How can insurers excel in customer engagement? 7 essentials of a unified core systems, sales and marketing platform are needed. Abstract: In a recent SMA study, more than 80% of insurers said that they were making strategic investments in customer engagement and experience. Yet, only 8% of them are able to present a single view of their customers across all channels. This presentation explores the impact of that gap on both insurance companies and policyholders, and explains the 7 essentials needed to overcome those challenges.

1. Why the ultimate
360° insurance
experience eludes
even the top
insurers
And the 7 essentials needed
to overcome the challenges.

2. Smart insurers know that happy, loyal
customers are the key to their success.
Especially these days, when those
customers are more demanding and
savvy than ever before.
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3. In fact, in a recent Strategy Meets Action
study, more than 80% of insurers said that
they were making strategic investments in
customer engagement and experience.*
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4. In fact, in a recent SMA study, more than 80% of insurers
said that they were making strategic investments in
customer engagement and experience.
Yet, only 8% of them are able to present a
single view of their customers across all
channels.
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5. In fact, in a recent SMA study, more than 80% of insurers
said that they were making strategic investments in
customer engagement and experience.
Yet, only 8% of them are able to present a single view of
their customers across all channels.
So, if they aren’t able to do that, what kind
of experiences are their customers having
with them?
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6. Odds are,
they’re not very good.
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7. Odds are, they’re not very good.
Odds are, they are making
the kinds of mistakes with
their customers that
deteriorate trust and
prevent loyalty.
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8. Odds are, they’re not very good.
Odds are, they are making the kinds of mistakes
with their customers that deteriorate trust and
prevent loyalty.
Like sending them
marketing offers that
lack relevance
or personalization.
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9. Odds are, they’re not very good.
Odds are, they are making the kinds of mistakes
with their customers that deteriorate trust and
prevent loyalty.
Like sending them marketing offers that
lack relevance or personalization.
Or, trying to sell them
something they’ve
already bought.
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10. Odds are, they’re not very good.
Odds are, they are making the kinds of mistakes
with their customers that deteriorate trust and
prevent loyalty.
Like sending them marketing offers that
lack relevance or personalization.
Or, trying to sell them something they’ve
already bought.
Or asking them to
provide the same
information over
and over.
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11. Odds are, they’re not very good.
Odds are, they are making the kinds of mistakes
with their customers that deteriorate trust and
prevent loyalty.
Like sending them marketing offers that
lack relevance or personalization.
Or, trying to sell them something they’ve
already bought.
Or asking them to provide the same
information over and over.
Or communicating
through one channel
when they prefer
another.
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12. At Best ...
... these kinds of
experiences annoy
customers and
damage their view of
their provider.
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13. At Worst ...
... they cause them
to look for an
alternate insurer
who will take better
care of them.
switch insurance provider
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14. Today’s customer relationships are all
about the moments.
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Receives
product offers
Purchases
policy
Accesses
services
Tells
others
Pays
bills
Evaluates
options
Files
claims

15. Today’s customer relationships are all about the
moments.
Every moment, every interaction, is an
opportunity to enhance your relationship
with your customer―an opportunity to
demonstrate to them that you understand
them and their needs.
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Receives
product offers
Purchases
policy
Accesses
services
Tells
others
Pays
bills
Evaluates
options
Files
claims

16. Today’s customer relationships are all about the
moments.
Every moment, every interaction, is an opportunity to
enhance your relationship with your customer―an
opportunity to demonstrate to them that you
understand them and their needs.
Every moment is an opportunity to shift
their perception from “I pay you for my
required insurance” to “I see you as my
asset protector―the partner that I trust
to reduce my risk.” *
Receives
product offers
Purchases
policy
Accesses
services
Tells
others
Pays
bills
Evaluates
options
Files
claims
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17. To take advantage of these moments,
insurers need a complete view of their
customers.
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18. To take advantage of these moments, insurers need
a complete view of their customers.
They need to integrate data and systems
from both the front and back office to
deliver just-in-time information for
for marketing campaigns, sales activities,
policy servicing, billing and claims
transactions, and much more.
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19. To take advantage of these moments, insurers need
a complete view of their customers.
They need to integrate data and systems from both the
front and back office to deliver just-in-time information
for marketing campaigns, sales activities, policy
servicing, billing and claims transactions, and
much more.
So, what’s getting in the way?
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20. Most insurers have multiple disparate
systems that make it extremely difficult
to effectively manage the customer
engagement processes when there is
movement from one channel or process
to another.*
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21. Most insurers have multiple disparate systems that
make it extremely difficult to effectively manage the
customer engagement processes when there is move-
ment from one channel or process to another.*
Integrating these systems is no easy task,
and maintaining that integration over time
adds additional complications.
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22. Insurers need to be able to aggregate
systems and expand the view to see
beyond the transaction. This means that
systems must be integrated from the start
(pre-integrated) or tightly integrated by
explicit design.*
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23. Insurers need to be able to aggregate systems and
expand the view to see beyond the transaction. This
means that systems must be integrated from the start
(pre-integrated) or tightly integrated by
explicit design.*
In order to deliver the ultimate 360°
experience, insurers need to dissolve the
boundaries between sales and marketing,
and policy, billing, and claims servicing.
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24. They need business capabilities that will help them
take customer understanding to a new level:*
1. Integrated information and insights across channels
2. Unified operations that deliver consistent experiences
throughout the customer lifecyle
3. Right context for every interaction
4. Real-time capabilities that enable immediate,
appropriate action
5. Informed exchanges based on insight into
the customer profile and current situation
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25. They need business capabilities that will help them take customer
understanding to a new level:*
1. Integrated information and insights across channels
2. Unified operations that deliver consistent experiences throughout the
customer lifecyle
3. Right context for every interaction
4. Real-time capabilities that enable immediate,
appropriate action
5. Informed exchanges based on insight into
customer profile and current situation
And they need modern, integrated solutions that
can deliver the ultimate 360° experience with full
customer-centered, omni-channel support.
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26. So what does that look like?
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27. So what does that look like?
Let’s take a look at the
7 essentials of a modern,
integrated solution.
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28. 7 essentials of a modern,
integrated solution
Essential #1
A common customer data model used by
different areas of the company to market to
a customer, provide customer service, or
handle a transaction that provides a
common view or common definitions of
customer data.* 1Want to learn more? Download the full report here

29. 7 essentials of a modern,
integrated solution
Essential #2
Advanced solution support for marketing and
communication management that provides
real-time, tight integration with core
operational systems.*
2Want to learn more? Download the full report here

30. 7 essentials of a modern,
integrated solution
Essential #3
Modern policy, billing, and claims core
systems that offer extensive integration
points to bundled or separate digital
marketing systems.*
3Want to learn more? Download the full report here

31. 7 essentials of a modern,
integrated solution
Essential #4
Solutions that provide a high degree of
configurability to define when, where,
and how in the customer engagement
lifecycle customers and prospects
are engaged.*
4Want to learn more? Download the full report here

32. 7 essentials of a modern,
integrated solution
Essential #5
Omni-channel experience management
capabilities that transfer relevant contextual
information fluidly among interaction
channels.*
5Want to learn more? Download the full report here

33. 7 essentials of a modern,
integrated solution
Essential #6
A consolidated view of all systems to
manage all service aspects of customer
interaction.*
6Want to learn more? Download the full report here

34. 7 essentials of a modern,
integrated solution
Essential #7
Sophisticated integration capabilities
that facilitate the exchange of data
and services and achieve reuse and
consistency throughout the company.*
7Want to learn more? Download the full report here

35. The ultimate 360° experience takes
integration to a new level, tapping into
the gold mine of information that is
resident in core systems and then
combining that data with sales, marketing,
and servicing insight―in real-time, in the
right context―and executing smarter
interactions.
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36. The ultimate 360° experience takes integration to a new
level, tapping into the gold mine of information that is
resident in core systems and then combining that data
with sales, marketing, and servicing insight―in
real-time, in the right context―and executing smarter
interactions.
So that insurers can delight their
customers with experiences that are
always meaningful and valuable.
Want to learn more? Download the full report here

37. To find out more about the ultimate 360° experience,
and what you need to do to achieve it, download
Strategy Meets Action’s (SMA) recent paper:
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* Achieving the Ultimate 360° Insurance Experience:
Gaining New Vision and New Value in the Digital Era