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Five Strategic Insurance Business Imperatives for 2016

One of these days the ground will drop out from beneath your feet
One of these days your heart will stop and play its final beat
One of these days the clocks will stop and time won’t mean a thing

“These Days”, Dave Grohl, Foo Fighters

 As we kick-off 2016, the time is now for industry decision-makers to make a profound difference in the way Insurance business is transacted. Not just for competitive position, but for future generations, shareholders and most importantly, for the customer. Peer group competitors are formulating action plans now to address the most pressing tactical and strategic business imperatives across the enterprise for 2016 and beyond. Are you? Here are five top focus areas for 2016 that I am hearing from insurance executives across both Life and P&C:

  1. Digital Strategy
  2. Security
  3. Collaboration
  4. Talent Acquisition and Retention
  5. Business Outcome Approach

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Security Steps to Take in the Holiday Season – and Beyond

Retail companies face a landscape filled with growing and increasingly complex threats. And the financial impact of these breaches is soaring.

There are obvious financial incentives for attacking retailers because they typically don’t spend as much on security as financial institutions or government organizations, so they’ve become easy targets in recent years. According to Gartner, retailers spend about four percent of their IT budgets on cybersecurity, while financial services and health organizations spend 5.5% and 5.6% respectively. This is critical as the number of shoppers on Black Friday and throughout the holiday season continues to grow through different omnichannel opportunities. We have to be concerned and diligent because:

  • Financial organizations spent as much as $2,500 per employee on cybersecurity in 2014, while retailers only spent about $400 per employee.
  • AppRiver Global Security Report shows that 10 of the top 20 data breaches in 2015 were retailers.
  • According to research conducted by the Ponemon Institute in partnership with IBM, the average cost for each lost or stolen record has also increased. According to the study, the cost per record increased by more than 9%, from $136 per record in 2013, to $145 per record in 2014; and those numbers are still higher in the U.S., where the average cost for each lost or stolen record is $201.

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5 Predictions for Customer Care in 2016, and Beyond

Who likes Tomorrowland?

Some people go to the futuristic part of Disney’s theme parks for the rides. The rides are certainly fun, but I go because it makes me think of the future. Perhaps that’s why people post so many predictions blogs every December: We like to dream about possibilities.

tomorrowland blog image

Photo courtesy of Disney Wiki

In my role, I have the privilege of helping our team shape the future of Cisco’s Customer Care solutions. We always start by listening. We talk to customers and partners to hear what they want. We try to understand what is driving and shaping their thoughts. And we think a lot about how we can help businesses better serve their own customers.

Here’s what our team sees for Customer Care in 2016.

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Take the Chaos Out of Holiday Shopping and Increase Sales By 50%

‘Tis the season for bold and forward-thinking retailers to try new things! Excitement is building as many innovative retailers focus on areas to make the holiday shopping experience better for their customers.

Enhancing Retail Mobile Apps

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Some retailers are using mobile apps to help customers spend less time gathering deals and waiting in line, and more on finding the gifts their friends and family want:

  • Target makes it easy for parents to play Santa by enhancing their kids’ wish list app. This app includes new holiday games and a kid-friendly search function to add products in a “letter to Santa.” Parents then log into adult mode and respond to the letter, buy the presents directly, and share the list with relatives.
  • Kohl’s mobile app lets shoppers gather all their deals in one place by scanning gift cards, Kohl’s Cash, and Yes2You loyalty rewards into a mobile wallet. Customers also enjoy accelerated checkout in stores using Apple Pay.
  • Walmart’s mobile app lets customers build holiday wish lists by scanning items while shopping in stores, which can then be accessed by friends and family members using the app’s search feature. The app also directs consumers who order presents online to pickup locations in the store.

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#CiscoChat Recap: Where Shopping Experience Meets the New Digital Customer

In my first #CiscoChat I hosted together with Anabelle Pinto, we were joined by Gaurav Pant and Sahir Anand from EKN Research to share their perspective and dig deeper into additional findings from Cisco and IDC. We started by defining who the digital consumer is, what type of services they’re looking for and what shoppers want and expect, all while providing the security they need.

Here are a few highlights from the #CiscoChat:

Who is today’s digital shopper?

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