Insurance Industry Transformation & Omni-Channel for Am Faml 4-21-15
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Insurance Industry Transformation & Omni-Channel for Am Faml 4-21-15
- 1. Insurance Industry Transformation April 15, 2015 & Omnichannel Trends
- 2. Accounts Covered Highlights Rob Cornwell, Insurance Practice Manager “Industry Disruption = Opportunity!” More change in next 5 yrs. than prior 50! The “Google-zation” of Insurance! Technology will transform! Digital experiences Analytics Internet of Things Security http://blogs.cisco.com/financialservices/enabling- the-easy-button-for-insurance Industry Thought Leadership
- 3. 50 Years 5 Years The Industry…
- 7. The “Google-zation of Insurance”! “The google-zation of insurance is inevitable.” “The insurance industry is ripe for Big Bang disruptions.” “The insurance industry offers a desirable target… it’s highly fragmented and resistant to change, and despite recent strides, it’s long been considered a technology laggard.” “There are new wave’s of technology like the Internet of Things that are creating value across industries, insurance included.” “They will re-invent the wheel.”
- 8. Virtual Expertise Mobile Experiences Next Generation Networks, Data Centers & Infrastructure Intelligent Contact Center Branch-In-A- Box Business Conferencing & Training Virtual Expertise Connected Analytics Connected Analytics & Key Partner Ecosystems Virtual Expertise Cisco Insurance BVF Offers
- 9. Point Of View On Omni-channel Channel choice Service Reps SME’s / Specialist Resources Individual Customer Field Reps Agents Constituents Escalation & Consistent Experience Streamlined Operations Context SINGLEVIEWofCUSTOMER SINGLEVIEWofPRODUCER B2B Partner Agent Office Voice Video Chat Web / Mobile Social Email Direct Mail Internal Associates
- 10. “Omni-Channel” For Insurance - The Challenges Deliver integrated customer experiences across channels. Break down silos between both product lines and functions. Create & maintain a 360 Customer View Web Social Home Email Voice Chat SMS Mobile Kiosk Agency Customer Connect EngageTransact Agent / Broker
- 11. Omnichannel Core Values: • Capture customer data and experiences across all channels • Enable a more consistent experience for customers and agents • Provide customers with choice of communication channels • Escalate to assisted channel when needed • Make it easier to do business with carrier • Simplify operational environment and save cost • Allow teams to focus on innovation Omnichannel Enables Strategic Objectives
- 12. Today’s Consumers Live In An “Anytime-Anywhere” World Insurance & Financial Services News and Information EntertainmentRetail
- 13. Increase new customer acquisition. Help customers and reduce the disruption of claims. Improve retention by being relevant to digitally sophisticated customers. Earn agent loyalty to drive increased revenues. “Digital insurance teams are hitting their mobile stride, pushed along by growing numbers of customers who now want the same kinds of experiences from insurance providers that they have with retailers, banks, and airlines.” October 9th, 2014
- 15. Connected Claims – FCR Support Challenge Business Impact • New FCR needs support and access to SME resource while in the field at a claims site • New FCRs are able to “hit the street” earlier in on- boarding process • SMEs or Managers can provide support virtually • Accelerated claims processing with increased accuracy • Enhanced customer experience Use Case Scenario New FCR has question and clicks to connect with an SME or Manger while on-site of a claim Live video chat with SME is enabled with 2-way video share, co-browse, document share… FCR shares video & details of claim with SME in real-time SME can conferences in other parties via voice/video as needed • Body Shop • Road Side Assistance • Other Streamlined process drives efficiency, accuracy & customer experience SME provides interactive support, relevant documents & web links to FCR
- 16. Connected Claims – Body Support Supplement Challenge Business Impact • A Body Shop has identified supplemental damage that needs to be added to the initial claims estimate and approved for repair. • The body shop is able to share supplemental claim information virtually. • Claims adjusters do not have to schedule and drive to body shop to handle supplement review. • Streamlined & efficient claims processing. • Enhanced customer experience. Use Case Scenario Body shop identifies supplemental damage during initial repair process. Body Shop shares video & details of claim supplement with adjustor in real-time Streamlined process drives efficiency, accuracy & customer experience Adjustor is able to verify & approve supplement. Send e- mail approval with attached form.. Body shop sends e-mail with supplement parts order form and link to connect for virtual review.
- 17. Connected Claims – Contractor Support Challenge Business Impact • A Contractor is assigned to make repairs on roof damage claim. Finds additional chimney damage while making roof repairs. • The Contractor is able to share supplemental claim information virtually. • Claims adjusters do not have to schedule and drive to site of claim to handle supplement review. • Streamlined & efficient claims processing. • Enhanced customer experience. Use Case Scenario Contractor is assigned to make roof damage claim repairs. Contractor shares video & details of claim supplement with adjustor in real-time Streamlined process drives efficiency, accuracy & customer experience Adjustor is able to verify & approve supplement. Send e- mail approval with attached form.. Contractor finds additional damage to chimney.
- 18. Accelerated Auto Claims Process – Use Case Challenge Business Impact • Policyholder involved in auto accident needs real-time assistance from insurer & other parties • Seamless “Live Assist” experience for policyholder • Increased client loyalty, makes personal referrals • Accelerated claims processing Use Case Scenario Customer following accident opens insurance firm’s mobile app, taps “Live Assist” to connect to agent Live video chat with agent who can see customer’s geo-location & account info Customer shares video & photos of crash site with agent in real-time Agent conferences in other parties via voice/video • roadside assistance • body shop • car rental agency Customer amazed by all-in- one claims process Agent pushes relevant documents & web links to customer
- 22. Live Onboarding of New Client Prospect – Use Case Service rep working from home is connected to client via text & video chat. Can see client’s browsing context, co-browse, annotate, share files Prospective client shopping for insurance online clicks on “Quick Quote” option Client needs help to complete quote so clicks on “Live Assist” Client gets real-time help to complete quote and decides to move ahead with a formal application. Client is onboarded with online account login, pocket mobile app, “Customer Rewards” link File Share Annotate Co-Browse CSR or Agent View Client View Co-browse & screen share Annotate & file share Floating video window • Decrease web interaction abandonment • Higher new client close rate • Up/cross-sell of services • Increased CSR efficiency • “Wow factor” client experience Business Impact
- 23. Insurance Agent & Client Virtual Engagement – Use Case Existing client has ‘life event’. Agent sends invite for virtual meeting to review needs Accelerate Time To Revenue & Improve Client Satisfaction Client clicks on link to connect to agent – no plugins or downloads! Agent & client engage via video, co-browse, file share & annotation Agent brings in expert to explain taxation of cash value withdrawals for new policy Client completes life insurance application virtually with wet signature Agent sets stage for underwriting process & schedules lab work
- 24. Immersive Virtual Interactions Financial Representative interactions with individual clients. • Plan participant interactions • Remote branch access • Other Financial Representative interactions with business clients. • Employee Benefit Planning • Commercial Coverages • Other
- 25. Intelligent ATMs & Kiosks ITM & Kiosk Features • Identify/verify customer or prospect by Drivers License, Card or other… • Precision Routing To Contact Center Representatives and SMEs • Real-time Video &Voice interaction • Screen share, document push, co-browse Used to Enable/Support • Banking transactions • Insurance Quoting • Other
- 26. Thank You
Editor's Notes
- Many analysts & industry experts say the insurance industry will experience more change in the next 5 years than it has in the past 50!
- In there 18th annual CEO survey, PWC reported that 86% of Insurance CEOs believe technology will transform the industry, while only 40% said their business functions and IT teams are prepared for this transformation.
- In there 18th annual CEO survey, PWC reported that 86% of Insurance CEOs believe technology will transform the industry, while only 40% said their business functions and IT teams are prepared for this transformation.
- Omni-channel goes beyond multi-channel. Multi-channel means we have multiple customer access point/channels. Omni-channel means these channels are integrated. And it goes beyond connecting with consumers across channels to engaging and transacting with them
- Today we live in an “anytime – anywhere” world. That plays out in how we receive news & information, how shop & purchase, how we get & experience entertainment AND is impacting how interact with, purchase & receive insurance & financial services. How is this impacting insurance customer expectations and the customer experiences carriers are aiming to provide? How does this impact the experience agents, associates and 3rd party partners expect?
- And the focus of digital strategies is mobile first! Industry analyst, Forrester calls out the fact that customers now want the same kinds of experiences from insurance providers that they have with retailers, banks and airlines. And they list some of the areas impacted by this: Customer Acquisition, Claims, Retention, Agent loytaly….
- Enhancing support for FCRs and enabling knowledge transfer and expertise to a new wave of workers…
- Making the claims handling process more efficient, taking out millions in costs and making more customers happy through expedited claims handling…
- Finding new ways to support customers as well. Leveraging mobile applications and experiences to add value. Making your Like A Good Neighbor State Farm Is There! Commercials a reality! Policyholder and Claims Interaction An existing customer is involved in an Auto accident. The customer accesses their insurance ID card from their mobile application on smart phone and receives “what to do next” steps to direct them… Customer clicks on “connect now” button and launches video/voice interaction with claims contact center representative. Contact center representative is able to identify client by the insurance id card information embedded in the smart phone app. Contact center rep .can also see location of client pop up on map from mobile device GPS. Contact center rep. asks “Mr. Jones is everything ok, how can we help?” Customer responds, “I’m ok, but my car is not, I’ve been in an accident”. Contact center provides real time interaction and support with customer at crash site including… Steps to capture crash site and damage via video which is shared with claim rep.in real time Brings in a 3rd party Emergency Road Service provider to coordinate towing of the vehicle which is not drive-able. Identifies several body shops nearby that can be selected for repairs so the car can be towed directly to the shop to expedite repairs. Brings in the 3rd party body shop to interact with the customer via voice/video. Brings in a 3rd party rental car provider who will arrange to have a rental brought to the site so the customer can have access to a car while their vehicle being repaired. Contact center representative pulls updates the client’s agent of accident occurrence and all steps taken. Customer is so amazed by the claims process he does not accept offers to save and switch to other carriers and stays with insurer longer. He also tells others about his great experience via social media and personal referrals.
- American Express recently launched virtual interaction within their I-pad app. The response has been great with significant increases in app downloads and even increased Net Promoter Scores for those that use the functionality. tLive video chat with a Customer Care Professional. Eligible Card Members can contact us using video chat when connected to a WiFi network. merican Express added Mobile Advisor powered video chat to its iPad app on iTunes. Where as its target audience is Platinum and Black card users, AMEX is selectively enabling click-to-video for others users during this initial silent rollout (silent because they are testing usage with consumers now but are not yet advertising this capability). https://itunes.apple.com/us/app/amex-for-ipad/id469439008?mt=8 Amex for iPad® Description Amex for iPad is a fast and secure way to manage your common financial tasks all in one place. With content specifically formatted for the iPad experience, staying connected just got easier. Monitor Your Account Activities Search or filter your statements to find exactly what you are looking for. Review charges in detail, use interactive charts for a breakdown of your spending categories and download your statements. Pay Bill at Your Convenience Use the App to pay or schedule future payments. Stay Up to Date with Rewards & Offers Get quick access to a summary of your loyalty program balances or view offers selected for you. Eligible Cardmembers can track and use Membership Rewards® points to shop for gift cards and over 5 million products. Stay Secure Log in securely with the same User ID and Password you use on americanexpress.com. Disclosure App and app features are available only for eligible Card accounts in the United States. iPad is a registered trademark of Apple Inc. All access to and use of this App is subject to and governed by the American Express End User License Agreement, Terms of Service and Privacy Statement. American Express Web SiteAmex for iPad® SupportApplication License Agreement What's New in Version 4.5
- On-boarding new customers. Over 80% of P&C prospects are on-line at some point in their shopping journey (Ad Harmonics). But today only a 3rd end up buying direct, while a third still go through agents and a 3rd still go through brokers. How do we connect the customer journey from self-directed on-line to assisted in a contact center or agent office? How do we convert and keep the on-line shopper? Enhanced on-boarding capabilities and processes can help! New Prospect Interaction A new prospective customer is shopping for insurance on-line (could be Auto, Home, Life, Health or other…) The prospect has clicked around the web-site and has started to provide information within the “quick quote” feature… However, it’s not as quick and easy as it looks… The prospect notices a “Connect Now” button on the website with options to connect with a contact center representative via chat, call or video. (chooses video) The contact center representative can see the areas of the web-site the prospect has clicked on and see’s the partially completed quick quote. The contact center interacts with the customer via video Greets the customer and asks how they can help? Views the partially completed quote with the customer and gathers information to complete the quote Co-browses with the customer around the web-site to highlight links to value added services such as 24/7 claims monitoring, mobile apps and other resources… Asks the customer if they are ready to bind coverage today? Given the information already gathered, they can complete the application in less than 5 minutes and get it going right away! Prospect agrees to get things started and completes application with contact center representative. Quick and easy. Contact Center ways “welcome to our family.” let me help you enable a few features our customers really love… Co-browses to assist the customer in setting up their on-line account log in and briefly covers all the customer can do on-line (may payments, policy changes, add coverage, file a claim…) Help customer download “pocket agent” app on to their smart phone and briefly discusses features it provides… Directs customer to “Customer Rewards” link on web-site and shows how they now qualify for group discounts with many merchants as a “member of the family” or customer of the company. The customer is thrilled with the experience and raves about it to friends both in person and through social media…
- And we know a key differentiator of agent distribution models is the ability to handle additional customer needs such as life, education or retirement products & services. How might virtual interactions help facilitate customer and agent interactions. Raise your hand if you want to spend an hour or two meeting with your agent in their office this weekend?! Agent & Existing Client Virtual Interaction Agent has existing insurance policies in place with client (could be Auto, Home or existing Life policy) Agent learns that the client has had a “life event” (birth of a child) and wants to schedule an appointment with the client to review their needs. Agent sends e-mail invite with a link or “connect now” “easy button” for a “Virtual Client Review” appointment Client receives the invite and uses tablet to click on the link which leads to the company web-site and provides “connect now” options with options to chat, call or video interact with the agent ( client chooses video) Agent greets client who is at home with spouse and provides context for review appointment… Agent share s desktop and briefly runs through existing policy coverage for client’s account… Agent pivots to/asks about life insurance (couple just had baby) Client agrees this is something they should probably review Agent co-browses with client on company website to review resources such as a Life Insurance Needs calculator to determine how much coverage the client will need and various life insurance product links to show different coverage options… Agent completes a Life Insurance Needs calculator with client from the web-site (agent can complete and share desktop or walk client through completion/co-browse/annotate…) Agent reviews a life insurance illustration that the client agrees may meet their needs. The illustration shows cash value building in the policy over time. Client has questions regarding taxation of cash value withdrawals to be used to pay for college costs down the road Agent IM’s SME from home office to bring them into conversation Agent brings in a remote expert from home office escalating from chat to video interaction with the client. SME/remote expert answers client and agent questions about taxable consequences in using policy cash values to supplement college funding for child in future… Agent and client are satisfied and decide to move forward with the application process… Client shows spouse the illustration off his tablet as she has been attending to the baby while he’s been interacting with the agent Agent greets spouse, is glad to see her and baby are doing well… Agent completes application with client virtually Client signs application via wet ink Agent set’s stage for underwriting process, schedules lab work to be gathered from client with a 3rd party source by clicking to check appointment time availability, IM, call or video…
- Some are using the same technology banks are using to close loans to handle employee benefit plans, interact with commercial clients and more.
- Most recently this virtual interaction capability has been embedded in smart ATMs and kiosks. NCR actually supports a version that recognizes the prospect or customer with a swipe of their drivers license. Imagine the impact these capabilities could have on getting insurance quotes. Geico and others are using kiosks today. Other insurers who also offer banking products are rolling this out as we speak.