OneAmerica’s Transformation: Great Customer Experiences Start with Great Customer Data

Great Customer Experiences Start with Great Customer Data
Great Customer Experiences Start with Great Customer Data

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Customers today are looking for great experiences when they interact with companies. This means that as a consumer, they expect that all of their information can be easily found in one place when they interact with an organization.

OneAmerica has been providing retirement services, life insurance and asset-based long-term care, and employee benefits to customers and beneficiaries for more than 135 years – and is now poised to differentiate itself by delivering a truly integrated and connected customer experience.

In a recent webinar, Nicolas Lance, RMA®, Vice President, Retirement Income Strategies at OneAmerica, shared insights into the company’s transformation and how OneAmerica is empowering employees to deliver on the great experience promise. Without that transformation, the company would miss tremendous opportunities: the country’s 76 million Baby Boomers who started retiring in 2006 and the millennials who will follow.

Summarized below is the conversation with Nicolas in which he explains the financial services firm’s approach to fueling great customer experiences with great customer data. Nicolas heads an initiative called Retirement in Motion (RIM), which looks at the entire portfolio of customers and prospects to accomplish three things: ensure customers can grow their assets, protect their assets, and make sure they don’t outlive their assets.

OneAmerica’s Next-Gen Customer360 View will help better understand and identify gaps in their clients’ retirement strategies.” Nicolas E. Lance, Vice President, Retirement Income Strategies, OneAmerica.

As a financial services organization that has grown organically and through several recent acquisitions, OneAmerica was grappling with the challenge of building the total customer relationship view it needed from multiple policy admin systems. Employees had to deal with sometimes inconsistent, inaccurate, out-of-date and disconnected data across the various lines of business and within the systems that support client experiences. Customers with four or five different products and services, meant employees might have to go into four or five different systems to access their information.

Another opportunity to reduce cost and gain efficiency was by removing duplicate mailings to customers. Being in a highly regulated industry, OneAmerica has to provide customers with government-mandated disclosures. As a result, some customers would receive duplicate mailings inform having different policies in different-business systems.

To enhance service delivery, in addition to the cost savings and efficiencies gained, OneAmerica followed a path that many companies are embracing. By conducting a lot of research, talking with consulting groups and others who have gone through the process, OneAmerica’s robust due diligence identified a vendor partner to consolidate, cleanse, and identify relationships in their data to gain a Next-Gen Customer360 View. OneAmerica made the decision to implement a master data management (MDM) hub as their trusted source of their multi-dimensional customer data. The cost-benefit analysis clearly demonstrated that an MDM solution would not only pay for itself over time, but would also promote operational excellence, help retain customers, increase the customer base, and enhance customer service delivery.

To ensure success, the project was divided into eight phases:

1) Start small by mastering one domain, such as customer
2) Cleanse and enrich customer data, and any other data set you may need.
3) Formalize a data governance process.
4) Add the business intelligence (BI) tools, including the predictive and visualization layers.
5) Determine the domains that will follow.
6) Appoint someone as a chief data officer (CDO) or use an existing committee.
7) Integrate with cloud applications.
8) Create a “round trip”: If a change is made in one of the systems, the various other source systems of the organization would automatically update.

OneAmerica’s Next-Gen Customer360 View will help better understand and identify gaps in clients’ retirement strategies. Ultimately, OneAmerica will fuel their business applications with clean, consistent, connected, up-to-date customer information. In getting even closer to their customers, OneAmerica’s transformation means well-informed employees can better serve customers and make smarter recommendations for increased sales effectiveness, cross-selling opportunities, and help ensure they are offering the right financial products to help their customers build a solid financial future.

For more from Nicolas on OneAmerica’s transformation, as well as insight from Naveen Sharma, Senior Director, MDM Practice, at Cognizant, the system integrator for the project, watch the on-demand webinar How OneAmerica is Shifting from Policy-Centric to Customer-Centric and decide whether or not you are Customer ready.