Since 2019, Insaas.ai has been conducting successful projects for CPG, Automotive and Finance. Together with LMU Munich, a research project was launched in June 2020 to investigate the state of customer centricity for German Car Insurers.
For this project, public feedback from more than 100 different sources of the 18 largest Car Insurances in Germany was collected and analyzed. Various NLP classifiers and dictionaries were developed specifically for this purpose.
The result was a publication in Applied Marketing Analytics. Insaas.ai was able to show that over the entire term, consulting is the most important aspect in the eyes of customers. The issue of cost comes second, followed by “problem solving” and a high “availability of customer service”. Another finding was that customer satisfaction developed very differently for the Insurances over time.
This approach led end of 2020 to Insaas Vector, an analytics dashboard for customer research. Insaas Vector offers a disruptive, data-driven approach to discovering and assessing relevant consumer feedback at scale and in near real-time.
The dashboard of Insaas.ai shows the quantitative and qualitative dimension of customer feedback. Not only the amount of written texts from different channels can be discovered by marketers, but also in which area they belong (e.g. product quality, customer service etc.)
The individual ratings can be broken down to category and product level. Written reviews and star ratings can be easily compared.
What is the added value of Insaas Vector ?
Today, marketers and CMOs must position brands, services, and products in an uncertain economic environment, in many cases facing global competition and based on ever-changing consumer behavior.
Usually, direct feedback, customer service and market research are found in different data silos. This makes it difficult to get a 360° view of the voice of the customer. Manual analysis of feedback is costly and error-prone. As a result, marketers today are not really able to understand customer voices simultaneously in large volumes and in detail.
At the same time, personalization of communication and products is a growing priority to retain customers in the long term and increase brand loyalty. To cope with the growing amount of data, customer research needs to be automated.
With Insaas Vector, CMOs and their teams have an analytics interface that enables them to aggregate customer feedback from various internal and external channels and analyze thousands of customer opinions in terms of metrics.
How companies work with Insaas Vector
There are several use cases for Insaas Vector to quickly and efficiently use customer feedback for product development and optimization.
- Insaas Vector helps companies to shorten their lead times. Surveys and market research are tedious and often do not produce the desired results for weeks or months until an evaluation is available. Insaas Vector processes 200,000 customer long, colloquial texts within 10 hours. This reduces the lead time by 25%.
- Companies working with the Net Promoter Score (NPS) have a real-time root cause analysis available with Insaas Vector. Down to the feature level, data-driven decisions can be made quickly on where potential for optimization lies. This increases the NPS by 5%.
When marketers have Insaas Vector’s information at their fingertips, they are immediately able to identify product and service improvements relative to the competition and increase customer satisfaction.
With feedback growing over time and a self-learning system, marketers can sustainably optimize metrics such as churn rate, lifetime value, and NPS.
Insaas Vector makes customer research simple, fast and compliant. In a nutshell it is a good complement to traditional market research.
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