Crafting Personalized Customer Experiences in a Heavily Regulated Industry
Sai Vishnubhatla, VP of Product at Hippo Insurance, shares his insights on creating customized customer experiences in the highly regulated homeowners insurance industry. With a proactive approach to bundling modern coverage with smart home technology, Hippo is redefining the customer experience.
Navigating Regulatory and Compliance Considerations
Working in a compliance environment can be challenging, but Sai believes it incentivizes product leaders to be more customer-centric. While it may slow down the product lifecycle, it ensures that the customer’s needs are prioritized. To overcome these challenges, Hippo has developed an arm for compliance and regulation, staffing their team with individuals who have a compliance mindset.
Structuring the Product Team for Success
Sai’s approach to structuring his product team involves dividing the customer lifecycle into acquisition, growth, and activation phases. Each phase has a dedicated director and engineering team, ensuring that the customer experience is seamless and aligned across the lifecycle.
Creating a Proactive Customer Experience
Hippo’s proactive outreach to customers at risk of high premium increases has led to a 94% response rate. By identifying customers who would benefit from proactive shopping, Hippo has created a win-win situation for both the customer and the company. This approach has significantly impacted customer experience and loyalty.
Raising the Bar for Customer Experience
Customers today expect a top-notch experience, regardless of the industry. Sai believes that companies must invest in customer experience to meet these rising expectations. Hippo’s focus on customer experience has led to a 95% renewal rate and a significant increase in multi-line customers.
Measuring Loyalty and the ‘Customer Web’
Hippo measures loyalty through renewal rates, NPS, and retention metrics. They also track the “customer web,” which includes the relationships between family members, friends, and influencers. This approach provides a comprehensive understanding of customer loyalty and behavior.
The Mark of a Great Product Manager
Sai believes that a great product manager must be curious, able to balance short-term and long-term goals, and willing to collaborate with engineering and business teams. They must also be adaptable and brave in the face of change, embracing new technologies and innovations.