For those of us who have been in this industry awhile, the Property and Casualty (P&C) insurance market continues to be plagued by inefficiencies in claims handling and litigation management. Adjusters assigned to manage the claim are geographically dispersed, have varying degrees of expertise about the loss event, and handle multiple claims simultaneously. Disparate legacy systems still exist, and silos are prevalent between business, technology, and lines of business. This can result in wasted time and compromised claim performance.
Industry leading insurers should consider applying unified communications and collaboration technologies to lower claim expenses, while transforming the entire claims process into a seamless experience for all parties involved. Insurers continue to be challenged with diverse collaboration methods, especially for long-tail, complex claims in litigation, frequently with high monetary exposure potential and multiple collateral sources involved. A well-defined collaboration strategy can benefit customers, self-insureds, defense law firms handling insurer claims in litigation, agents, brokers, third-party administrators, government entities, court systems and reinsurers. Read More »
Tags: Cisco, collaboration, customer experience, Financial Services, insurance, omnichannel
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
In the 1989 movie Back to the Future II, Michael J. Fox’s character Marty McFly travels to the year 2015. He sees a future with hover boards, holograms, flat-screen TVs, and video calls. Not bad for predictions made over 25 years ago!
But the movie didn’t give us a glimpse of what a contact center might look like in 2015. Based on the trends over the last year, let’s consider what Marty may have seen had he traveled to a contact center in 2015 instead of Hill Valley.
Moving from Multichannel to Omnichannel
And 2015 will be the year that the “omni” will be cemented into omnichannel. Multichannel customer care has been around for some time now.
Customers can reach out to contact centers via the channel they choose: voice, video, web chat, email, or social. But what if a customer uses more than one channel to complete a single transaction over a period of time?
Each time the customer makes contact, all the information and context from previous contacts, regardless of channel, will be available. Each subsequent agent or resource can get right to the issue at hand to complete that customer’s journey and fulfill their request.
Speaking of customer journeys, omnichannel allows you to Read More »
Tags: Back to the Future, cloud, contact center, customer satisfaction, multichannel, omnichannel, video
You order a movie online and additional suggestions pop up, based on a deep knowledge of your likes and dislikes. You plan a vacation and similar suggestions appear, reflecting your financial state, the climate in which you live (and may hope to escape for a time), and past travel history. These convenient, personalized interactions are common today — and even expected.
Yet according to a Cisco survey of 7,200 retail banking consumers in 12 countries, customer expectations for financial services are not being met. Many of the most valued customers — and not just tech-savvy Gen Y ones — feel disconnected from their financial services institutions. They state that their banks do not know them personally, and are providing advice only on the bank’s terms — in the branch, during banking hours, when staff is available, — if at all. Read More »
Tags: CCS, Cisco, customer experience, digital, digital bank, Financial Services, Internet of Everything, IoE, omnichannel, Personalization, remote expert, retail banking, video
It’s that time of year again! On November 12-14, the Cisco Financial Services team will be attending BAI Retail Delivery 2014. This year, we’ll be showcasing exciting solutions for the Digital Bank — innovations that provide seamless, cross-channel engagement and meet escalating consumer demands while reducing operating costs, and increasing sales within your institution.
Cisco financial services solutions help customers connect with their customers and deliver a personalized banking experience and gain a sustainable competitive advantage in the Internet of Everything age. In partnership with Verizon, NCR and Intel, Cisco will showcase our solutions portfolio that enables new delivery models and applications whether at home, in the branch, or on the road, to support Omnichannel customer experiences and grow your business.
Join Cisco at booth #4029 and learn how to:
Mark your schedules to attend our speaking sessions:
- The Innovation Showcase competition will give attendees a closer look at our enhanced Cisco Remote Expert Mobile solution with a new aspect that delivers an engaging, personalized onboarding experience. Led by Karl Hartmann, banking practice architect for Americas Business Transformation, we’ll demonstrate how to connect seamlessly with your customers on their preferred channels, to start strong and build more profitable relationships.
- During the “Creating a More Efficient Omnichannel Delivery Blueprint” panel session, Jim Henschel, banking practice manager for Americas Business Transformation, will share insights into why finding opportunities to drive efficiencies in distribution networks has never been more critical. The panel will also provide insights on how to manage margins and expenses while planning for innovative technologies that can maximize omnichannel performance. Make sure to read Jim’s recent “Branch of the Future – Network Innovations” article before the show.
- Al Slamecka, banking practice advisor for Americas Business Transformation, will be taking part in the “Driving Efficiency in Your Distribution Network” panel session, where he will lead a discussion regarding strategies for making balanced choices amongst today’s evolving communications and delivery channels.
This year’s event takes place in Chicago, IL at the McCormick Place West Building. For more information about registering for BAI Retail Delivery 2014, visit the registration page here. We hope to see you there!
Tags: Cisco, customer experience, digital bank, Financial Services, Internet of Everything, omnichannel, remote expert, retail banking, video