how to prosper in the new world of customer engagement
DESCRIPTION
Join the discussion around the challenges insurers face as they seek to reduce costs, better serve their policy-holders and modernize their core systems. The discussion also highlights how carriers can deepen engagement levels as today’s technology-driven consumers are looking for real-time and digital access to their policies. Learn: - How to transform current “systems of record” into “systems of customer engagement” - Build stronger, richer relationships with your customers - Promote long-term loyalty and increase customer retention - Overcome stumbling blocks of legacy migration - Utilize predictive analytics to drive deeper customer understanding and interaction Visit us: https://www.pitneybowes.com/au/customer-engagement-software.htmlTRANSCRIPT
“How to Prosper in the New World
of Customer Engagement”
Insurance Trends
Today’s customers are more…
Connected
Social
Mobile
Aware
Informed
Empowered
The Rise of the Connected Customer
Insurer’s top strategic
initiatives for 2014
Source: SMA Research, Insurance Ecosystem 2014, n=100
Core system replacement
Enhancing the customer experience
Enhancing the agent/broker/advisor experience
Business Intelligence and analytics
Distribution/channel expansion
1
2
3
4
5
Increased focus on customer engagement
Important reasons for legacy migration
Documents are the lifeblood
of the business
Underwriting
/ New Bus.
Policy
Servicing
Distribution
Management
/ Sales
Billing
&
Collections
Claims /
Payout
Marketing
& Product
Development
Promotions
Newsletters
Annual reports
Response cards
Surveys
ID cards
Welcome kits
Applications
Med reports
Info requests
Prospect letters
Outbound calls
Quick quotes
Illustrations
Commission stmts
Cust. service inquiries
Premium payments
Policy dec sets
Certificates
Renewal notices
Terminations
Loss runs
Cust. service letters
Beneficiary change
Statements
Bills
Checks
Letters
Estimates
Claim checks
Sat. surveys
Surrender payouts
Annuity payouts
Denial of coverage
FNOL
Appraiser reports
Personal Injury
Police reports
Legal documents
Claim inquiries
Source: Strategy Meets Action 2014
Pitney Bowes helps insurers
capitalize on new opportunities
Old constraints New opportunities
Print-centric systems and processes Move to a digital document environment
Manual workarounds Automate multichannel delivery
Organizational silos Gain consistency across all channels
and touch points
Disjointed customer information Access a 360°customer view
Inconsistent, impersonal communication Engage customers with communications
that are relevant, accurate and complete
“How to Prosper in the New World
of Customer Engagement”
Current Challenges
9
CCM and the Insurance Industry
• ‘90s – Small Boutique Software Vendors
• ‘00s – Mergers & Acquisitions
• Newer Vendors focused on Interactive
Applications
• Policies traditionally stayed with legacy
products
10
CCM Insurance Applications
• Policy Production
• Correspondence
• Claims
• Billing
• Quotes
• Applications
11
• Little or No Support
• High Maintenance Costs
• Lots of limitations
• Legacy hardware and OS platforms
• High migration/conversion costs
• Lots of RISK
Legacy Software
12
Drivers facilitating Change
• Retiring legacy software or hardware
• Purchase of a new Policy Admin
System
• Business Pressuring Time to Market
• New Insurance Products
• Lack of features in legacy products
• High maintenance & support costs
13
What Companies are looking for…
• Cost effective migration plan for
existing applications
• Low risk solution
• One solution for all CCM applications
• Solution that can be integrated well
with other products
• Improve Customer Communication
• Drive revenue
Polling Question #3
• What applications are you looking to modernize?
– Policies
– Correspondence
– Billing
– Quoting
– Other
Fast Path
To Customer Engagement
“How to Prosper in the New World
of Customer Engagement”
Many insurers have abandoned
earlier migration attempts
Until now, migration has been:
Time- Consuming
Difficult Risky Costly
$
2 Conversion & Migration: Automated to
migrate as much critical information as possible
4 Deployment: EngageOne Communication Suite:
comprehensive, omnichannel, customer-centric
1 Extraction: Programmatic and precise,
extracts content, forms, fonts and resources
3 Importation: Designed to automatically ingests
extracted files directly into EngageOne
Fast Path: Accelerating migration for
Oracle Documaker
18
Data Integration Cleanse
Append
Location Intelligence
Segmentation
Professional Services
Communication
Intelligence Content
Auto-Templating
Audit and Live Test
Approval Routing
Version Control
Asset Sharing
Composition
Channel +
Delivery Print/Mail
Web/EBPP
Call Center
Social
SMS
Archive
Customer
Experience Channel
Message
Response
Interaction
Personalization
Reports + Analysis Configurable
Exportable
Dashboard Summary
Baseline Measurability
Enhanced
Customer Data
TOUCHPOINT INTEGRATION
TOUCHPOINT REDEPLOYED
Enhanced
Customer Data
Messaging Document Creation
Document Composition
Communication Mgmt.
Message Alignment
Inbount/Outbound
Customer Engagement – An End-to-End Approach
Life & Annuities P&C Healthcare
Our Customers
…one of the international leaders in the document
automation and customer communication management
space. The company has managed to get a presence
in terms of insurance clients in all continents.
“
”
…enables aspects of document automation within the
insurance enterprise from data capture through to
physical and electronic distribution…an end-to-end
solution.
“
”
“How to Prosper in the New World of Customer Engagement”
Q&A Neal Keene, Pitney Bowes Software
Richard Lee, DocuConsulting
Fast Path To Engagement Legacy Migration Program
• Deep Documaker & Documerge expertise
• Automated migration Processes
• Leverage years of business knowledge and content
• Significant reduction in risk, expense and time
• Flexible, agile platform to pursue an omni-channel communication
strategy
Inquire at: [email protected]