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1 | How to Win with Mobile

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How to Win with Mobile Transform PC&L with an Omnichannel Experience

mobileTransform Property & Casualty and Life

with an Omnichannel Experience

HOW TO WIN WITH

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Table of ContentsP&C and Life Insurance Are on the Move . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Making the Most of Mobile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Mobile Moments in a Policy Lifecycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

5 Must-Have Mobile Capabilities for P&C and Life . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16





Property & Casualty and Life Insurance Are on the Move

You’ve seen the data. Consumers continue to embrace mobile as a vital link to connect them with a broad spectrum of products and services. In the insurance industry, Property and Casualty lead the way in mobile connectivity, with Life not far behind.

Smartphones – Our Constant CompanionsSmartphones are with us 24/7, and are at the center of our transactional universe . As smartphone users we utilize a vast array of services, ranging from shopping and making instant purchases to accessing entertainment on demand .

We expect a virtual shopping cart for nearly anything we buy, almost anywhere in the world . Millennials, who use smartphones to access social media and interact with insurers more than twice as much as any other demographic group, are a driving force behind this trend and the development of next-generation mobility solutions .2

1 Top 10 Technology Trends Impacting Life and P&C Insurers in 2015—Gartner2 World Insurance report 2016—Capgemini3 Sources: Pew, Zogby Analytics, Experian, Corporate Insight—Investor Survey Report 2014

87% of millennials always have their smartphone with them.3

Mobile applications

& technologies are among the top 5

technology priorities for insurance IT leaders.1






The Competition Is FierceMore than ever, your business faces competitive threats – and not always from the usual suspects . For example, digital solutions make it easier for smaller players to get into the game and grow, either as startups or subsidiaries of established brands . With a strong digital backbone and without entrenched legacy systems, there’s nothing holding them back from nimble execution .

Auto insurers are also harnessing their mobile capabilities to become more competitive . Inspired by the success of pay-as-you-go companies (for example, those that offer rideshare services), some now price coverage directly against real-time variables like driving distance and speed and offer monetary rewards and other incentives to encourage safe driving .

4 Top Trends for Digital Financial Services in 2015—Javelin

“The delight with smart services has led to consumer and business demand for more connected services, especially those

that incorporate real-time information.”4






5 The Future of Insurance is Mobile, 2015—Forrester

Meanwhile, nontraditional competitors with a significant mobile presence and easy access to consumer data are poised to enter the marketplace . Many, like car manufacturers and telecom companies, have always been interested in consumer risk protection, while others represent giants in technology infrastructure that are eager to expand into new areas .

“Digital insurance teams now aren’t just monitoring what experiences the big

technology platforms like Google, Amazon, Apple and Facebook are providing to their

customers, but also how these platform players are insinuating themselves more

deeply into the customers’ world and creeping dangerously close to the core

of insurance.”5





“Consumers are demanding more personalization

from their insurance providers – and they’re willing to

pay for it.”7

Making the Most of Mobile

In order to satisfy policyholders with a seamless mobile experience, you’ll need to do more than simply offer an app. The good news is, once you have your mobile solution in place, you’ll be able to satisfy your customers’ expectations and solidify your position as their provider of choice.

What Policyholders WantPolicyholders want rapid access and visibility for alerts, and information 24/7 from wherever they are, using whatever device they choose . They also expect transactions to transcend simple account lookup and let them self-service for everything from making claims and policy changes to obtaining documents and identification . Most importantly, as the use of bots and personal assistants becomes more prevalent, they insist on the ability to engage in two-way conversations and receive personalized messages, even if it costs them more .6

Above all, as consumers we crave convenience . Consider how much simpler and less stressful it would be if, after you’d been involved in a fender-bender, you could simply grab your smartphone, snap a picture and submit it to kick-start the claims process .

Now that’s what we’re talking about .

6, 7 88% of Insurance Consumers Demand More Personalization from Providers, 2016—DataMentors





Making the Most of Mobile

What Providers NeedFirst and foremost, as an insurance provider, you need to prove to your customers that you “get it .” You have to demonstrate unequivocally to both present and potential policyholders that you possess the relevancy, capability and authority to provide them with highly focused, personalized mobile interactions . Do that consistently and as their perceptions change, so will the trajectory of your bottom line .

At the same time, mobility affords you valuable consumer insights, potentially clearing the way for offering policyholders meaningful— and for you, profitable—location-based services and offers . Your customers will also be fully empowered to handle many of the same tasks previously performed by your field agents, creating a cost-saving benefit you can reinvest to build your business .


“Consumer expectations have changed as a result of smartphones and ubiquitous connectivity. Forrester calls this

the mobile mind shift – the expectation that a consumer can get what she wants immediately, in context.”8





Mobile Moments in a Policy Lifecycle

Today, your customer expects mobile convenience throughout the duration of their policy. From end to end, the policy lifecycle offers you numerous opportunities to strengthen mobile engagement. Mobile moments focus on the core, customer-facing functions of the insurance policy, including New Business/Underwriting, Policy Maintenance/Accounting and Policy Benefits/Claims.

Corporate Accounting / Back Office / HR / Marketing

Product Design/ Actuary

New Business/

Underwriting

Policy Maintenance/

Accounting

Policy Benefits/

Claims

Business/ Process

Analytics





Mobile Moments in a Policy Lifecycle

Mobile moments make it easier for your customers to do business with you, starting with their first interaction—often at the research stage. And, you can meet customer expectations by peppering mobile moments throughout their policy lifecycle. These moments can make all the difference for policyholders, especially when they first apply and possibly later, should they file a claim.

Mobile Moments in Insurance

New Business/Underwriting Policy Maintenance/Accounting Policy Benefit/Claims

n Compare/Research Coverage and Rate Options

n Find / Contact an Agent

n Submit Mobile Application

n Capture / Submit Supporting Documents

n Obtain a Coverage or Policy Quote

n Collect / Submit Mobile Data

n Provide Mobile Alerts for Missing Information or Policy Issues

n Access Policy and Coverage Information

n View and Change Coverage

n Capture and Manage Home Inventory

n Offer Mobile Billing and Premium Payments

n Make Updates to Contact Information

n Provide Mobile Alerts for Renewals or Policy Anniversary

n Communicate Additional Coverage and Policy Options

n Submit First Notice of Loss (FNOL)

n Capture / Submit Supporting Documents

n Capture / Submit Damage Photos

n Find Nearby Repair Centers and Rental Car Services

n View Claims Status

n Provide Mobile Alerts for Missing Information or Settlement





Research shows that consumers frequently switch to insurers that offer a more desirable digital experience, and they use their mobile device to help them make their decision.9 It’s important that your offering satisfies their need for connectivity while at the same time delivering enterprise-level benefits like tamper-proof auditability for your business.

9 Playing to Win, Accenture 2013 Consumer-Driven Innovation Survey10, 11 Trends 2015: North American Digital Insurance—Forrester Research

“Customers are being courted by a new cast of insurance competitors, and they’ll

gladly switch if the price is better, the website is faster and the mobile app

is loaded with the functionality that makes their lives easier.”11

Approximately 50% of those surveyed use social media to

help make insurance-buying decisions.10

5 Must-Have Mobile Capabilities for Property & Casualty and Life






1 . Advanced Mobile CaptureYou can help differentiate your organization with mobile capture that takes convenience to the next level for both insurers and policyholders . For example, leading mobile solutions include auto-capture and image optimization, so data sent from mobile devices can be extracted to automate processes . This can be a game-changer in today’s marketplace .

When policyholders are empowered with the ability to supply underwriting documentation, still images or even video to help initiate a claim from their mobile devices, it speeds up service and increases customer satisfaction—not to mention boosting your efficiency . Without these types of advanced mobile capabilities, you’ll undoubtedly find it more and more difficult to attract and retain customers in the years ahead .

12 Instant insurance claims – apps for your car crash, 2014—CNBC .com

“Next time you’re in a fender bender, there’s good reason

to have your phone on hand – it could speed up your

insurance claim.”12






2 . Paperless SigningThe simple fact is, customers expect you to offer electronic signatures, including a way to electronically sign using a mobile device .

In 2000, the Electronic Signatures in Global and National Commerce Act (ESIGN Act) was signed into law without the use of a pen . Since then, e-signatures have rapidly increased in use by corporations, including those in the financial industry where regulatory requirements are the most rigorous .13 Today, the use of e-signatures for in-person signing ceremonies (like when ESIGN was signed into law) is fairly commonplace .

Using e-signatures is an indicator of an organization’s willingness to adopt digital solutions to provide customers with greater convenience, both at the time of signing and by accelerating business processes . E-signatures also enable efficiencies that lower the cost of doing business and create an audit-ready trail for ensuring compliance that includes validation of identity, sometimes using biometric data such as signing pressure .14

13, 14, 15 ESIGN Act: A Well-Established Law Enabling Business Transformation Today—Adobe

“...the optimal (e-signature) solution can not only create an enforceable contract, but also improve document creation, storage, retrieval, and audit trails.”15






3 . Multi-Channel SynchronicityYou’ve probably had the experience of filling out a form or application online and having to re-enter the same information over and over . Or, needing to pause a process so you could continue it later, often on another device—only to discover your previous input had been lost . This is exactly what you want to spare your policyholders if you want to keep them .

Your mobile solution should give customers the confidence that anything they enter via mobile will immediately cascade across all other channels and that they won’t have to re-enter the same information . They should know that they can stop and restart—including the option to switch to a different channel or device—without losing any information .

A claims scenario is easy to imagine: your policyholder is about to generate a first notice of loss and wants to record and submit information right away using their smartphone . The knowledge that their mobile experience is tied to a reliable “single version of the truth” gives them reassurance that they can later use another channel, such as voice or desktop PC, to follow up when it’s most convenient .

16 Smartphone Apps Allow Motorists to File Accident Claims, 2015—The New York TImes

“In the past year, most major automobile insurance companies have developed applications for smartphones that allow motorists to document data about a crash

and the people involved in it, photograph the damage, pinpoint the location via the phone’s GPS features, and in some instances, initiate a claim.”16





4 . Platform ScalabilityIn the early days of enterprise mobility, app developers, employees, hobbyists – everyone, it seems – pitched in to help develop mobile apps for insurers . Although they may have been useful at the time, as reliance on mobile connectivity has exploded, these early solutions proved to be difficult, if not impossible, to update and were seriously inadequate in terms of their scalability .

That’s because the mobile technology consumers were using took off and never stopped moving . First laptops, then cell phones, smartphones and tablets, and now wearables like smart glasses and smart watches needed to be integrated into systems built by developers who never considered their emergence .

With the benefit of hindsight, we can now fully appreciate that the only constant when it comes to mobile connectivity is that the ways policyholders use it will continue to morph and multiply . So the solution you choose has to be scalable and future-ready for the next big killer app or solution, whatever that may be .


17 Mobile Solutions for Claims Management, 2012—Capgemini

“To reach a larger customer base, insurers should focus on developing mobile solutions that have scalable architecture and that are supported by

a broad range of mobile platforms ...”17






5 . Open ArchitectureIn order to maximize your investment, you’ll need to be able to integrate your mobile solution with existing, as well as customized, process solutions . Solutions should also be able to interact with other related business solutions like Robotic Process Automation (RPA) and Customer Communications Management (CCM) .

Send in the BotsRobotic Process Automation (RPA) deploys intelligent software robots that automatically scour online resources and authorized websites to extract relevant customer information. It then enters this data into fields in another system, much faster and with much better accuracy than a human worker. RPA can significantly accelerate processes like new business underwriting and some aspects of claims processing and policy administration.

Get Up Close and PersonalAs an insurer, you’re challenged to fulfill expectations for personalized communication while maintaining message consistency. Integrating a customer communications management solution with your mobile platform achieves this by enabling business users to manage customizable, but consistent, communications. A CCM solution helps you nurture policyholder relationships, ensure brand consistency and maintain regulatory compliance.





Summary


Mobile technology has totally transformed today’s business transactions and to deny it could be a disaster . In order to succeed in this environment, you need to implement a truly flexible and future-ready mobile solution that can satisfy ever-changing customer expectations and achieve your business objectives—while also keeping you a step ahead of the competition .

No problem, right?

Actually, there is a leading mobile platform that turns smartphones into information capture devices with a suite of dynamic solutions that engage customers where and when they want, on the channel of their choice . With it, your organization can improve service, increase customer satisfaction and accelerate transactions across all lines of business—resulting in a better bottom line for you .

“The impact of the mobile-shifted customer is palpable across the insurance industry and ecosystem.”18





To find out how you can improve the customer experience, increase revenue and stay a step ahead of the competition

with our Mobile Capture™ Platform, please visit www .kofax .com/mobile

+1 (949) 727-1733

u info@kofax .com

©2016 Kofax Limited . All rights reserved .

http://www.kofax.com/mobile/kofax-mobile-capture-platform/kofax-mobile-capture-platform/benefits

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