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based costing can be used. Also a rough estimate of the costs can be calculated based on the historical costs such as marketing costs from a particular channel, salary of employees etc. The accuracy of the DCF method depends on the assumptions and the ability to accurately project the future cash flows.

Organization needs to select an appropriate number of years for the calculation of customer value using DCF method. Generally organizations project the customer value for five years to coincide it with their corporate strategy. Initial years have more impact in the overall calculation in DCF method, thus five year period DCF can be referred to as customer lifetime value. Particularly in life insurance industry the customer lifetime value is calculated beyond the realm of 5 years. Appropriate number of years and detail required depends on the required accuracy of DCF based decisions.

Assumption regarding discount rate also creates deviations in the value associated with each customer. Some organizations use same discount rate for each customer instead of risk based discount rate and some organizations use discount rate based on the credit standing. Norwich Union, an Aviva company in United Kingdom uses variable discount rates for each customer based on the credit rating. The customers with good credit rating are discounted at a lower discount rate vis-à-vis customers with not so good credit rating.

Based on the above assumptions and challenges the DCF value for each customer is calculated and the next thing organizations do is to identify, prioritize and target customers who are similar to the most valuable customers. Other approach that organizations use is to migrate existing customers to a higher customer lifetime value using various touch-points and marketing strategies.

Quantitative Technique using SPSS - Bi-variate Correlation 使用SPSS定量技术-双变量相关分析
After consolidating the data obtained from the online survey, we used SPSS software to identify the level of co-relation among key drivers identified by the respondents. Our analysis was centered on the responses received to the following questions in the survey:

* When selecting an insurance policy what factors do you consider most relevant (on a scale of 1 to 10 with 10 being most important)?

* According to you, in which areas should the insurer work upon (on a scale of 1 to 10 with 10 being most important)?

Data has been analyzed using spearman's rho (bi-variate correlation). The correlation matrix of the above questions is shown below:

* When selecting an insurance policy what factors do you consider most relevant (on a scale of 1 to 10 with 10 being most important)?

* According to you, in which areas should the insurer work upon (on a scale of 1 to 10 with 10 being most important)?

The SPSS output file for the above analysis can be found in the file named “SPSS_Output.spo” (please note it can only be opened using SPSS software).

Online Survey Questionnaire & Coding Sheet
* The MS Excel file “Questionairre_Final.xls” contains the questions that were part of the online survey on customer satisfaction:

* The MS Excel file “CVM Coding File.xls” contains the results of the online survey, coding sheet, analysis, source data for SPSS analysis, and the Competitive Profile Matrix (CPM).