DIGITAL. and the Modern Insurer. Four keys to surviving technological change in the insurance industry

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1 DIGITAL and the Modern Insurer Four keys to surviving technological change in the insurance industry

2 Table of contents Disruption is already happening The rising expectations of today s customer Smart solutions for staying in touch with customers Making data-driven decisions in an era of disruption Managing your workforce in a digital era Your next move

3 Disruption is already happening Digital technology has passed the tipping point You don t have to look far to see examples of how the growth of digital technology has disrupted traditional industries in a big way. From Airbnb to Uber to Amazon, innovative companies are using new technology to challenge the old way of doing business. The $2 trillion insurance industry is no exception. You ve read the articles and reports; digital technology has been steadily transforming the industry for years. But disruption isn t just an abstract trend happening over the horizon the forces of change are starting to impact your day-to-day operations and your bottom line. Whether you re trying to meet new expectations from your customers and employees, looking to technology to help attract and retain new customers, or turning to data analysis to make smart business decisions, one thing is clear: disruption is a fact of life for US insurers. Disruptor to watch: Insurify Meet Evia, your newest competitor. Startup Insurify recently secured $2 million from investors to further develop the Evia virtual agent, which can shop for car insurance quotes using just a cell phone photo of a license plate. 31

4 Disruption is already happening Conservative by nature, the insurance business is particularly vulnerable to game-changing technology and the innovative business models that come with it. We ve already seen smaller companies like Sureify and Metromile achieve success by using technology to personalize the insurance experience for their customers. That s just the beginning. Investors, entrepreneurs, and corporate giants alike are transforming the insurance landscape like never before. It s time to rethink your technology spend Customer expectations keep rising Marketing and sales tools are now a must Data analysis and reporting are available for everyone Workforce management solutions have evolved 24

5 The rising expectations of today s customer Increasing customer demands have disrupted business-as-usual Mobile devices and digital technology have forever altered the expectations customers have for the companies and organizations they interact with. Today insurance providers are expected to offer the same level of technology and personalized service that customers experience elsewhere in their lives. For example, in 2014, 52 percent of smartphone owners with bank accounts used mobile banking apps.* Banking by phone has become commonplace, and as a result, customers now expect to see a similar focus on ease of access from other companies including their insurers. But it s not just about convenience. Consumers accustomed to dealing with data-driven, customer-focused companies like Amazon and Netflix now expect the other organizations in their lives to offer similar personalized experiences. They want companies to understand their needs and offer them relevant, customized services and solutions. In short, customers want their favorite companies to show interest in them. *Consumers and Mobile Financial Services 2015, Federal Reserve, 2015 The cost of doing nothing? Lost customers. When you ve disappointed a customer, it s hard to recover. In 2015 alone, 53 percent of US consumers switched providers due to poor service in at least one industry.* If you can t afford lost profits, fewer renewals, and less revenue, it s time to get customer focused. 53 *The $6 Trillion Opportunity: How Digital Improves the Customer Experience, Accenture, 2015

6 Rising The rising expectations of today s customer In today s interconnected, 24/7 world, maintaining the status quo won t cut it. You can t succeed unless you adapt and match your services to the new customer expectations. Checklist: Are you giving customers what they want? Responsive, instantaneous online service Fast settlement of claims Expert risk advice and counseling Diverse policy offerings to fit their lifestyles Disruptor to watch: CultureIQ Engaged employees are productive employees. To increase engagement and staff retention, businesses are turning to tools like CultureIQ, which gathers and analyzes employee feedback to help companies strengthen their work culture. Online billing and payment Communication customized to their needs Don t drive your customers away 67% 23% 67 percent of insurance customers would consider purchasing insurance from organizations other than insurers. 23 percent of those customers would consider buying from online service providers such as Google and Amazon. 64 Source: Insurance Customers Would Consider Buying Insurance from Internet Giants, According to Accenture s Global Research, Accenture, 2014

7 Smart solutions for staying in touch with customers Automation and integrated technology have changed the game Your customers have lots of options. It s easier than ever for them to compare the services and goods they receive between one company and another, so they know what they re missing. Customers who have bad experiences don t stick around they move on. Today only 28 percent of consumers are loyal to their providers and brands.* Fortunately, the emergence of new software and third-party providers has given agencies, carriers, and MGAs the ability to gain and retain customers more effectively. Insurers of all sizes now have access to a full suite of integrated marketing tools. To build customer loyalty, forward-looking companies use customer relationship management (CRM) tools and marketing automation together. An integrated CRM and marketing automation system allows them to efficiently manage client and prospect relationships, increasing their retention rates and boosting revenue. *Customer 2020: Are You Future-Ready or Reliving the Past? Accenture, 2015 The cost of doing nothing? Decreased revenue. Without an efficient, automated way of communicating with your customers, combined with a solid, reliable way to store and access customer data, you re missing out on chances to strengthen your relationship with them. 75

8 Smart solutions for staying in touch with customers Times have changed, and now these powerful revenue-boosting capabilities are widely available throughout the insurance industry. With the advent of so many affordable, scalable digital marketing options, modern insurers must consider using an integrated CRM and marketing automation system. Checklist: Can your current system do all of these things? Achieve greater efficiency and increased work capacity Make informed, data-driven decisions Offer improved, personalized customer service Disruptor to watch: BizInsure By giving businesses the ability to get quotes online and buy policies in seconds, while also offering 24/7 access to licensed agents, BizInsure has the potential to completely change how commercial business insurance is sold. Increase upselling opportunities Reach and retain more customers Better manage prospects and existing customers Marketing makes the difference Of surveyed marketing automation users** 46% 80% saw an increase in leads 77% saw an increase in conversions 46 percent of surveyed agencies said that marketing was the driver that most increased their personal lines sales.* 68 *How Independent P&C Insurance Agencies Thrive in 2015 s Competitive Marketplace, Aite Group, October 22, 2015 **Marketing Automation, How to Make the Right Buying Decision, VB Insight, 2015

9 Making data-driven decisions in an era of disruption The insurance business has always been driven by data; without the accurate assessment of risk, the industry wouldn t even exist. Yet despite the importance of information, many insurers have limited ability to organize and analyze their own data. But a transformation has occurred; data is now being collected and used in new ways by insurers of all sizes to make important decisions, quickly. New digital technology has changed the way the industry looks at and uses information everything from customer metrics, to local risk factors, to regional coverage trends. New self-service tools have democratized data, making information available throughout an organization, not just to senior leadership or IT. The cost of doing nothing? Being left behind. Companies who don t make data analysis a priority become less relevant to their clients, slowly losing market share to competitors who use data to improve their business practices. The ability to make smart, informed decisions about customers and coverage has never been more important for insurance providers. 97

10 Making data-driven decisions in an era of disruption Insurers today face increasing competition from non-traditional insurance providers and tech-savvy startups. Those businesses who don t adopt a modern, data-driven mindset risk working in the dark. Checklist: How data-driven is your organization? Do you rely on proprietary tools or programs like SQL to retrieve data? Is your data easily accessible on the cloud? Is your company s information protected by state-of-the-art security? Can you analyze big data to get an accurate reading of the market? Is access to data limited to IT or senior leadership? Disruptor to watch: Metromile This auto insurance startup has rolled out pay-as-you-go plans, which help lower-mileage drivers save money. By using real mileage data from telematics devices to more accurately set prices, Metromile is sure to create a bumpier road for its competitors. Does your staff have to wait hours or even days for reports? Source: Big & Fast Data: The Rise of Insight-Driven Business, Capgemini, % of surveyed insurers say: Big data is helping non-traditional players move into the industry Source: Big & Fast Data: The Rise of Insight-Driven Business, Capgemini, 2015

11 Managing your workforce in a digital era Technology can help you create a more productive, satisfied team To be successful, insurers need to focus on their workforce as well as their customers. Agencies, carriers, and MGAs who are still using non-integrated, inflexible tools are working at a significant disadvantage compared to those insurers who ve embraced new technology. Attracting and keeping new, young talent is crucial for any insurance business interested in long-term growth. The current average age of an independent agent is 59, while the average age of an agency principal is 56.* Within a decade or so, this workforce will be supplanted by a new generation of insurance professionals who expect to use the latest technology at work, just as they do in their personal lives. Disruptor to watch: IBM s Watson Watson is a cognitive computer that learns, understands, and uses natural language to answer complex questions. Insurers such as USAA use Watson to provide customers with expert automated guidance around the clock. Agencies with inadequate tools suffer from high absence rates, excessive overtime costs, low retention, poor employee satisfaction, high labor costs, and more, which ultimately costs them money. *2014 Agency Universe Study, IIABA, 2014 The cost of doing nothing? Lost opportunities. Technology should help you better manage the performance of your staff, not create further headaches. Agencies with inadequate tools to manage their workforce spend a lot of time and energy on inefficient processes, which means less time for truly important work, like helping your customers. 11 9

12 Managing your workforce in a digital era In addition to changing demographics, insurers are turning to digital solutions to effectively train their staff and communicate procedures. Agencies, carriers, and MGAs who still rely on paper resources aren t operating efficiently which costs money and time. Can you afford to manage your twenty-first-century staff with twentieth-century tools? Checklist: Have you empowered your staff to succeed? Do your producers have the tools they need to maximize profitability? Do your CSRs complain about repetitive tasks and manual data entry? Does your staff track work with sticky notes and paper to-do lists? Do you lose employees to competitors? Do your current processes help your producers and CSRs work efficiently, or get in the way? Does your team have a positive view of your technology? If you closed a huge deal and needed to hire 10 new producers, could your current system meet that demand? Is aging technology hurting your ability to communicate with agents or producers? Can your staff quickly and accurately respond to agent or policyholder questions? Would you benefit from a streamlined onboarding and training process? Insurers that stay ahead of [disruption] can reap substantial rewards, while laggards risk falling behind, or even out of the race. Source: 2016 US Property-Casualty Insurance Outlook, EY, December

13 Your next move Disruption occurs when customer expectations change, new technology becomes widely available, and powerful outside forces enter the market. In the months ahead, the forces of disruption will continue to transform the insurance landscape. Will your business stay on its feet? Learn how to thrive in this age of disruption Sign up to receive free articles and helpful information that show you how to stay competitive and profitable, such as: Silicon Valley spells disruption for the insurance industry How much are your satisfied customers worth? 4 ways big data makes a big difference for insurance agencies Why millennial workers matter to your agency Sign Up Now 2016 Vertafore, Inc. and its subsidiaries. All rights reserved. Trademarks contained herein are owned by Vertafore, Inc. This document is for informational purposes only. Vertafore makes no warranties, express or implied, with respect to the information provided here. Information and views expressed in this document may change without notice. The names of actual companies and products mentioned herein may be the trademarks of their respective owners

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