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Customer Experience in Insurance: Insurer Strategies, Plans and Progress

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Slides from the March 10, 2016 eSignLive e-Signatures Summit for Insurance Executives. Presentation on Customer Experience in Insurance: Insurer Strategies, Plans and Progress

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Customer Experience in Insurance: Insurer Strategies, Plans and Progress

  1. 1. © Copyright Strategy Meets Action 2016© Copyright Strategy Meets Action 2016 Customer Experience in Insurance: Insurer Strategies, Plans and Progress 0 March 10, 2016 Mark Breading Partner Strategy Meets Action mbreading@strategymeetsaction.com 614.562.8310 Twitter @BreadingSMA
  2. 2. © Copyright Strategy Meets Action 2016 Strategy Meets Action Services NEXT-GEN INSURER 1 SMA is advising and guiding our customers… - tap into infinite possibilities - make wise strategic investments - shape smooth transformations … become NEXT-GEN INSURERS DIGITAL INSURER CUSTOMER EXPERIENCE CORE MODERNIZATION BUSINESS ANALYTICS EMERGING TRENDS & TECH EVENTS INNOVATION RETAINER CONSULTING RESEARCH Source: Strategy Meets Action 2016
  3. 3. © Copyright Strategy Meets Action 2016 4% 3% 4% 5% 4% 11% 3% 39% 33% 28% 24% 20% 20% 17% 44% 46% 51% 51% 44% 35% 33% 13% 18% 17% 20% 32% 34% 47% 2 Transforming Growing Sustaining Surviving Source: SMA Research, Insurance Ecosystem 2010, 2011, 2012, 2013, 2014, 2015, 2016 Current Company Mode: 7 Year Trends – All Insurers 2010 2011 2012 2013 2014 2015 2016
  4. 4. © Copyright Strategy Meets Action 2016 Game Changers in Insurance 3 Source: Strategy Meets Action 2016
  5. 5. © Copyright Strategy Meets Action 2016 Top 5 Business Drivers Triggering Technology Investments 4 Source: SMA Research, Insurance Ecosystem 2016, n=116 38% 45% 47% 50% 54%Business optimization/transformation Growth current lines/markets/geo Customer service Agent expectations & expanding channels Percent of Insurers Citing Customer expectations
  6. 6. © Copyright Strategy Meets Action 2016 Who is Your Customer? 5 Source: SMA Research, Customer Experience 2014, n=61 0% 16% 26% 26% 32% Only agent/broker Only policyholder Policyholder first, agent/broker second Agent/broker first, policyholder second Policyholder and agent/broker equally Percentage of Insurers Citing
  7. 7. © Copyright Strategy Meets Action 2016 Importance of Improving the Experience – Insurers 6 Source: SMA Research, Customer Experience 2014, n=61 Improving the Experience for the Customer/Policyholder* Improving the Experience for the Agent/Broker* 19% 73% 6% 2% 13% 75% 6% 6% The most important driver of our business strategy Important element along with several other key elements Part of the strategy but not vital Not part of the business strategy *Percentage of Insurers Citing
  8. 8. © Copyright Strategy Meets Action 2016 C-Level Role with the Primary Responsibility for Increasing Customer Engagement/Improving Customer Experience 40% 17% 13% 11% 7% 6% 6% 0% 7 The responsibility is shared between C-Level executives No C-Level Executive has primary responsibility Chief Marketing Officer CMO) Chief Operations Officer (COO) Don’t know/ not sure Chief Executive Officer (CEO) Chief Customer/ Customer Experience Officer (CXO) Other C-level (CIO, CFO, CSO) Source: SMA Research, Customer Experience 2014, n=61
  9. 9. © Copyright Strategy Meets Action 2016 Data & Analytics Core Customer Products & Services Emerging Techs & Trends 2016 Top Strategic Initiatives & Investments – All Insurers 8 Source: SMA Research, Insurance Ecosystem 2016, n=116 21% 17% 42% 63% 48% 44% 78% 74% 61% 70% 64% 85% 82% Internet of Things, Wearables, Driverless Vehicles Aerial Imagery, Drones, Geospatial, and Mapping Outside Industry Partnerships Innovation and R&D Geographic Expansion Risk Model Transformation New Products and Services Core System Replacement Digital Insurer New Customer Segments Channel Expansion and Experience Customer Engagement and Experience Enterprise Data and Analytics Percent of Insurers Citing
  10. 10. © Copyright Strategy Meets Action 2016 RELATIONSHIPS • Personal Connection • Agent • Social Graph • Multi-product What Influences the Customer Experience? 9 Source: Strategy Meets Action 2016 COMMUNICATIONS • Transactions • Customer Documents • Multi-channel Interaction • Agent Discussions VALUE • Price • Service Value • Fit to Needs • Product Performance BRAND • Reputation • Net Promoter Scores • Press • Advertising • Word of Mouth
  11. 11. © Copyright Strategy Meets Action 2016 RELATIONSHIPS • Personal Connection • Agent • Social Graph • Multi-product What Influences the Customer Experience? 10 Source: Strategy Meets Action 2016 COMMUNICATIONS • Transactions • Customer Documents • Multi-channel Interaction • Agent Discussions VALUE • Price • Service Value • Fit to Needs • Product Performance BRAND • Reputation • Net Promoter Scores • Press • Advertising • Word of Mouth
  12. 12. © Copyright Strategy Meets Action 2016 Top 5 Insurance Customer Experience Trends 11 Source: Strategy Meets Action 2016
  13. 13. © Copyright Strategy Meets Action 2016 Are You Developing and/or Executing a Strategy for Channel Integration?* By Size 12 75% 25% Yes No Source: SMA Research, Customer Experience 2014, n=61*Percentage of Insurers Citing 40% 60% YesNo Insurers Over $1B Insurers Under $1B
  14. 14. © Copyright Strategy Meets Action 2016 Status of Customer Journey Mapping 13 Source: SMA Research, Customer Experience 2014, n=61 6% 23% 6% 19% 21% 25% Now implemented into our experience systems Plan to map Don’t know/ not sure 25% Plan to implement them into our experience systems No current plans to implement No plans to map Customer Journeys Mapped 35% Customer Journeys NOT Mapped 40% Don’t know/ not sure PercentageofInsurersCiting
  15. 15. © Copyright Strategy Meets Action 2016 Potential for Increased Electronic Input 14 61% 53% 35% 30% 29% 26% 25% 20% Applications Attachments/ trailing documents with submissions External data for underwriting (MVR, APS, Property, etc.) Premium payments Reports/ correspondence from claims providers First notice of loss/death claims Customer letters Regulatory notices and letters 2014-2016 Source: SMA Research, Paper to Digital 2012, and Insurance Documents, Correspondence and Communications 2014, n=112 Percent of Insurers Citing
  16. 16. © Copyright Strategy Meets Action 2016 Insurance Uses Cases for E-Signature 15 Sales Policy Service Claims Partner/Vendor P&C Personal Lines P&C Commercial Lines Workers Comp Specialty Lines Individual Life Group Life Annuities & Investments Disability LTC Source: Strategy Meets Action 2016
  17. 17. © Copyright Strategy Meets Action 2016 Insurance Uses Cases for E-Signature 16 Sales Policy Service Claims Partner/Vendor P&C Personal Lines P&C Commercial Lines Workers Comp Specialty Lines Individual Life Group Life Annuities & Investments Disability LTC Source: Strategy Meets Action 2016
  18. 18. © Copyright Strategy Meets Action 2016 17 The Ultimate 360 Experience … across channels … throughout the lifecycle … for every interaction … for immediate action … with customer insight Integrated Unified Right Context Real Time Informed Ultimate 360 Experience
  19. 19. © Copyright Strategy Meets Action 2016 SMA Call to Action 18 Approach the customer/producer experience as a major strategic initiative: your competitors are! Develop a strategy and plan for full channel integration: beyond transactions to encompass all interactions Map out customer journeys: capitalize by moving to implement learnings in customer/producer systems Implement an enterprise plan for e-signatures to enable digital across the value chain Source: Strategy Meets Action 2016
  20. 20. © Copyright Strategy Meets Action 2016 19 SMA Copyright The material and observations contained in this publication have been developed from sources believed to be reliable. SMA shall have no liability for omissions or errors and no obligation to revise or update any data or conclusions should new information become available or future events occur. © 2016 Strategy Meets Action, Inc. USA. All rights reserved.

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