ibm commerce for the insurance industry
TRANSCRIPT
2 © 2015 IBM2
© 2015 IBM
What’s has changed in the world of
Commerce for InsuranceCustomers are more connected and empowered
Competition is coming from new and different areas
Operations and business models are being transformed
3 © 2015 IBM
of brands are satisfied with their ability to resolve conflicts with customers
of policyholders do not trust the insurance industry
Source: The Consumer Conversation – eConsultancy Report;
IBM IBV Study “Capturing Hearts, Minds & Market Share”
© 2015 IBM
A Satisfaction Gap exists
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of policyholders switched their insurer when their needs changed and their insurer couldn’t keep up
WHAT POLICYHOLDERS DO…
Source: IBM IBV Study “Capturing Hearts, Minds & Market Share”
WHAT POLICYHOLDERS FEEL…
Unsatisfied policyholders are 6x more likely to switch insurers
5 © 2015 IBM
Insurers need to compete with new entrantsPolicyholders would buy insurance from…
Source: IBM IBV Study “Capturing Hearts, Minds & Market Share”
Banks
Auto dealers (auto insurance only)
Online service providers(e.g Amazon/Google)
Home service providers
Retailers
None of the above
49%
26%
17%
16%
13%
30%
6 © 2015 IBM
By 2018, organizations who offer personalization will outsell companies who don’t by more than 30%
VoC initiatives that don't share data across the enterprise will compromise customer satisfaction and loyalty measures by 30%.
83% of consumers are more likely to do business with brands that allow them to control what, when and how they interact
The Customer-to-Business paradigm sets a higher bar
Source: Gartner Research, IBM IBV Study “Winning Over the Empowered Consumer”
Just 33% of insurers say they are collaborating extensively with their customers today
90% of insurance CEOs plan to focus on getting close to the customer in the next 5 years
Many insurers are just beginning to prepare
© 2015 IBM7 Source: IBM IBV C-Suite Study
Only 38% of insurance CEOs have an integrated physical and mobile strategy
Just 34% of insurance CEOs have a cohesive social strategy
Only 33% of insurance CEOs say their mobile strategy facilitates conducting business regardless of location
8 © 2015 IBM
Understand your customers’ needs, desires and context
Engage in real-time with your customers, partners and suppliers
Connect your customers to your ecosystem
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A C2B winning insurance strategy
9 © 2015 IBM
Winning in insurance means integrating customer engagement with insurers’ value chains
In the back office:
Manage risk
Reshape internal operations
Interconnect ecosystem partners
In the front office:
Gain customer insight
Personalize relationships
Provide a seamless Brand experience
350,000+ Global trading entities connected
IBM Commerce delivers nearly 15x ROI for every dollar spent
10 © 2015 IBM
100% of the Global
Fortune top 100 insurance companies have worked with IBM
15,000+ professionals are dedicated to serving the insurance industry
1 billion+ insurance transactions per day are processed on IBM platforms
IBM teams with
17 of the top 20
insurance companies in the US
$100 billioncommerce transactions analyzed Holiday Benchmark Reports
Sources: IBM and Nucleus Research provided for illustrative purposes and is not intended to be a guarantee of future growth rates or market opportunity; IBM analysis
Marketing
© 2015 IBM11
Digital Marketing
Lead Management
CustomerExperienceAnalytics
JourneyDesign
Omni-ChannelMarketing
Real-TimePersonalization
IBM Marketing Cloud IBM Marketing Software
12 © 2015 IBM
A
A French InsurerA French insurance company uses IBM Marketing Solutions to eliminate the complexity from developing profitable email campaigns and aggregate disparate customer date into a single view while also enabling marketers to use analytics to segment customers down to the most specific marketing criteria.
50%
60%
email open rate
reduction in email costs 2x increase in
growth revenue
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A Major U.S. InsurerA U.S. insurer of autos, homes, and small businesses implements a suite of IBM solutions to enhance customer experience and analytics on its eCommerce site.
EnhancedEnhanced customers’ online experience
Gained ability to proactively resolve issues before they occur
Improved overall operating efficiency
© 2015 IBM
Customer Analytics
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Digital Analytics
SocialAnalytics
PredictiveAnalytics
CustomerExperienceAnalytics
CustomerService
Optimization
Cloud and Software Solutions
Octagon InsuranceOctagon, an early-stage European insurance company used IBM Marketing Solutions to enable the online marketing team to review replays of specific user sessions and quickly uncover why customers were dropping out of the online application process.
22%
40%
increase in conversion rates
reduction in validation errors 330%
Overall ROI
© 2015 IBM16
A New York-Based InsurerAn insurer of commercial real estate and commercial businesses upgrades its IBM WebSphere software to enhance the performance of its messaging infrastructure
EnhancedEnabled automatic failover for disaster recovery
Enhanced data security
Increased operating flexibility
19 © 2015 IBM
Why choose IBM Commerce?
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Design & Analytics Integration
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Industry Expertise
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The Future of Commerce is Now
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