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Omnichannel Insurance Makes its Debut at PegaWorld

We recently attended PegaWorld in National Harbor, Maryland, on June 8-10. The conference focused on how businesses today must adapt to technological innovation and utilize new solutions that deliver business agility and empower organizations so they can rapidly close execution gaps and seize new opportunities. Pega’s investment in a customer-centric strategy enables digital transformation, which is essential for an Omnichannel execution strategy that demands a new approach to software.

Pega 7 is a best in class Business Rules Engine (BRE) platform led by Chess Master and Founder Alan Trefler. These new BRE capabilities  enables Omni-Channel UX™, Next-Best-Action and Business Process Fulfillment, empower financial services firms to transform the way they engage with their customers, simplify their operations and adapt to market changes. Read More »

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Tech Innovation Emerges within Carriers’ Legacy Environments

Solution architectures are typically derived from open-ended questions designed to discover customer needs. However, Cisco approaches customers with insights-based assertions that rest on the belief that true innovation emerges from disruptive ideas that make customers aware of unknown needs.

According to Gartner’s report “Agenda Overview for P&C and Life insurance 2014,” three concerns for change stand out for insurance companies -- profitability and business growth, cost savings, and customer centricity. The study further indicates insurance executives struggle to maintain legacy products while simultaneously addressing concerns and uncertainties of innovation. Read More »

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What the Internet of Everything Means for Insurance

©Michael Tompert  2012 / from The Human Face of Big Data

©Michael Tompert 2012 / from The Human Face of Big Data

Moving to one-to-one relationships: It’s incredible to think about the impact and influence. Cisco predicts $14.4 trillion of value will be “at stake” over the next decade, driven by “connecting the unconnected” through the Internet of Everything (IoE). IoE triggers a 19 trillion dollar global opportunity based upon the growth statistics of more than a 7.2 billion population, with an average of 3.47 devices per person, yielding more than 25 billion IP connected devices all by 2015, growing to 50 billion by 2020. TED Talks keynote speaker, Rick Smolan, author of The Human Face of Big Data, comments, “It’s like the earth is growing a nervous system.”

How does this impact the insurance industry? On a one-to-one level, customer’s cars, houses and human anatomy (e.g. Fit Bit) can all be connected; providing critical information about risk and rewards in real-time. In the distribution channels, it can change the way carriers, agents and brokers conduct business, both virtually and face to face. Read More »

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Mayday for Insurance and Financial Services

According to Wikipedia, “mayday” is an emergency procedure word used internationally as a distress signal in voice procedure radio communications. It derives from the French expression “venez m’aider“, meaning “come to help me.” Most recently, the term has been used to describe a special feature Amazon now offers Kindle Fire HDX users when they need virtual support on their device. The user can simply touch the button on the Kindle screen and a contact center representative appears on the screen, where the customer can see, hear and talk with the Amazon customer service rep. It delivers personal help on-demand and in real-time.

Both uses of the word “mayday” described above apply to insurance and other financial services. It is indeed a “come to help me” signal that should be alerting insurance and financial services providers that the next-generation of customer experience capabilities is now here. We have seen the adoption pattern before—financial services customers now expect financial services firms to deliver similar services that they have access to through other industries.

The wait is over. In fact, retail banks are now rolling out similar “mayday” functionality to their customers through similar solutions that are driven by Cisco technology. As is the case with many technology trends, the “what could be” capabilities of the future are much closer than many realize. Consumers using virtual capabilities like FaceTime for social interaction are becoming much more likely to expect and use similar capabilities to interact with companies they do business with. Many workers today are also using virtual interaction to connect with colleagues to conduct business and perform their job functions. The fact is--virtual interaction has become much more common in our daily lives. Read More »

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The New Price of Attracting and Retaining Insurance Customers

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 »

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