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Nationwide

Industry: Financial Services
Products used: Live Chat
Website: www.nationwide.com

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Business challenge:

Nationwide’s specialty insurance customers were having difficulty finding answers to their inquiries and abandoning the Web site. As a result they were losing prospective customers—both independent consumers as well as insurance agents—to competitors.

Solution:

Nationwide concluded that agent assisted service via rules-based proactive chat invitations was the best way to decrease abandonment rates, increase customer satisfaction, and add significant revenue from specialty insurance customers.

Results:

  • C-sat ratings for the chat experience is 4.08 out of 5.0
  • 82.3% Net Promoter score
  • Captured 30-40% of previously abandoning customers
  • Customer wait time of five seconds and declining
  • Completely recuperated associated costs within eight months of roll-out

Over the last 80 years, Nationwide has grown from a small mutual auto insurer owned by policyholders to one of the largest insurance and financial services companies in the world, with more than $135 billion in statutory assets.

[The Moxie Live Chat] solution helped us reach 30-40% of business we weren’t serving effectively prior to implementation.”- Ryan J. Browder, Mgr. Customer Choice Dist.

The business challenge

Nationwide is committed to the Customer Choice Distribution model, which focuses on delivering a superior customer experience in the channel of the customer’s choice. In evaluating their online automotive insurance processes they found that their insurance quoting system didn’t cater to specialty insurance buyers (those with tickets and accidents). Prospective customers were getting lost and never returning to the organization’s site. The abandonment rate was increasing while the customer satisfaction
rate was decreasing. The bottom line was that Nationwide was losing customers—both independent consumers as well as insurance agents—to competitors.

After an extensive evaluation, Nationwide concluded that agent-assisted service via rules-based proactive chat invitations was the best way to address this challenge. It would enable the company to engage prospective customers before they abandoned the site and help them successfully complete the online specialty insurance quote. Nationwide believed the benefits of this strategy would be stronger customer satisfaction scores—and, most importantly, a significant increase in revenue from specialty insurance customers and insurance agents.

This was a new technology implementation, and their project plan required a chat solution that had the ability to:

  • Offer a proactive chat invitation to a Web site visitor
  • Easily manage proactive rules including time, events, and the agent push option
  • Easily integrate with internal applications, providing agents with a unified customer view
  • Scale to meet expansion requirements
  • Integrate with other communication channels
  • Either host, bring the solution in-house, or a combination of both

Moxie

After extensive vendor evaluations, Nationwide selected and implemented the hosted version of Live Chat and created their Nationwide Customer Value Team. The company chose Live Chat because it was the best solution to address their immediate business challenges. Additionally, Moxie’s proactive chat is a feature of a suite of products that could scale to meet future needs.

The Customer Value Team is dedicated to [Moxie’s proactive live chat]. The project exceeded our expectations; [Moxie Live Chat's ] overwhelming success and ease of adoption has removed the barriers in other areas of new technology.” - Ryan J. Browder, Manager, Customer Choice Distribution, Nationwide

The implementation strategy

Nationwide understood that it had two groups that, in order for this project to be successful, needed to buy into and support the new technology. The company involved both the Customer Value Team and end users to create the proactive chat invitation rules, internal routing rules, and chat content. It also worked to define a continuing improvement process for their service optimization initiative. The process was to evaluate, adjust, and re-launch at appropriate intervals following the initial launch.

The results

ROI exceeded the cost of the implementation within eight months of project roll-out. Moxie’s proactive chat helped Nationwide improve the customer and insurance agent experience at Nationwide. “Customers are engaging with contact center agents in five seconds or less. Their happiness was evident in our Net Promoter score (‘Would you recommend to family and friends?’) which is 82.3%,” says Mr. Browder. “Additionally our customer satisfaction rating for the chat experience is 4.08 out of 5.0.”

After implementing Moxie Live Chat the average handle time is five minutes or less. However, agents can now handle up to five chats multaneously—dramatically increasing contact center efficiency and improving the customer experience. “Moxie’s proactive chat has exceeded our expectations; for example, we expected fewer than 40 chats per day and we are now experiencing over 100 per day,” Mr. Browder explains. Most importantly, Nationwide has seen bind rates (contracts with customers) increase by factor of five. This is enabling the organization to achieve their revenue goals for specialty insurance. “The ROI of this initiative and our proactive chat technology acquisition is currently at five to ten percent. However, now that we’ve exceeded break even, this figure will improve each month that brings in chat-assisted insurance binds,” concluded Mr. Browder. In the coming months, Nationwide plans to extend both proactive and reactive chat capabilities to the sales team followed by the service and support team. Nationwide also plans to add co-browsing capabilities to its chat implementation in order to assist customers with more-complex issues. This will be particularly valuable in servicing the company’s internal business partners.

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