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Insurance Digital Customer Experience

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Story Line

• Current Challenges

• Key Drivers of Insurer’s Digital Strategy

• Changing Consumers, Behavior, Trends and Digital Opportunities

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Customer Experience - Current Challenges

Perception and Utility

• Considered grudge purchases

• Inconvenience and little added benefits

• “Get it and forget it”

• Interact with the provider when something bad has happened

Commoditization

• Rise of aggregators and access to technology

• Price comparisons are further pushing brand equity to its boundaries

• It’s difficult to explain a customer on parameters such as claim handling and customer service

Acquisition and Retention

• Cost of acquiring a new customer leading to discounting first year’s premium

• Customer retention gates are just not high enough

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Drivers of Digital Strategy in Insurance Industry

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Drivers of Insurer’s Digital Strategy

It’s all about retention through improved customer experience

Source: Global Insurance Digital Survey 2013

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Drivers of Insurer’s Digital Strategy

Source: Global Insurance Digital Survey 2013

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Changing Consumer, Behavior, Trends and Opportunities

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New Customer is Very Different

• Financial Freshman• Socially Mindful• Independently Dependent• Practically Motivated• Tech Savvy• Entrepreneurially Spirited• Diverse

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Lack confidence in financial decisionsFind insurance products too complexMay not understand the need for risk protection

Oscar Health NY

Modern insurance company that is using technology to make insurance simple, intuitive and human

Financial Freshman

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Seek recommendations and validations from personal network and professionals. Expect good service

Independently Dependent

Swiss Life One100

• Browse other people’s goals to get inspired

• Define goals and timeframes for these goals

• The site visualizes personal progress, cheering users on as they progress and inspiring those in your social network

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Focus on price, value and convenienceProne to switching carriers

Google Beat.The.Quote.com/Google Compare

With 127 providersNow also available in Germany and France

Practically Motivated

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Are avid mobile technology usersIntegrate technology into their lives

StateFarm partnered with ADT in the P&C insurance space

Insurance in a box, Pay as you drive, pay as you go, Connected Homes

Provide insurance by hours as oppose to an individual for popular car sharing Proactive than reactive with Connected/Smart Homes/offices, Connected Cars, Connected Bodies, internet of things.

Insurance in the box Driverless, shared cars

Connected HomesPay as you drive

Tech Savvy

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Are racially and ethnically diverse, Come from diverse household types, Have diverse professional experiences

Sheila’s Wheels, Drive like a Girl

Niche customer segmentation will get formed and will get served exclusively. Serving platforms will not change dramatically, rather will evolve to accommodate

Diverse

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Are self-directed in research. Use multiple channels of interactions.

Customer Decision Journey has changed – Its is no longer linear

Consumers are experiencing many more product choices and channels of communication

Methods of researching and buying Insurance products less linear and a bit more complicated

Multi-channel

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Three Key Focus Areas for Insurers to Respond

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Educate customers differently

Education and advice customer s about what they really care (Healthy Living and Safe Driving), and not only about risk, and the need of financial protection

Tech Savvy

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Make customer interactions ubiquitous and extremely easy

Store Digital ID Cards on mobileVirtual assistance in accident scenarioAccident Location CaptureTake and upload photosReport a claimGet instance alertsMake paymentsRoadside assistance

Customer Self Service

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Enable brokers to deliver better customer experiences

Empowering brokers and agents with intelligent and intuitive tools to allow access to richer customer insights, sales enablement, collaboration and rule based underwriting

LearnVestDistilled the cluttered world of personal finance with a powerful and beautiful tool. Custom tailored for you, and your dedicated financial planner at every step.