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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. 1. Insurance Industry Transformation April 15, 2015 & Omnichannel Trends
  2. 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. 3. 50 Years 5 Years The Industry…
  4. 4. 86%/40% Analysts & CEOs…
  5. 5. Recent Market Transitions…
  6. 6. Insurance Market Transitions…
  7. 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. 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. 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. 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. 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. 12. Today’s Consumers Live In An “Anytime-Anywhere” World Insurance & Financial Services News and Information EntertainmentRetail
  13. 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
  14. 14. Sample Claims Scenarios
  15. 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. 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. 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. 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
  19. 19. Distribution & Sales Scenarios
  20. 20. 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
  21. 21. 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
  22. 22. 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
  23. 23. 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
  24. 24. Thank You

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