Gathering and Harvesting New Data through “The Connected Life”
The Connected Life, the digital life is steadily emerging. Today’s insurance consumers are increasingly tech savvy and want services on demand and expect them to be readily accessible anywhere, anytime. Because of this, the insurance industry and more specifically, the personal property and casualty insurance sector, is experiencing a significant period of change and opportunity. The primary change agent in this disruption is the significant amount of specific data that an insurance organization can gain for individual policyholders or prospective policyholders in this era of the Internet of Everything.
An industry steeped in tradition, legacy systems, conservative business practices and risk avoidance is now faced with the need for significant, rapid adoption of new technology accompanied by new data analytics models. This change is in-progress and data from the connected car, connected home and connected person is being gathered. The challenge facing the Insurance organization is not the data gathering, but the management, mining and “harvesting” of this expansive data. In fact, Cisco acknowledges five pillars in this space: Connect, Collect, Analyze, Decide and Apply. Focusing only on the first two areas of Connect and Collect will not provide an advantage over competitors. The key focus areas that will bring true value to insurers are Analyze, Decide, and Apply.
Put simply, a competitive advantage can be achieved by those organizations who effectively “harvest” newly gathered data from connected life solutions. Virtually all property and casualty insurance organizations with a top 100 ranking are investigating, testing, piloting or commercially deploying “Big Data” initiatives. These data gathering initiatives include connected vehicle/telematics, connected home and connected health of the individual, and further include value-added offerings for the consumer, while providing the opportunity for insurers to learn a lot about the policyholder or a prospective policyholder. Read More »
Tags: analytics, Big Data, Cisco, customer experience, digital, financial advisor, Financial Services, insurance, video
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
Today’s companies must evolve or face extinction. If they stand still, they’ll die. Pretty dramatic, I know, but that’s the reality. Forty percent of Fortune 500 companies will no longer be around in 10 years.
Companies in every industry know they need to move faster and innovate quickly to survive. But transforming traditional businesses into flexible, responsive, flat organizations built for speed is not easy. In fact, it’s massively challenging. But it’s this movement that will take us into the future.
Not everyone in the business world has adopted the concept of an “agile business,” but I am a believer. The move to agile has already begun. Even if some don’t get it, the people on the frontlines have already switched gears – the concept of agile was started by software developers, the people building the products and doing the work. Fourteen years later, agile may be the key to survival for businesses desperate to modernize their organizations in a digital era.
Look at the collaboration tools most people are using at work. They were built for businesses operating in a predictable world – a world of the past. Email, phones literally tied to your desk, and audio-only conferences worked well for yesterday’s business. But now, email is overloaded, the mobile is just as important as the desk phone, and audio-only conferences deliver a frustrating experience for everybody. Clearly we need something new. There isa whole host of tools that have entered the market to meet this growing demand for better collaboration experiences.
Today I am announcing how Cisco Spark, our team collaboration service launched as Project Squared in November, is changing the way companies get their work done. Read More »
Tags: Cisco, Cisco Spark, collaboration, Enterprise Connect 2015, Project Squared, TelePresence, video
Are you considering using video in your digital marketing strategy? Here are a few statistics on the topic:
- Visitors who view product videos are 85% more likely to buy than visitors who do not. (Internet Retailer)
- More than 1 billion unique users visit YouTube each month. (YouTube)
- 92% of mobile video viewers share videos with others. (Invodo)
- Video promotion is 6 times more effective than print and online ads. (Atlas)
- More than 100 hours of video are uploaded to YouTube each minute. (The Telegraph)
But most importantly:
As a digital marketer, it is crucial to plan for video in your marketing efforts. Moreover, you must understand which social media platform is correct for your target audience and what type of social video you need to create. Read More »
Tags: #CiscoACI, authentic social media, facebook, Instagram, twitter, video, vine, youtube
Have you ever watched a video on your phone or tablet, only to have the video stop and start? While I was traveling out to here to Mobile World Congress, the exact thing happened to me as I was sitting at the airport. It’s frustrating, particularly if it happens for a long period of time or happens frequently during a 30-minute show.
We have the luxury of watching our favorite TV shows from anywhere, whenever we would like to see them. However, the network isn’t always prepared to accommodate the added data demands that video brings for all of their users.
Here at Mobile World Congress, Cisco and Akamai are demonstrating Read More »
Tags: Akamai Mobile Edge, Cisco Policy Suite, demo, mobile operators, mobile world congress, MWC15, Service Provider, video