Submitted by

First National Bank - FNB (South Africa)

Logo of First National Bank - FNB (South Africa)
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12/04/2023 Insurance Innovation

About

Re-imagining the customer experience by leveraging ecosystems and technologies

Innovation presentation

"In 2019, our Law-on-Call legal product was added to FNB's short-term insurance license. Shortly thereafter, in 2020/2021, the product was migrated from a third-party system onto First Rand's system & architecture platform.

Post-migration, the team identified some inherent operational challenges that were contributing towards a less-than-ideal customer experience and ineffective tracking of customer satisfaction. This led to a full operational re-design that was focused on leveraging existing First Rand capabilities. The opportunity for this project was over R280 million in realised API.

The solution was a ""tripod approach"" that involved making use of our existing state-of-the-art ""Secure Chat"" functionality, which enabled customers to receive real-time legal advice without having to pick up the phone. We then designed a customer feedback survey that was delivered to customers via app-based notification - a technology that interacts with customers via the FNB app and allows customers to quickly and easily submit their feedback.

Combining both of these powerful new features, the team was able to develop a data-driven OBR model to track and measure outcomes, which were delivered via Power BI, an already-utilised scalable self-service platform. This was our silver bullet as it showcased our operational & actuarial inventiveness in designing a model specifically for our tertiary level legal professionals. This ensured we drove a culture of productivity and lucrative earning potential that greatly influenced our customer service."

Uniqueness of the project

"Our innovative approach to administering legal insurance and measuring our impact on customers means that we are evolving with and effectively responding to our customers needs and preferred methods of communication.

Gone are the days where a customer needs to pick up the phone and incur financial and time costs to seek legal advice. We ensure that they are able to do this at their own pace, while still solving their legal enquiries. This tripod approach for LOC is an industry first for legal Insurance and has significantly enhanced our customer experience.

There is no other legal product on the market that is supported by end-to-end, real-time legal advice via on-platform chat functionality and no other legal team that is rewarded lucratively monthly for their legal expertise. In the industry this is an effective tool to attract top talent in our recruitment process."

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