Digital Transformation for Insurance

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Digital Transformation for Insurance by Mind Map: Digital Transformation for Insurance

1. Insurance segments

1.1. Auto

1.2. Life

1.3. Property/Casualty

2. How are digital competitors executing

2.1. Delivering engaging brand experiences across multiple digital channels

2.2. Creating online-only brands to compete with established offerings

2.3. Using direct models to neutralize the value of incumbents’ Agent networks

2.4. Using connected devices to streamline processes and improve the experience. Deploying real-time “name your own” price and coverage comparators

2.5. Offering paperless transactions throughout the entire relationship

2.6. Encouraging side-by-side comparisons that focus consumers on price

2.7. Reducing barriers and raising incentives to switch to their products

2.8. Digitizing service interactions for mid-market audiences and products

2.9. Building partner ecosystems to offer valued but nontraditional services

2.10. Expanding loyalty programs to offer value, not just discounts

3. Customer Mindset

3.1. No loyalty

3.1.1. Among property/casualty customers, only 22% feel any loyalty to their provider

3.1.2. 30% of property/casualty customers would consider shopping for a better deal

3.1.3. Price sensitive = 38% of life insurance customers evaluate new providers based on price

3.1.4. 34% of life insurance customers switched providers in the last year

3.2. Digital

3.2.1. Where Boomer and Gen-X customers expected prompt, courteous service delivered in person, Millennials expect its digital equivalent. They measure insurance against their best experiences with digital standouts like Amazon®, Spotify®, and Uber®. They expect interactions personalized to their attributes, behavior, and intent, continuous across every device and platform and every step of their customer journey—as they choose to define it.

4. Key Customer Acquisition Modalities

4.1. Property/casualty insurers, whose products are typically required by law or lenders, use engagement to capture customers who switch at renewal time, and as a defense against price competition

4.2. Life insurers = Usually life events, such as marriage or the birth of a new child. Also since there are no regulatory requirements, they are expanding into mid-market with new products and service models, to achieve premium growth without their traditional cost burdens

5. Ways to digitally personalize sale (Property Insurance)

5.1. IDENTIFY INTENT => Cross-channel detection and targeting of policy prospects based on website visits and similar indicators

5.2. IDENTIFY PROSPECTS => Targeting based on life events like the purchase of a home—an opportunity to buy homeowner’s insurance, consolidate it with auto coverage, and add umbrella coverage

5.3. IDENTIFY PROSPECTS => Precise segmentation and targeting of anonymous first-time traffic, to deliver personalized content and offers that attract new customers and displace competitors

5.4. RETAIN CUSTOMERS => Enhancement of every later touchpoint and experience—claims, repairs, rental/ loaner cars, renewals, and more—with offers that match digital consumers’ individual preferences

6. Ways to digitally personalize sale (Life Insurance)

6.1. IDENTIFY PROSPECTS => Targeting based on life events that create or highlight a need for insurance, such as a new job or the birth of a child

6.2. VALUE EDUCATION => Educational assets, comparators, and simulators to demonstrate the asset, coverage, and cost benefits of adopting insurance early in life

6.3. UPSELL => Smooth transition to Term Life and other products that may require interaction with an Agent or representative

6.4. DRIVE REFERRALS => Digital alternatives to personal introductions by insurance brokers, which are both costly and mismatched to the preferences of digital consumers

7. Digital Customer Service (Digital consumers expect support built around them, meeting them when, where, and however they choose to engage)

7.1. Experience design that streamlines service across every customer lifecycle touchpoint, with the ability to continuously track status, issue timely updates, resolve claims easily, and more

7.2. Personalized product portfolios and bundles that accommodate consumer niche preferences in ways competitors cannot match

7.3. Interactions that accommodate customer choices of time, place, device, and channel—and pick up seamlessly when customers pause, move, or switch

7.4. Digitization of every interaction, including face-to-face contacts offline, backed by a single view of the customer that unites them all

8. Changing Role of Agents

9. Sample Journey

10. Solutions for Acquisition

10.1. Sharing segments across channels to coordinate content and offers across multiple acquisition campaigns in real time

10.2. Intelligent connectivity with data feeds such as the purchase of a car or a home

10.3. Personalizing social, email, search, and display advertising campaigns to the relevant target profiles

10.4. Aligning acquisition campaign content and messaging to customer profiles and user intent

11. Solutions for Enrollment Experience

11.1. Simple, intuitive enrollment process across web and mobile channels designed to facilitate customer acquisition, improve up-sell and cross-sell performance, and prevent customer drop-off.

12. Solutions to Personalize (for both Acquisition and Enrollment Experience)

12.1. Content alignment across various touchpoints of clients’ digital ecosystems, personalized according to each customer’s past and current interactions. Appropriate segmentation and targeting of new, unauthenticated traffic to help deliver personalized content and offers.

13. Solutions to Cross-sell

13.1. Coverage Expansion Enabler Tools and methodologies designed to use customer preferences and historical patterns of engagement when helping to create “next best product or service” offers to advance the customer journey

14. Agent Focused Solutions

14.1. An integrated portal that consolidates customer segments, interactions, and preferences into a single view across all online and offline touchpoints, designed to enhance Agent interactions. Designed to help to reduce the operational cost of the Agent distribution channel, while increasing its impact and improving outreach.

14.2. Agent Marketing Portal: Provides Agents an intuitive, standard way to establish their digital presence

14.3. Agent Productivity Portal: Agents can actively segment and target their customer base of policy holders thus creating the interface and the process for agent to act as a marketer