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MONTH 12
ISSUE 08
YEAR 2022
The Novel
Prospects of
Constant
Enhancements
Editorā€™s Desk
Abhishek Joshi
Abhishek Joshi
ustomer satisfaction as a business concept has been
Caround for more than 20 years ā€” but customer
experience management (CEM) has only been
discussed over the past several years. So, it's no wonder that
CEM is often equated with earlier concepts. In the age of
rapid advancements, business leaders may know that it
costs ļ¬ve times more to attract new customers than to retain
existing customers. Still, they may need to learn the best
strategies to ensure their buyers have a positive customer
experience.
To understand the beneļ¬ts of customer experience
management (CEM), CX professionals should clearly
understand what that means to their brand. The goal of
CEM is to manage customer interactions through each
physical and digital touchpoint to deliver personalized,
customer-centric experiences that drive brand loyalty and
increase revenue.
Managing customer experience isn't just about how people
perceive their experience with a brand or the company's
actions, but rather how customers feel when engaging with
a brand. Customers will change their perception of a brand -
- hopefully in a positive direction -- each time they visit the
company's website, reach out for customer support, or see
ads online. Companies can better manage that by
identifying CEM metrics and having a customer experience
management plan in place to increase customer loyalty.
Businesses that are seeing a higher customer lifetime value
from a good customer experience management program are
likely to beneļ¬t from reduced churn or customer turnover. It
is more costly to acquire new customers than to retain them,
so by putting resources toward keeping customers happy;
companies will experience longer engagement.
Brands that experience higher brand equity and reduced
churn will also experience higher customer retention.
Increased customer retention often correlates to high
customer loyalty. A customer may buy from a brand once
every few years, but the ability to keep that person as a
customer is important.
Companies that are quick to resolve issues, reward loyalty,
stay in touch, and, most importantly, value their customers;
eventually, strengthen the positive perception that is at the
root of the overall customer experience. Customer retention
leads to more sales and higher lifetime value and an easier
way to increase ROI from that initial conversion.
Indulging in the legacy of the companies that are thriving
towards enabling enhancements for the organizations and
businesses by establishing a perpetual connection with the
clients, Insights Success sheds the spotlight on "The 10
Most Trusted Customer Experience Management
Solution Providers 2022.ā€
Flip through the pages and explore the novelties that
contribute to ensuring the success of your business grows to
greater heights.
Have a Delightful Read!
Cover Story
08
Risk Transferto Risk Mitigation: A
Journey of Innovation Through Uncertainty
Leaderā€™s Viewpoint
Rethinking Traditional Training The
Forgetful Curve
14 18
22
Emerging Technologies Driving Profound
Change
C X O
Leaderā€™s Viewpoint
Leaderā€™s Viewpoint
sales@insightssuccess.com
December, 2022
Editor-in-Chief
Senior Sales Manager Business Development Manager
Marketing Manager
Technical Head
Technical Specialist Digital Marketing Manager
Research Analyst
Database Management Technology Consultant
Merry D'Souza
Managing Editor Executive Editor Assistant Editors
Visualizer
David King
Art & Design Director Associate Designer
Kshitij S Peter Collins
John Matthew
Sales Executives
David, Martin
Business Development Executives
Steve, Joe
Jacob Smile
Prachi Mokashi Dominique T.
SME-SMO Executive
Sagar Lahigade Frank Adams
Circulation Manager
Robert Brown Stella Andrew David Stokes
Copyright Ā© 2022 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any
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Reprint rights remain solely with Insights Success.
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We are also available on :
Abhishek Joshi
Revati Badkas
Jenny Fernandes Anish Miller
Sandeep Tikode
Brief
Company Name
Appcues is the most ļ¬‚exible way to build personalized product
experiences. From user onboarding through adoption and
retention.
Featured Person
Jonathan Kim
Founder and CEO
Appcues
appcues.com
Chatchamp is the guided selling solution for e-commerce
companies with digital shopping assistants.
Felix Schroeder
CEO
Chatchamp
chatchamp.com
CLEARgo is Adobe Commerce (Magento) Gold Solution
Partner, Shopify Plus Partner, Salesforce Commerce Cloud
Partner and Hubspot Solution Partner.
Charles Chan
Founder and MD
CLEARgo
cleargo.com
Custify enables Customer Success teams to prevent churn,
automate processes and improve onboarding through one easy-
to-use interface.
Philipp Wolf
Founder
Custify
custify.com
Gainsight's Customer Success and Product Experience
Software empowers companies to increase revenue, decrease
customer churn, and drive advocacy.
Karl Mosgoļ¬an
CIO
Gainsight
gainsight.com
GetFeedback is helping companies to get better feedback, one
awesome survey at a time.
Chris Boeckelman
CMO
GetFeedback
getfeedback.com
Inbenta is a global leader in AI and NLU for Enterprise Search,
Ecommerce Search, Chatbots, Support Ticketing, and
Knowledge Management.
Jordi Torras
Founder and CEO
Inbenta
inbenta.com
McorpCX is a leading customer experience management
company, delivering consulting and technology solutions to
customer-centric organizations since 2002.
Graham Clark
VP of Market Development
McorpCX
mcorp.cx
Reļ¬‚ektion combines individual shopper insights, product
intelligence, and AI to create more intimate and impactful
commerce experiences.
Amar Chokhawala
Founder and CEO
Reļ¬‚ektion
boxever.com
Satmetrix is the only complete and integrated holistic VOC
solution, driving performance outcomes from the contact
center, and beyond.
Elisabeth George
CEO
Satmetrix
satmetrix.com
MCORPCX IS A
SPECIALIZED EXPERIENCE
MANAGEMENT CONSULTING,
AND SOLUTIONS
COMPANY FOCUSED
ON HELPING
OUR CLIENTS CAPTURE
BUSINESS IMPROVEMENT
FROM DELIVERING AND
IMPROVING CUSTOMER,
EMPLOYEE, AND PARTNER
EXPERIENCES.
The journey of a business creating and maintaining
relationships with its customers is complex and
never ending. While achieving this can sometimes
be challenging, especially in todayā€™s scenario of
continuously changing customer consumption patterns and
trends, there are service providers like McorpCX to help
businesses conduct this critical activity. McorpCX focuses
on helping its clients deliver great customer experiences
and drive measurable value in the process.
McorpCX is a leading customer experience services
company that has been delivering consulting and
technology solutions to customer-centric organizations
since 2002. Its practical approaches, playbooks and
frameworks have led to measurable growth, deeper
engagement, and better business outcomes for small
companies to the Fortune 100.
McorpCX helps organizations drive greater value by
improving stakeholder experiences. Recognized by industry
analysts as a customer, employee and partner digital ļ¬rst
but not digital only multichannel experience strategy,
design and operations solutions leader, it unlocks growth by
helping organizations better serve, sell to, and engage with
their audiences.
Insights Success had an interview with its VP of Market
Development, Graham Clark, to get a better
understanding of McorpCXā€™s successful business
proposition.
Graham Clark
VP of Market Development
McorpCX
Below are the highlights of the interview:
Please brief our audience about McorpCX, its USPs,
and how it is currently positioned as one of the trusted
customer experience management solution providers in
the niche.
McorpCX is a specialized Experience Management
Consulting, and Solutions company focused on helping our
clients capture business improvement from delivering and
improving Customer, Employee, and Partner Experiences.
McorpCX has been at the heart of the CX movement for 20
years, making us the most experienced of the specialized
ļ¬rms in North America.
Our biggest diļ¬€erentiators are
ā€¢ our specialty; CX is what we do, all we do and all we
have ever done.
ā€¢ our personnelā€™s experience averaging 10-20 years in
CX
ā€¢ and while we know all the technology providers in our
discipline, we are not platform resellers, so we keep
our clientsā€™ best interests in mind.
Tell us more about McorpCXā€™s oļ¬€ering and what
aspects make it stand out in the cutthroat competition in
the customer experience management sector.
Our primary focus is on helping our clients design, launch,
operate and improve the Best Practice Customer Experience
Management (CM) Capabilities applied by industry leaders.
Showing, teaching and supporting them to be as self
suļ¬ƒcient as they wish to be.
Helping organizations deļ¬ne experience strategy, ensuring a
culture exists around customer and employee experience
centricity, including training and immersion programs, and
ensuring the capabilities exist to deeply understand their
customers and the processes, technology, data, product,
services, and partner ecosystems supporting their
experiences.
As part of this, providing tools, playbooks, guides, and
staļ¬€. Including improving speciļ¬c experiences by applying
journey maps, persona models, experience blueprints, and
implementation and program management teamsto improve
speciļ¬c experiences by applying journey maps, persona
models, experience blueprints, and implementation and
program management teams.
And designing, launching, and operating Listening Systems
to hear the Voice of the Customer (VoC), the Voice of the
Employee (VoE), and the Voice of the Partner (VoP) across
as many interaction channels as possible (e.g., digital,
contact center, and in-person), analyze what they tell you
for insights, and ensure action is taken to improve their
experiences and your business outcomes.
Being an experienced leader, share your opinion on how
the adoption of modern technologies impacts the
customer experience management sector and how
McorpCX is adapting to the change.
We see experience technologies falling into 3 categories:
Each of these is at diļ¬€erent levels of maturity and
integration given holistic Experience Management
Architectures as an element of Enterprise Architecture is at
the very earliest stages.
Experience Design: The most immature area, but in recent
years, we have seen focused technologies in journey
mapping and persona modeling like UXPressa, SuiteCX,
and others. Recently we have seen a new wave of
companies like Cemantica and CXOmni that not only
support journey map and persona creation but support more
sophisticated enterprise-wide CX (and EX) portfolio
management capabilities. Like when you have 50+ personas
and 100 journeys being actively used by 200 people across
OUR PRIMARY
FOCUS IS ON
HELPING OUR
CLIENTS DESIGN,
LAUNCH, AND
IMPROVE THE BEST
PRACTICE CXM
CAPABILITIES
APPLIED BY
INDUSTRY LEADERS.
15 countries. The next wave is going to be integrating these
technologies with the CX Delivery and Measurement
technologies.
Experience Delivery: The most mature portfolio of
technologies supporting speciļ¬c interaction channels in
Digital (e.g., Adobe, Sitecore, Acquia, and many others),
Mobile, e.g., Apple, Samsung, etc.), Contact Center (Cisco,
Genesys, Verint, Nice, Avaya, Five9, etc.), Store and
Branch (NCR, FSI, etc.), IoT and environmental (Google,
Cisco, etc.) and so on.
Supported by data analytics technologies (Teradata, SAS,
PowerBi, Tableau), cross-channel experience support, and
CRM platforms (e.g., Salesforce, Infor, Oracle, SAP) plus a
variety of Product Management technologies and a host of
infrastructure technologies (e.g., Cisco, Palo Alto, Intel,
VMware, Broadcom). Being able to show how the delivery
technologies relate to the journeys as expressed in the
Experience Design applications is an evolving area of
focus.
Experience Measurement: Probably the most closely
associated with the Experience movement encompassing
Voice of Customer, Voice of Employee, Voice of Partner
listening, analyzing, and action systems (e.g., Qualtrics,
Medallia, Momentive.AI / SurveyMonkey, QuestionPro,
Inquba, AlternaCX, Microsoft, etc.). Supporting well-
known experience metrics such as Net Promoter Score
(NPS), Customer Satisfaction (CSAT), Customer Eļ¬€ort
Score (CES), and more custom scores blending many of
these, often referred to as Customer Experience Indices
(CXI).
Complemented by digital analytics tools (e.g., Adobe,
Google, Glassbox, Quantum Metric, etc.).
Integrating Experience Measurement technologies with the
journeys in the Experience Design applications is well
underway. And many of the leading measurement providers
are leaning into newly evolving trends like Journey
Orchestration.
Considering the current industry scenario, what kind of
challenges do you face, and how do you drive McorpCX
to overcome them?
Overall, the biggest challenge today is ensuring company
commitment to CX investments. Even though the CX
movement is 20-40 years old, it is still relatively new, and
the number of companies committed to investments in these
capabilities and conļ¬dence in the ROI of those investments
is still small.
Leaders like Amazon have built their businesses on these
principles, but encouraging understanding of the
importance and maintaining focus and investment in CX
Capabilities is a constant struggle.
However the movement continues to evolve and today the
capability our clients are focused on ļ¬rst and foremost is
Listening Systems, speciļ¬cally Voice of Customer (VoC)
systems and Voice of Employee (VoE) systems. These are
automated, easy to buy with a relatively low cost of entry
and an increasingly clear roadmap of how additional
capability delivers predictable value throough increased
insight and understanding, delivering high conļ¬dence ROI,
the ability to predict business events and optimize business
investments. All of which tends to reinforce belief in and
increased investment in the CX movement.
What would be your advice to budding entrepreneurs
who aspire to venture into in customer experience
management (CMX) sector?
Focus on data and analytics. As CX and EX become more
widespread, requiring paying attention to more customers
across more interaction channels with exploding interaction
levels and more data, there are challenges in turning that
into information, insight, and action. Ever more automated
action rooted in behavioral tendencies and emotions,
driving hyper-personalized experiences.
This requires ever more sophisticated intelligence with ever
more sophisticated visualizations. This is an explosive
opportunity for Machine Learning and Artiļ¬cial
Intelligence tech and something investors and customers
are super focused on and interested in and call me at
McorpCX because we can help and are always interested in
what is new in our domain.
How do you envision scaling McorpCXā€™s operations and
oļ¬€erings in 2023 and beyond?
Our goal is to do impactful work with people we like to
work with and who like to work with us, applying and
growing a team of McorpCX associates and clients who
share our values. We are a quality-focused ļ¬rm, not a size
and-scale ļ¬rm.
Our growth will come from engaging with more clients and
maintaining our position at the leading edge but not the
bleeding edge of the experience management movement.
Including expanding our relationships with technology
solution companies and continuing to demonstrate that our
evolving services reļ¬‚ect this more tech-centric movement.
Please give us a few testimonials of your
clients/customers and a list of awards/recognitions that
accurately highlight McorpCXā€™s position as one of the
trusted customer experience management solution
providers in the niche.
With a major focus on the Technology, Banking, Financial
Services, and Insurance sectors, rapidly increasing work in
Life Sciences (including Pharma and Treatment companies
and Healthcare Service Providers), and our long term
presence in Retail, we have worked in almost every
industry in both B2C, B2B and B2B2C models. We do not
publish our client names but have received repeated
validation of our ability to help our customers improve
performance.
McorpCX has regularly been recognized as an Experience
Strategy, Design, and Consulting leader in Forrester
Researchā€™s reports over the past 10 years.
ā€œMcorpCX completely transformed the way we think about
developing software!ā€ ā€“ General Manager, Product
Development, Global Technology Company ā€“ following a
research-based initiative to understand and improve
customer purchase and onboarding experiences.
ā€œMcorpCX gave us a path forward that is truly customer-
centric ā€“ based on what we know our customers value
most.ā€ - Sr Director $5b ļ¬nancial services and insurance
company.
ā€œMcorpCX gave us the process, insights, and perspectives
that brought people and divisions together.ā€ - CMO of an
auto loan provider realized a 200% increase in employee
loyalty, a 58% increase in customer NPS, and a 400%
increase in customer satisfaction scores.
ā€œMcorpCX helped us align cross-functional stakeholders
on CX execution.ā€ - Sr Director of store operations in a
leading retailer realizing a 94% increase in positive
customer word of mouth.
ā€œMcorpCX was selected over major global services
partners because of their experience and proven ability to
deliver results. They helped us align our CX Vision with our
evolving Business Strategy, change our Measurement
systems to align with that also and develop Employee
Communication Strategies to ensure our front-line
employees understand how our customers see their
experiences with us.ā€ - Top 50 retailers realizing 8%
revenue increases, 12.6 comparable years over year store
sales and 27% increase in quarterly dividend reported.
MCORPCX PROVIDES
THE PLAYBOOKS,
GUIDES, TOOLS AND
STAFF TO LAUNCH AND
CONTINUOUSLY
IMPROVE THE
CAPABILITIES TO
DELIVER TANGIBLE
AND
PREDICTABLE ROI
THROUGH A FOCUS ON
ALL STAKEHOLDER
AUDIENCES AND THEIR
EXPERIENCES.
Rethinking
TraditionalTraining:
The Forgetful Curve
Leaderā€™s Viewpoint
December 2022 | 14 | www.insightssuccess.com
Picture this scenario ā€“ you are sitting at a computer in
the breakroom, preparing to take your annual
trainings. The acrid smell of slightly over-cooked
microwave popcorn permeates the room (butter ļ¬‚avored, if
you were wondering), and you hear a page for a department
that is thankfully not yours. You click ā€œbeginā€ and the
pixelated, tinny sounding video from the 80s pops up telling
you all about sexual harassment. Your eyes glaze over
immediately as you disengage: if theyā€™re going to make you
watch this outdated content, your attention canā€™t be that
necessary anyway.
Even in a more ideal scenario, research tells us that within 1
hour of receiving training, the average person will forget
50% of what they learned! Within 24 hours, 70%; and
within one week, 90%. In education circles this is called the
Forgetting Curve (Murre, 2015). With better engagement
levels, more knowledge can be retained, but the numbers
are still stark. Employees will forget most of what they
learn, despite corporate training being a $60 billion
industry.
Why does the Forgetting Curve exist? At any given
moment, your brain is receiving thousands of bits of
information. Smells, sounds, sights, feelings, aches, pains,
nerve impulses, and much more is ļ¬‚ooding our brain. The
brain simply makes a note and ignores unless we bring our
mental focus and attention onto it. The training your
employee is listening to is one of those bits of information
ļ¬‚ooding their brain with all the other messages. Experience
the phenomena yourself with this test, seen by almost 25
million people as of this writing.
So, is training a lost cause? How do we make our content
stand out amongst all the other impulses, so we can ļ¬‚atten
the Forgetting Curve? The ļ¬rst step is avoiding distractions
ā€“ reducing the information going to the brain that is
distracting it from your training is the ļ¬rst step. The second
is engagement, when an employee is actively engaged with
training they will retain more. The third key to the puzzle is
focus. Neuroscience studies show that when an individual
is intensely visually focused on something, it greatly
reduces all outside stimuli from distracting the brain.
Finally, Ebbinghaus (2013) and Murre (2015) found that
when information learned is repeated there is a ā€œsavings
measureā€ where the amount of time to learn the information
a second time is 20-25% less than the ļ¬rst. Repeated
measures can increase this time savings. This tells us that
repeat trainings will be more eļ¬ƒcient at relating
information and can also increase retention of the
information.
Also consider projects and tasks that force the employees to
utilize what they have learned, which will help them
understand and retain the learning being presented.
Explicitly stating the connections between the learning and
the task being given will also increase the retention and
help to ļ¬‚atten the learning curve. Father of modern
educational theory, John Dewey, explains that when we
learn from experiences, we make forwards and backwards
connections, and the process of experiencing becomes the
learning (Berding, 1997). This theory helps inform how to
create quality adult learning ā€“ interactive and creative
experiential trainings that require experiential elements and
scenarios that require the learner to reļ¬‚ect and engage.
This tells us we need training that is both mentally engaging
and visually engaging enough to help the employee to
focus, and that it should be done in an environment free
from distractions. In the modern workplace it can be
diļ¬ƒcult to achieve all of these, as training is often third-
party purchased and can be bland or generic. Consider a
specialized training provider, such as in2vate LLC, which
utilizes all of these concepts for engaging training delivery.
Dr. David Epstein, Ed.D is the
Content Manager & Instructional
Designer at IN2VATE, LLC, an
instructional designer, project
manager, eLearning developer,
researcher, and web designer. I am
passionate about teaching others
through live and digital mediums
About the Author
December 2022 | 15 | www.insightssuccess.com
RiskTransferto
RiskMitigation:
A Journey of Innovation
Through Uncertainty
Aswe all begin to emerge from the haze of a global
pandemic, it is undeniable that nearly every
industry has been deeply aļ¬€ected, including the
Property & Casualty (P&C) market. With such a major
disruption to the status quo of micro and macro-operations,
the uncertainty of future recurrences, and the rising
prevalence of technology, 2020 was a watershed moment
for insurers to evaluate their traditional models of client
interaction, operational eļ¬ƒciencies, and future investment
in innovation to compete in a digital future.
Digital Disruption and the Distribution of the Dollar
As the insurance industry has once again shown its
resilience in the face of adversity and begins to rebound to
pre-pandemic market growth, the battle for the future wages
on.
According to a future outlook report by Accenture, the
global insurance industry can expect Gross Written
Premium (GWP) to increase from $6.1 trillion in 2020 to
$7.5 T by the end of 2025. Of that $1.4 trillion increase an
estimated $1.2 T is expected to come from existing
products.
An estimated $480 billion of the expected 2025 GWP will
be heavily impacted by innovation through:
1. New risks, oļ¬€erings and services
2. Existing revenues impacted by product innovation
3. Shift in placement channels.
To focus more on what that mean for US based insurers, a
20 year comparative analysis of the top 100 P&C insurers
conducted by EY and ACORD asserts the average P&C
carrier has annual savings opportunity anywhere from
Leaderā€™s Viewpoint
December 2022 | 18 | www.insightssuccess.com
$675-851 million dollars. Better yet, the tools required to
achieve this are currently available.
However, while these reports oļ¬€er an optimistic outlook,
they come with a stark warning: Reliance on traditional
products, distribution channels, and retention rates will act
as an impediment for future growth as rates rise, markets
volatility remains, and consumer demand for digital
services continues to grow.
Leveraging Innovation
Traditionally, insurance service oļ¬€erings have been closely
linked to the cost and availability of human labor creating
the challenge of the breadth and depth of service at scale.
As technology continues to advance, so do the capabilities
of insurers to scale a high level of service at a fraction of
the cost.
The following four areas are where executives see
technology providing the highest return on investment:
1. Operational Excellence and Cost Eļ¬ƒciency
Insurers are leveraging technology to streamline core
internal processes through digitization and automation,
freeing up resources that progress the overall strategic
mission of the company.
This creates massive value potential in a myriad of ways by
enabling:
Åø Horizontal and Vertical data distribution throughout
internal stakeholders
Åø More meaningful engagement (physical/digital) with
more policyholders
Åø Hyper-focused allocation of capital
Åø Faster claim processing
Åø Proactive mitigation eļ¬€orts through real-time sensors
Improved Customer Experience
Customer experience is the growth engine where
incumbents and new entrants alike are focusing their
eļ¬€orts. 20-40% of policyholders will not receive a single
communication throughout the policy year, and if they do,
90% of the time it is sales-focused rather than service-
December 2022 | 19 | www.insightssuccess.com
Data and Analytics
As client engagement continues to grow, so does the
volume and value of the data. Insurers begin to have a more
robust view of their policyholders and their risks. This
enables insurers to better write risk, identify upsell/cross
sell opportunities, and provide proactive resources based on
client needs to help reduce frequency/severity of claims.
Leveraging AI/ML cognitive abilities to identify underlying
trends and opportunities can provide key decision makers
the insight to drive large scale underwriting strategy,
actuarial models, and competitive strategic decision
making.
Hyper-focused investment/divestment of resources from
both internal and external stakeholders continues to mature
as do the data models.
Speed and Scale of Innovation
Large data sets produced by new and emerging
technologies are providing insurers the ability to reshape
how they operate, engage with stakeholders internally and
externally, as well as develop and sell products to improve
productivity and proļ¬tability.
Combining these technologies to achieve goals beyond just
engagement or operational eļ¬ƒciencies is where true success
begins to take hold: Improved management of risk while
oļ¬€ering unique experiences for policyholders.
Some common trends:
Åø Modernization of core processes and client management
with cross functional resources.
Åø AI and automation to focus on speed, consistency and
optimization.
Åø Using data streams of digital services to provide
predictive and prescriptive analytics to shape future
innovation and focus eļ¬€orts.
The Takeaway
By leveraging technology to refocus eļ¬€orts and capabilities
on value creation, insurers can strengthen their foundation
of strong service and competitive diļ¬€erentiation but
improve the speed and scale to adapt to new and emerging
trends and client needs.
While there is no one correct way of implementation,
insurers can no longer aļ¬€ord to ignore or incrementally
participate in the digital age, and the earlier entrants will be
the primary beneļ¬ciary of the shifting in the ā€˜digital dollarsā€™
that will be redistributed over the next few years.
If your organization is looking to expand your capabilities
in any of the areas listed above, we would love to have a
conversation to see if in2vate, LLC can be a valuable
partner in your digital evolution.
Nick Duļ¬ƒeld is the Risk
Management Sales Consultant at
IN2VATE, LLC, specialized in Risk
Assessment and Training Programs
that provide targeted measurements
to help your company in compliance,
operations, and claims reduction.
About the Author
December 2022 | 20 | www.insightssuccess.com
Sandrine Desbarbieux-Lloyd
Vice President
Digital at Samsung
December 2022 | 22 | www.insightssuccess.com
Emerging
Driving
Technologies
Profound Change
T
th
he 4 Industrial Revolution is here. The 4th
Industrial Revolution is a fusion of advances in
artiļ¬cial intelligence (AI), robotics, etc. I believe
that this new era of tech will drive profound change and
these changes have already started in many ways.
Artiļ¬cial Intelligence:
AI is not new; it is already happening everywhere.
Algorithms pre-recommend the content we see and watch
and the products we buy across all areas of our lives today.
But it is going to accelerate exponentially and it is going to
completely change the ways we live and work.
While few occupations are fully automatable, 60 percent of
all occupations have at least 30 percent technically
automatable activities*, leaving people to focus on more
valuable activities.
The potential for AI is everywhere, in everything we do at
home and at work:
Åø What we donā€™t want to do ā€“ repeated boring tasks i.e.
data crunching and reporting
Åø What we can't do ā€“ collect and analyse huge amounts of
data i.e. predict illnesses
Åø What we don't know yet we can do ā€“ help us make
better decision, help us create new roles, and new
things.
For example, Machine learning, within AI, will profoundly
impact employees and leaders as people. We are moving
from the age of interaction to delegation. Currently, having
an assistant is typically a luxury reserved for either senior
people in organisations, or wealthy individuals. With AI, in
the near future, most people will have assistants which pre-
select, and even choose whatā€™s best for them. It is also
referred as ā€˜bot to botā€™. This means in the near future, as
well as focusing on producing good quality content for
humans, we will need to also focus at the same time on
enormous quantity and volumes of content for machines.
Machines need volumes of data to digest to make
recommendations. We will need to start marketing to
machines. Thatā€™s a big change for marketers like me, we
need to think diļ¬€erently.
Through AI, Samsung is developing a user-centric, highly
personalised, intelligent, multi-device ecosystem that
provides useful beneļ¬ts to enrich our customers lives and
make them more eļ¬ƒcient.
An example of this is within the home- Samsung is bringing
its expertise in the Internet of Things and artiļ¬cial
intelligence to make appliances ā€œsmart,ā€ and capable of
learning about usersā€™ preferences for a truly tailored
experience.
Leaderā€™s Viewpoint
December 2022 | 23 | www.insightssuccess.com
Voice:
In the next 5 years, 40% of Gen Z will expect to access the
Internet by using their voice alone**, so voice commerce
has got the potential to become as big if not bigger than
mobile commerce. This new technology will also
exponentially increase in use with the roll-out of 5G, smart
assistant devices and IoT. Again, that represents an amazing
opportunity to help customers by simplifying their lives
Aiā€™s continuous evolution has meant that we can continue
to reļ¬ne our customers experience of using voice
commands across all of our devices. The key is to make it
helpful and useful to customers at a time in their purchase
journey which is most relevant, otherwise it could be seen
as too intrusive.
Augmented Reality:
The Augmented reality market is estimated to grow from
USD 10.7 billion in 2019 and projected to reach USD 72.7
billion by 2024; it is expected to grow at a CAGR of 46.6%
from 2019 to 2024***. This is going to improve the ways
we deliver online shopping experiences, whether that is on
social channels or on video chats for exampleā€¦ so
customers can try before they buy. This new technology
will become also very important to training of internal
teams or external partners, etc.
Sandrine Desbarbieux-Lloyd is a senior executive with over 25 years of international experience, leading organisations in the
implementation of strategic change and digital transformation. She is the European Vice President of Digital at Samsung,
where she oversees digital sales and marketing, a multi-billion pound business across 34 countries in Europe. In this role, she
is driving Samsungā€™s digital transformation including major innovation such as machine learning applications.
Previously, Sandrine was the Director of Marketing and Digital at Avis Budget Group with the responsibility for all digital
platforms and marketing programmes across Europe, Middle East and Africa. In this job role, she focused on growing the
digital business, speciļ¬cally direct channels, and successfully increasing revenue year-on-year.
Sandrine has also held several senior e-commerce, digital and marketing roles for internationally recognised consumer brands
including BT, LACOSTE, AXA, BAA, E.ON and BUPA.
Notable in her career is the national launch of broadband and Wi-Fi for the ļ¬rst time in the UK. This extremely challenging
role involved deļ¬ning the wireless strategy for BT Group following the de-merger of 02, building a mobility business,
launching BT Openzone the UKā€™s ļ¬rst Public WLAN service, and the re-launch of BT Mobile a new SP/MVNO business.
About the Author:
No two homes are the same, and many of us are looking for
ways to personalise our appliances to ļ¬t our needs. We are
always listening closely to our consumers to learn about
any inconveniences that can be solved through innovation.
By connecting Samsung appliances to SmartThings and
equipping with artiļ¬cial intelligence capabilities, customers
can personalise how devices operate, and make it possible
for the devices to learn about customersā€™ homes.
Blockchain:
Blockchain will also completely change the way we do
things as well. Instead of businesses storing their valuable
customer data to a central server in one location,
Blockchain technology brings with it a decentralised model.
It breaks the data into small chunks across the network.
Eļ¬€ectively, businesses will only be able to store and use
very limited parts of customer data at speciļ¬c times. No
longer owning customer data will change most business
models. We need to get ready for that too. And thatā€™s within
a context of growing focus on privacy in advertising and
data protection. So it is only going to become more and
more important. From an experience perspective, at
Samsung weā€™re continuing to evolve our customers mobile
experience, making it easier than ever to use blockchain on
Galaxy devices. Users can now manage and trade virtual
assets from third-party wallets on Samsung smartphones.
December 2022 | 24 | www.insightssuccess.com
The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf
The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf
The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf
The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf
The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf
The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf
The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf
The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf
The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf
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The 10 Most Trusted Customer Experience Management Solution Provider 2022.pdf

  • 2.
  • 3.
  • 5. ustomer satisfaction as a business concept has been Caround for more than 20 years ā€” but customer experience management (CEM) has only been discussed over the past several years. So, it's no wonder that CEM is often equated with earlier concepts. In the age of rapid advancements, business leaders may know that it costs ļ¬ve times more to attract new customers than to retain existing customers. Still, they may need to learn the best strategies to ensure their buyers have a positive customer experience. To understand the beneļ¬ts of customer experience management (CEM), CX professionals should clearly understand what that means to their brand. The goal of CEM is to manage customer interactions through each physical and digital touchpoint to deliver personalized, customer-centric experiences that drive brand loyalty and increase revenue. Managing customer experience isn't just about how people perceive their experience with a brand or the company's actions, but rather how customers feel when engaging with a brand. Customers will change their perception of a brand - - hopefully in a positive direction -- each time they visit the company's website, reach out for customer support, or see ads online. Companies can better manage that by identifying CEM metrics and having a customer experience management plan in place to increase customer loyalty. Businesses that are seeing a higher customer lifetime value from a good customer experience management program are likely to beneļ¬t from reduced churn or customer turnover. It is more costly to acquire new customers than to retain them, so by putting resources toward keeping customers happy; companies will experience longer engagement. Brands that experience higher brand equity and reduced churn will also experience higher customer retention. Increased customer retention often correlates to high customer loyalty. A customer may buy from a brand once every few years, but the ability to keep that person as a customer is important. Companies that are quick to resolve issues, reward loyalty, stay in touch, and, most importantly, value their customers; eventually, strengthen the positive perception that is at the root of the overall customer experience. Customer retention leads to more sales and higher lifetime value and an easier way to increase ROI from that initial conversion. Indulging in the legacy of the companies that are thriving towards enabling enhancements for the organizations and businesses by establishing a perpetual connection with the clients, Insights Success sheds the spotlight on "The 10 Most Trusted Customer Experience Management Solution Providers 2022.ā€ Flip through the pages and explore the novelties that contribute to ensuring the success of your business grows to greater heights. Have a Delightful Read!
  • 7. Risk Transferto Risk Mitigation: A Journey of Innovation Through Uncertainty Leaderā€™s Viewpoint Rethinking Traditional Training The Forgetful Curve 14 18 22 Emerging Technologies Driving Profound Change C X O Leaderā€™s Viewpoint Leaderā€™s Viewpoint
  • 8. sales@insightssuccess.com December, 2022 Editor-in-Chief Senior Sales Manager Business Development Manager Marketing Manager Technical Head Technical Specialist Digital Marketing Manager Research Analyst Database Management Technology Consultant Merry D'Souza Managing Editor Executive Editor Assistant Editors Visualizer David King Art & Design Director Associate Designer Kshitij S Peter Collins John Matthew Sales Executives David, Martin Business Development Executives Steve, Joe Jacob Smile Prachi Mokashi Dominique T. SME-SMO Executive Sagar Lahigade Frank Adams Circulation Manager Robert Brown Stella Andrew David Stokes Copyright Ā© 2022 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success. Reprint rights remain solely with Insights Success. Follow us on : www.facebook.com/insightssuccess/ www.twitter.com/insightssuccess We are also available on : Abhishek Joshi Revati Badkas Jenny Fernandes Anish Miller Sandeep Tikode
  • 9. Brief Company Name Appcues is the most ļ¬‚exible way to build personalized product experiences. From user onboarding through adoption and retention. Featured Person Jonathan Kim Founder and CEO Appcues appcues.com Chatchamp is the guided selling solution for e-commerce companies with digital shopping assistants. Felix Schroeder CEO Chatchamp chatchamp.com CLEARgo is Adobe Commerce (Magento) Gold Solution Partner, Shopify Plus Partner, Salesforce Commerce Cloud Partner and Hubspot Solution Partner. Charles Chan Founder and MD CLEARgo cleargo.com Custify enables Customer Success teams to prevent churn, automate processes and improve onboarding through one easy- to-use interface. Philipp Wolf Founder Custify custify.com Gainsight's Customer Success and Product Experience Software empowers companies to increase revenue, decrease customer churn, and drive advocacy. Karl Mosgoļ¬an CIO Gainsight gainsight.com GetFeedback is helping companies to get better feedback, one awesome survey at a time. Chris Boeckelman CMO GetFeedback getfeedback.com Inbenta is a global leader in AI and NLU for Enterprise Search, Ecommerce Search, Chatbots, Support Ticketing, and Knowledge Management. Jordi Torras Founder and CEO Inbenta inbenta.com McorpCX is a leading customer experience management company, delivering consulting and technology solutions to customer-centric organizations since 2002. Graham Clark VP of Market Development McorpCX mcorp.cx Reļ¬‚ektion combines individual shopper insights, product intelligence, and AI to create more intimate and impactful commerce experiences. Amar Chokhawala Founder and CEO Reļ¬‚ektion boxever.com Satmetrix is the only complete and integrated holistic VOC solution, driving performance outcomes from the contact center, and beyond. Elisabeth George CEO Satmetrix satmetrix.com
  • 10. MCORPCX IS A SPECIALIZED EXPERIENCE MANAGEMENT CONSULTING, AND SOLUTIONS COMPANY FOCUSED ON HELPING OUR CLIENTS CAPTURE BUSINESS IMPROVEMENT FROM DELIVERING AND IMPROVING CUSTOMER, EMPLOYEE, AND PARTNER EXPERIENCES. The journey of a business creating and maintaining relationships with its customers is complex and never ending. While achieving this can sometimes be challenging, especially in todayā€™s scenario of continuously changing customer consumption patterns and trends, there are service providers like McorpCX to help businesses conduct this critical activity. McorpCX focuses on helping its clients deliver great customer experiences and drive measurable value in the process. McorpCX is a leading customer experience services company that has been delivering consulting and technology solutions to customer-centric organizations since 2002. Its practical approaches, playbooks and frameworks have led to measurable growth, deeper engagement, and better business outcomes for small companies to the Fortune 100. McorpCX helps organizations drive greater value by improving stakeholder experiences. Recognized by industry analysts as a customer, employee and partner digital ļ¬rst but not digital only multichannel experience strategy, design and operations solutions leader, it unlocks growth by helping organizations better serve, sell to, and engage with their audiences. Insights Success had an interview with its VP of Market Development, Graham Clark, to get a better understanding of McorpCXā€™s successful business proposition.
  • 11. Graham Clark VP of Market Development McorpCX
  • 12. Below are the highlights of the interview: Please brief our audience about McorpCX, its USPs, and how it is currently positioned as one of the trusted customer experience management solution providers in the niche. McorpCX is a specialized Experience Management Consulting, and Solutions company focused on helping our clients capture business improvement from delivering and improving Customer, Employee, and Partner Experiences. McorpCX has been at the heart of the CX movement for 20 years, making us the most experienced of the specialized ļ¬rms in North America. Our biggest diļ¬€erentiators are ā€¢ our specialty; CX is what we do, all we do and all we have ever done. ā€¢ our personnelā€™s experience averaging 10-20 years in CX ā€¢ and while we know all the technology providers in our discipline, we are not platform resellers, so we keep our clientsā€™ best interests in mind. Tell us more about McorpCXā€™s oļ¬€ering and what aspects make it stand out in the cutthroat competition in the customer experience management sector. Our primary focus is on helping our clients design, launch, operate and improve the Best Practice Customer Experience Management (CM) Capabilities applied by industry leaders. Showing, teaching and supporting them to be as self suļ¬ƒcient as they wish to be. Helping organizations deļ¬ne experience strategy, ensuring a culture exists around customer and employee experience centricity, including training and immersion programs, and ensuring the capabilities exist to deeply understand their customers and the processes, technology, data, product, services, and partner ecosystems supporting their experiences. As part of this, providing tools, playbooks, guides, and staļ¬€. Including improving speciļ¬c experiences by applying journey maps, persona models, experience blueprints, and implementation and program management teamsto improve speciļ¬c experiences by applying journey maps, persona models, experience blueprints, and implementation and program management teams. And designing, launching, and operating Listening Systems to hear the Voice of the Customer (VoC), the Voice of the Employee (VoE), and the Voice of the Partner (VoP) across as many interaction channels as possible (e.g., digital, contact center, and in-person), analyze what they tell you for insights, and ensure action is taken to improve their experiences and your business outcomes. Being an experienced leader, share your opinion on how the adoption of modern technologies impacts the customer experience management sector and how McorpCX is adapting to the change. We see experience technologies falling into 3 categories: Each of these is at diļ¬€erent levels of maturity and integration given holistic Experience Management Architectures as an element of Enterprise Architecture is at the very earliest stages. Experience Design: The most immature area, but in recent years, we have seen focused technologies in journey mapping and persona modeling like UXPressa, SuiteCX, and others. Recently we have seen a new wave of companies like Cemantica and CXOmni that not only support journey map and persona creation but support more sophisticated enterprise-wide CX (and EX) portfolio management capabilities. Like when you have 50+ personas and 100 journeys being actively used by 200 people across OUR PRIMARY FOCUS IS ON HELPING OUR CLIENTS DESIGN, LAUNCH, AND IMPROVE THE BEST PRACTICE CXM CAPABILITIES APPLIED BY INDUSTRY LEADERS.
  • 13. 15 countries. The next wave is going to be integrating these technologies with the CX Delivery and Measurement technologies. Experience Delivery: The most mature portfolio of technologies supporting speciļ¬c interaction channels in Digital (e.g., Adobe, Sitecore, Acquia, and many others), Mobile, e.g., Apple, Samsung, etc.), Contact Center (Cisco, Genesys, Verint, Nice, Avaya, Five9, etc.), Store and Branch (NCR, FSI, etc.), IoT and environmental (Google, Cisco, etc.) and so on. Supported by data analytics technologies (Teradata, SAS, PowerBi, Tableau), cross-channel experience support, and CRM platforms (e.g., Salesforce, Infor, Oracle, SAP) plus a variety of Product Management technologies and a host of infrastructure technologies (e.g., Cisco, Palo Alto, Intel, VMware, Broadcom). Being able to show how the delivery technologies relate to the journeys as expressed in the Experience Design applications is an evolving area of focus. Experience Measurement: Probably the most closely associated with the Experience movement encompassing Voice of Customer, Voice of Employee, Voice of Partner listening, analyzing, and action systems (e.g., Qualtrics, Medallia, Momentive.AI / SurveyMonkey, QuestionPro, Inquba, AlternaCX, Microsoft, etc.). Supporting well- known experience metrics such as Net Promoter Score (NPS), Customer Satisfaction (CSAT), Customer Eļ¬€ort Score (CES), and more custom scores blending many of these, often referred to as Customer Experience Indices (CXI). Complemented by digital analytics tools (e.g., Adobe, Google, Glassbox, Quantum Metric, etc.). Integrating Experience Measurement technologies with the journeys in the Experience Design applications is well underway. And many of the leading measurement providers are leaning into newly evolving trends like Journey Orchestration. Considering the current industry scenario, what kind of challenges do you face, and how do you drive McorpCX to overcome them? Overall, the biggest challenge today is ensuring company commitment to CX investments. Even though the CX movement is 20-40 years old, it is still relatively new, and the number of companies committed to investments in these capabilities and conļ¬dence in the ROI of those investments is still small. Leaders like Amazon have built their businesses on these principles, but encouraging understanding of the importance and maintaining focus and investment in CX Capabilities is a constant struggle. However the movement continues to evolve and today the capability our clients are focused on ļ¬rst and foremost is Listening Systems, speciļ¬cally Voice of Customer (VoC) systems and Voice of Employee (VoE) systems. These are automated, easy to buy with a relatively low cost of entry and an increasingly clear roadmap of how additional capability delivers predictable value throough increased insight and understanding, delivering high conļ¬dence ROI, the ability to predict business events and optimize business investments. All of which tends to reinforce belief in and increased investment in the CX movement. What would be your advice to budding entrepreneurs who aspire to venture into in customer experience management (CMX) sector? Focus on data and analytics. As CX and EX become more widespread, requiring paying attention to more customers across more interaction channels with exploding interaction levels and more data, there are challenges in turning that into information, insight, and action. Ever more automated action rooted in behavioral tendencies and emotions, driving hyper-personalized experiences. This requires ever more sophisticated intelligence with ever more sophisticated visualizations. This is an explosive opportunity for Machine Learning and Artiļ¬cial Intelligence tech and something investors and customers are super focused on and interested in and call me at McorpCX because we can help and are always interested in what is new in our domain. How do you envision scaling McorpCXā€™s operations and oļ¬€erings in 2023 and beyond? Our goal is to do impactful work with people we like to work with and who like to work with us, applying and growing a team of McorpCX associates and clients who share our values. We are a quality-focused ļ¬rm, not a size and-scale ļ¬rm. Our growth will come from engaging with more clients and maintaining our position at the leading edge but not the
  • 14. bleeding edge of the experience management movement. Including expanding our relationships with technology solution companies and continuing to demonstrate that our evolving services reļ¬‚ect this more tech-centric movement. Please give us a few testimonials of your clients/customers and a list of awards/recognitions that accurately highlight McorpCXā€™s position as one of the trusted customer experience management solution providers in the niche. With a major focus on the Technology, Banking, Financial Services, and Insurance sectors, rapidly increasing work in Life Sciences (including Pharma and Treatment companies and Healthcare Service Providers), and our long term presence in Retail, we have worked in almost every industry in both B2C, B2B and B2B2C models. We do not publish our client names but have received repeated validation of our ability to help our customers improve performance. McorpCX has regularly been recognized as an Experience Strategy, Design, and Consulting leader in Forrester Researchā€™s reports over the past 10 years. ā€œMcorpCX completely transformed the way we think about developing software!ā€ ā€“ General Manager, Product Development, Global Technology Company ā€“ following a research-based initiative to understand and improve customer purchase and onboarding experiences. ā€œMcorpCX gave us a path forward that is truly customer- centric ā€“ based on what we know our customers value most.ā€ - Sr Director $5b ļ¬nancial services and insurance company. ā€œMcorpCX gave us the process, insights, and perspectives that brought people and divisions together.ā€ - CMO of an auto loan provider realized a 200% increase in employee loyalty, a 58% increase in customer NPS, and a 400% increase in customer satisfaction scores. ā€œMcorpCX helped us align cross-functional stakeholders on CX execution.ā€ - Sr Director of store operations in a leading retailer realizing a 94% increase in positive customer word of mouth. ā€œMcorpCX was selected over major global services partners because of their experience and proven ability to deliver results. They helped us align our CX Vision with our evolving Business Strategy, change our Measurement systems to align with that also and develop Employee Communication Strategies to ensure our front-line employees understand how our customers see their experiences with us.ā€ - Top 50 retailers realizing 8% revenue increases, 12.6 comparable years over year store sales and 27% increase in quarterly dividend reported. MCORPCX PROVIDES THE PLAYBOOKS, GUIDES, TOOLS AND STAFF TO LAUNCH AND CONTINUOUSLY IMPROVE THE CAPABILITIES TO DELIVER TANGIBLE AND PREDICTABLE ROI THROUGH A FOCUS ON ALL STAKEHOLDER AUDIENCES AND THEIR EXPERIENCES.
  • 15.
  • 16. Rethinking TraditionalTraining: The Forgetful Curve Leaderā€™s Viewpoint December 2022 | 14 | www.insightssuccess.com
  • 17. Picture this scenario ā€“ you are sitting at a computer in the breakroom, preparing to take your annual trainings. The acrid smell of slightly over-cooked microwave popcorn permeates the room (butter ļ¬‚avored, if you were wondering), and you hear a page for a department that is thankfully not yours. You click ā€œbeginā€ and the pixelated, tinny sounding video from the 80s pops up telling you all about sexual harassment. Your eyes glaze over immediately as you disengage: if theyā€™re going to make you watch this outdated content, your attention canā€™t be that necessary anyway. Even in a more ideal scenario, research tells us that within 1 hour of receiving training, the average person will forget 50% of what they learned! Within 24 hours, 70%; and within one week, 90%. In education circles this is called the Forgetting Curve (Murre, 2015). With better engagement levels, more knowledge can be retained, but the numbers are still stark. Employees will forget most of what they learn, despite corporate training being a $60 billion industry. Why does the Forgetting Curve exist? At any given moment, your brain is receiving thousands of bits of information. Smells, sounds, sights, feelings, aches, pains, nerve impulses, and much more is ļ¬‚ooding our brain. The brain simply makes a note and ignores unless we bring our mental focus and attention onto it. The training your employee is listening to is one of those bits of information ļ¬‚ooding their brain with all the other messages. Experience the phenomena yourself with this test, seen by almost 25 million people as of this writing. So, is training a lost cause? How do we make our content stand out amongst all the other impulses, so we can ļ¬‚atten the Forgetting Curve? The ļ¬rst step is avoiding distractions ā€“ reducing the information going to the brain that is distracting it from your training is the ļ¬rst step. The second is engagement, when an employee is actively engaged with training they will retain more. The third key to the puzzle is focus. Neuroscience studies show that when an individual is intensely visually focused on something, it greatly reduces all outside stimuli from distracting the brain. Finally, Ebbinghaus (2013) and Murre (2015) found that when information learned is repeated there is a ā€œsavings measureā€ where the amount of time to learn the information a second time is 20-25% less than the ļ¬rst. Repeated measures can increase this time savings. This tells us that repeat trainings will be more eļ¬ƒcient at relating information and can also increase retention of the information. Also consider projects and tasks that force the employees to utilize what they have learned, which will help them understand and retain the learning being presented. Explicitly stating the connections between the learning and the task being given will also increase the retention and help to ļ¬‚atten the learning curve. Father of modern educational theory, John Dewey, explains that when we learn from experiences, we make forwards and backwards connections, and the process of experiencing becomes the learning (Berding, 1997). This theory helps inform how to create quality adult learning ā€“ interactive and creative experiential trainings that require experiential elements and scenarios that require the learner to reļ¬‚ect and engage. This tells us we need training that is both mentally engaging and visually engaging enough to help the employee to focus, and that it should be done in an environment free from distractions. In the modern workplace it can be diļ¬ƒcult to achieve all of these, as training is often third- party purchased and can be bland or generic. Consider a specialized training provider, such as in2vate LLC, which utilizes all of these concepts for engaging training delivery. Dr. David Epstein, Ed.D is the Content Manager & Instructional Designer at IN2VATE, LLC, an instructional designer, project manager, eLearning developer, researcher, and web designer. I am passionate about teaching others through live and digital mediums About the Author December 2022 | 15 | www.insightssuccess.com
  • 18.
  • 19.
  • 20. RiskTransferto RiskMitigation: A Journey of Innovation Through Uncertainty Aswe all begin to emerge from the haze of a global pandemic, it is undeniable that nearly every industry has been deeply aļ¬€ected, including the Property & Casualty (P&C) market. With such a major disruption to the status quo of micro and macro-operations, the uncertainty of future recurrences, and the rising prevalence of technology, 2020 was a watershed moment for insurers to evaluate their traditional models of client interaction, operational eļ¬ƒciencies, and future investment in innovation to compete in a digital future. Digital Disruption and the Distribution of the Dollar As the insurance industry has once again shown its resilience in the face of adversity and begins to rebound to pre-pandemic market growth, the battle for the future wages on. According to a future outlook report by Accenture, the global insurance industry can expect Gross Written Premium (GWP) to increase from $6.1 trillion in 2020 to $7.5 T by the end of 2025. Of that $1.4 trillion increase an estimated $1.2 T is expected to come from existing products. An estimated $480 billion of the expected 2025 GWP will be heavily impacted by innovation through: 1. New risks, oļ¬€erings and services 2. Existing revenues impacted by product innovation 3. Shift in placement channels. To focus more on what that mean for US based insurers, a 20 year comparative analysis of the top 100 P&C insurers conducted by EY and ACORD asserts the average P&C carrier has annual savings opportunity anywhere from Leaderā€™s Viewpoint December 2022 | 18 | www.insightssuccess.com
  • 21. $675-851 million dollars. Better yet, the tools required to achieve this are currently available. However, while these reports oļ¬€er an optimistic outlook, they come with a stark warning: Reliance on traditional products, distribution channels, and retention rates will act as an impediment for future growth as rates rise, markets volatility remains, and consumer demand for digital services continues to grow. Leveraging Innovation Traditionally, insurance service oļ¬€erings have been closely linked to the cost and availability of human labor creating the challenge of the breadth and depth of service at scale. As technology continues to advance, so do the capabilities of insurers to scale a high level of service at a fraction of the cost. The following four areas are where executives see technology providing the highest return on investment: 1. Operational Excellence and Cost Eļ¬ƒciency Insurers are leveraging technology to streamline core internal processes through digitization and automation, freeing up resources that progress the overall strategic mission of the company. This creates massive value potential in a myriad of ways by enabling: Åø Horizontal and Vertical data distribution throughout internal stakeholders Åø More meaningful engagement (physical/digital) with more policyholders Åø Hyper-focused allocation of capital Åø Faster claim processing Åø Proactive mitigation eļ¬€orts through real-time sensors Improved Customer Experience Customer experience is the growth engine where incumbents and new entrants alike are focusing their eļ¬€orts. 20-40% of policyholders will not receive a single communication throughout the policy year, and if they do, 90% of the time it is sales-focused rather than service- December 2022 | 19 | www.insightssuccess.com
  • 22. Data and Analytics As client engagement continues to grow, so does the volume and value of the data. Insurers begin to have a more robust view of their policyholders and their risks. This enables insurers to better write risk, identify upsell/cross sell opportunities, and provide proactive resources based on client needs to help reduce frequency/severity of claims. Leveraging AI/ML cognitive abilities to identify underlying trends and opportunities can provide key decision makers the insight to drive large scale underwriting strategy, actuarial models, and competitive strategic decision making. Hyper-focused investment/divestment of resources from both internal and external stakeholders continues to mature as do the data models. Speed and Scale of Innovation Large data sets produced by new and emerging technologies are providing insurers the ability to reshape how they operate, engage with stakeholders internally and externally, as well as develop and sell products to improve productivity and proļ¬tability. Combining these technologies to achieve goals beyond just engagement or operational eļ¬ƒciencies is where true success begins to take hold: Improved management of risk while oļ¬€ering unique experiences for policyholders. Some common trends: Åø Modernization of core processes and client management with cross functional resources. Åø AI and automation to focus on speed, consistency and optimization. Åø Using data streams of digital services to provide predictive and prescriptive analytics to shape future innovation and focus eļ¬€orts. The Takeaway By leveraging technology to refocus eļ¬€orts and capabilities on value creation, insurers can strengthen their foundation of strong service and competitive diļ¬€erentiation but improve the speed and scale to adapt to new and emerging trends and client needs. While there is no one correct way of implementation, insurers can no longer aļ¬€ord to ignore or incrementally participate in the digital age, and the earlier entrants will be the primary beneļ¬ciary of the shifting in the ā€˜digital dollarsā€™ that will be redistributed over the next few years. If your organization is looking to expand your capabilities in any of the areas listed above, we would love to have a conversation to see if in2vate, LLC can be a valuable partner in your digital evolution. Nick Duļ¬ƒeld is the Risk Management Sales Consultant at IN2VATE, LLC, specialized in Risk Assessment and Training Programs that provide targeted measurements to help your company in compliance, operations, and claims reduction. About the Author December 2022 | 20 | www.insightssuccess.com
  • 23.
  • 24. Sandrine Desbarbieux-Lloyd Vice President Digital at Samsung December 2022 | 22 | www.insightssuccess.com
  • 25. Emerging Driving Technologies Profound Change T th he 4 Industrial Revolution is here. The 4th Industrial Revolution is a fusion of advances in artiļ¬cial intelligence (AI), robotics, etc. I believe that this new era of tech will drive profound change and these changes have already started in many ways. Artiļ¬cial Intelligence: AI is not new; it is already happening everywhere. Algorithms pre-recommend the content we see and watch and the products we buy across all areas of our lives today. But it is going to accelerate exponentially and it is going to completely change the ways we live and work. While few occupations are fully automatable, 60 percent of all occupations have at least 30 percent technically automatable activities*, leaving people to focus on more valuable activities. The potential for AI is everywhere, in everything we do at home and at work: Åø What we donā€™t want to do ā€“ repeated boring tasks i.e. data crunching and reporting Åø What we can't do ā€“ collect and analyse huge amounts of data i.e. predict illnesses Åø What we don't know yet we can do ā€“ help us make better decision, help us create new roles, and new things. For example, Machine learning, within AI, will profoundly impact employees and leaders as people. We are moving from the age of interaction to delegation. Currently, having an assistant is typically a luxury reserved for either senior people in organisations, or wealthy individuals. With AI, in the near future, most people will have assistants which pre- select, and even choose whatā€™s best for them. It is also referred as ā€˜bot to botā€™. This means in the near future, as well as focusing on producing good quality content for humans, we will need to also focus at the same time on enormous quantity and volumes of content for machines. Machines need volumes of data to digest to make recommendations. We will need to start marketing to machines. Thatā€™s a big change for marketers like me, we need to think diļ¬€erently. Through AI, Samsung is developing a user-centric, highly personalised, intelligent, multi-device ecosystem that provides useful beneļ¬ts to enrich our customers lives and make them more eļ¬ƒcient. An example of this is within the home- Samsung is bringing its expertise in the Internet of Things and artiļ¬cial intelligence to make appliances ā€œsmart,ā€ and capable of learning about usersā€™ preferences for a truly tailored experience. Leaderā€™s Viewpoint December 2022 | 23 | www.insightssuccess.com
  • 26. Voice: In the next 5 years, 40% of Gen Z will expect to access the Internet by using their voice alone**, so voice commerce has got the potential to become as big if not bigger than mobile commerce. This new technology will also exponentially increase in use with the roll-out of 5G, smart assistant devices and IoT. Again, that represents an amazing opportunity to help customers by simplifying their lives Aiā€™s continuous evolution has meant that we can continue to reļ¬ne our customers experience of using voice commands across all of our devices. The key is to make it helpful and useful to customers at a time in their purchase journey which is most relevant, otherwise it could be seen as too intrusive. Augmented Reality: The Augmented reality market is estimated to grow from USD 10.7 billion in 2019 and projected to reach USD 72.7 billion by 2024; it is expected to grow at a CAGR of 46.6% from 2019 to 2024***. This is going to improve the ways we deliver online shopping experiences, whether that is on social channels or on video chats for exampleā€¦ so customers can try before they buy. This new technology will become also very important to training of internal teams or external partners, etc. Sandrine Desbarbieux-Lloyd is a senior executive with over 25 years of international experience, leading organisations in the implementation of strategic change and digital transformation. She is the European Vice President of Digital at Samsung, where she oversees digital sales and marketing, a multi-billion pound business across 34 countries in Europe. In this role, she is driving Samsungā€™s digital transformation including major innovation such as machine learning applications. Previously, Sandrine was the Director of Marketing and Digital at Avis Budget Group with the responsibility for all digital platforms and marketing programmes across Europe, Middle East and Africa. In this job role, she focused on growing the digital business, speciļ¬cally direct channels, and successfully increasing revenue year-on-year. Sandrine has also held several senior e-commerce, digital and marketing roles for internationally recognised consumer brands including BT, LACOSTE, AXA, BAA, E.ON and BUPA. Notable in her career is the national launch of broadband and Wi-Fi for the ļ¬rst time in the UK. This extremely challenging role involved deļ¬ning the wireless strategy for BT Group following the de-merger of 02, building a mobility business, launching BT Openzone the UKā€™s ļ¬rst Public WLAN service, and the re-launch of BT Mobile a new SP/MVNO business. About the Author: No two homes are the same, and many of us are looking for ways to personalise our appliances to ļ¬t our needs. We are always listening closely to our consumers to learn about any inconveniences that can be solved through innovation. By connecting Samsung appliances to SmartThings and equipping with artiļ¬cial intelligence capabilities, customers can personalise how devices operate, and make it possible for the devices to learn about customersā€™ homes. Blockchain: Blockchain will also completely change the way we do things as well. Instead of businesses storing their valuable customer data to a central server in one location, Blockchain technology brings with it a decentralised model. It breaks the data into small chunks across the network. Eļ¬€ectively, businesses will only be able to store and use very limited parts of customer data at speciļ¬c times. No longer owning customer data will change most business models. We need to get ready for that too. And thatā€™s within a context of growing focus on privacy in advertising and data protection. So it is only going to become more and more important. From an experience perspective, at Samsung weā€™re continuing to evolve our customers mobile experience, making it easier than ever to use blockchain on Galaxy devices. Users can now manage and trade virtual assets from third-party wallets on Samsung smartphones. December 2022 | 24 | www.insightssuccess.com