MONTH 12
The Novel Prospects of Constant Enhancements
AbhishekJoshi
AbhishekJoshi
Customersatisfactionasabusinessconcepthasbeen
aroundformorethan20years—butcustomer experiencemanagement(CEM)hasonlybeen discussedoverthepastseveralyears.So,it'snowonderthat CEMisoftenequatedwithearlierconcepts.Intheageof rapidadvancements,businessleadersmayknowthatit costsfivetimesmoretoattractnewcustomersthantoretain existingcustomers.Still,theymayneedtolearnthebest strategiestoensuretheirbuyershaveapositivecustomer experience.
Tounderstandthebenefitsofcustomerexperience management(CEM),CXprofessionalsshouldclearly understandwhatthatmeanstotheirbrand.Thegoalof CEMistomanagecustomerinteractionsthrougheach physicalanddigitaltouchpointtodeliverpersonalized, customer-centricexperiencesthatdrivebrandloyaltyand increaserevenue.
Managingcustomerexperienceisn'tjustabouthowpeople perceivetheirexperiencewithabrandorthecompany's actions,butratherhowcustomersfeelwhenengagingwith abrand.Customerswillchangetheirperceptionofabrand-hopefullyinapositivedirection--eachtimetheyvisitthe company'swebsite,reachoutforcustomersupport,orsee adsonline.Companiescanbettermanagethatby identifyingCEMmetricsandhavingacustomerexperience managementplaninplacetoincreasecustomerloyalty.
Businessesthatareseeingahighercustomerlifetimevalue fromagoodcustomerexperiencemanagementprogramare likelytobenefitfromreducedchurnorcustomerturnover.It ismorecostlytoacquirenewcustomersthantoretainthem, sobyputtingresourcestowardkeepingcustomershappy; companieswillexperiencelongerengagement.
Brandsthatexperiencehigherbrandequityandreduced churnwillalsoexperiencehighercustomerretention. Increasedcustomerretentionoftencorrelatestohigh customerloyalty.Acustomermaybuyfromabrandonce everyfewyears,buttheabilitytokeepthatpersonasa customerisimportant.
Companiesthatarequicktoresolveissues,rewardloyalty, stayintouch,and,mostimportantly,valuetheircustomers; eventually,strengthenthepositiveperceptionthatisatthe rootoftheoverallcustomerexperience.Customerretention leadstomoresalesandhigherlifetimevalueandaneasier waytoincreaseROIfromthatinitialconversion.
Indulginginthelegacyofthecompaniesthatarethriving towardsenablingenhancementsfortheorganizationsand businessesbyestablishingaperpetualconnectionwiththe clients,InsightsSuccessshedsthespotlighton"The10 MostTrustedCustomerExperienceManagement SolutionProviders2022.”
Flipthroughthepagesandexplorethenoveltiesthat contributetoensuringthesuccessofyourbusinessgrowsto greaterheights.
Have a Delightful Read!
Cover Story C O N T E N T S
Leader’s Viewpoint
Rethinking Traditional Training The Forgetful Curve
Leader’s Viewpoint
Risk Transferto Risk Mitigation: A Journey of Innovation Through Uncertainty
Leader’s Viewpoint
Emerging Technologies Driving Profound Change
Managing
Abhishek
Senior
Marketing
John
Technical
Editor-in-Chief
Business
Sales
SME-SMO
Circulation
David,
FeaturedPerson
Appcues appcues.com
Chatchamp chatchamp.com
CompanyName
JonathanKim FounderandCEO
FelixSchroeder CEO
CharlesChan FounderandMD CLEARgo cleargo.com
Custify custify.com
Gainsight gainsight.com
GetFeedback getfeedback.com
Inbenta inbenta.com
McorpCX mcorp.cx
Reflektion boxever.com
PhilippWolf Founder
KarlMosgofian CIO
ChrisBoeckelman CMO
JordiTorras FounderandCEO
GrahamClark VPofMarketDevelopment
AmarChokhawala FounderandCEO
ElisabethGeorge CEO Satmetrix satmetrix.com
Appcuesisthemostflexiblewaytobuildpersonalizedproduct experiences.Fromuseronboardingthroughadoptionand retention.
Chatchampistheguidedsellingsolutionfore-commerce companieswithdigitalshoppingassistants.
CLEARgoisAdobeCommerce(Magento)GoldSolution Partner,ShopifyPlusPartner,SalesforceCommerceCloud PartnerandHubspotSolutionPartner
CustifyenablesCustomerSuccessteamstopreventchurn, automateprocessesandimproveonboardingthroughoneeasyto-useinterface.
Gainsight'sCustomerSuccessandProductExperience Softwareempowerscompaniestoincreaserevenue,decrease customerchurn,anddriveadvocacy.
GetFeedbackishelpingcompaniestogetbetterfeedback,one awesomesurveyatatime.
InbentaisagloballeaderinAIandNLUforEnterpriseSearch, EcommerceSearch,Chatbots,SupportTicketing,and KnowledgeManagement.
McorpCXisaleadingcustomerexperiencemanagement company,deliveringconsultingandtechnologysolutionsto customer-centricorganizationssince2002.
Reflektioncombinesindividualshopperinsights,product intelligence,andAItocreatemoreintimateandimpactful commerceexperiences.
SatmetrixistheonlycompleteandintegratedholisticVOC solution,drivingperformanceoutcomesfromthecontact center,andbeyond.
C
O V E R S T O R Y
MCORPCX IS A SPECIALIZED EXPERIENCE MANAGEMENT CONSULTING, AND SOLUTIONS COMPANY FOCUSED ON HELPING OUR CLIENTS CAPTURE BUSINESS IMPROVEMENT FROM DELIVERING AND IMPROVING CUSTOMER, EMPLOYEE, AND PARTNER EXPERIENCES.
Thejourneyofabusinesscreatingandmaintaining relationshipswithitscustomersiscomplexand neverending.Whileachievingthiscansometimes bechallenging,especiallyintoday’sscenarioof continuouslychangingcustomerconsumptionpatternsand trends,thereareserviceproviderslikeMcorpCXtohelp businessesconductthiscriticalactivity.McorpCXfocuses onhelpingitsclientsdelivergreatcustomerexperiences anddrivemeasurablevalueintheprocess.
McorpCXisaleadingcustomerexperienceservices companythathasbeendeliveringconsultingand technologysolutionstocustomer-centricorganizations since2002.Itspracticalapproaches,playbooksand frameworkshaveledtomeasurablegrowth,deeper engagement,andbetterbusinessoutcomesforsmall companiestotheFortune100.
McorpCXhelpsorganizationsdrivegreatervalueby improvingstakeholderexperiences.Recognizedbyindustry analystsasacustomer,employeeandpartnerdigitalfirst butnotdigitalonlymultichannelexperiencestrategy, designandoperationssolutionsleader,itunlocksgrowthby helpingorganizationsbetterserve,sellto,andengagewith theiraudiences.
InsightsSuccesshadaninterviewwithitsVPofMarket Development,GrahamClark,togetabetter understandingofMcorpCX’ssuccessfulbusiness proposition.
Graham Clark VP of Market Development McorpCX
Below are the highlights of the interview:
PleasebriefouraudienceaboutMcorpCX,itsUSPs, andhowitiscurrentlypositionedasoneofthetrusted customerexperiencemanagementsolutionprovidersin theniche.
McorpCXisaspecializedExperienceManagement Consulting,andSolutionscompanyfocusedonhelpingour clientscapturebusinessimprovementfromdeliveringand improvingCustomer,Employee,andPartnerExperiences.
McorpCXhasbeenattheheartoftheCXmovementfor20 years,makingusthemostexperiencedofthespecialized firmsinNorthAmerica.
Ourbiggestdifferentiatorsare
• ourspecialty;CXiswhatwedo,allwedoandallwe haveeverdone.
• ourpersonnel’sexperienceaveraging10-20yearsin CX
• andwhileweknowallthetechnologyprovidersinour discipline,wearenotplatformresellers,sowekeep ourclients’bestinterestsinmind.
TellusmoreaboutMcorpCX’sofferingandwhat aspectsmakeitstandoutinthecutthroatcompetitionin thecustomerexperiencemanagementsector.
Ourprimaryfocusisonhelpingourclientsdesign,launch, operateandimprovetheBestPracticeCustomerExperience Management(CM)Capabilitiesappliedbyindustryleaders. Showing,teachingandsupportingthemtobeasself sufficientastheywishtobe.
Helpingorganizationsdefineexperiencestrategy,ensuringa cultureexistsaroundcustomerandemployeeexperience centricity,includingtrainingandimmersionprograms,and ensuringthecapabilitiesexisttodeeplyunderstandtheir customersandtheprocesses,technology,data,product, services,andpartnerecosystemssupportingtheir experiences.
Aspartofthis,providingtools,playbooks,guides,and staff.Includingimprovingspecificexperiencesbyapplying journeymaps,personamodels,experienceblueprints,and implementationandprogrammanagementteamstoimprove specificexperiencesbyapplyingjourneymaps,persona models,experienceblueprints,andimplementationand programmanagementteams.
Anddesigning,launching,andoperatingListeningSystems toheartheVoiceoftheCustomer(VoC),theVoiceofthe Employee(VoE),andtheVoiceofthePartner(VoP)across asmanyinteractionchannelsaspossible(e.g.,digital, contactcenter,andin-person),analyzewhattheytellyou forinsights,andensureactionistakentoimprovetheir experiencesandyourbusinessoutcomes.
Beinganexperiencedleader,shareyouropiniononhow theadoptionofmoderntechnologiesimpactsthe customerexperiencemanagementsectorandhow McorpCXisadaptingtothechange.
Weseeexperiencetechnologiesfallinginto3categories: Eachoftheseisatdifferentlevelsofmaturityand integrationgivenholisticExperienceManagement ArchitecturesasanelementofEnterpriseArchitectureisat theveryearlieststages.
ExperienceDesign:Themostimmaturearea,butinrecent years,wehaveseenfocusedtechnologiesinjourney mappingandpersonamodelinglikeUXPressa,SuiteCX, andothers.Recentlywehaveseenanewwaveof companieslikeCemanticaandCXOmnithatnotonly supportjourneymapandpersonacreationbutsupportmore sophisticatedenterprise-wideCX(andEX)portfolio managementcapabilities.Likewhenyouhave50+personas and100journeysbeingactivelyusedby200peopleacross
OUR PRIMARY FOCUS IS ON HELPING OUR CLIENTS DESIGN, LAUNCH, AND IMPROVE THE BEST PRACTICE CXM CAPABILITIES APPLIED BY INDUSTRY LEADERS.
15countries.Thenextwaveisgoingtobeintegratingthese technologieswiththeCXDeliveryandMeasurement technologies.
ExperienceDelivery:Themostmatureportfolioof technologiessupportingspecificinteractionchannelsin Digital(e.g.,Adobe,Sitecore,Acquia,andmanyothers), Mobile,e.g.,Apple,Samsung,etc.),ContactCenter(Cisco, Genesys,Verint,Nice,Avaya,Five9,etc.),Storeand Branch(NCR,FSI,etc.),IoTandenvironmental(Google, Cisco,etc.)andsoon.
Supportedbydataanalyticstechnologies(Teradata,SAS, PowerBi,Tableau),cross-channelexperiencesupport,and CRMplatforms(e.g.,Salesforce,Infor,Oracle,SAP)plusa varietyofProductManagementtechnologiesandahostof infrastructuretechnologies(e.g.,Cisco,PaloAlto,Intel, VMware,Broadcom).Beingabletoshowhowthedelivery technologiesrelatetothejourneysasexpressedinthe ExperienceDesignapplicationsisanevolvingareaof focus.
ExperienceMeasurement:Probablythemostclosely associatedwiththeExperiencemovementencompassing VoiceofCustomer,VoiceofEmployee,VoiceofPartner listening,analyzing,andactionsystems(e.g.,Qualtrics, Medallia,Momentive.AI/SurveyMonkey,QuestionPro, Inquba,AlternaCX,Microsoft,etc.).SupportingwellknownexperiencemetricssuchasNetPromoterScore (NPS),CustomerSatisfaction(CSAT),CustomerEffort Score(CES),andmorecustomscoresblendingmanyof these,oftenreferredtoasCustomerExperienceIndices (CXI).
Complementedbydigitalanalyticstools(e.g.,Adobe, Google,Glassbox,QuantumMetric,etc.).
IntegratingExperienceMeasurementtechnologieswiththe journeysintheExperienceDesignapplicationsiswell underway.Andmanyoftheleadingmeasurementproviders areleaningintonewlyevolvingtrendslikeJourney Orchestration.
Consideringthecurrentindustryscenario,whatkindof challengesdoyouface,andhowdoyoudriveMcorpCX toovercomethem?
Overall,thebiggestchallengetodayisensuringcompany commitmenttoCXinvestments.EventhoughtheCX movementis20-40yearsold,itisstillrelativelynew,and thenumberofcompaniescommittedtoinvestmentsinthese
capabilitiesandconfidenceintheROIofthoseinvestments isstillsmall.
LeaderslikeAmazonhavebuilttheirbusinessesonthese principles,butencouragingunderstandingofthe importanceandmaintainingfocusandinvestmentinCX Capabilitiesisaconstantstruggle.
Howeverthemovementcontinuestoevolveandtodaythe capabilityourclientsarefocusedonfirstandforemostis ListeningSystems,specificallyVoiceofCustomer(VoC) systemsandVoiceofEmployee(VoE)systems.Theseare automated,easytobuywitharelativelylowcostofentry andanincreasinglyclearroadmapofhowadditional capabilitydeliverspredictablevaluethrooughincreased insightandunderstanding,deliveringhighconfidenceROI, theabilitytopredictbusinesseventsandoptimizebusiness investments.Allofwhichtendstoreinforcebeliefinand increasedinvestmentintheCXmovement.
Whatwouldbeyouradvicetobuddingentrepreneurs whoaspiretoventureintoincustomerexperience management(CMX)sector?
Focusondataandanalytics.AsCXandEXbecomemore widespread,requiringpayingattentiontomorecustomers acrossmoreinteractionchannelswithexplodinginteraction levelsandmoredata,therearechallengesinturningthat intoinformation,insight,andaction.Evermoreautomated actionrootedinbehavioraltendenciesandemotions, drivinghyper-personalizedexperiences.
Thisrequiresevermoresophisticatedintelligencewithever moresophisticatedvisualizations.Thisisanexplosive opportunityforMachineLearningandArtificial Intelligencetechandsomethinginvestorsandcustomers aresuperfocusedonandinterestedinandcallmeat McorpCXbecausewecanhelpandarealwaysinterestedin whatisnewinourdomain.
HowdoyouenvisionscalingMcorpCX’soperationsand offeringsin2023andbeyond?
Ourgoalistodoimpactfulworkwithpeopleweliketo workwithandwholiketoworkwithus,applyingand growingateamofMcorpCXassociatesandclientswho shareourvalues.Weareaquality-focusedfirm,notasize and-scalefirm.
Ourgrowthwillcomefromengagingwithmoreclientsand maintainingourpositionattheleadingedgebutnotthe
bleedingedgeoftheexperiencemanagementmovement.
Includingexpandingourrelationshipswithtechnology solutioncompaniesandcontinuingtodemonstratethatour evolvingservicesreflectthismoretech-centricmovement.
Pleasegiveusafewtestimonialsofyour clients/customersandalistofawards/recognitionsthat accuratelyhighlightMcorpCX’spositionasoneofthe trustedcustomerexperiencemanagementsolution providersintheniche.
WithamajorfocusontheTechnology,Banking,Financial Services,andInsurancesectors,rapidlyincreasingworkin LifeSciences(includingPharmaandTreatmentcompanies andHealthcareServiceProviders),andourlongterm presenceinRetail,wehaveworkedinalmostevery industryinbothB2C,B2BandB2B2Cmodels.Wedonot publishourclientnamesbuthavereceivedrepeated validationofourabilitytohelpourcustomersimprove performance.
McorpCXhasregularlybeenrecognizedasanExperience Strategy,Design,andConsultingleaderinForrester Research’sreportsoverthepast10years.
“McorpCX completely transformed the way we think about developing software!” –GeneralManager,Product Development,GlobalTechnologyCompany–followinga research-basedinitiativetounderstandandimprove customerpurchaseandonboardingexperiences.
“McorpCX gave us a path forward that is truly customercentric – based on what we know our customers value most.” -SrDirector$5bfinancialservicesandinsurance company
“McorpCX gave us the process, insights, and perspectives that brought people and divisions together.” -CMOofan autoloanproviderrealizeda200%increaseinemployee loyalty,a58%increaseincustomerNPS,anda400% increaseincustomersatisfactionscores.
“McorpCX helped us align cross-functional stakeholders
on CX execution.” -SrDirectorofstoreoperationsina leadingretailerrealizinga94%increaseinpositive customerwordofmouth.
“McorpCX was selected over major global services partners because of their experience and proven ability to deliver results. They helped us align our CX Vision with our evolving Business Strategy, change our Measurement systems to align with that also and develop Employee Communication Strategies to ensure our front-line employees understand how our customers see their experiences with us.” -Top50retailersrealizing8% revenueincreases,12.6comparableyearsoveryearstore salesand27%increaseinquarterlydividendreported.
MCORPCX PROVIDES THE PLAYBOOKS, GUIDES, TOOLS AND STAFF TO LAUNCH AND CONTINUOUSLY IMPROVE THE CAPABILITIES TO DELIVER TANGIBLE AND PREDICTABLE ROI THROUGH A FOCUS ON ALL STAKEHOLDER AUDIENCES AND THEIR EXPERIENCES.
Picturethisscenario–youaresittingatacomputerin thebreakroom,preparingtotakeyourannual trainings.Theacridsmellofslightlyover-cooked microwavepopcornpermeatestheroom(butterflavored,if youwerewondering),andyouhearapageforadepartment thatisthankfullynotyours.Youclick“begin”andthe pixelated,tinnysoundingvideofromthe80spopsuptelling youallaboutsexualharassment.Youreyesglazeover immediatelyasyoudisengage:ifthey’regoingtomakeyou watchthisoutdatedcontent,yourattentioncan’tbethat necessaryanyway
Eveninamoreidealscenario,researchtellsusthatwithin1 hourofreceivingtraining,theaveragepersonwillforget 50%ofwhattheylearned!Within24hours,70%;and withinoneweek,90%.Ineducationcirclesthisiscalledthe Forgetting Curve (Murre,2015).Withbetterengagement levels,moreknowledgecanberetained,butthenumbers arestillstark.Employeeswillforgetmostofwhatthey learn,despitecorporatetrainingbeinga$60billion industry
Whydoesthe Forgetting Curve exist?Atanygiven moment,yourbrainisreceivingthousandsofbitsof information.Smells,sounds,sights,feelings,aches,pains, nerveimpulses,andmuchmoreisfloodingourbrain.The brainsimplymakesanoteandignoresunlesswebringour mentalfocusandattentionontoit.Thetrainingyour employeeislisteningtoisoneofthosebitsofinformation floodingtheirbrainwithalltheothermessages.Experience thephenomenayourselfwiththistest,seenbyalmost25 millionpeopleasofthiswriting.
So,istrainingalostcause?Howdowemakeourcontent standoutamongstalltheotherimpulses,sowecanflatten the Forgetting Curve?Thefirststepisavoidingdistractions –reducingtheinformationgoingtothebrainthatis distractingitfromyourtrainingisthefirststep.Thesecond isengagement,whenanemployeeisactivelyengagedwith trainingtheywillretainmore.Thethirdkeytothepuzzleis focus. Neurosciencestudiesshowthatwhenanindividual isintenselyvisuallyfocusedonsomething,itgreatly reducesalloutsidestimulifromdistractingthebrain.
Finally,Ebbinghaus(2013)andMurre(2015)foundthat wheninformationlearnedisrepeatedthereisa“savings measure”wheretheamountoftimetolearntheinformation
asecondtimeis20-25%lessthanthefirst.Repeated measurescanincreasethistimesavings.Thistellsusthat repeattrainingswillbemoreefficientatrelating informationandcanalsoincreaseretentionofthe information.
Alsoconsiderprojectsandtasksthatforcetheemployeesto utilizewhattheyhavelearned,whichwillhelpthem understandandretainthelearningbeingpresented. Explicitlystatingtheconnectionsbetweenthelearningand thetaskbeinggivenwillalsoincreasetheretentionand helptoflattenthelearningcurve.Fatherofmodern educationaltheory,JohnDewey,explainsthatwhenwe learnfromexperiences,wemakeforwardsandbackwards connections,andtheprocessofexperiencingbecomesthe learning(Berding,1997).Thistheoryhelpsinformhowto createqualityadultlearning–interactiveandcreative experientialtrainingsthatrequireexperientialelementsand scenariosthatrequirethelearnertoreflectandengage.
Thistellsusweneedtrainingthatisbothmentallyengaging andvisuallyengagingenoughtohelptheemployeeto focus,andthatitshouldbedoneinanenvironmentfree fromdistractions.Inthemodernworkplaceitcanbe difficulttoachieveallofthese,astrainingisoftenthirdpartypurchasedandcanbeblandorgeneric.Considera specializedtrainingprovider,suchasin2vateLLC,which utilizesalloftheseconceptsforengagingtrainingdelivery
AbouttheAuthor
Dr.DavidEpstein,Ed.Disthe ContentManager&Instructional DesigneratIN2VATE,LLC,an instructionaldesigner,project manager,eLearningdeveloper, researcher,andwebdesigner.Iam passionateaboutteachingothers throughliveanddigitalmediums
Risk Transfer to Risk Mitigation: AJourneyofInnovation ThroughUncertainty
Asweallbegintoemergefromthehazeofaglobal pandemic,itisundeniablethatnearlyevery industryhasbeendeeplyaffected,includingthe Property&Casualty(P&C)market.Withsuchamajor disruptiontothestatusquoofmicroandmacro-operations, theuncertaintyoffuturerecurrences,andtherising prevalenceoftechnology,2020wasawatershedmoment forinsurerstoevaluatetheirtraditionalmodelsofclient interaction,operationalefficiencies,andfutureinvestment ininnovationtocompeteinadigitalfuture.
DigitalDisruptionandtheDistributionoftheDollar
Astheinsuranceindustryhasonceagainshownits resilienceinthefaceofadversityandbeginstoreboundto pre-pandemicmarketgrowth,thebattleforthefuturewages on.
AccordingtoafutureoutlookreportbyAccenture,the globalinsuranceindustrycanexpectGrossWritten Premium(GWP)toincreasefrom$6.1trillionin2020to $7.5Tbytheendof2025.Ofthat$1.4trillionincreasean estimated$1.2Tisexpectedtocomefromexisting products.
Anestimated$480billionoftheexpected2025GWPwill beheavilyimpactedbyinnovationthrough:
1.Newrisks,offeringsandservices
2.Existingrevenuesimpactedbyproductinnovation
3.Shiftinplacementchannels.
TofocusmoreonwhatthatmeanforUSbasedinsurers,a 20yearcomparativeanalysisofthetop100P&Cinsurers conductedbyEYandACORDassertstheaverageP&C carrierhasannualsavingsopportunityanywherefrom
| 18 | www.insightssuccess.com
$675-851milliondollars.Betteryet,thetoolsrequiredto achievethisarecurrentlyavailable.
However,whilethesereportsofferanoptimisticoutlook, theycomewithastarkwarning:Relianceontraditional products,distributionchannels,andretentionrateswillact asanimpedimentforfuturegrowthasratesrise,markets volatilityremains,andconsumerdemandfordigital servicescontinuestogrow.
LeveragingInnovation
Traditionally,insuranceserviceofferingshavebeenclosely linkedtothecostandavailabilityofhumanlaborcreating thechallengeofthebreadthanddepthofserviceatscale. Astechnologycontinuestoadvance,sodothecapabilities ofinsurerstoscaleahighlevelofserviceatafractionof thecost.
Thefollowingfourareasarewhereexecutivessee technologyprovidingthehighestreturnoninvestment:
1.OperationalExcellenceandCostEfficiency
Insurersareleveragingtechnologytostreamlinecore internalprocessesthroughdigitizationandautomation, freeingupresourcesthatprogresstheoverallstrategic missionofthecompany
Thiscreatesmassivevaluepotentialinamyriadofwaysby enabling:
Ÿ HorizontalandVerticaldatadistributionthroughout internalstakeholders
Ÿ Moremeaningfulengagement(physical/digital)with morepolicyholders
Ÿ Hyper-focusedallocationofcapital
Ÿ Fasterclaimprocessing
Ÿ Proactivemitigationeffortsthroughreal-timesensors
ImprovedCustomerExperience
Customerexperienceisthegrowthenginewhere incumbentsandnewentrantsalikearefocusingtheir efforts.20-40%ofpolicyholderswillnotreceiveasingle communicationthroughoutthepolicyyear,andiftheydo, 90%ofthetimeitissales-focusedratherthanservice-
DataandAnalytics
Asclientengagementcontinuestogrow,sodoesthe volumeandvalueofthedata.Insurersbegintohaveamore robustviewoftheirpolicyholdersandtheirrisks.This enablesinsurerstobetterwriterisk,identifyupsell/cross sellopportunities,andprovideproactiveresourcesbasedon clientneedstohelpreducefrequency/severityofclaims.
LeveragingAI/MLcognitiveabilitiestoidentifyunderlying trendsandopportunitiescanprovidekeydecisionmakers theinsighttodrivelargescaleunderwritingstrategy, actuarialmodels,andcompetitivestrategicdecision making.
Hyper-focusedinvestment/divestmentofresourcesfrom bothinternalandexternalstakeholderscontinuestomature asdothedatamodels.
SpeedandScaleofInnovation
Largedatasetsproducedbynewandemerging technologiesareprovidinginsurerstheabilitytoreshape howtheyoperate,engagewithstakeholdersinternallyand externally,aswellasdevelopandsellproductstoimprove productivityandprofitability
Combiningthesetechnologiestoachievegoalsbeyondjust engagementoroperationalefficienciesiswheretruesuccess beginstotakehold:Improvedmanagementofriskwhile offeringuniqueexperiencesforpolicyholders.
Somecommontrends:
Ÿ Modernizationofcoreprocessesandclientmanagement withcrossfunctionalresources.
Ÿ AIandautomationtofocusonspeed,consistencyand optimization.
Ÿ Usingdatastreamsofdigitalservicestoprovide predictiveandprescriptiveanalyticstoshapefuture innovationandfocusefforts.
TheTakeaway
Byleveragingtechnologytorefocuseffortsandcapabilities onvaluecreation,insurerscanstrengthentheirfoundation ofstrongserviceandcompetitivedifferentiationbut improvethespeedandscaletoadapttonewandemerging trendsandclientneeds.
Whilethereisnoonecorrectwayofimplementation, insurerscannolongeraffordtoignoreorincrementally participateinthedigitalage,andtheearlierentrantswillbe theprimarybeneficiaryoftheshiftinginthe‘digitaldollars’ thatwillberedistributedoverthenextfewyears.
Ifyourorganizationislookingtoexpandyourcapabilities inanyoftheareaslistedabove,wewouldlovetohavea conversationtoseeifin2vate,LLCcanbeavaluable partnerinyourdigitalevolution.
AbouttheAuthor
NickDuffieldistheRisk ManagementSalesConsultantat IN2VATE,LLC,specializedinRisk AssessmentandTrainingPrograms thatprovidetargetedmeasurements tohelpyourcompanyincompliance, operations,andclaimsreduction.
Vice President
Sandrine Desbarbieux-Lloyd
Digital at Samsung
Emerging Driving Technologies Profound Change
Tth he4IndustrialRevolutionishere.The4th IndustrialRevolutionisafusionofadvancesin artificialintelligence(AI),robotics,etc.Ibelieve thatthisneweraoftechwilldriveprofoundchangeand thesechangeshavealreadystartedinmanyways.
ArtificialIntelligence:
AIisnotnew;itisalreadyhappeningeverywhere. Algorithmspre-recommendthecontentweseeandwatch andtheproductswebuyacrossallareasofourlivestoday. Butitisgoingtoaccelerateexponentiallyanditisgoingto completelychangethewaysweliveandwork.
Whilefewoccupationsarefullyautomatable,60percentof alloccupationshaveatleast30percenttechnically automatableactivities*,leavingpeopletofocusonmore valuableactivities.
ThepotentialforAIiseverywhere,ineverythingwedoat homeandatwork:
Ÿ Whatwedon’twanttodo–repeatedboringtasksi.e. datacrunchingandreporting
Ÿ Whatwecan'tdo–collectandanalysehugeamountsof datai.e.predictillnesses
Ÿ Whatwedon'tknowyetwecando–helpusmake betterdecision,helpuscreatenewroles,andnew things.
Forexample,Machinelearning,withinAI,willprofoundly impactemployeesandleadersaspeople.Wearemoving fromtheageofinteractiontodelegation.Currently,having anassistantistypicallyaluxuryreservedforeithersenior peopleinorganisations,orwealthyindividuals.WithAI,in thenearfuture,mostpeoplewillhaveassistantswhichpreselect,andevenchoosewhat’sbestforthem.Itisalso referredas‘bottobot’.Thismeansinthenearfuture,as wellasfocusingonproducinggoodqualitycontentfor humans,wewillneedtoalsofocusatthesametimeon enormousquantityandvolumesofcontentformachines. Machinesneedvolumesofdatatodigesttomake recommendations.Wewillneedtostartmarketingto machines.That’sabigchangeformarketerslikeme,we needtothinkdifferently
ThroughAI,Samsungisdevelopingauser-centric,highly personalised,intelligent,multi-deviceecosystemthat providesusefulbenefitstoenrichourcustomerslivesand makethemmoreefficient.
Anexampleofthisiswithinthehome-Samsungisbringing itsexpertiseintheInternetofThingsandartificial intelligencetomakeappliances“smart,”andcapableof learningaboutusers’preferencesforatrulytailored experience.
Notwohomesarethesame,andmanyofusarelookingfor waystopersonaliseourappliancestofitourneeds.Weare alwayslisteningcloselytoourconsumerstolearnabout anyinconveniencesthatcanbesolvedthroughinnovation. ByconnectingSamsungappliancestoSmartThingsand equippingwithartificialintelligencecapabilities,customers canpersonalisehowdevicesoperate,andmakeitpossible forthedevicestolearnaboutcustomers’homes.
Blockchain:
Blockchainwillalsocompletelychangethewaywedo thingsaswell.Insteadofbusinessesstoringtheirvaluable customerdatatoacentralserverinonelocation, Blockchaintechnologybringswithitadecentralisedmodel. Itbreaksthedataintosmallchunksacrossthenetwork. Effectively,businesseswillonlybeabletostoreanduse verylimitedpartsofcustomerdataatspecifictimes.No longerowningcustomerdatawillchangemostbusiness models.Weneedtogetreadyforthattoo.Andthat’swithin acontextofgrowingfocusonprivacyinadvertisingand dataprotection.Soitisonlygoingtobecomemoreand moreimportant.Fromanexperienceperspective,at Samsungwe’recontinuingtoevolveourcustomersmobile experience,makingiteasierthanevertouseblockchainon Galaxydevices.Userscannowmanageandtradevirtual assetsfromthird-partywalletsonSamsungsmartphones.
Voice:
Inthenext5years,40%ofGenZwillexpecttoaccessthe Internetbyusingtheirvoicealone**,sovoicecommerce hasgotthepotentialtobecomeasbigifnotbiggerthan mobilecommerce.Thisnewtechnologywillalso exponentiallyincreaseinusewiththeroll-outof5G,smart assistantdevicesandIoT.Again,thatrepresentsanamazing opportunitytohelpcustomersbysimplifyingtheirlives Ai’scontinuousevolutionhasmeantthatwecancontinue torefineourcustomersexperienceofusingvoice commandsacrossallofourdevices.Thekeyistomakeit helpfulandusefultocustomersatatimeintheirpurchase journeywhichismostrelevant,otherwiseitcouldbeseen astoointrusive.
AugmentedReality:
TheAugmentedrealitymarketisestimatedtogrowfrom USD10.7billionin2019andprojectedtoreachUSD72.7 billionby2024;itisexpectedtogrowataCAGRof46.6% from2019to2024***.Thisisgoingtoimprovetheways wedeliveronlineshoppingexperiences,whetherthatison socialchannelsoronvideochatsforexample…so customerscantrybeforetheybuy.Thisnewtechnology willbecomealsoveryimportanttotrainingofinternal teamsorexternalpartners,etc.
AbouttheAuthor:
SandrineDesbarbieux-Lloydisaseniorexecutivewithover25yearsofinternationalexperience,leadingorganisationsinthe implementationofstrategicchangeanddigitaltransformation.SheistheEuropeanVicePresidentofDigitalatSamsung, wheresheoverseesdigitalsalesandmarketing,amulti-billionpoundbusinessacross34countriesinEurope.Inthisrole,she isdrivingSamsung’sdigitaltransformationincludingmajorinnovationsuchasmachinelearningapplications.
Previously,SandrinewastheDirectorofMarketingandDigitalatAvisBudgetGroupwiththeresponsibilityforalldigital platformsandmarketingprogrammesacrossEurope,MiddleEastandAfrica.Inthisjobrole,shefocusedongrowingthe digitalbusiness,specificallydirectchannels,andsuccessfullyincreasingrevenueyear-on-year
Sandrinehasalsoheldseveralseniore-commerce,digitalandmarketingrolesforinternationallyrecognisedconsumerbrands includingBT,LACOSTE,AXA,BAA,E.ONandBUPA.
NotableinhercareeristhenationallaunchofbroadbandandWi-FiforthefirsttimeintheUK.Thisextremelychallenging roleinvolveddefiningthewirelessstrategyforBTGroupfollowingthede-mergerof02,buildingamobilitybusiness, launchingBTOpenzonetheUK’sfirstPublicWLANservice,andthere-launchofBTMobileanewSP/MVNObusiness.
