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Gerent spotlight - Reinventing the Insurance Customer Journey
This document summarizes a webinar about reinventing the insurance customer journey and delivering a customer-centric digital experience. The webinar included a roundtable discussion with insurance industry leaders on changing customer expectations and how technology can help meet those expectations. It also featured presentations from The Gerent Solution and Salesforce on how their digital solutions can help insurers transform customer experiences. Attendees were offered a complimentary workshop from Gerent to discuss challenges and opportunities for digital transformation.
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Focus on delivering enjoyable, easy, and useful experiences in insurance; adapting to changing customer expectations, driven by technology and COVID-19.
Engagement strategies such as Q&A, polls, and sessions to gather feedback and encourage interaction during the presentation.
Panelists discuss strategic insights on technology alignment and advancing digital solutions in the insurance sector.
Engagement strategies such as Q&A, polls, and sessions to gather feedback and encourage interaction during the presentation.
Panelists discuss strategic insights on technology alignment and advancing digital solutions in the insurance sector.
Panelists discuss strategic insights on technology alignment and advancing digital solutions in the insurance sector.
Focus on delivering enjoyable, easy, and useful experiences in insurance; adapting to changing customer expectations, driven by technology and COVID-19.
Panelists discuss strategic insights on technology alignment and advancing digital solutions in the insurance sector.
Panelists discuss strategic insights on technology alignment and advancing digital solutions in the insurance sector.
Gerent's digital transformation fast facts and roadmap for omni-channel change, focusing on customer lifecycle and change management.
Engagement strategies such as Q&A, polls, and sessions to gather feedback and encourage interaction during the presentation.
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Gerent spotlight - Reinventing the Insurance Customer Journey
- 1. ReinventingtheInsuranceCustomerJourney Seamlessly delivering anunparalleled customer-centric experience for the digital world
- 2. Disclaimer Presentations are intendedfor educational purposes only and do not replace independent professional judgment. Statements of facts and opinions expressed are those of the participants individually and, unless expressly stated otherwise, are neither the opinion nor position of The Digital Insurer or SMA. The Digital Insurer and SMA do not endorse or approve, and assume no responsibility for, the content, accuracy or completeness of the information presented.
- 3. Welcome DEB SMALLWOOD Senior Partner SMA,a ReSource Pro company HUGH TERRY Founder, The Digital Insurer
- 4. Housekeeping How to participate: Ifyou have a question please type into the Q&A area If you have a comment please type into the chat area Polls: Please respond to the poll questions throughout the webinar Your experience: You can select slides only, slides + speaker, speaker only We will post links to both and other info in the chat area Post-event: We will send in a few days a link with recordings of the event including links to slides and booths and contact details
- 5. Today’s Agenda WELCOME 5MINUTES ROUNDTABLE DISCUSSION 20 MINUTES THE GERENT SOLUTION 25 MINUTES CALL TO ACTION 5 MINUTES
- 6. Roundtable Discussion: Today’sPanelists DEB SMALLWOOD Senior Partner, SMA, a ReSource Pro company DONN VUCOVICH Insurance Practice Leader, Gerent LLC RICH FUSINSKI Chief Information Officer, H.W. Kaufman Group - Burns & Wilcox JAMES WEBB Global Head, P&C Insurer Solutions, Salesforce Industries
- 8. Strategic Insights onaligning technology to evolving customer expectations RICH FUSINSKI Chief Information Officer, H.W. Kaufman Group - Burns & Wilcox
- 9. Creating a Customer-CentricExperience Enjoyable Easy Useful That was great! I can’t wait to do business again That was intuitive, but I wish some things were different I accomplished my goal but I’m not sure I’ll be back The best organizations are already here, or are striving to get here. A great customer experience is the result of a useful, easy, and enjoyable customer journey. What are your plans? Why does it matter?
- 10. Customer Expectations areChanging Why should insurance be any different? Do you think B2B expectations will be any different? Source: Forbes, DepositAccounts.com E-Commerce is the Norm More than Half of Customers Expect Personalized Offers Consumer Technology has Heightened Expectations for Service (And channel-hopping customers expect omnichannel service) COVID-19 has changed customer expectations and interactions with companies forever 40% of customers say they are using mobile banking more now than pre- pandemic (57% Gen X) Customer expectations are changing rapidly, as is the definition of rapidly Social media has changed the definition of “fast” Shopify which embeds shopping experiences into social media for quick purchases of things you might not have even known you wanted, experienced +86% YoY growth
- 11. Insurance Still LagsBehind Other Industries • The banking sector is being transformed (and disrupted?) by fintech – will insurance? • 86% of surveyed senior insurance executives expect customer behavior to change permanently because of COVID-19 • Burns & Wilcox is heavily investing in technology with Salesforce and Gerent to leverage these trends for future growth and profitability Source: Computer Weekly Differing Perspectives • “We have a robust API” (and they do) • “We have a robust API” (and they don’t) • “We have an API but we will only offer quoting” • “We never intend to offer an API – you rate it” • “An API is at the core of our future strategy” • “We don’t have the technical resources for an API” • “Our customers are demanding a great, feature-rich digital portal” • “Our customers expect to file claims online” • “Our customers want tailored renewal offers” • “We are investing heavily in technology” • “We want to work with MGAs and Carriers who can offer us a great, integrated experience” What Burns & Wilcox is Hearing from Agents What Burns & Wilcox is Hearing from Carriers
- 12. What Burns &Wilcox is Doing Full Digital Transformation • Make huge efforts to know your customer • Identify how you can make your offering special • Define and focus on the right success metrics • Bring a customer-centric mindset to every team • Continuously improve with customer feedback • Make a commitment to agile principles • Leverage SMEs and acknowledge past mistakes • Map out your as-is and to-be workflows • Mock-up your full vision and obtain buy-in • Choose a software vendor who is committed to your vision and evangelizes best practices • Choose an implementation partner who knows your business like the back of their hand How to create a customer-first strategy? How to choose and align technology? • Focus on the Agent 360 experience with full-featured portal and digital channel • Focus on internal producer efficiency and productivity tools to: • API-first approach • Decrease processing time for a better agent experience • Create more time to cultivate agent relationships • Increase accuracy for all parties
- 13. Business Follows the Path ofLeast Resistance • Customers will work with Agencies and Carriers who provide enjoyable experiences • Agencies will work with Carriers and MGAs / MGUs who provide enjoyable experiences • MGAs / MGUs will work with Carriers who provide enjoyable experiences • Everyone will go to Fintechs where traditional business fails them • Let’s all be on the right side of this story
- 14. How Salesforce andSalesforce industries advance digital solutions to make them a reality JAMES WEBB Global Head, P&C Insurer Solutions, Salesforce Industries
- 15. The Insurance Digital Imperative GlobalHead, P&C Insurer Solutions James Webb
- 23. Key implementation insightsfrom Gerent DONN VUCOVICH Insurance Practice Leader, Gerent LLC
- 24. FAST FACTS Crest Partner 13 Years inBusiness 300+ Salesforce Certifications 140+ Consultants 1,000+ Collective years of Salesforce experience 500,000+ Total hours of implementation 40+ Salesforce Industries Certifications 900+ Salesforce Implementations 40+ Salesforce Industries Implementations 5-star Customer Satisfaction Score 24
- 25. Digital Omni-Channel transformationcuts across two primary objectives 1. Address technical debt complexity 2. Enable digital business strategy SUSTAINABLE MAINTAINANCE COSTS AND RISK SIMPLIFY ENTERPRISE ARCHITECTURE ENABLE DIGITAL, EMERGING TECH & STRATEGIC PARTNERSHIPS INTEGRATION ACROSS THE ENTERPRISE INCREASE SPEED TO MARKET MODERNIZED WORKFORCE FOCUS AREAS FOCUS AREAS 25
- 26. Omni Channel changerequires a roadmap across the customer lifecycle Insurance Customer Lifecycle Digital Marketing Optimization • Awareness (product) • Awareness (brand) • Distribution channel support and tools Channel Sales & Support Tools • Customer targeting • Up-selling/offer bundles • Pricing algorithms Pricing & Underwriting • Adaptive technical underwriting • Adaptive street pricing at renewal Point of Sale Analytics • Fraud detection • Lifetime value • Cross-sell/retention propensity Direct Business and Partnerships: • Sales funnel • Sales management • Customer web/digital experience Renewal & Retention • Targeted renewal pricing • Inbound/save team • Propensity-based outbound contact Claims Management • Triage at “first notification” • Fraud detection • Early intervention • Streamlined customer friendly experience Customer Footprint Expansion • Share of wallet analysis for cross sell/up sell • Customer segmentation Risk Appetite/Risk Management • Clear accept/reject guidelines and rules • Alignment with risk sharing partners and reinsurers • Enterprise level risk profile and risk analytics 26
- 27. Strategic Consultation BusinessAnalysis & Solution Design Success Management Ongoing Support Sessions with key stakeholders focused on understanding perceived challenges and areas of opportunity for Salesforce. A trusted approach involving extensive analysis, architecting, modifying business processes, and enabling transformation. Dedicated practice for training and enablement, providing platform guidance, activation roadmap, and adoption strategy. Devise a customized support plan that meets your objectives and help you maximize your Salesforce investment. HOW WE BRING SALESFORCE TO LIFE 27 Implementation Using one of two proven implementation methodologies, the Waterfall method or Agile Framework, your Salesforce solution is brought to life.
- 28. Review Rating Manual Set-Up Matrices Prepare Factor Tables Set-UpCalc Procedure Simulate RATING Identify Insured Item Attributes Identify Coverages & Terms Create Attributes Create Product / Associate Map Attributes to Rating Simulate Identify Configuration Rules Implement Attribute Rules Implement Coverage Rules Simulate CONFIGURATION Define Quote & Policy States Set-Up State Model Determine UnderwritingRules Set-Up Rule Actions Implement Rules Simulate UNDERWRITING 2 8 28 Insurance Product Modeling Create Specs
- 29. PHASE 01 Preparing forChange Helps change and project teams prepare for designing their change management plans. 2 9 PHASE 02 Managing Change Create plans that will integrate with the project plan. These plans articulate the steps you can take to support the individual people being impacted by the project. PHASE 03 Reinforcing Change Helps you create specific action plans for ensuring that the change is sustained. 29 Change Management Methodology
- 30.
- 31. Visit our booth!Link in Chat → www.gerentllc.com
- 32. Complimentary Rapid Discovery Workshop Shareyour company’s current state, key challenges, and desired future state. 60-Minutes Uncover high-potential ideas and opportunities with Gerent consultants. Receive a summary report with key insights and short + longer term action steps. Book your session: Email Brian Motzenbecker at [email protected] Exclusive offer for event attendees
- 33. Q. Would yoube interested in a complimentary 60-minute rapid discovery workshop with Gerent? 1. Yes 2. No Poll
- 34. Next Steps... Feedback onToday’s Event, Three Ways... ▪ End of today’s event using survey prompt ▪ When you receive the recording link email ▪ Directly to TDI, SMA & Solution Providers individually
- 35. Save the DatesTDI/SMA Virtual Series Continues
- 36. Contact Details Hugh Terry@TDI [email protected] Deborah Smallwood @ SMA [email protected] Donn Vucovich@ Gerent [email protected] Rich Fusinski @ H.W. Kaufman Group - Burns & Wilcox [email protected] James Webb @ Salesforce [email protected]
- 37. Thanks for yourtime! (feedback please)