During a live demonstration, Capgemini Consulting’s Head of Digital Insurance, Alan Walker, briefed the assembled insurers on the digital All Channel Experience concept, demonstrating how digital technology can be used by insurers to revolutionise the customer experience, including:
- Using social listening to spot new sales opportunities visible on Facebook, Twitter or other social media
- Responding automatically to those opportunities and using techniques such as gamification to build engagement with the potential customer
- Providing mobile apps to help customers to tailor their insurance, view the formal offer from the insurer, and conclude the purchase remotely
- Having a complete picture of the customer to be able to meet their needs more fully
- Providing unasked-for value-adds to enhance the relationship further
- Ensuring the customer receives rapid, seamless service across multiple distribution and service channels; and
- Settling claims more efficiently, while keeping the customer informed and engaged throughout
Alan Walker, Capgemini Consulting said, “Today’s customers expect a great customer experience from every business they connect with. These expectations of great customer experience are already being met by retailers, travel companies, entertainment companies and publishers but not, as yet, by insurers. In fact, a recent Capgemini survey showed that only 30% of people have positive customer experiences with their insurers – and that two thirds are a retention risk because of the customer experience they receive.
“For insurers to be successful in the future it’s essential that they provide customers and intermediaries with a better customer experience by being more responsive and engaging through digital channels.”
Capgemini’s Insurance All Channel Experience prototype uses real software and services already orchestrated in the Cloud, supported by a comprehensive Capability Maturity Model, enabling insurers to benchmark where they are today and to decide where to invest for the future.
Diane Buckley, Head of General Insurance, Legal and General said, “The fast paced nature of digital is changing customer demand and expectations for customer service. Customers want a service that keeps pace with digital media and, due to the rigid regulatory environment, the financial services and insurance sectors have been perhaps slower to adopt a digital strategy than other industries. Now is the time to respond and it’s great to see Capgemini demonstrating what is possible. This is what insurers need; proof of how digital solutions work in practice so we can continue to push through organisational change.”
The Insurance All Channel Experience requires several key supporting technologies. These include:
- A presence across all channels: Cutting edge web, mobile internet and mobile app delivery
- Top notch analytics: Enabling monitoring and analysis of behaviours and outcomes in the spheres of marketing, pricing, “next best actions” and fraud
- Knowing your customer: Comprehensive CRM capabilities providing a single view of the customer and their history with the Insurer
- Telematics: Supporting enhanced customer understanding, risk-based underwriting and usage-based pricing (for motor, home, health, and life protection)
- Slick back-end functionality: Robust policy, claims and billing systems, which facilitate straight-through processing; and
- Efficient utilisation of assets and content, supported by appropriate document and digital asset management solutions
All of these elements must be skilfully matched, integrated and orchestrated to help the Insurer to provide an effective and holistic end-to-end All Channel Experience for each customer – and this integration and orchestration is what Capgemini demonstrated at this morning’s event.
Andy Lee, Director of Business Strategy for Ageas UK commented, “Social media, digital technologies and mobile devices are fundamentally changing the way in which consumers both interact with and evaluate brands. Our customers may well expect the features of these innovations such as immediacy, convenience and flexibility to improve their insurance experience. Insurers have a great opportunity to improve that customer experience, while at the same time harness the efficiencies technology can often provide.”
