Nearly a year ago, I wrote a blog titled, “Mayday for Insurance and Financial Services,” where I detailed how next-generation customer experience capabilities, such as virtual interactions between business experts and customers, are transforming business processes – such as the “Mayday” button technology offered on Amazon’s Kindle Fire HDX. The purpose of that blog was to explain virtual interaction capabilities and discuss how they are likely to become integrated into the insurance industry in the near future. So what’s changed? Well, I’ve gone from blogging about the changes to come, to speaking at insurance industry conferences about how virtual transactions are now transforming how the industry does business and how Cisco is helping fuel these virtual interactions.
I attended the Property Insurance Report National Conference, and had many great discussions. The focus of the conference was on ways the property insurance world is changing, through consideration of new ideas and the utilization of new tools being built. It’s widely considered that with the arrival of better information and tools, the most sophisticated insurers will be able to separate themselves from those who don’t take these changes as seriously or employ them as skillfully. Features such as online video sales and support are working in the real world for other industries, so how they can be applied to insurance?
At the conference, I gave a keynote presentation titled, “Omni-Channel for Insurance – Virtual Enhanced Distribution & Service Channels”. The presentation specifically focused on how virtual interactions are transforming the insurance industry and improving customer experiences.
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Tags: Cisco, customer experience, Financial Services, insurance, omnichannel, remote expert, video, virtual expert
Contact centers have always been awash in data and data crunchers. But based on progress in data science, there is a renewed focus on analytics and how you can use it to differentiate your customer engagement strategy. When competitors offer similar products and use comparable technologies, your customer service strategy can offer meaningful advantage to your brand.
Using analytics appropriately, forward-looking companies can wring every last drop of value from their contact center processes.
Traditionally contact centers have used metrics like Average Hold Time (AHT), First Call Resolution (FCR), Abandon Rate, Occupancy, Adherence to manage the operation.
However, now they want to leverage additional data; what are the upsell opportunity, how much customers will pay; how many items each will buy in a lifetime; and what triggers will make people buy more.
Many contact centers now want to use additional data to answer more strategic questions, such as: Read More »
Tags: analytics, Cisco, collaboration, contact center, customer experience, customer service
In my last post I talked about the impact that low-effort experiences can have on customer satisfaction. I singled out my home broadband provider for criticism, and so thought it only fair that I talk about a recent great experience I had with them.
Last month, my provider sent an email telling me that they’d proactively upgraded my home broadband service to 50Mbps. All I had to do was replace my old cable modem/router. The process couldn’t have been simpler. The new modem was delivered with pre-configured settings. All I had to do was connect it, power up, and enter the network ID and password onto my devices.
Contrast this experience with lengthy and complicated installations that customers often face when installing multiple communications and collaboration solutions from multiple vendors.
For small and medium-sized businesses in particular, with smaller IT teams, it is critical that solutions are easy to deploy, manage, and use. So we’ve taken a different approach.
The Cisco Business Edition 6000 consolidates multiple virtualized collaboration applications into one server solution that is right-priced and right-sized for small to medium sized businesses. IT departments can rapidly deploy voice, video, messaging, or presence solutions, starting with their highest-priority use cases — and add additional functionality later. Read More »
Tags: BE6000S, Cisco, collaboration, customer experience, midsize, Radio 538
In 1982, the Australian group Men at Work reached the #1 spot on the Billboard music charts with a song titled “Who Can it Be Now?” The accompanying early MTV-era video proved to be extremely popular, portraying a visitor to an apartment peering through a keyhole. And it didn’t hurt that lead singer Colin Hay had a very interesting set of eyes to feature in the short. In case you haven’t seen this classic, check it out here:
Unfortunately, the very same paradigm hinders today’s customer-experience strategies. We invite customers to our businesses, and when they arrive we often ask the equivalent question: “Who are you?” This is still true in today’s contact centers, where customers are asked to self-identify through any number of authentication processes.
What’s difficult to grasp is that many Read More »
Tags: Cisco, collaboration, contact center, customer experience
As Cisco’s chief marketing officer, an important part of my role is to build and maintain the trust of Cisco’s customers.In fact, “brand promise” ultimately relies upon the trust consumers have placed in a brand. Customers who are loyal to a brand will trust that the next product or service introduced under that brand will fulfill the brand promise. However, trust can also have more widespread impacts that affect an organization’s ability to compete and to provide the innovative customer experiences required in the Internet of Everything (IoE) era.
This week at the National Retail Federation’s “Big Show” in New York, Cisco released a new study that uncovered some unique insights about shopping behaviors and attitudes among U.S. and U.K. consumers in the digital age. The findings point to the need for retailers to provide “hyper-relevant” shopping experiences that deliver value to the consumer in real time throughout the shopping lifecycle. Hyper-relevance comes with the ability to dynamically compare real-time customer information with historical data, and the resulting insights allow retailers to improve operations and the customer experience. At stake, according to our research, is an estimated profit improvement of 15.6 percent for an illustrative $20 billion retailer that builds agile business processes for turning these insights into value.
Our research shows that consumers are looking for retailers to deliver hyper-relevance via three value proposition categories: efficiency, engagement, and savings. In the area of efficiency, for example, 77 percent of respondents said they would be “somewhat” or “very likely” to use a solution to optimize the checkout process. In terms of savings, 79 percent indicated a willingness to take advantage of in-store offers provided via digital signage, while 73 percent said they’d like to receive special offers through augmented-reality solutions. And, in the area of engagement, 57 percent indicated a desire to learn more about products in the store by using augmented-reality capabilities.
One of the points I found particularly interesting is that consumers are relatively willing to provide certain types of personal information to retailers—such as name, age, past purchasing history, interests, and hobbies—in order to get a more personally relevant shopping experience. But beyond this basic information, there is a “trust cliff,” a steep drop-off in willingness to share certain types of personal information. A significant 16 percent of respondents were not willing to share any personal information at all.
This trust cliff presents an interesting conundrum for retailers. On one hand, our study shows that customers want personalized and contextually relevant shopping experiences. But on the other hand, they are reluctant to share the very information that can help provide these “hyper-relevant” experiences.
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Tags: analytics, Cisco, Cisco Consulting Services, connected retail, consumer, customer experience, digital, hyper-relevance, Internet of Everything, IoE, National Retail Federation, NRF, privacy, retail, shopping, smart retail, trust