The Future of Insurance CX: How nib Unlocked the Value of Personalisation with Tealium

Challenge:

Operating in a competitive sector that has been slow to transform, nib recognised an opportunity to drive growth by translating customer data into personalised experiences.

Solution:

The company worked with Tealium and The Lumery to track and combine interactions across its online and offline touchpoints and generate targeted insights to improve conversions.

Results:

In a short space of time, nib gained access to a wealth of high-quality data that enabled tracking more than 113 million events. With Tealium, the company applied data-driven insights to agile creative execution, dramatically increasing marketable leads by 175%.

Open-source approach allows data to flow

Customer experience (CX) is increasingly a priority for companies in the financial services industry. Yet, insurers have been slow to activate the wealth of customer data that they hold due to often large scale and siloed organisational structures. As customers compare their experience with insurers to interactions with other service providers, it is evident that the ability to achieve meaningful personalisation at scale remains a challenge.

Together with Tealium, private health insurance provider, nib embarked on a journey to innovate the customer experience by striking a balance between personalisation and privacy. Its efforts came amid the Australian Government’s rollout of the Consumer Data Right, which will grant consumers greater control over their data and make it portable, raising the level of competition between businesses.

nib implemented Tealium’s CDP to consolidate data, which extended across different domains and lacked clear ownership. To make the data an accessible and actionable asset, nib used Tealium iQ Tag Management to gather website and offline data from its contact and retail centres. It combined this data using Tealium AudienceStream CDP to build rich, holistic profiles of potential customers.

Tealium’s open-source technology allowed nib to connect the data in AudienceStream to other products to create a best-of-breed tech stack that powers automation and personalisation. It fed data from its various activations back into EventStream and AudienceStream in a virtuous cycle of enrichment.

To help break down the data and derive maximum value from it, nib engaged The Lumery, a Tealium strategic partner, to guide its organisational transformation. Aligning nib’s key marketing, technology and CX teams has been central to campaign effectiveness. The company created a marketing automation team to link the three key business functions, enabling information to flow easily and creative initiatives to be developed in-house and delivered with speed.

“nib’s customer-centric organisational transformation is built upon the foundation of the world’s most trusted CDP, Tealium. Tealium’s role as a trusted advisor, coupled with its future-ready solutions, streamlined nib’s CX innovation journey into three simple steps: transform, optimise and accelerate. Tealium accelerated nib’s digital performance in multiple areas, significantly improving member logins, digital adoption, quote nurturing effectiveness, sales cycle efficiency and speed to market. With Tealium, nib has renewed confidence for the future, as we fulfil our vision of a healthy and prosperous Australia, one customer experience at a time.”

Adam Hatfield
Head of Digital — nib

“The Lumery has been a strategic partner to nib for 4 years. Over that time, we have supported nib in building the infrastructure to scale data-driven innovation on a technological foundation. In turn, nib maximised the benefits of CDP adoption to deliver a trusted value exchange at every customer touchpoint. By combining technology with strategy, nib could clarify the complex to power commercial performance in a competitive market.”

Rajan Kumar
Co-Founder & CEO — The Lumery

Unified data and strategic counsel build business confidence

Combining Tealium’s technology with pragmatic internal realignment and engagement of external strategic expertise has granted nib improved insight into customer and prospect interactions across its online and offline channels.

nib’s investment in data-driven innovation has formed the basis of better customer experience creation, with nib’s marketing team gaining the confidence to experiment and innovate at scale. For example, during the busy end-of-financial-year period, the company used data-generated insights to create and deliver a highly successful SMS campaign around an offer in a mere four hours. Delivery of this campaign would previously have taken four weeks, requiring collaboration between internal siloed departments and an external vendor. It is one of more than 30 agile campaigns that nib has launched post-Tealium CDP adoption.

Tealium has enabled nib to track more than 113 million events showing how prospective customers are interacting with the company — data that it was not able to collate previously. The company has also seen a 175% increase in marketable leads, a 71% improvement in online services logins, and a 145% increase in switching to nib via the online portal. nib credits Tealium’s trusted consultative expertise as vital to its CX transformation success, alongside the technology-enabled data architecture itself.

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