The insurance industry is facing a massive evolutionary shift driven by competition and changes in consumer preferences. The competitive battle is easy to see, as insurers delve out billions in advertising and marketing expenditures in an effort to attract and retain customers, while maintaining top of mind brand awareness and differentiation. And adding to the pile on--retail banks are beginning to offer personal and commercial policies, which means insurers are no longer only competing with one another, but banks as well.
Insurance fits into the broader context of how we live our lives. So, the same technology trends and innovations that are changing the way we interact with each other socially as well as with other products and services – travel, entertainment, automotive, to name a few–are changing the expectations we, as consumers, bring to the insurance experience. Customers want to interact with their insurance provider in the way they choose, at the time they choose, across any access channel with any device. Read More »
Tags: Cisco, collaboration, customer experience, Financial Services, insurance, mobile advisor, remote expert, virtual expert
The insurance industry is continuously looking for the simplest, most efficient method of providing consumers with the best service, while at the same time trying to reduce overall operating expenses. While insurance providers explore the right options for their business, one thing is certain, cloud-based environments are low-risk solutions that enable applications to increase business value. From Cisco research, we know that running desktop applications in the cloud can be attractive because it reduces complexity and increases security.
Aside from the insurance industry, other financial services institutions struggle to find a business structure that provides the desired flexibility and market savings necessary to provide excellent customer service. However, with the help of cloud computing and unified communications, these challenges are being overcome. Due to recent success and proven low-risk functionality, insurers are gradually adopting cloud solutions to help guide business operations and initiatives. In fact, Gartner is predicting that the cloud system infrastructure market to grow by 47.8% through 2015. Read More »
Tags: Cisco, Cloud Computing, Financial Services, insurance, insurers, unified communications
Imagine a customer calling their insurance provider and reaching a representative that has never spoken with them and is unfamiliar with the customer’s claims history or company policies. That doesn’t sound like a good experience. Now imagine after a quick verification from the customer, the same representative is able to access the customer’s complete insurance profile, detailing coverage history and other necessary information needed to forward their inquiry to the proper agent or broker. The latter experience is now a reality, made possible by connecting data sources across the Cisco enabled network. By bringing together data, it allows insurers to get a full picture of their customers and allows them to create a differentiated customer experience, helping increase customer satisfaction, retention, loyalty, and referrals.
Insurers are continually looking for the best way to attract and retain customers while also increasing cross-sell opportunities. By employing data mining coupled with collaboration technology, insurers are changing the way transactions are conducted. Many insurers are using technology to their benefit; not only through offering differentiated services or channel choices to customers, but also by the information gathered from customers. Read More »
Tags: Cisco, collaboration, customerexperience, Financial Services, insurance
Technology has and will continue to be a key enabler across every product delivery channel within the financial services sector. You simply need to explore some of the newer bank branches, available applications within app stores or investigate online innovations inherent in many institutions’ web presence to see how engrained technology has become in the customer experience. While firms are making this transition in differentiated form factors and across different channels, the trend itself is clear and pervasive; underpinned by the “anywhere, anytime” mantra and the continued consumerization of technology.
These channel developments cut across all products, but all have one common element – enabling improved and increased collaboration between institutions, their clients, businesses and/or consumers to drive accretive revenue. While these developments have and will continue to deliver impressive initial returns, they are largely siloed by either a business unit and/or delivery channel. The true potential value can only be unlocked by enabling a seamless and contextual integration of the physical, direct and mobile channels – the evolution from multi-channel to omnichannel.
The omnichannel model enables the customer to choose how and by what method they want to conduct their business, be that in person, via a mobile device, from the home, online or with telephony. Cisco’s IBSG team has published a white paper that looks into the transformation of institutions from multi-channel to omnichannel. While the method of communication is important, the true differentiator in transformational channel evolution is the ability to integrate interaction. Institutions must be aware of the context and outcomes of customer interactions as customers move from channel to channel, product to product, or business line to business line.
From an institutional point of view, the value in the omnichannel impacts multiple factors. Read More »
Tags: Cisco, collaboration, customer experience, Financial Services, insurance, omnichannel, remote expert, retail banking
Cisco attended the Next Generation Insurance Summit (March 11-13) in Newport Beach, CA and the Best Practices in Retail Financial Services Symposium (March 13-15) in Carlsbad, CA. Some of the top minds in the financial services industry were in attendance and it was great to see these leaders deliver ideas and solutions for how to further the customer experience for both industries as well as the agent experience in insurance. Both conferences focused on reducing the amount of time it takes to adopt new technology and innovative ideas for competitive advantage, a current problem many financial institutions are going through.
At the Next Generation Insurance Summit, Cisco’s Michael Cantwell, Financial Services Solutions Architect, delivered a keynote on building a customer centric distribution network and how the expectations of today’s insurance customer has of their insurance institution/agent. He stated that from the end customer’s point of view everything is getting more integrated and simplified, but that insurers have yet to create that agent or customer omnichannel capability that allows for communication channel choice as well as fluid switching during an interaction to answer questions or assist in self-directed channels. Michael also touched on how enabling insurers with new tools and technologies, including sales force automation and mobile devices, will be key to fulfilling overarching business goals of improving sales interactions through traditional channels and, therefore, driving revenue.
Attendees showed immediate interest when Michael spoke about the best methods for line of business executives to work with their IT executives and vice versa. The success of customer retention rates among insurers who have incorporated Cisco solutions to improve customer-centricity was also of special interest to attendees. Read More »
Tags: Cisco, customer experience, Financial Services, insurance, multichannel, omnichannel, retail banking