Bain brings its NPS Prism Insurance offering to Australia
Bain & Company has added a new industry-focused product to its NPS Prism suite in Australia.
The global strategy and management consulting launched its NPS Prism suite in Australia and New Zealand around a year ago, and has since connected a number of large clients to its service.
Developed in the US, and since rolled out to several of Bain’s office worldwide, NPS Prism is a framework that helps organisations gain a deep understanding of their customer experience footprint, and how and where they can improve it. The methodology hinges on Bain’s proprietary Net Promoter System (NPS) for measuring customer satisfaction and loyalty, and on a huge database of data that enables benchmarking.
The new NPS Prism Insurance product is an offering specifically designed for insurance companies. Richard Hatherall, a Bain & Company partner based in Sydney and APAC Head of the Customer Sales & Marketing practice, explained: “Insurance companies in Australia and the region have been dealing with critical changes to their industry for some time now, resulting in an urgent need to refocus, prioritise customer needs, and identify ways to offer superior experiences.”
“NPS Prism for the insurance sector will be a valuable tool in allowing these organisations to gain an edge, by allowing them to identify deep insights into their customer experiences which will allow them to identify ways to improve, offer unparallel service and build lasting customer loyalty.”
The offering, which looks at both offline and online interactions, provides insurers with insight into which customer episodes matter most, how they compare to the competition, and what their priority improvements are in customer experience. The proposition also helps drive actionable customer insights on a product level.
The launch sees Bain & Company Australia become the fourth Bain country organisation to offer the NPS Prism Insurance product, following the United States, Brazil, and Canada.
Major insurance companies that use the NPS Prism Insurance product include Allianz, Axa, Nationwide Insurance, MetLife, SwissRe and Zurich Insurance Group.
