Medallia CEO, Leslie Stretch and Jon Farney, CFO of State Farm®
The Medallia Experience ‘20 Summit was a fantastic event, filled with hours of insights from experience management leaders who shared their amazing stories – one of which really stood out for me – State Farm.
Jon Farney, the CFO for the insurance leader discussed with Medallia CEO, Leslie Stretch, that State Farm was founded on the principle of being customer-centered while establishing insurance around customer needs. The company has approximately 19,000 independent contractor agents serving customers around the country. The agent-customer relationship is an essential way State Farm can understand customer expectations. In today’s digital world, where things are moving faster and customers are making use of online tools as well, Medallia platforms are helping State Farm gather feedback from all customer service channels.
Leslie asked Jon, as a CFO, to share his thoughts on the feedback framework.
I wasn’t surprised to hear Jon’s reply. The company puts customers first. He and the organization believe that customers are why State Farm exists and why they do what they do. Customers make a choice whether they want to do business with an organization and whether or not they stay.
We know that if we don’t take feedback from our customers and react to that in the moment and over time, customers have choices and they are choosing every day who they want to do business with.
For State Farm, CX is critical to the company knowing where customers are and how they feel. CX feedback gives insights into who will remain a customer and who might not, as well as what State Farm can do to make itself an even more attractive offering in the insurance industry.
Then Stretch asked Jon if COVID-19 has changed customers’, employees’ and agents’ journeys.
State Farm responded to the unprecedented COVID-19 situation by successfully migrating the vast majority of its employees to a work from home status, while continuing to serve customers in new ways. When you add up employees, agents, and agents’ team members, State Farm was looking at over 100,000 people, and that shift needed to happen quickly.
“We are really proud of the organization and how fast we moved. At the core of that, was the safety of our associates, and also to position ourselves to still respond to customers throughout that whole time.”
Jon looks at the Medallia dashboard more now to help see what’s happening. The situation accelerated innovation efforts already underway – like settling claims over FaceTime, which is something they will consider continuing to do in the right situations for the convenience of customers, not just for COVID-19 response.
Jon is also interested in the idea of leveraging video feedback even more. He believes that what you can see and hear in video is valuable feedback for the senior leadership team and an important part of the company’s customer experience future.