Scottish Widows part of Lloyds Banking Group Awards Case Study 2012: Better conversations keep customers loyal

Better conversations keep customers loyal

Click to see the full Case Study, Conference Presentations and the Site Visit Agenda.

Learn how more and consistently better conversations, together with fundamentally improved resource planning, have increased customer retention value by 300% at Scottish Widows.

Discover how customer retention rates rose exponentially at Scottish Widows, through a combination of activities. Retention teams have more than doubled their average returns, by moving calls from their previous heavy focus on sales towards genuinely customer-focused conversations. Colleague engagement is now at a record high of 78%, while 96% of customers rate Scottish Widows’ service as ‘very good’ or ‘excellent’. In a tough market, the teams retained over £50m of money that would have walked out of the door and the board has increased FTE by over 60%. This success has been supported by regular colleague training, transformation of resource planning and consultation with relevant stakeholders.

Site Visit on 19th June in Edinburgh

 10:00 Arrivals and Welcome – Tea and Coffee
 10:15 Project overview focussing on key results and the background and catalyst for this Innovation
 11:00 Brief site tour
 11:15 Breakout groups rotating through each of the session:-
  1. Listening to calls and hearing how the conversations have changed
  2. Time with training to hear about the IVR reengineer and the “Live It” initiative
  3. Time with the retention planning team and overall planning team to understand the planning journey behind this transformation
 12:45 Networking Lunch
 13:30 Scottish Local Networking Group discussing further the Scottish Widows Innovation and how this could improve the delegates organisations
 16:00 Final Q&A plus next steps
Results
  • 308% increase in value (EVV) retained by retention colleagues since 2008
  • 127% uplift in average colleague return rate
  • Colleague engagement at a record high of 78%
  • 150% increase in customer contact rate, comparing 2011 to 2009 
  • 96% of customers rate service as ‘very good’ or ‘excellent’
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