Thriving in the Age of Disruption: Leveraging Data to Drive New Opportunity and Deliver Customer Value

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1 Thriving in the Age of Disruption: Leveraging Data to Drive New Opportunity and Deliver Customer Value

2 Table of Contents Executive Summary Introduction Smarter data Becoming a Digital Insurer Conclusion

3 Executive Summary

4 Executive Summary Insurance is an information-driven business, and the ability to analyze and monetize a never-ending stream of data is essential to the fundamental operations of a successful insurance enterprise. Risk insight, underwriting and pricing, customer service, producer enablement all rely on data mastery and effectively delivering insights to the parts of the business that can turn insights into action. Yet, in the modern era, insurance companies face challenges from ever-expanding silos of information that reside within their legacy systems. Technology continues to evolve, and there are complex issues about how to integrate legacy data with new and emerging sources as seamlessly and profitably as possible. So, how can insurance companies effectively utilize the overwhelming amount of data generated in today s computing environment? How do insurance companies leverage this data to create a smart, customer-centric operation, instead of the fragmented, policy-centric model so common to the traditional insurance enterprise? The answer lies in developing a strategic, digital-first approach. All interactions must be digital. Internal data and external data need to be blended to enable improved risk insight, uncover new product opportunities, and allow the insurance company to display customer intimacy through personalized products and services. The technologies that can enable these capabilities Internet of Things, telematics, machine learning, advanced algorithms are no longer hypotheticals; their impact is already shaping the future of insurance, and all industries in general. Understanding the implications of these technologies and learning how to adopt their capabilities to improve the customer experience is one of the goals for insurance companies that are looking to transform into digital enterprises. To transform, insurance companies must embrace three broad objectives: Become digital insurers digitize interactions and glean insights from those interactions and external data sources to provide the contextual delivery of product and service offers through intermediaries and to customers; Become intelligent insurers unlock internal data sources, leverage external data sources, and better gather, mine, analyze and visualize that data with advanced analytics technologies to turn data into action; and Become agile insurers modernize core systems to unlock data and business logic and free the workflow to better support the middle- and front-office systems, especially with cloud-based technologies that have the potential to radically improve the technical, cost and schedule risks of technology modernization efforts. Microsoft Dynamics CRM for Insurance is a comprehensive solution that addresses many of the needs of the digital insurer. This white paper explores what the implications of a digital economy mean to insurers, and how Microsoft Dynamics CRM for Insurance can help you deliver more value to your customers, while meeting your business objectives today, and in the future.

5 Introduction

6 The pivot point is now An industry in transition Insurance is by definition a customer-facing business, yet the industry has been challenged in recent years to meet customers expectations. Globally, satisfaction levels continue to decline; in 2014, a survey revealed that only 29 percent of customers were happy with the services they were receiving from their insurance providers. The effects of the switching economy, especially when considering younger generations of insurance customers, only exacerbates the potential for increased customer churn. A 360-degree customer perspective Today s technologically savvy customer expects real-time, consistent, and increasingly contextual information from their service providers, and insurance services are no exception. They want personalized service, and will stay for personalized service, but few carriers have the technology and processes in place to respond. Would prefer to make a claim online 51 % 67 % Would be interested in Would prefer to apply receiving offers on their mobile devices 52 % for insurance online In order for the insurance industry to position for future growth and success, a stronger orientation to these growing customer expectations is essential. The rapid pace of technological advancement including the nearly universal adoption of smart devices and mobile technologies requires all businesses to have a proactive approach to handling the increasingly complex stream of data and communications. However, the insurance industry is lagging behind: less than half of insurance companies (46 percent) are well prepared to adapt to the new normal. The inflection point has been reached. It s clear that the digital customer is not a trend, or a narrow demographic. The digital customer is your insurance customer. Engaging with them in a meaningful way deriving insights from the data they are generating, anticipating needs, and offering innovative products and services requires an enterprise-wide response. Understanding new customers and existing policyholders in context opens new opportunities for personalized service, at the same time increasing brand loyalty and reducing churn.

7 The pivot point is now Pursuit of the 360⁰ customer perspective The primary goal for forward-thinking insurers is to find the best way to aggregate customer information from every data source, gain insights about their customers, and anticipate their needs. Accomplishing this is key to transforming the customer experience, and simultaneously realizing both net-new premium and organic growth opportunities and the way to do it is to harness technology that allows you to gain a holistic view of the customer. The goal? To see customers as customers, not as a collection of individual policies. Aggregating core data into a system that enables viewing a customer as a customer is at the heart of this transformation. By gathering core data from policy administration, claims, and billing information that was once disparate and siloed can now be turned into actionable information. Blending that core data with external data sources can provide the foundation for a more fully formed view of the customers. Doing this through traditional on-premise technology efforts, however, may not be possible with the state of legacy systems and the availability of IT budgets. Leveraging cloud-based technologies allows for the aggregation, storage and management of that data in ways that leapfrog the burden of legacy systems and mitigate IT budget issues. And applying cloud-based analytics to that combined data through advanced models and machine learning technologies generates insights into the customer lifecycle that were previously not possible. Simply stated, incorporating cloud-based technologies offers an opportunity to streamline operations and more quickly achieve business benefits. Information is the oil of the 21st century, and analytics is the combustion engine. Peter Sondergaard, Gartner Research

8 The pivot point is now Data from core transactional and risk management systems, complemented by data gleaned from the web, mobile touch points, API calls to external data sources, social channels, and marketing, creates a 360-degree view of the customer that unlocks unique opportunities for insurers to: Four ways intelligent data is transforming the customer experience Retain and augment existing business Achieve net-new business growth Identify new market segments Enhance core services (claims, billing, underwriting) Create innovative, value-added products and services Improve customer experiences Reduce loss ratios Improve underwriting performance Improve risk insight Driving organic growth Accelerating innovation As the quantity and complexity of data continues to increase exponentially, the cloud becomes much more than just another strategic initiative. The powerful data management tools, process automation, and real-time analytics enabled by the cloud becomes fundamental to servicing and maximizing the profitability of each customer. Improving insight and risk management Increasing agility and decreasing costs

9 Smarter data

10 Data is getting smarter, and why disruption by data is a good thing Hello, Internet of Everything The larger ecosystem of data now includes information that is generated and captured from a gamut of devices. Think everything from industrial equipment to car navigation systems, smart homes, and wearable devices like fitness trackers. This Internet of Things, or IoT, creates a unique opportunity to use customer data to drive profit and innovation. The complete impacts of IoT are just beginning to be understood; what is understood is that organizations that have historically relied on purely transactional data for insight are shifting their focus to the Internet of Things. In broad terms, the Internet of Things can be defined as machine-to-machine (M2M) technologies that work together across networks and in the cloud to transform data into actionable information. The IoT relies on sensors, networking, and the cloud to process data streams from virtually unlimited sources, both inanimate and human. The IoT environment, then, consists of any and all smart consumer products, devices, and objects that can be identified and tracked. Vehicles, buildings, devices: a new ecosystem of data Sense Transport Store Data is gathered, processed, filtered, and transmitted by a terminal or connected device Data passes over networks, which may be Wi-Fi, cellular, mesh radio, satellite, or fixed line. Information accross the IoT network is gathered and stored, often in the cloud. Analyze Through manual analysis or automated processing, insights are extracted and presented. Control Based on these insights, alerts are sent to people, enterprise systems, or IoT devices to take action. Share IoT data is exchanged with other systems, monetizing it and enriching it with third party data.

11 Data is getting smarter, and why disruption by data is a good thing All the things The enormous data sets that the IoT generates will only have value if the right tools are employed to gather, mine, analyze and visualize the data. The insights gained from the world of connected devices are already having an impact on risk reduction and customer behavior. 6 1 Leverage data insights to change emphasis from restitution to prevention and protection 2 The IoT will give insurers first order data on a great many hazards and risk, and the ability to create feedback control processes to substantially reduce losses. Donald Light, Director of Celent s Americas Property/Casualty Practice Leverage data insights to educate customers to help them lower their risk profiles 6 ways to monetize IoT data assets Leverage data insights to reward low-risk customers with value-added services 5 3 Leverage data insights to develop new products and innovations to existing products 4 Leverage new data from customer devices to create more direct and relevant engagement Leverage data to create new efficiencies for claims processing and payments

12 Data is getting smarter, and why disruption by data is a good thing From data to insight The Internet of Things provides an interesting opportunity for insurers to improve the customer experience by increasing customer intimacy. With a powerful CRM to mine and analyze the various streams of IoT customer data, insurers can improve underwriting performance, reduce loss ratios, and better serve the needs of the digital customer. The importance of investing in data and analytics technology Improved customer targeting 51% More accurate pricing 46% Improved risk portfolio management 42% Better product design 33% More informed underwriting decisions 31% Improved investment portfolio management 17% Improved claims management 16% Improved regulatory compliance 14% Improved management of agents 9% 10% 20% 30% 40% 50% 60%

13 Becoming a Digital Insurer

14 Becoming a Digital Insurer What it means to be digital As we have seen, the insurance industry is faced with a number of fundamental challenges as it seeks to find new ways to achieve profitability and customer satisfaction. The way forward requires an expanded view of how to leverage technology tools to achieve a holistic view of the customer, and enhance customer satisfaction. By implementing a CRM solution, insurers can take full advantage of traditional and cloud-based technologies, devices, and services. The world of the Digital Insurer Deliver consistent experience across channels Provide insights that lead to renewals, organic growth, and net-new premium. Develop ability to incorporate predictive analytics. Identify and quickly develop innovative products. Learn from robust customer loss and acquisition data. Better identify risks and anticipate customer needs. Build customer loyalty and deepen relationships. Extend existing IT investments. Gain insights from data you have and the data you don t. Key business drivers for CRM in insurance Create an omni channel experience Expand distribution channels Decrease cost of sales Reduce service costs More effectively manage existing channels Increase collaboration between internal staff Present one voice to the customer Deliver a more personal customer experience Increase sales force efficiency 10% 20% 30% 40% 50% 60% 70% 80% 90%

15 Becoming a Digital Insurer Agility creates opportunity Embracing the new normal is a decision to become a Digital Insurer. The Digital Insurer relies on enabling insurance companies to view customers as customers. It requires digital channels and digital interactions, an insight system centered on a customer database as the database of record, and the ability to blend all data from digital interactions through all channels, to core policy and claims systems, to IoT and social media and turn that data into action provided to the producers and the policyholders. But this data is only valuable if it can be turned into action at the front end. To do this, insurers are increasingly looking to the cloud to store, mine, analyze and visualize the data, and enterprise CRM solutions specifically built for insurers to act on that data. From data, insights that lead to action With an insurance-centric CRM and a robust analytics solution, insurers have the ability to aggregate customer data, and enable contextual and real-time decisions. Responsiveness and agility, however, are just the beginning. A CRM system becomes the de facto database of record for the Digital Insurer, enabling the kinds of contextual customer insights that are not possible to obtain from individual policy systems. The Digital Insurer can use these insights to create targeted offers and advice appropriate for every phase of the customer lifecycle leveraging information from all systems, both core and cloud. CRM is an essential part of a larger, digital-first approach that considers omni-channel delivery and digital workstyles as core competencies. For the Digital Insurer, CRM provides the key to unlocking opportunities to achieve business objectives and customer satisfaction.

16 Becoming a Digital Insurer Microsoft Dynamics CRM solutions for insurance Real-world solutions for real-world challenges When agents, brokers, and sellers are able to achieve a 360-degree view of their customer information, including real-time analytics and process automation, insurance enterprises can clearly focus on the key drivers that impact expenses, losses, premium, new business, and renewal rates. Microsoft Dynamics CRM solutions for Insurance offer this kind of holistic solution. Prior to Microsoft Dynamics CRM, it took days to resolve customer queries. Now queries are resolved almost instantaneously reducing the TAT and improving the satisfaction level of customers. Manish Mimani, Assistant Vice President, Star Union Dai-ichi Life Insurance With the powerful and secure Microsoft Dynamics CRM platform, processes are integrated, and operations are streamlined. Agents, brokers, advisors, and adjusters can use the Microsoft products they are already familiar with, including Office, as part of the normal workflow. The intuitive interface and ease of use decreases the need for extensive training. Customization features offered on the Microsoft Dynamics CRM platform allow insurers to implement a solution that addresses their specific needs today, with flexibility to meet future requirements.

17 Becoming a Digital Insurer A word about security in the cloud Because cloud computing technologies like Microsoft Dynamics CRM are playing an increasingly important role in modernization efforts and business strategy, decision-makers need to be confident that their data will be secure. More than 1 billion customers in 140 countries worldwide trust Microsoft to provide a cloud computing environment. Microsoft is at the forefront of cloud technology, and our cloud solutions are built on a rigorous set of security controls that combine preventive, defensive, and reactive controls. In fact, Microsoft delivers services that achieve higher levels of security, privacy, and compliance than most customers can achieve on their own. The ongoing Microsoft commitment to cloud-first computing includes sharing best practices with government and commercial organizations, and the creation of centers of excellence that proactively monitor all security issues related to cloud operations. In addition, Microsoft provides specific cloud terms and conditions to financial services firms to address their unique regulatory and compliance needs. Microsoft Dynamics CRM solutions for insurance delivers a robust, scalable core insurance IT platform for a 360-degree customer view that will allow us to better serve our customers. Mo Masud, CIO, Utica National Insurance Group If you re resisting the cloud because of security concerns, you re running out of excuses. Forrester

18 Becoming a Digital Insurer Holistic solutions for the Digital Insurer: Microsoft Dynamics CRM has enabled insurers to configure the platform to achieve the following features and benefits. FEATURES Centralized Policy Holder Information Agent Productivity Workflow Automation Business Intelligence Marketing Compliance Management Integration with Existing Systems and Industry-Specific Partner Solutions BENEFITS Integrate sales, marketing, and customer service functions, allowing your agents and service representatives to access and share complete information across departments, product lines, channels, or intermediaries. Each member of the client service team has access to information that includes customer profile and history, relationships, and support records, increasing client confidence and improving office productivity. Information on prospective accounts is captured, so even if they don t accept the initial quote and move to policy origination, you can keep them as a lead and contact them again. Collect and share deeper levels of customer knowledge to improve service levels at key points of the client relationship, such as during renewal, and to enable client-facing professionals to identify the most appropriate products, whether term life, annuity, auto, or home. Automated alerts and customizable workflow can help agents, brokers, and service representatives maximize opportunities to cross-sell products and services, and reduce the time required to resolve inquiries. Automated workflow streamlines processes across functional components including underwriting, policy, and claims systems. Import data from back-end systems and use business intelligence capabilities to create dashboards and reports on agent/broker productivity, new business success, client loyalty, claims processing, and more. Identify high-value clients and develop appropriate, targeted marketing campaigns. Attract more new clients by easily tracking leads and better managing opportunities. Identify connections between primary policy holders and family members. Automated alerts and customizable workflow can help agents and brokers improve service at renewal, maximize opportunities to cross-sell products and services, manage policy renewals, and reduce the time required to resolve customer inquiries. Incorporate regulatory and compliance changes to help ensure products and policies are being sold and managed in full compliance. Centralize and streamline claims contact management with automated workflow to help ensure all steps are completed on time and within approved, compliant processes. Integrate existing or custom-developed underwriting, policy, and claims administration systems in a composite view, freeing up agents and brokers to manage relationships. Microsoft Dynamics CRM has been designed using industry standards, including ACORD messaging, which makes it easy to integrate into your enterprise architecture. Platform Integration with Microsoft Products and Technologies Familiar Look and Feel Fast, Flexible, and Easy to Deploy Connect with Microsoft products and technologies including desktop applications, Microsoft SharePoint Server, Microsoft Unified Communications, Microsoft SQL Server, and Microsoft BizTalk Server to enhance communication and collaboration, deploy enterprise content management, deliver business intelligence, and tailor process automation. Deliver customer relationship management tools and capabilities in a familiar, easy-to-use interface, helping your agents and representatives focus on delivering the fast, effective service that builds loyalty and satisfaction. Enhance communications using easy-to-use and well-known desktop tools, such as the Microsoft Office system and Office Outlook, helping to increase user uptake and lower cost of learning. Get up and running quickly using Microsoft Dynamics CRM as an online solution, or deploy an on-premises solution for greater system customization, control, and ownership. Regardless of the deployment option, you get the same great user experience and solution.

19 Conclusion

20 Conclusion Succeeding in today s complex, fast-paced business environment requires a willingness to embrace new ways of thinking about technology and business processes. To meet customer expectations in a digital world, insurers will be required to make both cultural and physical shifts to incorporate new systems and processes that offer real-time data, granular analysis, and opportunities for engagement. The Internet of Things is a hint of what s to come, and it is clear that the pace of business today favors the nimble: failing to adapt is not an option. How insurers are able to differentiate themselves, and their services, is critical to being perceived as a Digital Insurer. With new, nontraditional players looking to make inroads to the insurance space, insurers need to align with technology partners that can support a future-facing business model, and exceed the expectations of their customers. Microsoft is a proven leader in the CRM space, and we have the expertise to deliver comprehensive solutions that will transform how you do business. Microsoft Dynamics CRM solutions for insurance offers our customers multiple delivery options. We can help insurance companies build on their existing technology assets, and use on-premises, cloud, and partner-based strategies in order to realize value from emerging technologies like the Internet of Things. For more information contact didyn@microsoft.com.

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