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Digital Business Transformation – Across Insurance Value Chain
This document outlines 63 ideas generated by insurance executives across multiple lines of business to prioritize digital transformation initiatives. Short term priorities focus on improving the customer experience through personalization, omni-channel experiences, and leveraging data. Longer term strategic focuses include innovations like insuring autonomous vehicles, integrating with the sharing economy, and using new sources of data like wearables. The highest priorities are highlighted in red and involve minimizing customer effort, better leveraging data for personalization, and seamlessly integrating personal and commercial insurance lines.
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Digital Business Transformation – Across Insurance Value Chain
- 1. B Purchase & Onboarding Policy Admin. Claim Admin. Policy Renewal Customer Acquisition,Retention & Loyalty Design, Integrated Customer Experience, Business Process Efficiency, IoT Connected Product & Services Dev. Marketing & Distribution Underwriting & Rating Awareness, Research & Quoting Digital Imperatives Value Chain DigitalTransformationPriorities P/C Personal Lines Short-Term/Tacticalr Current to 1 year 38 IDEAS 25 Long-Term/Strategic 1+ to 3+ years 25 IDEAS Commercial Lines Life/ Wealth Customer View Across Multiple Products/Functions Personalization/ Productivity Customer Segmentation Insure As You Go Omni-Channel Experience Digital First Leverage Data Better Virtual Claims Increase Customer Touchpoints Reinventing Through New Data Sources Electronic Offers Agent or Policyholder Hybrid Distribution: Discovery to Shopping Connected Data From Wearables Robo-Advisors for Purchase & Onboarding Holistic View Across Products Self-Service Auto Applications Insurance Lifetime Accounts Note: -Insurance Executives generated 63 ideas across Multi-Lines of Business -Priority Items Highlighted in Red Online Binding that Actually Works Minimize Customer Effort Better Leverage Data to Personalize Customer Engagement Insure as you GoPersonalization New product to support Connected/ Wearable Data Customer Segmentation/W atson Coaching Integrate Data to Drive CX OfferingsAutonomous Cars Hybrid Distribution/Disc overy Shopping Google/Apple Car Electronic Underwriting Data Leverage Partnerships with Ride-sharing AI Interface Partner Strategies Deep Integration of Third-party Data Integrate P&C/Life Seamlessly Marketing Data Integration Seamless Omni Experience across Customer Journey Sharing Economy & How You Insure Peer-to-Peer Micro-Services Implementation Personalized Metrics/More Targeted Customer Segmentation IT Tools to Enable Comprehensive Planning Convergence of Health/WealthE xperience Regulatory Evolution Pocket Agent/Shop/Claims Improved Digital Interfaces Advanced Use of Data Analytics for U’wrtng/Claims Reinvent How Term Sold to Supercharge Growth Loss Reduction/Customer Behavior Change Business Strategy/Architect ural Alignment Streamline/Ease of Use & Service On-demand Variable Pricing Systems Integrating Data to CX Offerings Enhance Self- Serve Capability Seamlessly integrate P&C/Life Leverage More Data, Less Questions in Flows Underwriting Beyond the Application View Across Lines Awareness What Comes Next in Self- Insurance/Gig/Micro View Across Lines of Business Expense Reduction Block Chain Proactive Customer Engagement
Editor's Notes
- #2 Cisco recently led an Insurance Innovators Summit with Digital Strategy Leads, Customer Experience Leads, Innovation Leads and others from across top insurance carriers for P&C Personal Lines (or General Insurance), Commercial Lines and Life/Wealth. The group collectively put up ideas on a board of where they see short-term and longer term Digital trends across the insurance value chain. Top priorities are outlined in red. This slide is representation of that “post it” exercise.