2018. In the webinar, LexisNexis Risk Solutions and Maddock Douglas presenters covered the first phase of the Customer Experience Cycle—Connect & Attract, highlighting some of the potential pitfalls in each phase, along with opportunities to improve results. If you’re wondering just what we covered in this webinar, take a look at this incredible sketch created by our friend Wes Douglas:
Source: Wes Douglas of SpeakerSketches™
Also during the webinar, Sandeep Kharidhi, Vice President, Acquisition & Retention Solutions LexisNexis Risk Solutions, had the opportunity to present findings from our latest white paper, Acquire with Retention in Mind. In this informative white paper, we provide a deep dive analysis of the benefits derived by applying insurance-specific intelligence at the point of prospecting and identify key indicators that can point you to the right prospects.
This first webinar is now available on demand and I encourage you to check it out. I know that you will find the information and resources we shared to be useful for your business.
And we invite you register now for part two of this complimentary webinar series: Life Insurance and the Customer Experience Cycle: Be Careful What You Ask For, taking place Tuesday, July 31st at 1:00pm EDT. In this webinar, we will explore the central phases of the Customer Experience Cycle, where an individual progresses from prospect to customer.