Insurance Industry Transformation & Omni-Channel for Am Faml 4-21-15

Insurance Industry Transformation

April 15, 2015

& Omnichannel Trends

2© 2014 Cisco and/or its affiliates. All rights reserved. Cisco Confidential

Accounts Covered

Highlights

Rob Cornwell, Insurance Practice Manager

“Industry Disruption = Opportunity!” More change in next 5 yrs. than prior 50! The “Google-zation” of Insurance! Technology will transform!

Digital experiences Analytics Internet of Things Security

http://blogs.cisco.com/financialservices/enabling-the-easy-button-for-insurance

Industry Thought Leadership





50 Years 5 Years

The Industry…


86%/40%

Analysts & CEOs…


Recent Market Transitions…


Insurance Market Transitions…


The “Google-zation of Insurance”!“The google-zation of insurance is inevitable.”

“The insurance industry is ripe for Big Bang disruptions.”

“The insurance industry offers a desirable target… it’s highly fragmented and resistant to change, and despite recent strides, it’s long been considered a technology laggard.”

“There are new wave’s of technology like the Internet of Things that are creating value across industries, insurance included.”

“They will re-invent the wheel.”


Virtual Expertise

Mobile Experiences

Next Generation Networks, Data Centers & Infrastructure

Intelligent Contact Center

Branch-In-A-Box

Business Conferencing & Training

Virtual Expertise

Connected Analytics

Connected Analytics & Key Partner Ecosystems

Virtual Expertise

Cisco Insurance BVF Offers


Point Of View On Omni-channel

Channel choice

Service RepsSME’s /

Specialist Resources

Individual Customer Field Reps Agents

Constituents

Escalation & Consistent Experience

Streamlined

Operations

Context

SIN

GLE V

IEW

of

CU

STO

MER

SIN

GLE V

IEW

of

PR

OD

UC

ER

B2B

Partner

Agent Office Voice Video ChatWeb / MobileSocial Email Direct Mail

Internal Associates


“Omni-Channel” For Insurance - The Challenges

Deliver integrated customer experiences across channels.

Break down silos between both product lines and functions.

Create & maintain a 360 Customer View

Web

Social

Home

Email

Voice Chat

SMS

Mobile

Kiosk

Agency

Customer

Connect

EngageTransact

Agent /Broker


Omnichannel Core Values:

• Capture customer data and experiences across all channels

• Enable a more consistent experience for customers and agents

• Provide customers with choice of communication channels

• Escalate to assisted channel when needed

• Make it easier to do business with carrier

• Simplify operational environment and save cost

• Allow teams to focus on innovation

Omnichannel Enables Strategic Objectives


Today’s Consumers Live In An “Anytime-Anywhere” World

Insurance & Financial Services

News and Information

EntertainmentRetail

http://secondlife.com/
















Increase new customer acquisition.

Help customers and reduce the disruption of claims.

Improve retention by being relevant to digitally sophisticated customers.

Earn agent loyalty to drive increased revenues.

“Digital insurance teams are hitting their mobile stride, pushed along by growing numbers of customers who now want the same kinds of experiences from insurance providers that they have with retailers, banks, and airlines.”

October 9th, 2014


Sample Claims Scenarios


Connected Claims – FCR SupportChallenge

Business Impact

• New FCR needs support and access to SME resource while in the field at a claims site

• New FCRs are able to “hit the street” earlier in on-boarding process

• SMEs or Managers can provide support virtually

• Accelerated claims processing with increased accuracy

• Enhanced customer experience

Use Case Scenario

New FCR has question and clicks to connect with an SME or Manger while on-site of a claim

Live video chat with SME is enabled with 2-way video

share, co-browse, document share…

FCR shares video & details of claim with SME in real-time

SME can conferences in other parties via voice/video as needed

• Body Shop• Road Side Assistance• Other

Streamlined process drives efficiency, accuracy

& customer experience

SME provides interactive support, relevant documents &

web links to FCR


Connected Claims – Body Support Supplement

Challenge

Business Impact

• A Body Shop has identified supplemental damage that needs to be added to the initial claims estimate and approved for repair.

• The body shop is able to share supplemental claim information virtually.

• Claims adjusters do not have to schedule and drive to body shop to handle supplement review.

• Streamlined & efficient claims processing.

• Enhanced customer experience.

Use Case Scenario

Body shop identifies supplemental damage during

initial repair process.

Body Shop shares video & details of claim supplement

with adjustor in real-time Streamlined process drives efficiency, accuracy


Adjustor is able to verify & approve supplement. Send e-mail approval with attached

form..

Body shop sends e-mail with supplement parts order form and link to connect for virtual review.


Connected Claims – Contractor Support Challenge

Business Impact

• A Contractor is assigned to make repairs on roof damage claim. Finds additional chimney damage while making roof repairs.

• The Contractor is able to share supplemental claim information virtually.

• Claims adjusters do not have to schedule and drive to site of claim to handle supplement review.

• Streamlined & efficient claims processing.

• Enhanced customer experience.

Use Case Scenario

Contractor is assigned to make roof damage claim repairs.

Contractor shares video & details of claim supplement

with adjustor in real-time Streamlined process drives efficiency, accuracy


Adjustor is able to verify & approve supplement. Send e-mail approval with attached

form..

Contractor finds additional damage to chimney.


Accelerated Auto Claims Process – Use Case Challenge

Business Impact

• Policyholder involved in auto accident needs real-time assistance from insurer & other parties

• Seamless “Live Assist” experience for policyholder

• Increased client loyalty, makes personal referrals

• Accelerated claims processing

Use Case Scenario

Customer following accident opens insurance firm’s mobile

app, taps “Live Assist” to connect to agent

Live video chat with agent who can see customer’s geo-location & account info

Customer shares video & photos of crash site with agent

in real-time

Agent conferences in other parties via voice/video

• roadside assistance• body shop• car rental agency

Customer amazed by all-in-one claims process

Agent pushes relevant documents & web links to

customer


Distribution & Sales Scenarios


Live Onboarding of New Client Prospect – Use Case

Service rep working from home is connected to client via text &

video chat. Can see client’s browsing context, co-browse,

annotate, share files

Prospective client shopping for insurance online clicks on “Quick

Quote” option

Client needs help to complete quote so clicks on

“Live Assist”

Client gets real-time help to complete

quote and decides to move ahead with a formal application. Client is onboarded with online account login, pocket mobile

app, “Customer Rewards” link

File Share

Annotate

Co-Browse

CSR or Agent View

Client View

Co-browse & screen share Annotate & file share

Floating video window

• Decrease web interaction abandonment• Higher new client close rate• Up/cross-sell of services• Increased CSR efficiency• “Wow factor” client experience

Business Impact


Insurance Agent & Client Virtual Engagement – Use Case

Existing client has ‘life event’. Agent sends

invite for virtual meeting to review needs

Accelerate Time To Revenue & Improve Client Satisfaction

Client clicks on link to connect to agent

– no plugins or downloads!

Agent & client engage via video,

co-browse, file share & annotation

Agent brings in expert to explain taxation of cash

value withdrawals for new policy

Client completes life insurance

application virtually with wet

signature

Agent sets stage for underwriting

process & schedules lab

work


Immersive Virtual InteractionsFinancial Representative interactions with individual clients.• Plan participant interactions• Remote branch access• Other

Financial Representative interactions with business clients.• Employee Benefit Planning• Commercial Coverages• Other


Intelligent ATMs & KiosksITM & Kiosk Features• Identify/verify customer or

prospect by Drivers License, Card or other…

• Precision Routing To Contact Center Representatives and SMEs

• Real-time Video &Voice interaction

• Screen share, document push, co-browse

Used to Enable/Support• Banking transactions• Insurance Quoting• Other


Thank You

Insurance Industry Transformation & Omni-Channel for Am Faml 4-21-15

Documents

Transcript of Insurance Industry Transformation & Omni-Channel for Am Faml 4-21-15