Digital insurer
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The document discusses how insurers are embracing digital technologies to improve customer experiences. It notes that insurers are shifting to more data-centric models by having customers enter more data online. The future will see more connected health systems and use of customer data and genetics to predict health risks. It also discusses how a platform called Plumb5 can help insurers deliver consistent, contextual and collaborative customer engagement across channels by providing a unified customer view and personalized, gamified interactions. Plumb5 aims to create a seamless customer experience through its various capabilities like 360 customer views, recommendations, collaboration tools and analytics.
Digital insurer
- 2. Marketers in the insurance industry embrace digital to keepembrace digital to keep up with evolving consumer behavior
- 3. Focus Shifts to Digital Customers With online systems, Insurers are pushing the burden of data entry to the customer i.e. moving from a document centric to data centric model. Insurers must incentivize the use of digital channel
- 4. The Future of Digital Insurance Ecosystem Connected Health Care–Customer Data across systems Genome research is getting faster and cheaper by the day. Combined with technical innovation will help identify “Disease Markers” for a large section of population and thereby predict our health. We feel that all “Life Assurance Industries” will have a substantial impact in their business model
- 5. To be able to deliver awesome customer experiences, we need to unify customer behaviorunify customer behavior data across all systems
- 6. Ensuring Plumb5 ratifies how insurance businesses can deliver customer experience VERTICAL: BFSI Plumb5 ratifies how insurance businesses can deliver effective digital customer engagement to create delightful customer experiences by way of Consistent | Contextual | Collaborative engagement and Interactions
- 7. • Eliminate Interaction Fragmentation: Ensuring consistent experience independent of channel of experience and allows switching from one to the other • Focus on Customer journey: the needs of the consumer drive his interaction with an insurer. Successful interaction at only one level will not create an experience that leads to loyalty. Focus must be on making the entire journey a delight. consistent • Drive Structural alignment: Customer journeys are cross-functional in nature while policies, procedures, processes & systems exist in silos with respect to units & functions. Full stack thinking & implementation would be the only way to create the intended experience The proliferation of channels of interaction has meant that the ways in which a customer can engage with an insurer are increasing faster than the insurer can respond. Customer delight can only be achieved if interaction history across all channels is visible to all stakeholders in real
- 8. • Acknowledging the shift of power to the individual: Consumer technology innovation is driven by customer centric agendas. Insurers have never gone to the granular level or segment of one unless there was a need for creating a risk segment or pricing a product. In todays digital world granularity at an individual level is a must as experiences have to to be personalized • Leverage Customer Insights: Incomplete insights inhibits the ability to provide support throughout the customer journey. Support is contextual contextual customer journey. Support is contextual • Gamify the Engagement: Gamification is to Let the user set a personal goal and compete against all odds to achieve it. As he achieves it, the stakes are upped. For e.g. Plumb5 Widget rule engine can be used to create a rule based Retirement Widget with contextualized plans. – Sample Rules: • Set Retirement Targets • Plan how to get there • Earn points for meeting goals • Redeem points to get expert advice
- 9. collaborative These forces(S.M.A.C) individually are fundamentally changing insurers' business models. The impact of Combinatorial Innovation : Innovation on one hand is aquantum step better than what currently exists, there is another class of innovation putting tried & tested components together in a new combined platform. Disruption can only be achieved if all of these forces come together under a single platform. This would help break down silos not just within the organization, but also blurring the organizational boundaries itself. These forces are driving a whole new phenomenon—the creation of digital ecosystems.
- 10. Solution in a capsule Understand and define the experience ecosystem Co-create the experience with allCo-create the experience with all stakeholders Enable seamless digital consumerjourneys
- 11. A single segment-of-one platform that can provide seamless customer experience What do we need? seamless customer experience across all touch-points in the eco-system
- 13. Plumb5 is a segment of one marketing platform which combines marketing, sales and support functions on to a single platform in order to maintain a single customer identity stack to gather intelligence and serve next actions in real-time, across all touch-points
- 15. Plumb5 Enterprise Roadmap for Insurance Marketing&Sales Cross-channel Collaboration& Sales-force integration Cross-channel customer,360- degree lead&insight capture& delivery Customer On-Boarding &Account Opening Insight driven origination Status tracking&reporting Servicing Personalization Customer Experience Management delivery Cross channel marketing& Sales enablement Customer communication Cross channel service management Cross-Channel Management Plumb5 Multi Channel Connectors Plumb5 Analytics modeling & insight delivery Plumb5 Reporting & Dashboard
- 16. Plumb5 Business Capabilities 360 Customer View including external data sources Customer tailored product recommendations Customer Lifecycle Event Triggers Online Collaboration Advisory Automation Advisory acrossOnline Collaboration with Customers Advisory Automation based on customer preferences Advisory across multiple channels Data to leverage CRM Customer Chat Customer Lifecycle Automation
- 17. Consistent • Unified Experience across channels and LOBs, blurring internal organizational boundaries Contextual • Consumer experience focused on Segment of One • Combines enterprise and Collaborative • Is beyond a mere presence in Social networks • Niche Forums enables Plumb5 helps insurance business to be • Seamless Channel hopping • Combines enterprise and Social views to understand the persona • Personalized, goal-drive, gamified engagement • Niche Forums enables collaboration between peers&expert advisors • Effective collaboration between insurance employees and agents will lead to improved customer experience
- 18. Segment-of-one marketing ecosystem Available as On-Premise and On-Demand Cloud Services