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The Insurance Industry's Digital Moment is Now!

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Insurance customers are forcing change in the industry. how you market to them is a competitive differentiator. What are your customers requirements in this journey? How can you ensure your space in the future game? Here's proof that SAP Hybris can help.

Learn more about how we have done this for other customers, and get more information about SAP Hybris here: https://www.hybris.com/en/downloads/white-paper/insurance-digital-future/601

Published in: Business

The Insurance Industry's Digital Moment is Now!

  1. 1. © 2016 SAP SE or an SAP affiliate company. All rights reserved. THE INSURANCE INDUSTRY’S DIGITAL MOMENT IS NOW SAP Hybris Customer Engagement and Commerce
  2. 2. © 2016 SAP SE or an SAP affiliate company. All rights reserved. The Insurance Industry’s Digital Moment is Now Your digital moment is now Insurance customers are forcing change How you market is a competitive differentiator SAP Hybris IS that solution It works. Here’s proof. 1 2 3 4 5
  3. 3. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Examples: Usage Based Pricing: Peer-to-Peer Insurance: Weather-Based Insurance Coverage: Your digital moment: Fintech is disrupting the industry Fintech is disrupting the insurance industry Global investment in insurance-related start-up products in $ million: 2.500$ million Source: Bain Digital Insurer of the Future Benchmarking, 2014-2015; CB Insights; Crunchbase; McKinsey Panorama; McKinsey Global Institute analysis
  4. 4. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Your digital moment: Enabling technology market is growing Connected homes: Automotive telematics: Autonomous cars: $ 490 bnby 2019 $ 45 bnby 2019 $ 42 bnby 2025 Source: Bain Digital Insurer of the Future Benchmarking, 2014-2015; CB Insights; Crunchbase; McKinsey Panorama; McKinsey Global Institute analysis
  5. 5. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Your digital moment: There is increasing pressure to perform Top-agile digital insurers are growing +1.8xas fast as their less digital competitors. Top-agile digital insurers are growing 6.2% Rest 3.5% Annual revenue growth rate (2010-2014) But … Almost half of insurers say they do not have a realistic plan for digital transition. Source: Bain Digital Insurer of the Future Benchmarking, 2014-2015; CB Insights; Crunchbase; McKinsey Panorama; McKinsey Global Institute analysis
  6. 6. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Insurance customers are forcing change Digital channels continue to replace physical channels At every stage of the insurance purchase process, customers are increasing use of online/digital channels Change in percentage between today and in 3-5 years of customers using digital channels: will be seeking information online will be placing their order through digital channels of inquiries / servicing of policy renewals will be processed digitally claims inquiry claims submissions reimbursement will submit feedback or complaints digitally of customers worldwide say they will use a digital channel for insurance interactions over the next few years. Before purchase Purchase After purchase Claims Feedback Source: Bain Digital Insurer of the Future Benchmarking, 2104-2015; McKinsey & Co. Global Institute analysis, 2016
  7. 7. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Context makes the difference HOW you market is a competitive differentiator You need a customer-data-driven marketing solution … Dynamic 360-degree view of customer Insights into real time customer intent using:  Explicit and implicit data  Predictive analytics  Propensity scores Deliver contextually relevant experiences:  Information  Offers  Customer Care + =
  8. 8. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Context makes the difference …to understand the real-time intent of your customer and dynamically deliver contextually relevant experiences across channels.
  9. 9. © 2016 SAP SE or an SAP affiliate company. All rights reserved. SAP HYBRIS PORTFOLIO FOR INSURANCE
  10. 10. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Traditional technology solutions no longer work for individual customer engagement 1st Generation 2nd Generation 3rd Generation MARKETING SALES COMMERCE SERVICE CUSTOMER RECORD Departmental Silos MARKETING MKTG DATA SALES & SERVICE CUSTOMER RECORD COMMERCE CUSTOMER DATA 'Multi'-channel architectures are a mess CONTEXTUAL MARKETING & SERVICE COMMERCE & SALES PHYSICAL & DIGITAL EXPERIENCE CUSTOMER INTELLIGENCE Seamless Platform to Engage the Individual
  11. 11. © 2016 SAP SE or an SAP affiliate company. All rights reserved. SAP HYBRIS MARKETING BUILDING SHARE OF MIND TO BUILD SHARE OF WALLET
  12. 12. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Marketing is broken Marketers bombard customers with irrelevant messages. Not targeted, not relevant of online ads are ignored Source: Google Display Benchmark Tool 99.94% Email click through rate Source: Getresponse 3.57% All digital channel response rate Source: DMA Response Rate Report 2015 0.62%
  13. 13. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Holistic approach to marketing is needed …and 15 separate systems to house customer data Marketers use 11 siloed channels on average… Source 1: “The Contextual Marketing Imperative”, Forrester Oct 2015
  14. 14. © 2016 SAP SE or an SAP affiliate company. All rights reserved. SAP Hybris Marketing IS that solution Integrated Suite of Tools for Marketers Consumer and Customer Profiling Segmentation & Campaign Execution Commerce Marketing Marketing Analytics Marketing Resource Management Marketing Lead Management Loyalty Management Supported by first-party and third-party applications Real-time data integration on SAP HANA
  15. 15. © 2016 SAP SE or an SAP affiliate company. All rights reserved. It works. Here‘s proof. Ran proof-of-concept campaign using SAP Hybris Marketing Compared Random Chance vs. Predictive Score lift in response was achieved using SAP Hybris Marketing Anonymous customer from insurance industry SAP Hybris Marketing insurance proof of concept
  16. 16. © 2016 SAP SE or an SAP affiliate company. All rights reserved. SAP HYBRIS COMMERCE CONTEXTUAL CUSTOMER EXPERIENCE USING MARKETING INSIGHTS
  17. 17. © 2016 SAP SE or an SAP affiliate company. All rights reserved. THE MAJORITY OF BUSINESSES CAN’T SUPPORT AN OMNI- CHANNEL CUSTOMER JOURNEY. JUST 12% CAN PROVIDE A SEAMLESS HAND-OFF BETWEEN CHANNELS. SOURCE: Forrester Wave Customer Service Solutions 2014
  18. 18. © 2016 SAP SE or an SAP affiliate company. All rights reserved. SILOED DATA Data is often out of date, siloed, or ignored/unutilized TOO MANY TOOLS Different tools for different tasks, complex integration limits possibilities INCONSISTENT TOUCHPOINTS Inconsistent behavior on systems with different logic TOO MUCH COMPLEXITY = OVEREXTENDED STAFF Businesses have more and more tasks across different systems
  19. 19. © 2016 SAP SE or an SAP affiliate company. All rights reserved. SAP Hybris Commerce for Insurance offers … SEARCH ENGINE OPTIMIZATION 3. RICH CONTENT FOR MARKETING & PRODUCTS 1. PERSONALIZATION AND RECOMMENDATION 2. FULLY INTEGRATED MOBILE SOLUTION 4. AGENT / BROKER INTERACTION 5. INTERFACE TO PRODUCT & QUOTATION APPLICATIONS 6. INTERNET OF THINGS / USAGE BASED INSURANCE 7. POWERFUL MASTER-DATA MANAGEMENT 8. FLEXIBLE, MODERN, SCALABLE PLATFORM 9.
  20. 20. © 2016 SAP SE or an SAP affiliate company. All rights reserved. DEMO
  21. 21. © 2016 SAP SE or an SAP affiliate company. All rights reserved. SAP for Insurance Demo Recording http://go.sap.com/assetdetail/2016/10/b279e6d8-8d7c-0010-82c7-eda71af511fa.html
  22. 22. © 2016 SAP SE or an SAP affiliate company. All rights reserved. Additional Resources to learn more SAP Hybris Insurance Homepage http://hybris.com/de/industry-solutions/insurance Serving today’s technologically-empowered insurance customer http://www.the-future-of-commerce.com/2016/10/28/insurance-digital-consumer/ SAP Hybris Infographic “The insurance industry's digital moment is now” http://hybris.com/en/insurance-digital-moment SAP Hybris White Paper “Insurance – Coming of Age in a Digital Future” http://hybris.com/en/downloads/white-paper/insurance-digital-future/601
  23. 23. © 2016 SAP SE or an SAP affiliate company. All rights reserved. THANK YOU

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