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<ul><li>The X Index, Havas CX’s barometer of <keyword id="1284549" type="PERSON" weightage="20" keywordseo="Customer-Experience">customer experience</keyword> efficiency, surveyed 28,000 consumers across five markets, scoring 250+ brands against 40 criteria.</li><li>It sheds light on the dual but contrasting needs of consumers, who demand an almost Darwinist functional efficiency while simultaneously seeking an emotional connection from the brands they interact with (and buy from).</li></ul>Efficiency and emotion are the two most important factors when it comes to good CX (customer experience), says a new Havas study- the X Index. The study is based on consumer attitudes towards (CX) as a practice by brands. The X Index, which surveyed 28,000 consumers across five markets - China, France, India, UK and US - found that of the 40 criteria analysed, two factors- ‘the customer journey was simple’ and ‘the customer journey was pleasant’ scored the highest – even above other factors including brand loyalty, customer service and price. The report is presented by Havas CX – an international network dedicated to delivering meaningful brand experiences across the entire customer journey. It brings together more than 1500 people from 20 of Havas Creative’s global agency groups and local agencies, plus additional CX specialists from across the Havas network, under a common structure, governance, methodology and mission. It may be recalled that the India launch of Havas CX happened in October 2020. Havas CX spans 25 major Havas Villages around the world, with key hubs in London, Paris, New York and Mumbai. Havas CX is a powerhouse of experts in every area of digital transformation and design, customer experience and customer engagement, e-Commerce and much more. In total, 250 brands – including both ‘Bricks &amp; Clicks’ brands (bricks-and-mortar retailers that have implemented digital transformation programmes) and Pure Players (digital natives, online-only) – were rated across each criterion, according to consumers’ perception of their importance to the overall customer experience. In India, 50 brands were studied under different categories such as Retail, Fashion/Sport, Financial Services, Automotive, Media/Tech, Hospitality, Fast Food and e-Retail. For Bricks &amp; Clicks brands, relevant and responsible communication alongside the pleasantness of the experience ranked as the most important factor. For Pure Players, quality of their customer service was the single most important factor. While pleasantness of experience did emerge as a discerning factor for Pure Players, it was less pronounced than it was for ‘Bricks &amp; Clicks’ brands. The study highlights that in India, the Customer-Brand Relation factor is the main driver of CX efficiency, with a conjunctural impact of Covid. In India, the top five X Index emerging categories are Automotive, Hospitality, Fashion, Finance and Quick Service Restaurants. Top 10 brands in India, according to rank are Apple, Tanishq, Morris Garages, Maruti, Michelin, Hyundai, Oberoi Hotels &amp; Resorts, Citroën, AirBnB and Marriott. Overall, the study, conducted by Havas CX in partnership with research institute OpinionWay, shines a light on the dual but contrasting needs of consumers who demand an almost Darwinist functional efficiency while simultaneously seeking an emotional connection from the brands they interact with (and buy from). It also uncovers a divide in consumer expectations of ‘Bricks &amp; Clicks’ brands versus digital Pure Players – with emotional needs ranking higher for the former and functionality for the latter. This underlines a clear opportunity for Pure Players – with functionality very much a given, the emotional can represent a clear differentiating factor. In total, 40 criteria were analysed across the key components of a customer journey: brand (i.e. ‘I completely trust the brand’, ‘I am loyal to the brand’), relationship (i.e. ‘quality of customer service’, ‘website and mobile app content is customised to customer needs’), purchase (i.e. ‘was seamless’, ‘was not intrusive’), product (i.e. ‘satisfaction with the quality of the services/products’, ‘satisfaction with the price of the services/products’) and, in light of the exceptional circumstances of the pandemic, response to COVID-19 (i.e. ‘adapted its shopping experience well’, ‘maintained relevant and responsible communication’). While the importance consumers place on efficiency and emotion stands out, effective CX is driven by a unique combination of certain factors in each market. Havas CX has analysed this data to identify four key overarching principles of best-in-class customer experience in 2021: - CREATE PERSONALISED EXPERIENCES: Customers today expect communication to be personalised in accordance to their profile and brands need to take into account their previous interaction with customers in order to deliver data-led personalised experiences. The fact that the fit of brand communication to audience profile as well as previous purchase ranked high for both Pure Players and Bricks &amp; Clicks, underscores the importance of data-led personalisation for an effective CX. - DELIVER A SEAMLESS OMNICHANNEL EXPERIENCE: It is imperative for Bricks &amp; Clicks brands to extend their existing offline experiences onto digital platforms, as the customer is looking for a consistent and seamless experience across touchpoints. And while delivering it, Bricks &amp; Clicks players should pay that extra attention to exceed consumer expectations and deliver an experience that is reflective of the brand’s core. - BE RESPONSIBLE &amp; CARING: In the post-pandemic world, consumers are expecting brands to act more responsibly. They expect brands to step up their post-sales service, especially in the case of Pure Players. Ranking high for both Pure Players and Bricks &amp; Clicks is the need to enable consumers by providing them easy access to helpful and useful content on relevant touchpoints throughout the journey. -SIMPLE EMOTIONAL CONNECT TO DELIGHT: Customer Experience is integral to all the brand interactions and the customer is not concerned about all the science and data that goes behind the design of the customer experience. What the consumer is looking forward to is a simple and pleasant purchase journey, which is easy to navigate. The simplicity of the experience leads to a delightful CX. Neeraj Bassi, Chief Strategy Officer, <keyword id="1825444" type="COMPANY" weightage="20" keywordseo="Havas-Group">Havas Group</keyword> India, says, “The Havas X Index is a proprietary tool designed to serve as a global barometer for assessing customer experience. In addition to ranking brands and categories basis consumer’s evaluation of their CX offering, the report also highlights the most important factors that determine good CX. This information is going to be particularly useful for the CMOs and CEOs who are looking at revamping their CX offering post the pandemic. The focus of our report is to align all stakeholders on the importance of CX in building a differentiator for the brand.” Prashant Tekwani, Executive Vice President and Business Head, Havas CX India, says, “New habits are formed with repetitive actions over time…but the pandemic has accelerated a behaviour for customer and brands alike, to adopt digital. The “New Normal” and “Pandemic has changed the way people purchase” are the most cliché terms used in 2020. Each brand will have to curate a buying journey which is meaningful, unique and relatable for the consumer to win loyalty. The lack of in-store experience has forced the Bricks &amp; Clicks brands to look towards technology innovations to personalise the buying experience for the customer, contrary to treating each interaction as a transaction. Through our proprietary HAVAS CX barometer, we aim to uncover the drivers that brands need to keep in mind in order to deliver a delightful customer experience and better adapt to these changing scenarios.”

Efficiency and Emotion most important factors in good CX: Havas Study

<ul><li>The X Index 2022 report, from Havas CX, Havas Group’s global customer experience network reports that trust, inclusivity, always being of service, and going above and beyond are now major factors in creating the most meaningful customer experience.</li><li>According to the X Index India report parameters, the number 1 brand is Apple followed by Taj Hotels, KIA, MG, Hyundai, OnePlus, Boat, Cult.fit, Michelin, and JBL.</li></ul> The X Index 2022 report, from Havas CX, Havas Group’s global customer experience network reports that trust, inclusivity, always being of service, and going above and beyond are now major factors in creating the most meaningful customer experience. The <keyword id="7001513" type="General" weightage="20" keywordseo="havas-group-india" source="Orion">Havas Group India</keyword> launched the Havas CX function in October 2020, which spans across 18 of its major Villages around the world, with key hubs in London, Paris, New York, and Mumbai. It's a powerhouse of experts playing an important role in digital transformation, design, customer experience and engagement, e-Commerce, and much more. The recent report surveyed 50,000 consumers across nine markets including the U.S, UK, France, China, Brazil, Turkey, India, Portugal, and Spain to evaluate the customer experience performance of 500 brands. It found that while seamlessness, simplicity, and efficiency are still imperative to customer experience, brands must also fulfil citizen expectations. According to the X Index India report parameters, the number 1 brand is Apple followed by Taj Hotels, KIA, MG, Hyundai, OnePlus, Boat, Cult.fit, Michelin, and JBL. 50 leading brands across 13 categories including retail, fashion, financial services, automotive, entertainment, hospitality, beauty, health, and more were studied from India for the recent study. What’s interesting is that among the six countries also surveyed a year earlier, only India registered a lower overall score in 2021 compared with 2020. The higher scores in the other five markets (China, France, Portugal, UK, and the US) point to rising satisfaction with the customer experience. What this means is that while most geographies were able to leverage the new normal to cement their CX and deliver on consumers’ rising expectations, Indian brands were not as agile to keep up with the rising expectations. This makes it even more critical for Indian brands to now recognise that customer experience is synonymous with brand experience. For the second consecutive year, brand image has emerged as the strongest competitor to the X Index, representing 46% of India’s score. This hints at the fact that while ecosystems and the touchpoints were expanded during this new normal, brands also need to maintain continuous engagement to reinforce their image while also making it part of their CX. Despite heavy customer experience investments by brands, there’s still room for improvement with only a global average of 40% of consumers thinking the brands they interact with are “cantered on their needs as a customer.” This year’s research reveals that increased consumer expectations around trust, sustainability, and inclusivity are now impacting the evaluation of customer experience, with brands being assessed on the concrete actions they deliver to create a welcoming experience for all – shifting the traditional idea of customer experience to citizen experience. <keyword id="4002911" type="General" weightage="20" keywordseo="Prashant-Tekwani" source="Orion">Prashant Tekwani</keyword>, EVP &amp; Business Head, Havas CX India &amp; Havas Worldwide, West, says, “The pandemic has brought about a sea-change in consumer shopping behaviour. Brands now need to evolve their thinking from customer experience to citizen experience by making seamlessness and inclusivity their priority. According to the latest X Index report, India is the only country to register a lower overall score in 2021 in comparison to 2020. There is a gap that needs addressing for brands in India to score high in the CX journey. This shows how the understanding of the evolving expectation of the consumers is critical to maintaining the health of CX, growth and brand imagery. While meeting functional criteria around seamlessness, simplicity, and efficient customer service, brands must also go the extra mile to make a lasting impression in their customers’ minds.” <keyword id="5298124" type="General" weightage="20" keywordseo="Sumeer-Mathur" source="Orion">Sumeer Mathur</keyword>, National Strategy Head &amp; Managing Partner, <keyword id="1911890" type="General" weightage="20" keywordseo="havas-worldwide-india" source="Orion">Havas Worldwide India</keyword>, says, “Interestingly, out of all the parameters that we measure to arrive at a final score, the Brand image has emerged as the strongest contributor to the X Index, representing 46% of India’s score. This hints at the fact that while ecosystems and the touchpoints were expanded during this new normal, brands also need to maintain continuous engagement to reinforce their image while also making it part of their CX. Conversely, it could also mean that Indian brands are under leveraging other parameters and relying too heavily on the brand image alone to determine the customer experience.” The X Index identified four key principles to create a best-in-class citizen experience: Trust comes first: Brand trust is the most powerful denominator around the globe in the customer journey. Brands build trust by keeping their commitments to customers and being there in times of crisis. For example, brands that optimized their shopping experience during the COVID-19 pandemic saw better results; these optimizations included moving many traditionally in-person services online (consultations, etc.), and taking advantage of new platforms to integrate community building and social components. Brands also build trust with transparent business practices and by making commitments to social causes. Build an all-inclusive experience: For customer experience to become a citizen experience, brands must be inclusive. According to the X Index, consumers evaluate brands at every step of the journey, including the way they treat their frontline employees, foster inclusivity and break taboos in representation and marketing. Inclusivity also means enabling customers to participate in a community, with some brands introducing forums, clubs, and apps for customers to connect and interact with each other. Always be of service: Customer service is now defined by the speed of reaction to customer demands. It is one of the key discriminating factors. In addition, when it comes to staff and salespeople, consumers not only expect them to be efficient but also knowledgeable. Provide for the age of extra: When it comes to satisfying customers, going the extra mile is of paramount importance for brands. A key part of going above and beyond in making sure the experience feels extra personal.

Customer satisfaction dips for Indian brands in the CX journey: Havas CX report

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://insidemazda.mazdausa.com/image-library/mazda-cx-5/#">Mazda</a>The Mazda CX-5.</div></div></div><ul class="summary-list"><li>Automotive research firm <a href="https://www.iseecars.com/used-car-finder#section=studies&amp;study=cars-to-buy-new">iSeeCars.com</a> has compiled a list of the 10 cars that are better purchased new than used due to the lower-than-average cost difference.</li><li>The list is topped by the <a href="https://www.businessinsider.com/category/honda">Honda</a> HR-V, with a new model costing on average only $2,260 more than a used one. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Sometimes, it's better to buy a new car over used to get the best bang for your buck.According to a study done by automotive research firm <a href="https://www.iseecars.com/used-car-finder#section=studies&amp;study=cars-to-buy-new">iSeeCars.com</a>, the Honda HR-V is the best car to buy new over used.The website analyzed data from over 7 million new and used cars sold from Aug. 2018 to Jan. 2019 to compile a list of the 10 best cars to buy new. The new cars in the study were from the 2018 to 2019 model years, while the used were from the 2017 to 2018 model years. The price differences were then analyzed and averaged.Car models with a low sample size or cars with outlier mileages were excluded from the study. "Instead of buying a car that's already been driven for one year, consumers can buy the new version of select vehicles for just a few thousand dollars more to avoid the uncertainties that come with purchasing a used vehicle," iSeeCars CEO Phong Ly said in a prepared statement.Read more: <a href="https://www.businessinsider.com/the-10-new-cars-owners-keep-the-longest-2019-10">This list of the 10 new cars owners keep the longest reveals just how much Americans love their SUVs and sports cars</a>SUVs dominate the list, taking up seven spots on the list. The top three spots are occupied by subcompact SUVs. Ly claims this is because SUVs are more popular than sedans, and subcompacts are rapidly growing in demand because of its balance between SUV "perks" - such as cargo room - relative to the sedan "perk" of being cheaper.It also found that the average new car costs 30.2% more than a used version from the year prior.These are the 10 cars where the average for a new over a used car doesn't exceed a 14.7% difference:

The 10 best cars to buy new instead of used and get the best value, according to the data

<div class="image-container"><div class="image">Business Insider/Julie Bort</div></div>NEW YORK (Reuters <keyword id="6354750" type="CITY" weightage="60" keywordseo="health">Health</keyword>) - Over the last decade, U.S. kids and teenagers have started getting slightly more exercise and reduced their television watching, a new study suggests.
Using surveys conducted in middle and high schools, researchers also found increases in the number of days youth reported having breakfast each week and in how often they ate fruits and vegetables. Those trends have corresponded to a leveling off in obesity rates, but not a decline, the study showed.
"I would like to believe that all the public health efforts focusing on increasing physical activity and increasing fruit and vegetable consumption are having an effect, because that seems to be a pattern," Ronald Iannotti, the lead author on the study from the University of Massachusetts Boston, said.
"The fact that (obesity) is leveling off, that's a surprise and a major change from the steady increase that we've seen over time," Iannotti, who worked on the study while at the Eunice Kennedy Shriver National Institute of Child Health and Human Development in Bethesda, Maryland, said. "This is great news."
He and co-author Jing Wang analyzed surveys given to a nationally-representative sample of students in sixth through tenth grades in 2001-2002, 2005-2006 and 2009-2010 as part of the Health Behavior in School-aged Children study. Each survey period included responses from between 9,000 and 15,000 adolescents.
The researchers found "encouraging" trends on measures of most diet and lifestyle habits.
For example, the number of days each week that kids reported being physically active for at least 60 minutes increased from 4.3 in 2001-2002 to 4.5 in 2009-2010, with similar trends among boys and girls. Likewise, youth reported eating breakfast on three school days each week on the first survey and 3.3 days on the last.
The average number of hours students spent watching TV each day fell from 3.1 to 2.4, with drops in both weekday and weekend viewing.
Frequency of fruit and vegetable consumption also rose slightly over time - although it remained at less than one daily serving of each, on average - and consumption of sweets and soft drinks fell.
However, the proportion of survey participants who were overweight or obese, based on their own height and weight reports, did not decrease, the researchers wrote Monday in Pediatrics.
Rates of obesity - defined as body mass index, a measure of weight in relation to height, in the 95th percentile or higher - rose from 10.3 percent in 2001-2002 to 12.7 percent in 2005-2006, then held steady through the final survey.
"This is encouraging, because at least it looks like things have kind of stabilized, and at least they're not going in the wrong direction," Marian Huhman, who studies health communication and health campaigns at the University of Illinois at Urbana-Champaign, said.
"Maybe it just takes a few years for the outcomes of obesity changes to follow from the behavioral changes," she added.
Huhman, who wasn't involved in the study, pointed to the "effort on many, many fronts" that may have led to the positive changes in physical activity, sedentary behavior and diet - such as walk-to-school programs and campaigns targeting food marketing.
However, adolescents "are still largely not meeting the recommendations for amount of screen time, amount of physical activity (and) amount of fruit and vegetable consumption," she said.
Iannotti echoed that concern.
"Although they're increasing, the recommendation is five servings of fruits and vegetables per day. And we're looking at one or two," he told Reuters Health.
"There's still vast room for improvement."
SOURCE: http://bit.ly/cxXOG Pediatrics, online September 16, 2013.

Hard To Believe, But Kids Today Are Watching Less TV, Exercising More, And Getting Less Fat

<ul class="summary-list"><li>The software company NICE launched Enlighten AI to improve customer service and clients' efficiency.</li><li>Enlighten AI decreases the workload for representatives and enhances customer interactions.</li></ul>For "CXO AI Playbook," Business Insider takes a look at mini case studies about AI adoption across industries, company sizes, and technology DNA. We've asked each of the featured companies to tell us about the problems they're trying to solve with AI, who's making these decisions internally, and their vision for using AI in the future.NICE, which stands for Neptune Intelligence Computer Engineering, is a customer-experience-software company headquartered in Hoboken, New Jersey. The organization provides artificial-intelligence-powered products — such as virtual customer-service agents — to more than 25,000 organizations worldwide.<h2 id="ec04abf8-6dc5-4015-93f4-02f9ad5ed95c">Situation analysis: What problem was the company trying to solve?</h2>Many companies still use manual processes for customer-service and -experience tasks. Historically, those tasks have been too complex to monitor and, consequently, difficult to automate, NICE CEO <a target="_blank" href="https://www.nice.com/company/global-leadership/barak-eilam">Barak Eilam</a> told Business Insider. He added that many organizations still invested more in labor than <a target="_blank" href="https://www.businessinsider.com/what-the-ai-revolution-means-for-business-2024-5">in technology</a>.Many companies strive to reduce friction in their customer-service operations, but they aren't always able to provide high-quality assistance or adequately understand what customers need."It's a pretty interesting challenge to see how AI can assist in those cases that were hard to solve so far," Eilam said. He views AI as the "ultimate alchemist" that can help bring together people, technology, and processes.<h2 id="ce11069d-cfa5-4c02-8958-459da00909fa">Key staff and partners</h2>NICE projects its revenue will reach <a target="_blank" href="https://www.nice.com/press-releases/nice-press-release-2023-q4">$2.7 billion</a> this year. It has more than 8,000 employees, including scientists, engineers, and business and thought leaders. The organization invests about 15% of its revenue back into research and development, Eilam said.Over the past few years, NICE has shifted more key staff to AI, he said: "It's not just generic AI. They're all really experts in customer experience."NICE also leveraged its existing customers and the vast amounts of data it's accumulated over the past few decades to build software that helps clients <a target="_blank" href="https://www.businessinsider.com/people-revolutionizing-customer-experience-ai-2023-10">boost their customer-experience</a> initiatives, Eilam said.<h2 id="f0ac2d9b-60f4-43a8-b1b8-9b9998798071">AI in action</h2>About 2 ½ years ago, NICE launched <a target="_blank" href="https://www.nice.com/products/enlighten-ai">Enlighten AI for CX</a>, a set of solutions to optimize self-service and customer-experience operations, improve engagement, and boost customer satisfaction.Eilam said Enlighten AI "dramatically improves" productivity and efficiency for customer-experience teams by automating many <a target="_blank" href="https://www.businessinsider.com/ai-productivity-boost-job-performance-inequality-economics-2023-11">labor-intensive tasks</a>, such as note-taking during customer-service calls. Customer-experience professionals can also quickly access information to take data-driven actions to solve customer problems. Enlighten Autopilot, one of the products within NICE's Enlighten AI for CX repository, enhances self-service with an AI-powered virtual assistant.With Enlighten Copilot, another product, agents can access <a target="_blank" href="https://www.businessinsider.com/ai-boosts-productivity-happier-at-work-chatgpt-research-2023-4">real-time insights</a> to offer quick, personalized client interactions instead of putting customers on hold to look up information to answer their questions, Eilam said.<h2 id="0de6e3ad-c6e8-47ff-8ec6-6585acb0a367">Did it work, and how did leaders know?</h2>"AI is now leading every conversation with our customers," Eilam said. Many existing customers are adding Enlighten AI to their portfolios, and NICE is attracting new customers with its AI capabilities.For example, the waste-management corporation <a target="_blank" href="https://www.nice.com/-/media/niceincontact/resources/customer-stories/2023/12/0180921_republic-services-case-study.ashx?rev=2f02ab6478ba4afdae8faacb46270eef">Republic Services</a> was already using NICE products but added Enlighten AI for Customer Satisfaction to measure, improve, and assess customer sentiment. Its customer-support system was manual, and the company felt that key insights were being missed.Using Enlighten AI, Republic Services <a target="_blank" href="https://www.businessinsider.com/ai-tackling-jobs-humans-dont-have-time-for-or-want-2024-2">reduced the manual work</a> of its customer-experience agents. It decreased repeat calls by 30% and lowered the average time spent on calls, despite an increase in seasonal call volume. The company also reduced negative customer sentiment by 33%.The tech company <a target="_blank" href="https://www.nice.com/-/media/niceincontact/resources/customer-stories/2024/01/casestudy_opennetworkexchange.ashx?rev=f7ca917963ee429093b22fc855ae9357">Open Network Exchange</a> also uses Enlighten AI to improve its customer care. Previously, ONE used manual quality-assurance processes and chose random customer calls to evaluate. This hindered supervisors' ability to objectively and holistically assess agents' skills that influenced customer experiences — and therefore interfered with their ability to provide meaningful coaching.The organization implemented Enlighten AI to monitor 100% of its customer interactions and gather insights about the behaviors influencing customer sentiment. Within 90 days, the company began improving how it coached agents, saving supervisors four to five hours a week.<h2 id="3fe0175b-cb26-4e3a-8723-6a53c48f3610">What's next?</h2>NICE continues to focus on AI innovation, Eilam said.He told BI the company saw many opportunities to expand its AI offerings by partnering with organizations that still spend 90% of their budgets on labor and 10% on technology and continue to rely on manual processes."A lot of new, big things are coming," Eilam said, adding that NICE planned to announce new products at its upcoming <a target="_blank" href="https://www.nice.com/websites/interactions/">Interactions Customer Conference 2024</a> in June."That allows us to have a very optimistic view of the future," he said.We want to hear from you. If you are interested in sharing your company's AI journey, email <a target="_blank" href="mailto:jhood@businessinsider.com">jhood@businessinsider.com</a>.

NICE's CEO says AI is 'the ultimate alchemist' that can transform customer-experience solutions

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>While he stood out at an early age for his talent in investment banking, Nelson Lee didn't feel satisfied to continue his climb up the traditional finance industry path.</li><li>After a stint at a well-known investment bank in New York, Nelson Lee cofounded a fintech firm, <a href="https://www.pacwealthsolutions.com">Pacific Wealth Solutions</a>, in 2017, and created a multi-million-dollar revenue stream in less than 18 months. </li><li>Below, he shares exactly how he did it, including a three-step approach for how others can attempt the same level of success.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>There are many levels of success. One level is working for a top multinational investment bank and financial services company. But quite another is co-founding your own fintech firm and creating a multi-million-dollar revenue stream in less than 18 months. Nelson Lee - who started his career in a large investment bank in New York City and today is CEO and co-founder of <a href="https://www.pacwealthsolutions.com">Pacific Wealth Solutions</a> (PWS) - can claim both of these achievements. How did he accomplish this dual feat? <h2>A great educational base</h2>The story starts back in 2010. After studying business economics at UC Irvine, Lee was tapped for an analyst internship at a global financial services firm in New York, which he describes as a "great base of education" that would later help him launch his own company in the finance industry. During the dedicated learning program, Lee learned the basics about everything from wealth management and Bloomberg operations to market analysis and client interactions. He quickly caught on to the nuance of investment banking, and while in his late teens, achieved the top sharpe ratio in a virtual portfolio management contest at the company.<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>But while he stood out at an early age for his talent in investment banking, Lee didn't feel satisfied to continue his career climb up the traditional path in the finance industry. "I was thrilled to receive this opportunity from such a reputable organization, but I didn't feel that there was a great deal of innovation at the time, or that career development in this big corporate environment was very enticing," explained Lee. "I wanted to seek the freedom to imagine the future and change the world."So after completing his analyst internship, Lee continued building his skill set, taking on another internship the following summer at Chinese Internet giant Tencent. The combination of these experiences led Lee to discover a deep passion for financial mathematics and data science - in particular, for finding innovative ways to look for what he describes as "holes and mismatches in the world."Lee identified the insurance industry as the right place to test-drive some of his insights, and spent the next 3.5 years in business development at the life-insurance and wealth management company Northwestern Mutual. After developing a new execution method for premium financing in the insurance industry, Lee's work began to gain more attention within financial services circles. He was subsequently recruited to Pacific Advisors, where his methodology continued to make a splash and began to attract enough investor interest for Lee to fund his first startup, leading to the birth of PWS in 2017.Read more: <a href="https://www.businessinsider.com/how-roost-startup-failed-and-founder-became-success-same-year-2019-8">I helped launch an 'Uber for lawn care' startup that failed miserably. This is exactly how I knew when to give up - and how we were able to pivot to launching a multimillion-dollar company within the same year.</a><h2>A leap of faith</h2>While Lee jumped at the chance to launch his own company, he had some reservations about his readiness to leave the corporate world and go out on his own. "To be completely honest, when I got funding as a first-time entrepreneur for PWS, I wasn't sure if I had all the skill sets needed for success yet," he said. "I was confident that I knew what I was doing, but I didn't know what I didn't know." His belief in his purpose kept him going, however, and he committed himself to learning about entrepreneurship "on the fly" as a founder. "Sometimes it just really takes that irrationally strong leap of faith," said Lee, "because entrepreneurship is monumentally harder than working in a big corporate."And now for the multi-million-dollar question: How did Lee manage to build a $2M+ revenue stream in less than two years? What strategies did he follow to make his startup successful so quickly? Lee's answer is a simple one, yet succeeding in each of the three steps that he recommends isn't easy."First, unearth the truth in a market filled with lies and salesmanship," he said. "Second, prove what you found can be validated with numbers in repeatable testing. And third, present customers with applicable technology that brings convenience and enhances the overall experience."The "lies and salesmanship" that Lee refers to in step one is based on his experience of researching deeper into the insurance market and discovering a business opportunity: "My team and I realized that the insurance industry was not only sorely lacking in transparency and standardized quantification of quality - of products and of salespeople - but also of technology and convenience, all of which led to a traditionally poor experience," explained Lee. "With quantifiable and standardized metrics, along with a compatible technology platform, insurance transactions can deliver highly consistent performance and experience." As a result of these discoveries, PWS was formed to research and identify innovations that led to quantifiable advantages in investment strategies and risk underwriting, instead of relying on old-school salesmanship and networking.Read more: <a href="https://www.businessinsider.com/every-email-template-new-freelancer-needs-to-launch-their-business-2019-8">There are 11 types of emails you'll send when you launch a business. Here's a template for each that will help you gain new clients and keep your old ones loyal.</a><div class="KonaFilter image-container display-table lead-image-small lead-image-large float_right"><div><div class="image"></div></div></div><h2>Cultivating the long-term vision</h2>For step two - the proof and validation required for rapid financial growth - the co-founder points to the importance of patience. "Innovation often comes at the conflicting intersection between making revenue the old way right now, or making revenue later in a better way," said Lee. "To be an entrepreneur, you need a long-term vision, perseverance, persistence, and the willingness to say no to things that may be good at the moment but you know don't bring value long-term."He added that the right investors should be aligned with the time horizon of your vision, enabling you and your team to execute without unnecessary baggage. During the first 12 months, Lee's startup did basically zero marketing and approached no clients. Instead, they conducted research, developed products, validated, tested, and validated some more. This positioned them well for year two. "Once we did have our approach and product ready, we had very good revenue growth in an eight-month span," said Lee. "Probably a lot more than if we focused just on selling from day 1, which would have led to not nearly as many innovations that would drive long-term revenue."Read more: <a href="https://www.businessinsider.com/5-interview-questions-work-for-startup-2019-8">90% of startups fail. Here's exactly how you should vet a company before deciding to join.</a><h2>A winning strategy that can work for others </h2>With steps one and two successfully executed, Lee and his team were free to focus all of their attention on step three: enhancing the customer experience (CX) through a convenient platform. And the rest, as they say, is history. "Once we secured all the technology, tools, resources, and contracts we needed, clients started coming to us in surprising volumes," recalled Lee. "The traction began to build, and before my second year with this company, we were hitting 2M+ in annualized revenue."Lee's strategy of refusing to put the cart before the horse - spending the first year focusing on the fundamentals of mining data sets of product performance, mathematics modeling, underwriting analysis, and building technology applications - paid off. "Even with no dedicated salespeople, clients managed to hear about us and come to us with money to invest for them," said Lee. What's more, Lee's belief that technology will be the key ingredient in creating large-scale change in the insurance industry led him to recently launch a second startup, <a href="http://ilife.tech">iLife Technologies</a>, dedicated solely to technology innovations in the world of insurance.It's an inspiring story, but is it one that other entrepreneurs could make happen too? Lee believes that they can: "If you have the funding and the patience to do lots of R&amp;D in the beginning, and not succumb to the seduction of just hiring a sales team to sell whatever brings revenue, then it definitely is a model that could be replicated."

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