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TRANSCRIPT
Impact of Digital Documents in Insurance
Andrew Hellard | Product Marketing Manager | April 2016
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Agenda
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Introductions 1
What is digital insurance? 2
Customer communications in a digital world 3
Questions and answers 4
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Introduction
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Andrew Hellard – Product Marketing Manager, GMC Software
10 years experience in insurance Experienced with both Property and Casualty and Life insurance
Managed full legacy Customers Communications Management migration at a $1 Billion USD Property and Casualty insurer
15 years experience in technology Team and project leadership in insurance and marketing
Web-based insurance application development for both customers and agents
Mobile application development using multiple frameworks
Education and Certifications Electronic Document Professional – Xplor International
Masters in Business Administration – The Ohio State University
Management Information Systems, B.S. – Miami University
What is digital insurance?
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Insurance CIOs worldwide have identified digital transformation as the most disruptive factor for their industry
Gartner – Predicts 2016: New Technologies and Business Models Will Drive Digital Disruption in Insurance
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Digitalization Enabling digital transactions to improve margins or optimize operations
Digital Insurance
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Digital Business Generating new revenue or creating new customer experiences
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Stage 1
Stage
2
Stage 3
Stage 4
Stage 5
Digital Insurance
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Digitalization of existing processes
New value propositions
New competitive positions
New digital revenues and experiences
New operating models
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83%
62%
47%
-15%
-20%
0%
20%
40%
60%
80%
100%
Market Capitalization Increase Return on Assets Increase
Insurer Returns 2011-2013
Digital Progressive Digital Embryonic
Source: Gartner, Best Practices for Developing Digital Leadership in Insurance
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By 2018, more than 50% of life and P&C insurers worldwide will partner with or acquire insurance technology startups to secure their competitive positions.
By 2018, 15% of insurers will deploy smart machine technology to improve profitability and customer experience.
By 2019, telematics adoption will lead to overall personal auto insurance premium income reduction of 20%.
Gartner Predicts 2016: digital insurance
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By 2018, at least 5% of life insurance companies will offer pay-as-you-live products.
By 2018, escalating IT debt will force more than 100 insurers to restructure, be acquired, outsource their IT operations or go bankrupt.
Gartner Predicts 2016: digital insurance
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Technology challenges to digital insurance
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“IT debt" is the cost of clearing the backlog of maintenance that would be required to bring the corporate applications portfolio to a fully supported current release state
Gartner estimates that the global IT debt in the insurance industry has grown to more than $110 billion, while insurance IT budgets have remained largely flat.
Gartner estimates the majority of insurers across the globe still run more than 50% of their core insurance applications on legacy systems.
Latin America IT budget increases lag the rest of the world
Technology Challenges
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24% Insurers worldwide with a formal digital strategy
15% Insurance leaders consider their organizations to be digitally progressive
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58% Insurance core system modernization projects go over budget
82% Insurance core system modernization projects go over time
1. High failure rates in insurance legacy modernization challenge CIOs – Gartner Research 2014
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How can we meet customer digital needs in this environment?
Customer communications in digital insurance
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Nature of insurance requires documents
Outbound communications are the only interaction many customers have with their insurer
Most customers have so little contact with their insurer that each communication is a moment of truth
Communications must be a part of any insurers customer experience strategy
Insurance is a promise, not a product
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• Insurer to customer
• Broker to customer Connection
• Technology
• Personal Experience
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62.5M smartphone users
59.8% of mobile phones are smartphones
41.4% smartphone user growth from 2014
65M internet users by end of 2015
The Mexican Digital Customer
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Source: EY, Global Customer Insurance Survey
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What would be a better way?
Connection
• Communications are personal and relevant
• Personalized messaging on communications
• Customers feels that the company understands his needs
Experience
• Customer chooses engagement channel
• Not dependent on physical mail
• Conversion in minutes, not days or weeks
• Minimize customer frustrations
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Agents are a critical part of the customer experience
Agents have the most contact with customers
Agents are struggling with digital transformation
Insurers must help agents with this transformation
Agents and Brokers
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How can GMC Software help?
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Customer Communications Management
Solution enabling the creation, management and delivery of personalized outbound communications across many channels and formats.
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Policy System
Claims System
CRM System
Printed output
Dynamic Communications
Emails and SMS
Digital output
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Meet digital customer’s expectations
Optimize every touchpoint
Marketing, quotes, policies, contracts, claims correspondence, loyalty programs, renewals, notices
Digitize legacy paper processes (e.g. digital onboarding)
Drive clients to lower-cost, higher-impact channels
Engage consistently, create multichannel experiences
Refine the customer journey and optimize moments of truth
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Inspire Designer
GMC Roadmap for Ally Bank. Subject to NDA 34
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Powerful Omnichannel Preview
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Browser-based Interactive
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Browser-based Remote Authoring
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Interactive mail merge for brokers
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Approval Workflow Editor manages complex compliance issues
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Define approval processes for different
departments, templates, transactional processes using GUI within web
browser
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Native mobile approval apps
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Mobile Advantage SDK
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CCM
Runtime
Mobile app
Core Systems
& GMC backend
iPhone, iPad, Android
Smartphones
Encrypted communications
AP
I
AP
I
AP
I
GMC runtime powers up
customer communications
in native mobile applications
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New cloud-enabled automation tools
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Customer Journey Mapping
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Customer Journey Map
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Improve customer relationships with each interaction
Connect business to clients with easy to use tools
Build once, deliver to all channels
Say “Yes” to the new digital customer
What does this mean for you?
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Your Questions
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GMC wants to help you transform your business
Inspiration for enterprise
Engage your customers
Increase the strength of your
connections
Create new business models
Bring new products to
market faster
Quantify the value of
communications
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Source: EY, Global Customer Insurance Survey
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What does this mean for your customers?
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An exceptional communication experience