Most of my life I have been the only female in the room in a male-dominated profession. No matter what obstacles I faced, I persevered and found myself at a great company called Tallan. I was honored when Ben Fischbein, a colleague of mine here at Tallan, approached me and acknowledged my achievements as a female programmer. He shared his findings about the scarcity of women in STEM while offering me the opportunity to present to the students of Conard High School about the importance of women in these fields during their Computer Science Education Week.
To open my presentation, I wanted to connect with the students about why there is a gender gap in STEM. I had asked the students what they had thought an artist looked like and I featured a picture of a painter, a musician, a male…
Before you start reading, write down (or mentally note) two things: 1) what is one of the pains you face on a daily, weekly, monthly, or some recurring basis? And 2) what is a pain point that your BOSS (or your boss’s boss) faces in the same way?
(No, seriously – write it down… 😉)
Alright – now it’s our turn. Here are some pain points that we’ve encountered with our partners in the mortgage lending space:
Pre-approved buyers no-showing up to appointments
Documents are often hard copy and must be tended to in person
Too much time passes by between interactions with customers
Your online customer-facing resources leave much to be desired
Your internal go-to-market activities are too slow
Customers have a hard time identifying the right loan/product for them
Closing processes take too much time (for both you and your customers)
Non-commissioned internal resources lack the incentive…
Whatever your job is, I’m sure your overarching goal is to improve your organization. For some people that means driving revenue by making sales; for others, it’s implementing technology that solves a problem, creates efficiencies, or saves time.
For those of you who fit into this second category, it’s likely that you’ve had a great idea or two in your time. And, hopefully, you’ve brought these ideas to your boss or leadership. If you executed everything properly, they saw the same value that you did, and together you charted a path to move forward.
But that’s not always how this scenario plays out.
Unfortunately, there are a lot of amazing ideas that never make it past a proposal. At Tallan, we recognize the importance of seeing these ideas through to execution and implementation proving that they truly do provide the value you’re proposing. …
#WomenInSTEM isn’t a movement I ever expected to get involved in, even as recently as six months ago. That said, I couldn’t be any happier that I’m part of a team that is taking on this subject head-on.
So – backing things up a bit – I joined Tallan in May of 2018. I quickly noticed that our own office is, by a vast majority, male consultants. This made it all the more exciting to learn about the scholarship program we put in place at the beginning of 2018 to promote the #WomenInSTEM movement.
Plans to keep the scholarship going in 2019 were in place before my arrival, but the team that put the program together wanted to do more, and I wanted to be a part of that. I worked with some of our own #WomenInSTEM, alongside a few fantastic educators…
Let’s jump right back into the thick of this topic. In the first part of this blog series, we discussed why insurers should be empowering their customers to complain in fairly general terms. Check out the link to our Decision Maker’s Guide to Complaint Enablement for more background on this topic.
This post dives deeper into a few key metrics: retention rates, customer lifetime value, and quantity of feedback gathered. To do so, we’ll take a look at the financial impact of non-complainers. While you read, it may also be helpful to consider whether you are currently measuring or utilizing any data to achieve similar goals.
Before getting to specifics, here’s a quick recap of what was covered last time:
J.D. Power’s 2018 research tells us that the industry average score for providing a satisfying purchase experience is 839 out of 1,000.1
Here’s an interesting fact from a Forbes article published earlier this year, regarding end-consumers in the insurance industry:
“91% of non-complainers just leave”1
This tells us that there are two types of customers in the insurance world: complainers, and non-complainers. Among non-complainers, more than nine out of ten actively choose to take their business to another company. The insurer they leave behind must deal with the following consequences:
Loss of future revenue streams
Lack of insight into why the customer chose to leave in the first place
The significance these metrics have on bottom line revenue can’t be understated. These are customers that were already paying for a service – that had already gone through a decision-making process, chosen one insurer, and were so dismayed with some aspect of their service that they chose to begin this entire search process again.
But there’s a simple…