Customer Satisfaction through Effective Data Management

In the 48 years since Kyobo's creation in 1958, a philosophy centered on customer, business virtue, and product quality has been applied to life insurance categories, including annuity, education, health/injury, retirement, and variable, to develop services that customers enjoy and products of excellent quality and uniqueness. In 2004, Kyobo became the only company to receive the Customer Satisfaction Prize for five consecutive years, securing a place in the industry's Hall of Fame. The Korean life insurance market ranks seventh in the world with USD 42 billion annually. As a market leader, Kyobo has proven its close relationship with its customers by earning the CRM Prize in 2005

Respond Quickly to Changing Financial Environment

In 2004, the Korean life insurance market became highly competitive as financial enterprises and foreign insurance firms bloated the market. To respond to this rapidly changing financial environment and maintain competitiveness, Kyobo decided to restructure its business strategy.

To keep up with the day-to-night changes of customer needs, a more customer-centric marketing strategy must be organized and marketing platforms need to be diversified. Therefore, customer management also grows in importance. Even advanced and cutting-edge management systems based on data technology require enhancement.

WebNibbler Implementation

To remain competitive in this rapidly changing market environment, Kyobo had to first understand customer needs in order to provide the services they want. Aside from effective customer management, multiple marketing platforms must be established. As the limitations of marketing under offline channel gradually emerge, Kyobo has realized the significance of marketing under online channel. Kyobo has utilized online channel to make up for the deficiencies existing within offline channel. To strengthen online channel and create an effective strategy, it has decided on implementing WebNibbler to store customer data in DB for executing in-depth marketing analysis.

WebNibbler Usage Status

The online analysis data captured by WebNibbler has become the foundation of Kyobo's STP (Segment, Target, Position) strategy. By segmenting analysis data, product developers can understand the satisfaction level and purchase status of each customer to discover the flaws of less popular products and organize a competitive marketing plan for new products. Marketers can select the target customer groups and create the appropriate marketing campaigns to increase returns. With online analysis data on marketing campaign response and results, Kyobo is in position to provide high quality products and services and enhance customer satisfaction. WebNibbler also raises customer conversion rate and prevents customer loss after the coverage expires, saving time and costs.

WebNibbler Results

After implementing WebNibbler, Kyobo has captured useful online customer data for multi-faceted analysis, enabling marketers to achieve their goal of designing a more customer-centric marketing strategy. Kyobo marketers have also learned the importance of online data and customer management to successful e-business.

http://www.kyobo.co.kr