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Indhold leveret af Bain & Company, Rob Markey, Company partner, and Customer experience expert. Alt podcastindhold inklusive episoder, grafik og podcastbeskrivelser uploades og leveres direkte af Bain & Company, Rob Markey, Company partner, and Customer experience expert eller deres podcastplatformspartner. Hvis du mener, at nogen bruger dit ophavsretligt beskyttede værk uden din tilladelse, kan du følge processen beskrevet her https://da.player.fm/legal.
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Ep. 241: Abhii Parakh & Mike Estep | Flawless Over Flashy: Prudential's Unconventional Path to Customer Experience Leadership

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Indhold leveret af Bain & Company, Rob Markey, Company partner, and Customer experience expert. Alt podcastindhold inklusive episoder, grafik og podcastbeskrivelser uploades og leveres direkte af Bain & Company, Rob Markey, Company partner, and Customer experience expert eller deres podcastplatformspartner. Hvis du mener, at nogen bruger dit ophavsretligt beskyttede værk uden din tilladelse, kan du følge processen beskrevet her https://da.player.fm/legal.

Episode 241: When is mastering the basics a differentiator? In an industry where complexity is the norm, Prudential Group Insurance has made a counterintuitive strategic choice. While many companies chase innovation through digital transformation and enhanced features, Prudential has discovered that operational excellence—the "absence of noise"—can be a more powerful differentiator.

Abhii Parakh and Mike Estep reveal why group insurance demands a fundamentally different approach to customer experience than high-touch industries like hospitality or travel. For Prudential, success depends not on bells and whistles, but on excelling at the foundational elements: reliable execution, friction-free processes, and consistent delivery.

"The absence of noise is a tremendous win," Mike emphasizes. "That's not the long-term goal for us. But if you don't get those things right, you won't get the chance to get to the nirvana state where you are separating yourself from the competition because of the experiences you created.”

Learn how Prudential delivers seamless experiences across its ecosystem of brokers, employers, and employees by prioritizing simplicity and operational excellence. Discover why, in complex B2B2C environments, flawless execution of core processes can be a more powerful differentiator than feature innovation.

Guests: Abhii Parakh, Head of Customer Experience, Prudential Financial, and Mike Estep, President, Group Insurance, Prudential Financial

Host: Rob Markey, Partner, Bain & Company

Give Us Feedback:

We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey.

Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob

Time-stamped List of Topics Covered:

  • [00:01:16] Overview of group insurance products
  • [00:03:21] The broker, employer, and employee experience
  • [00:06:46] Employees’ challenges with insurance products
  • [00:10:21] Eliminating friction to enable differentiation
  • [00:19:02] Customer experience as a growth driver
  • [00:35:48] Overcoming challenges in survey feedback

Time-stamped Notable Quotes:

  • [00:05:24] “Modern life is exhausting. The last thing you want to deal with is friction with your group insurance carrier—about reports, getting your commission check, or that we're screwing up the bill and you're getting heat from that client. It doesn't need to be rocket science. There's beauty in simplicity and intuitive experiences that are void of friction.”
  • [00:08:31] “The absence of noise is a tremendous win. That's not the long-term goal for us. But if you don't get those things right, you won't get the chance to get to the nirvana state where you are separating yourself from the competition because of the experiences you created.”
  • [14:01] “Feedback—while painful to hear—is something you can use as a tool to help get other people in the organization to respond and make improvements that will help you, personally, be successful because they're resolving problems of your customers.”
  continue reading

241 episoder

Artwork
iconDel
 
Manage episode 456346054 series 2481384
Indhold leveret af Bain & Company, Rob Markey, Company partner, and Customer experience expert. Alt podcastindhold inklusive episoder, grafik og podcastbeskrivelser uploades og leveres direkte af Bain & Company, Rob Markey, Company partner, and Customer experience expert eller deres podcastplatformspartner. Hvis du mener, at nogen bruger dit ophavsretligt beskyttede værk uden din tilladelse, kan du følge processen beskrevet her https://da.player.fm/legal.

Episode 241: When is mastering the basics a differentiator? In an industry where complexity is the norm, Prudential Group Insurance has made a counterintuitive strategic choice. While many companies chase innovation through digital transformation and enhanced features, Prudential has discovered that operational excellence—the "absence of noise"—can be a more powerful differentiator.

Abhii Parakh and Mike Estep reveal why group insurance demands a fundamentally different approach to customer experience than high-touch industries like hospitality or travel. For Prudential, success depends not on bells and whistles, but on excelling at the foundational elements: reliable execution, friction-free processes, and consistent delivery.

"The absence of noise is a tremendous win," Mike emphasizes. "That's not the long-term goal for us. But if you don't get those things right, you won't get the chance to get to the nirvana state where you are separating yourself from the competition because of the experiences you created.”

Learn how Prudential delivers seamless experiences across its ecosystem of brokers, employers, and employees by prioritizing simplicity and operational excellence. Discover why, in complex B2B2C environments, flawless execution of core processes can be a more powerful differentiator than feature innovation.

Guests: Abhii Parakh, Head of Customer Experience, Prudential Financial, and Mike Estep, President, Group Insurance, Prudential Financial

Host: Rob Markey, Partner, Bain & Company

Give Us Feedback:

We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey.

Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob

Time-stamped List of Topics Covered:

  • [00:01:16] Overview of group insurance products
  • [00:03:21] The broker, employer, and employee experience
  • [00:06:46] Employees’ challenges with insurance products
  • [00:10:21] Eliminating friction to enable differentiation
  • [00:19:02] Customer experience as a growth driver
  • [00:35:48] Overcoming challenges in survey feedback

Time-stamped Notable Quotes:

  • [00:05:24] “Modern life is exhausting. The last thing you want to deal with is friction with your group insurance carrier—about reports, getting your commission check, or that we're screwing up the bill and you're getting heat from that client. It doesn't need to be rocket science. There's beauty in simplicity and intuitive experiences that are void of friction.”
  • [00:08:31] “The absence of noise is a tremendous win. That's not the long-term goal for us. But if you don't get those things right, you won't get the chance to get to the nirvana state where you are separating yourself from the competition because of the experiences you created.”
  • [14:01] “Feedback—while painful to hear—is something you can use as a tool to help get other people in the organization to respond and make improvements that will help you, personally, be successful because they're resolving problems of your customers.”
  continue reading

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