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I need a case study regarding how USAA has become a market leader in financial services and insurance business by focusing on customer service and customer experience.
OVERVIEW
Hello! Thank you for your question regarding USAA case studies. After delving into multiple academic journals, case studies and media platforms here's the short version of our findings. USAA's priority have a highly in tune and empathetic 12,000 member service representatives. They frequently hire people who can relate to the military life experience. USAA works to anticipate their costumer's needs throughout life from home buying to planning for a family and long term insurance needs as we age. They have also kept up to pace with digital analytics. These strategies keep USAA at in top with a world-leading CEE score of 8.69.
Below you will find a deep dive of my research and methodology.
METHODOLOGY
We started by conducting a broad-based search of academic sources and business journals that contextualize the company's activity.
THE CUSTOMER EXPERIENCE
A case study done by KPMG Nunwood lays out the success USAA has had with its service geared toward empathy and a clear understanding of the customer. Their omnnichannel model allows a customer the ability to use their APP to pay bills without transferring money which gives them a high time and energy score. It’s a customer experience strategy that has certainly been successful for the USAA. As well as having an Empathy score that is 22% ahead of the US study average. Employees try to put themselves in the costumers place when working through situations that are frequently stressful. Part of the USAA employees on boarding include drills lead in boot camp atmosphere so they can relate with what the costumers are feeling. Mis Quarterly outlines how USAA has integrated "business for life strategy" into their success. Integrating previously separate insurance, banking and investment products around customer life events, USAA delivers a superior customer experience. They designed role without the company so that previously separated departments are now integrated to meet customers needs throughout life.
TECHNOLOGY FOR AN INTEGRATED PLATFORM AND ANALYTICS
USAA has redesigned its IT systems to be used across multiple platforms because of their basic strategy to supply products throughout a lifetime. USAA uses and invests in technology ONLY if it demonstrates that it can be used to improve the member experience. They embrace technology “not because the company is obsessed with technology, but because it is obsessed with customers.” USAA use online digital- loan-origination which has reduced the number of calls by customers needed to complete the process but creates positive customer engagement. They use predictive analytics to anticipate the customers’ life change and along with their partners at IBM can predict changes in moving assets to coincide with life events.
INTEGRATED PRODUCTS FOR LIFE
In the past companies waited for life events and then reacted to it. USAA with it combination of highly skilled costumers service and new analytics can predict their costumer's needs and offer products ahead of events.The banking arm (USAA FSB) put a high priority on developing and deploying check-scan because many of their members work overseas. They customize solutions that will meet the USAA members financial needs through financial planning, investment, insurance and bank services.
CONCLUSIONS
USAA is customer focused company the sets the industry standard in high costumer stratification ratings in all categories. Some have said they put costumer service before profits but clearly they are excelling in both. They have turned to technology to keep them ahead in serving their customer's needs. Offering a wide range of financial and insurance products keeps costumers engaged and loyal for life.
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