Digital Business Transformation – Across Insurance Value Chain
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Digital Business Transformation – Across Insurance Value Chain
- 1. B Purchase & Onboarding Policy Admin. Claim Admin. Policy Renewal Customer Acquisition, Retention & Loyalty Design, Integrated Customer Experience, Business Process Efficiency, IoT Connected Product & Services Dev. Marketing & Distribution Underwriting & Rating Awareness, Research & Quoting Digital Imperatives Value Chain DigitalTransformationPriorities P/C Personal Lines Short-Term/Tacticalr Current to 1 year 38 IDEAS 25 Long-Term/Strategic 1+ to 3+ years 25 IDEAS Commercial Lines Life/ Wealth Customer View Across Multiple Products/Functions Personalization/ Productivity Customer Segmentation Insure As You Go Omni-Channel Experience Digital First Leverage Data Better Virtual Claims Increase Customer Touchpoints Reinventing Through New Data Sources Electronic Offers Agent or Policyholder Hybrid Distribution: Discovery to Shopping Connected Data From Wearables Robo-Advisors for Purchase & Onboarding Holistic View Across Products Self-Service Auto Applications Insurance Lifetime Accounts Note: -Insurance Executives generated 63 ideas across Multi-Lines of Business -Priority Items Highlighted in Red Online Binding that Actually Works Minimize Customer Effort Better Leverage Data to Personalize Customer Engagement Insure as you GoPersonalization New product to support Connected/ Wearable Data Customer Segmentation/W atson Coaching Integrate Data to Drive CX OfferingsAutonomous Cars Hybrid Distribution/Disc overy Shopping Google/Apple Car Electronic Underwriting Data Leverage Partnerships with Ride-sharing AI Interface Partner Strategies Deep Integration of Third-party Data Integrate P&C/Life Seamlessly Marketing Data Integration Seamless Omni Experience across Customer Journey Sharing Economy & How You Insure Peer-to-Peer Micro-Services Implementation Personalized Metrics/More Targeted Customer Segmentation IT Tools to Enable Comprehensive Planning Convergence of Health/WealthE xperience Regulatory Evolution Pocket Agent/Shop/Claims Improved Digital Interfaces Advanced Use of Data Analytics for U’wrtng/Claims Reinvent How Term Sold to Supercharge Growth Loss Reduction/Customer Behavior Change Business Strategy/Architect ural Alignment Streamline/Ease of Use & Service On-demand Variable Pricing Systems Integrating Data to CX Offerings Enhance Self- Serve Capability Seamlessly integrate P&C/Life Leverage More Data, Less Questions in Flows Underwriting Beyond the Application View Across Lines Awareness What Comes Next in Self- Insurance/Gig/Micro View Across Lines of Business Expense Reduction Block Chain Proactive Customer Engagement
Editor's Notes
- Cisco recently led an Insurance Innovators Summit with Digital Strategy Leads, Customer Experience Leads, Innovation Leads and others from across top insurance carriers for P&C Personal Lines (or General Insurance), Commercial Lines and Life/Wealth. The group collectively put up ideas on a board of where they see short-term and longer term Digital trends across the insurance value chain. Top priorities are outlined in red. This slide is representation of that “post it” exercise.