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Next Generation Customer Communications Management

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Each year, banks and insurers generate billions of customer communications with one simple goal: a more personalized experience for customers. And yet, they are being held back by legacy technologies that are expensive, outmoded, and cannot address new delivery channels or modern privacy and security regulations. Learn how to modernize your customer communications.

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Next Generation Customer Communications Management

  1. 1. Nextgenerationcustomer communications management TimNelms Vice President — ChrisMcLaughlin Chief Product & Marketing Officer
  2. 2. Customer-focusedfinancialinstitutions understand… “CustomerExperience willovertakepriceand product asthekey brand differentiator by 2020.” – Walker, 2017 “You’vegot to start withthecustomer experienceand work back toward the technology,not the otherway around.” – Steve Jobs
  3. 3. Customer centricity raisesthebar forfinancial services products& services Easy Fast Personalized Relevant Immediately Available Consistent
  4. 4. Customer centricity placesagreater demandon accessto information DeviceAgnostic24/7Access Convenience Choice Environmentally Friendly
  5. 5. Keybusiness drivers M&ACustomer Experience Compliance &Corporate Governance Omni-channel Delivery Reduced CarbonFootprint
  6. 6. Supporting high-volume communications § 5B insurance documents are printed and mailed every year in the US & Europe § This number increases to 7B annually in the banking industry § Generated by core insurance systems and document composition tools § Example document types include statements, billings, notices, reminders, welcome packs, EOBs, policy documents, renewals, failed payments, mid-term adjustments, cancellations and claims documentation “Consumers want more frequent, meaningful and personalized communications.” - EY, “Five tech trends that will define the future of insurance” (2019) Source: USPS and European Commission Postal Service
  7. 7. Addressing modern compliance mandates § General Data Protection Regulation (GDPR) § California Consumer Privacy Act of 2018 § Insurance Conduct of Business (UK) § ADA, UK Equality Act, EU Codes “GDPR went into effect in May 2018 and requires consent from consumers before their data may be used. Among numerous protections, consumers will need to be informed if their data is moved outside the European Union, havetherighttobe“forgotten,” and will be given a chance to contest the use of automated algorithms. Violations come with serious fines—up to 4 percent of a company’s worldwide net sales. - Deloitte, 2019 Insurance Outlook
  8. 8. Legacy systemshinderaccess to information § Now over 25 years old § Difficult to support diverse access methods § Difficult to integrate to modern insurance, CRM and customer service solutions § Can not meet modern compliance requirements § Not cloud-native/cloud-friendly § Can cost well over $2M per year to maintain § Technical skills sets are increasingly difficult to find
  9. 9. A smarterapproach § Crawford enables print-stream conversion for AFP, Metacode, line data, PCL and PostScript to PDF § Fully accessible documents with PDF/UA, HTML5 and braille § Nuxeo provides cloud-native content management § Theresult:a completely modern alternative for unlocking your customer communications “The traditional drivers of cloud computing—cost savings and pay-as-you-consume contracts—will likely continue to push usage. Yet the next round of adoption will likely be driven by other key benefits that cloud offers—namely speed, flexibility, and scalability.” - Deloitte, 2019 Insurance Outlook
  10. 10. One of the top 5 financial services brands in the world, this group of retail and commercial banks has more than 102 million customers and 14,000 branches globally. “Future-proofing” a financial institution Challenges § Growing volume of documents spread across different locations & systems (2.5B+) § Increasing security & regulatory compliance mandates § Lack of resource to develop homegrown solution § Rapid growth further exacerbating issues Solution § Migrate existing customer communications to Nuxeo Platform § Replace legacy IBM CMOD system § Seamlessly integrate to existing customer service systems Results § Substantial cost reduction § New mobile app for personalized statement delivery § Prompt response to Subject Access Requests (SARs) § Foundation for ongoing digital transformation (agile/DevOps)
  11. 11. One of the leading financial services groups in the Eurozone with retail banking, investment banking and asset management in 45 countries worldwide. Addressing European Union VAT regulations Challenges § Société Générale needed to archive statements and structured data in compliance with European Union VAT regulations § In addition, the introduction of the Single European Payment Authority (SEPA) required payment transaction archiving § Documents need to be retained for over 7 years for regulatory reasons and the current archive contained over 30 billion records, including PDF documents § Four different external portals access the archive and provide online document access to customers Solution § Transforms AFP content to PDF and indexes it for archiving § A global regulatory archive containing over 100 billion records Results § A single platform for structured data archiving and semi-structured records, such as payments and statements § Access to statements and data across bank staff and customers § Full compliance with current European payment and VAT regulations
  12. 12. If P&C Insurance Company Ltd. (If) is a property and casualty insurance company with approximately 3.8 million customers in Sweden, Norway, Finland, Denmark, Estonia, Latvia, Lithuania and Russia. If is the Nordic market leader in private, commercial and industrial insurance. Consolidating accessto information Challenges § If needed to rationalize three existing archives into a single unified platform § Documents in the archives are retained for at least 11 years in order to comply with relevant local laws for insurance policy documents § The existing IBM CMOD system contained over 100 application groups and 100 million documents stored in AFP and PDF § Four external, customer-facing portals are used for for online e- presentment Solution § Converts AFP data into industry standard PDF/A and extracts customer number and policy number for indexing § Integration with insurance business systems and web portal Results § Migrated off of IBM CMOD archive in just three months § Instant access to customer communications reduces call times § Significant annual cost savings over CMOD solution
  13. 13. Keybenefits 13 1 2 3 4 5 6 Cloud-basedplatform Low-cost, open-API platform. Consolidate customer information. Privacy&compliance Comply with new customer-privacy mandates. Reducedsystem costs Eliminate expensive legacy systems. Reducedprintcosts&carbon footprint $5M annual cost reduction by moving printed communications to digital channels. Improvedcustomerexperience Anytime, anywhere access to critical information. Completely device-agnostic. Customerself-service Reduce call-center traffic and costs.
  14. 14. Learnmore 14 With over 1,800 customers on six continents, Crawford Tech solutions and “know how” enable the largest banks, insurers, healthcare providers, utilities and print services companies to use their existing technologies, documents and data in new ways. TimNelms tnelms@crawfordtech.com www.crawfordtech.com Nuxeo is the developer of the industry’s leading intelligent Content Services Platform. We are fundamentally changing how people work with data and content to realize new value from digital information. Our open source, cloud-native platform has been deployed by over 3,000 organizations worldwide. ChrisMcLaughlin cmclaughlin@nuxeo.com www.nuxeo.com
  15. 15. Thank you! www.nuxeo.com info@nuxeo.com

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