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Category Archive for "AI"

Why Insurers Should Be Helping Their Customers Complain More, Part II

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:

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
For an…

Why Insurers Should be Helping Their Customers Complain More

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
Negative word-of-mouth
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…

Choosing the Correct AI Developer

AI

AI is one of the hottest trends in tech right now, and therefore it’s no surprise that there is literally an army of consulting companies out there right now who are ready willing and able to help clients pursue the dream of AI. However, with a saturated market comes the age old question of “do these guys really know what they are doing?” In a field like AI where the technology itself is often too complex to comprehend it can be very easy to partner with a company that says all the right things but doesn’t have the chops to back any of it up.
I recently read an article on Forbes that sought to help consumers weed out the charlatans by listing the top 5 questions to ask to ensure that an AI vendor can deliver results. Being an AI…

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