Trends in Insurance Driving Change in Commerce
Maturing markets, tight capital, increasing risk: these are just some of the pressures facing the insurance industry today. Faced with a host of challenges from empowered customers to technological innovation, insurers have to become essential to their customers and ecosystem partners. Past approaches will no longer suffice. It’s about delivering relevant experiences at the right time and place. Doing so requires an integrated approach, fueled by the power of cloud, mobile, social, big data and analytics to create value and profitable revenue. To meet these and other challenges, insurers will have to be more nimble, more innovative and better able to communicate with their customers, internally and within the industry. IBM Commerce can help.
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Trends in Insurance Driving Change in Commerce
- 1. Trends in Insurance Driving Change in Commerce March 2015
- 2. What’s changing in the World of Insurance Commerce Customers are more connected and empowered Competition is coming from new and different areas Operations and business models are being transformed
- 3. Insurance customers are demanding customer-centric interactions 50% of consumers seeking insurance begin on a mobile device But, 67% of insurers say their mobile strategy can’t conduct business
- 4. Millennials expect personalization, responsiveness and seamless experiences 71% of millennials like interacting with others when searching for and buying insurance But, 66% of insurers do not have a cohesive social strategy
- 5. Technological innovation is changing insurance The insurance telematics market is expected to reach ~$4 billion in four years Internet of Things revenue from insurance worldwide is forecast to reach over $50 billion by 2018
- 6. New insurance business models are emerging 52% of insurers believe new business models will have transformative impact For insurance information and quotes, there is an 18% shift away from personal to digital interactions
- 7. Insurers are beginning to prepare But, 90% of insurance CEOs plan to focus on getting close to the customer in the next 5 years 39% of insurers see consumer influence on their business strategy today
- 8. Understand your customers’ needs, desires and context Engage in real-time with your customers, partners and suppliers Connect your customers to your ecosystem A winning insurance strategy
- 9. IBM Commerce brings it all together, integrating customer engagement to insurers’ value chains Provide a seamless Brand experience Manage risk Reshape internal and ecosystem operations Gain customer insight Personalize relationships
- 10. 23 Octagon Insurance can understand their customers’ online experience from start to finish
- 11. Reliance Life’s self service portal uses customer insight to create a better experience
- 12. Over15,000 professionals are dedicated to serving the insurance industry More than 1 billion insurance transactions per day are processed on the IBM System z® platform IBM works with 90% of the world’s top 100 Insurance companies IBM Commerce delivers value to insurance providers IBM teams with 19 of the top 23 insurance companies worldwide
- 13. Join us May 11-13th in San Diego IBM Amplify2015 – For marketing and sales professionals IBM Empower2015 – For procurement professionals Join the conversation Blog, YouTube, Twitter and Facebook