Building Consumer Trust and Lifetime Value for Profitable Growth in the Life Insurance Sector

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Building Consumer Trust and Lifetime Value for Profitable Growth in the Life Insurance Sector"

Transcription

1 AN EPOQ WHITE PAPER Building Consumer Trust and Lifetime Value for Profitable Growth in the Life Insurance Sector

2 Increased competition, challenging market conditions, for life insurers to gain market share. How the competition? How can they be perceived to be adding value to their customers? This paper identifies the issues surrounding a competitive market place, but also introduces new ways for deeper engagement with your customers.

3 Introduction Background Today s highly competitive marketplace is dominated by the challenges of technological upheaval and fast-changing customer expectations. It s a scenario that requires every business to be alert to the needs of its customers and agile enough to respond to the opportunities these present. Quite simply, their future prosperity depends upon it. Nowhere is this more true than in the insurance industry, where ongoing new business from traditional products has slowed down under the impact of changing consumer attitudes and growing internet competition. The Great Recession and a growing Insurance industry forecasts do not make encouraging reading, with life insurers set to endure a shrinking share of the consumer wallet and low profitability.. The industry s difficulties are perhaps best summarized by a 2011 LIMRA survey which found that only 59% of U.S adults own either individual 2 and/or group life insurance. A separate LIMRA study found that the majority of Gen X and Y consumers believe they need more life insurance but less than 3 20 percent say they are very likely to buy it. pushed insurance down the household agenda. provides fresh opportunities for growth. The challenge for insurance providers is how best to manage this volatile operational environment and turn it to its advantage. As the 2014 Ernst and Young Global Consumer Insurance survey has noted by delivering services beyond policies...insurers can expand their fundamental value proposition and transform consumer 1 perceptions about the industry. In this white paper, we look at the market forces affecting insurance providers and how they can satisfy demand and build ongoing productive relationships by adding value to their customer offer with a range of legal services. Four in ten U.S adults do not have life insurance cover LIMRA, Person-Level Trends in U.S. Life Insurance Ownership, March There are many reasons for this stagnation, but the principal ones concern: a changing market environment; increasing customer disengagement; perceived product complexity.

4 The market environment The percentage of households without life insurance increased significantly from 2004 to 2010 with 4 ownership of individual policies hitting a 50 year low. Half of the US population is underinsured and 70% of households would have immediate trouble meeting 5 living expenses if the primary breadwinner died. While insurers are making efforts to reach out to underinsured consumers and win their trust, the complex nature of life insurance makes these initiatives difficult. Many consumers are confused by the product and there is a tendency to prioritize other day to day expenses. Many consumers are demanding a simpler offering which is easy to grasp and can be compared with products from other providers. This reflects their experience in other industries which are more consumer orientated and which prioritize the user experience; both in terms of convenience and ease of understanding. Life insurance has declined in the last decade despite the large numbers of consumers which say they value such protection. In part, this is because the industry has failed to reach out to and educate consumers, as well as keep up with changes in consumer buying habits. According to PricewaterhouseCoopers (PwC), 61 percent of consumers between the ages of 18 and 54 find buying life insurance online attractive and the Internet now plays a role in eight out of ten life 6 7 insurance purchases. These trends are likely to continue. Younger generations are more self-service orientated and more inclined to use the online channel for financial services. Among those aged % say they 8 prefer to buy direct. Such findings suggest that the battle for new customers is being won by those with a better understanding of the way in which online availability is influencing our buying decisions. Rather than resorting to increasingly irrelevant product copying, tinkering or rates cutting, online providers are customers greater choice, accessibility and easier interaction. 61% 80% 31% you can t simply wait... to create new openings as more proactive competitors are going to get in ahead of you. You have to be nurturing the new markets, designing the smart new products and forging the partnerships needed to capitalize on these opportunities now. PwC: Life insurance 2020: Competing for a future

5 Customer disengagement Complexity of product Death and dying have always been uncomfortable topics for discussion and have been easier to avoid, thanks to the fallout from the Great Recession. But even before the economic downturn life cover was an undersold product both in the number of policies bought and the amount of cover provided. The scale of the problem is such that Swiss Re has calculated the US life insurance protection gap to be 9 20 trillion. The amount of underinsurance is greatest among those likely to need life insurance the most: single parents, couples with children, and those aged 35 and under. Life insurance protection gap $20 trillion With literally hundreds of insurance products for potential customers to consider, life insurers are failing to meet the value for money and clarity criteria customers are looking for. Demands on our individual time have never been greater, so it s incumbent on any provider to make sure their product propositions are clear and easily understood. Yet research suggests that consumers too complicated and unnecessarily 12 confusing. Customers remain disengaged. There is often little or no relationship between insurers and their policyholders and insurance is seen as a purely transactional business, rather than something that adds value to customers lives. Despite this, the recent Global Customer Insurance Survey from Ernst and Young found that consumers are demanding more frequent, meaningful and personalized engagement with their insurer. This suggests that stronger two way relationships with customers will engender future success if the 10 industry can respond. The bottom line is that customers have no faith in the industry. Poor customer communication from a collective failure to promote the importance of protection products to not engaging in ways that customers value is compounding this situation further. So much so, in fact, that customer distrust of the insurance industry is widespread, with dissatisfaction levels significantly worse than those of 11 banking or supermarkets. By acting to help consumers more actively mitigate risk (rather than just insure risk), insurers may be able to shift consumer perceptions of value and trust. EY Global Consumer Insurance Survey 2014

6 Remedies So what should the life insurance industry be doing to address these issues? Three key actions are called for: Deliver lifestyle Foster greater customer solutions to customers engagement online Streamline the product Developing these strategies for success will create a blueprint for capturing market share and increasing customer value. Communicate online from the newer market entrants, then it must intently focus on customers and personalizing the service, to about lifestyle protection and not just life insurance. Linking lifestyle protection and legal protection There is an obvious synergy between lifestyle protection and legal protection. Life providers already have conversations with customers about planning for the future and protecting their families, so adding relevant legal services to that dialogue stands to improve the customer experience. Services could include providing customers with estate planning services such as a Will or a Living Trust which are needed to decide what happens to their property after they die. Services could also include a Power of Attorney to deal with incapacity, or a Living Will to specify what actions should be taken in an end-of-life situation. We live in the always on era of mobile communications, via devices such as tablets and smartphones, making it incumbent on providers to The power of digital communications needs to be harnessed and utilized imaginatively to make insurance propositions more relevant and attractive. This applies especially to those aged 35 or under a core group of potential life customers who are currently underserved and expect to interact digitally. The online opportunity is to engage and interact with customers when and how they want, rather than just reduce transaction volumes and costs. Giving online access to tools that help customers manage everyday legal needs, for example, can help start an ongoing conversation and build a stronger, more long-term relationship between customer and provider. Of course, becoming a lifestyle partner in this way will require a partnership or collaboration with an ancillary provider. It will also need the industry to step up its online capabilities to capture the right data with which to identify new sales opportunities, as well as providing customers with online servicing capabilities to review and update their wills or insurance cover.

7 Create a streamlined and integrated customer experience Consumers are on a quest for value for money in all their transactions, especially when constrained by economic circumstances. The insurance industry has to respond accordingly by developing recognizably simple and flexible products that deliver the outcomes customers are looking for. Adding relevant additional services to a life policy can give greater value to the customer, but only if they are delivered in a seamless and integrated way. Including relevant legal services will transform the insurance proposition into one of overall lifestyle protection, and, if delivered online, will answer the needs of time-poor customers. Furthermore, their delivery through a variety of relevant and responsive channels both human and digital will create an integrated experience that is attractive to both prospects and customers alike. In a pricedriven market, it is very the touch points which are important to customers in order to move away from bargain basement prices being the sole driver for customer decisions. Graham Handy, Global Customer Insurance Leader at EY, 12 November 2014 Conclusion This is a time of change for the insurance industry, but fresh opportunities for growth and development are still very much present. To take advantage, insurers need to reinvent themselves as lifestyle partners, rather than remain passive providers of products whose relevance and desirability have become obscured by the dark clouds of recession and the industry s historic lack of customer responsiveness. partners to add complementary services, radically overhauled so that it profitably meets the demands and expectations of the online age.

8 About Epoq Epoq works with Life Insurers and financial institutions to help them innovate, differentiate and give greater value to their customers. We achieve this by offering our pioneering legal document services, such as Wills and Powers of Attorney, as an enhancement to our client s products. Our mission is to make the law easy, accessible and affordable. Yearly, more than 500,000 fully personalized legal documents are created by consumers on our platform. With offices in Michigan and in London England, Epoq is respected globally as a thought leader in legal technology and we provide our unique services to over 56 major brands worldwide. References 1 Reimagining customer relationships Key findings from the EY Global Consumer Insurance Survey 2014 p12 2 LIMRA, Person-Level Trends in U.S. Life Insurance Ownership, March LIMRA, Majority of Gen X and Y Consumers Believe They Need More Life Insurance, But Few Will Buy, March LIMRA, Household Trends in Life Insurance Ownership 2010, 5 LIMRA, Facts About Life, September 2010, p. 1, 6 PwC analysis - FS Viewpoint, February LIFE Foundation and LIMRA, The 2011 Insurance Barometer Study 8 LIFE Foundation and LIMRA, The 2011 Insurance Barometer Study 9 Swiss RE The mortality protection gap in the US Reimagining customer relationships Key findings from the EY Global Consumer Insurance Survey 2014 p3 11 Reimagining customer relationships Key findings from the EY Global Consumer Insurance Survey 2014 p9 13 PwC analysis - FS Viewpoint, February 2013 p11 Contact us Epoq Legal Inc 2301 Platt Road Ann Arbor MI Tel: Web:

Building Consumer Trust and Lifetime Value for Profitable Growth in the Life Insurance Sector

Building Consumer Trust and Lifetime Value for Profitable Growth in the Life Insurance Sector AN EPOQ WHITE PAPER Building Consumer Trust and Lifetime Value for Profitable Growth in the Life Insurance Sector Increased competition, challenging market conditions, disaffected and more demanding consumers

More information

2015 North America Consumer Digital Banking Survey for Lenders. Mortgage Lending Shaped by the Customer

2015 North America Consumer Digital Banking Survey for Lenders. Mortgage Lending Shaped by the Customer 2015 North America Consumer Digital Banking Survey for Lenders Mortgage Lending Shaped by the Customer Home mortgage lending in North America continues to be lucrative and highly competitive, even more

More information

Session 114 PD, RGA Session Series Part 2: Reinventing Insurance. Moderator: Michael H. Choate, FSA, MAAA. Presenters: Kevin J Pledge FSA,FIA

Session 114 PD, RGA Session Series Part 2: Reinventing Insurance. Moderator: Michael H. Choate, FSA, MAAA. Presenters: Kevin J Pledge FSA,FIA Session 114 PD, RGA Session Series Part 2: Reinventing Insurance Moderator: Michael H. Choate, FSA, MAAA Presenters: Kevin J Pledge FSA,FIA Reinventing Insurance KEVIN PLEDGE FIA, FSA 13 Oct 2015 Session

More information

THE LIFE INSURANCE COVERAGE GAP

THE LIFE INSURANCE COVERAGE GAP THE LIFE INSURANCE COVERAGE GAP Strategies for Financial Professionals to Close the Gap The Prudential Insurance Company of America, Newark, NJ 2013 Prudential Financial, Inc. and its related entities.

More information

NOUS CREATING POSITIVE CUSTOMER EXPERIENCE IN BANKING INFOSYSTEMS LEVERAGING INTELLECT

NOUS CREATING POSITIVE CUSTOMER EXPERIENCE IN BANKING INFOSYSTEMS LEVERAGING INTELLECT NOUS INFOSYSTEMS LEVERAGING INTELLECT CREATING POSITIVE CUSTOMER EXPERIENCE IN BANKING Abstract Understanding the customer experience is the key in today s highly competitive and changing banking industry.

More information

Driving greater loyalty in Europe. What consumers want and where brands are failing to deliver

Driving greater loyalty in Europe. What consumers want and where brands are failing to deliver Driving greater loyalty in Europe What consumers want and where brands are failing to deliver Research commissioned with consumers in France, Germany and Switzerland Executive summary Fast-changing technology,

More information

How HR Software Can Help Deliver a Competitive Advantage

How HR Software Can Help Deliver a Competitive Advantage How HR Software Can Help Deliver a Competitive Advantage whitepaper Content 3 4 6 9 12 Executive Summary What is competitive advantage? How can HR contribute to your competitive advantage? Key HR Software

More information

The 5 Questions You Need to Ask Before Selecting a Business Intelligence Vendor. www.halobi.com. Share With Us!

The 5 Questions You Need to Ask Before Selecting a Business Intelligence Vendor. www.halobi.com. Share With Us! The 5 Questions You Need to Ask Before Selecting a Business Intelligence Vendor www.halobi.com Share With Us! Overview Over the last decade, Business Intelligence (BI) has been at or near the top of the

More information

SERVING THE LIFE INSURANCE NEEDS OF YOUNG CONSUMERS

SERVING THE LIFE INSURANCE NEEDS OF YOUNG CONSUMERS SERVING THE LIFE INSURANCE NEEDS OF YOUNG CONSUMERS The Prudential Insurance Company of America 2011 Prudential Financial, Inc. and its related entities. 0207223-00001-00 Ed. 10/2011 Exp. 04/18/2013 INTRODUCTION

More information

Addressing the Middle Market Protection Gap. Online Distribution Kevin Pledge, CEO and Founder, Acceptiv

Addressing the Middle Market Protection Gap. Online Distribution Kevin Pledge, CEO and Founder, Acceptiv Addressing the Middle Market Protection Gap Online Distribution Kevin Pledge, CEO and Founder, Acceptiv How much personal protection life insurance (by policy count) will be sold online 5 years from now?

More information

Household Trends in U.S. Life Insurance Ownership

Household Trends in U.S. Life Insurance Ownership Household Trends in U.S. Life Insurance Ownership Full Report Cheryl D. Retzloff, LLIF, ACS Markets Research 860-285-7738 cretzloff@limra.com Maximize the Value of LIMRA Research The value of LIMRA research

More information

Report. Trillion Dollar Baby THE SALES POTENTIAL OF THE UNDERINSURED LIFE MARKET

Report. Trillion Dollar Baby THE SALES POTENTIAL OF THE UNDERINSURED LIFE MARKET Report Trillion Dollar Baby THE SALES POTENTIAL OF THE UNDERINSURED LIFE MARKET The Market Is Poised to Buy In an era when many financial services companies are trying to grow their top line sales, you

More information

A Dozen Myths About Customer Relationship Measurement

A Dozen Myths About Customer Relationship Measurement A Dozen Myths About Customer Relationship Measurement prepared by: Patricia B. Sikora, Ph.D. January 2012 Today, more than ever, you need strong bonds with customers. The old adage that it takes more resources

More information

Report. Trillion Dollar Baby THE SALES POTENTIAL OF THE UNDERINSURED LIFE MARKET

Report. Trillion Dollar Baby THE SALES POTENTIAL OF THE UNDERINSURED LIFE MARKET Report Trillion Dollar Baby THE SALES POTENTIAL OF THE UNDERINSURED LIFE MARKET Hints For Sales Representatives Sales representatives should continue to: The Market Is Poised to Buy In an era when many

More information

Life Insurance and Credit Union Members

Life Insurance and Credit Union Members Life Insurance and Credit Union Members Insights for Credit Unions to Help Their Members Understand Life Insurance and Select the Right Product Brian Gerdes Senior Product Manager, Whole Life CUNA Mutual

More information

INVESTING FOR A BETTER LIFE

INVESTING FOR A BETTER LIFE FEATURED INSIGHTS DELIVERING CONSUMER CLARITY INVESTING FOR A BETTER LIFE A LIFE INSURANCE LANDSCAPE STUDY IN INDIA BY: SUBHASH CHANDRA, EXECUTIVE DIRECTOR, NIELSEN INTENTION TO INVEST IN LIFE INSURANCE

More information

Leveraging Information to Drive Insurer Growth

Leveraging Information to Drive Insurer Growth KNOWLEDGENT INSIGHTS volume 2 no. 5 March 27, 2012 Leveraging Information to Drive Insurer Growth In the highly competitive insurance industry, leveraging information has become a key focal point for driving

More information

The Connecting with Customers Report. A Global Study of the Drivers of a Successful Online Experience

The Connecting with Customers Report. A Global Study of the Drivers of a Successful Online Experience The Connecting with Customers Report A Global Study of the Drivers of a Successful Online Experience November 2013 Executive summary LivePerson (NASDAQ: LPSN), a leader in online customer engagement, commissioned

More information

HOW THEY ARE SHOPPING NOW

HOW THEY ARE SHOPPING NOW HOW THEY ARE SHOPPING NOW Current trends and challenges in digital retailing An NCR white paper Are you ready for today s retailing? It s not just about what consumers want to buy. It s about how they

More information

The Business of Cloud Communications

The Business of Cloud Communications The Business of Cloud Communications Driving Profitability with Hosted Voice and Collaboration Services Cloud has changed how communications services are delivered and at the same time changed the potential

More information

How the Spa can Increase CustomerEngagement

How the Spa can Increase CustomerEngagement How the Spa can Increase CustomerEngagement As the hospitality industry evolves in a dramatically changed landscape, the goals are ultimate customer engagement and relationships across all channels. This

More information

8 Hot Industries for Start-Ups

8 Hot Industries for Start-Ups WWW.IBISWORLD.COM February 2013 1 February 2013 By Kevin Boyland and Eben Jose Driven primarily by a shift toward providing services online, these eight industries present excellent opportunities for start-ups.

More information

customer care solutions

customer care solutions customer care solutions from Nuance white paper :: The Business Case for Speech-Enabled Self-Service NUANCE :: customer care solutions Introduction Despite the noble goals of customer service to increase

More information

THE CHANGING RETAIL WORLD The rise and challenges of omnichannel retailing

THE CHANGING RETAIL WORLD The rise and challenges of omnichannel retailing THE CHANGING RETAIL WORLD The rise and challenges of omnichannel retailing WHITEPAPER 2015 CitiXsys. All Rights Reserved. Page: 1 PREFACE The world is constantly evolving and so are the habits of people

More information

Shadow IT in the Enterprise

Shadow IT in the Enterprise Confessions from More Than 1,000 Enterprise Users Introduction In today s work environment, the proliferation of smartphones and tablets is driving mobility and a corresponding culture of convenient, always

More information

THE VIRTUAL BANK DOESN T SMILE

THE VIRTUAL BANK DOESN T SMILE THE VIRTUAL BANK DOESN T SMILE The Virtual Bank Doesn t Smile 2 It s no secret that more and more consumers are going online to conduct their everyday affairs. The National Retail Federation reported that

More information

Voluntary benefits can be part of a winning game plan in a post-health care world. But communicating value is key.

Voluntary benefits can be part of a winning game plan in a post-health care world. But communicating value is key. Guardian in sync Future Opportunities Benefits and Behavior s Voluntary benefits can be part of a winning game plan in a post-health care world. But communicating value is key. Both employers and employees

More information

Understanding the Basics of Term Life Insurance LIFE. Your future. Made easier.

Understanding the Basics of Term Life Insurance LIFE. Your future. Made easier. Understanding the Basics of Term Life Insurance LIFE Your future. Made easier. I already have group insurance with my company. Why should I purchase more insurance? Since many companies offer group insurance

More information

Understanding the Basics of Term Life Insurance LIFE INSURANCE. Your future. Made easier.

Understanding the Basics of Term Life Insurance LIFE INSURANCE. Your future. Made easier. Understanding the Basics of Term Life Insurance LIFE INSURANCE Your future. Made easier. I already have group insurance with my company. Why should I purchase more insurance? Since many companies offer

More information

Retail Supply Chain Reboot: Agilely Facing the Unknown. by Mirko Martich

Retail Supply Chain Reboot: Agilely Facing the Unknown. by Mirko Martich Retail Supply Chain Reboot: Agilely Facing the Unknown by Mirko Martich Are retailers winning the customer experience battle but losing the profitably war? As more companies increase their investments

More information

Satisfaction with Contact Centers Drives Customer Loyalty

Satisfaction with Contact Centers Drives Customer Loyalty Satisfaction with Contact Centers Drives Customer Loyalty By Sheri Teodoru CFI Group Partner and CEO Across American industry, company contact centers have become critical channels for building customer

More information

to Maximize Return on Investment with Marketing Automation

to Maximize Return on Investment with Marketing Automation 4 Ways to Maximize Return on Investment with Marketing Automation 4 Ways to Maximize Return on Investment with Marketing Automation The Challenge: Maximising the time and money you invest in the online

More information

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

DIGITAL. and the Modern Insurer. Four keys to surviving technological change in the insurance industry DIGITAL and the Modern Insurer Four keys to surviving technological change in the insurance industry Table of contents Disruption is already happening The rising expectations of today s customer Smart

More information

Mobile Apps: What Consumers Really Need and Want. A Global Study of Consumers Expectations and Experiences of Mobile Applications

Mobile Apps: What Consumers Really Need and Want. A Global Study of Consumers Expectations and Experiences of Mobile Applications Mobile Apps: What Consumers Really Need and Want A Global Study of Consumers Expectations and Experiences of Mobile Applications The Difference Between a Mobile App and a Mobile Website Before we evaluate

More information

Banking the way we see it. A Tale of Two Banks. Focused Customer Experience Management Provides Crucial Competitive Advantage

Banking the way we see it. A Tale of Two Banks. Focused Customer Experience Management Provides Crucial Competitive Advantage A Tale of Two Banks Focused Customer Experience Management Provides Crucial Competitive Advantage Table of Contents 1 Overview...1 2 Loss of Faith...2 3 Customer Retention...3 4 Efficiency Ratio...4 5

More information

Online Retail Banking Customer Experience: The Road Ahead

Online Retail Banking Customer Experience: The Road Ahead Universal Banking Solution System Integration Consulting Business Process Outsourcing Customer experience is a key differentiator in banking In recent years, customer experience has caught the imagination

More information

Customer experience roulette: are banks making the right investments?

Customer experience roulette: are banks making the right investments? Customer experience roulette: are banks making the right investments? A survey of banking consumers and executives. 1 Executive summary Nuance commissioned a survey of 1,000 American consumers to learn

More information

A flexible approach to outsourcing in the financial services sector

A flexible approach to outsourcing in the financial services sector A flexible approach to outsourcing in the financial services sector A White Paper produced by Eversheds in association with Serco Global Services - February 2015 A flexible approach to outsourcing in the

More information

MARK MEADS Tele: +44(0) 870 24 26 789 Head of Sales, Individual Protection Direct: +44(0) 7740 897 409 Email: mark.meads@aegon.co.

MARK MEADS Tele: +44(0) 870 24 26 789 Head of Sales, Individual Protection Direct: +44(0) 7740 897 409 Email: mark.meads@aegon.co. BUSINESS PROTECTION INSURANCE UNDER SOLD Insurance is a cost a business is always looking to reduce, so the suggestion that your business needs more insurance is not an easy one to make. However, Mark

More information

FOSTERING CUSTOMER RETENTION CALLS FOR A FULL 360-DEGREE PERSPECTIVE

FOSTERING CUSTOMER RETENTION CALLS FOR A FULL 360-DEGREE PERSPECTIVE FOSTERING CUSTOMER RETENTION CALLS FOR A FULL 360-DEGREE PERSPECTIVE Satisfying and retaining current customers is three to 10 times cheaper than acquiring new customers, and 65 percent of a typical company

More information

Rethinking Retail Series:

Rethinking Retail Series: IN Rethinking Retail Series: Reinventing the store shelf edge in the age of omni-channel shopping STORE E SL Product $4.99 Reinventing the store shelf edge in the age of omni-channel shopping The meteoric

More information

Empowering Agents to Employ Digital as a Competitive Weapon

Empowering Agents to Employ Digital as a Competitive Weapon Empowering Agents to Employ Digital as a Competitive Weapon 2 Empowering Agents to Employ Digital as a Competitive Weapon For most personal lines insurers, agents bring a hands-on advisory role that can

More information

FINDING THE RIGHT STUDENTS: FOUR KEY TRENDS IMPACTING INQUIRY GENERATION

FINDING THE RIGHT STUDENTS: FOUR KEY TRENDS IMPACTING INQUIRY GENERATION FINDING THE RIGHT STUDENTS: FOUR KEY TRENDS IMPACTING INQUIRY GENERATION INTRODUCTION The lack of stability education marketers have experienced over the last several years has been unprecedented. And

More information

Creating an effortless customer experience requires insider knowledge from three key stakeholders:

Creating an effortless customer experience requires insider knowledge from three key stakeholders: Consider the impact of every contact center agent having the knowledge, tools and ability to provide a flawless experience; think about the results that are possible when an organization perfectly aligns

More information

Linux Adoption Trends: A Survey of Enterprise End Users A Report By The Linux Foundation in Partnership with Yeoman Technologies

Linux Adoption Trends: A Survey of Enterprise End Users A Report By The Linux Foundation in Partnership with Yeoman Technologies » Linux Foundation Report Linux Adoption Trends: A Survey of Enterprise End Users A Report By The Linux Foundation in Partnership with Yeoman Technologies... October 2010 The Linux Foundation http://www.linuxfoundation.org

More information

Insights from a Deloitte Research survey of life insurance buyers and those without coverage

Insights from a Deloitte Research survey of life insurance buyers and those without coverage The Voice of the Life Insurance Consumer What makes prospects tick? Insights from a Deloitte Research survey of life insurance buyers and those without coverage Contents Executive summary 1 Current events:

More information

MAKING SENSE OF CUSTOMER LOYALTY

MAKING SENSE OF CUSTOMER LOYALTY INTRODUCTION TO WALKER MAKING SENSE OF LOYALTY Assessing gaps in leveraging the perspective of your customers When you think of your company s approach to customer information, what comes to mind? Thick,

More information

DEMAND GENERATION: And The Cold Call STAR-Pro Methodology

DEMAND GENERATION: And The Cold Call STAR-Pro Methodology Demand Generation DEMAND GENERATION: And The Cold Call STAR-Pro Methodology There s a new era in marketing. Did you notice the paradigm shift? Or more importantly, have you actively aligned your marketing

More information

Capital Markets Future of Investing. The Rise of Robo-Advice Changing the Concept of Wealth Management

Capital Markets Future of Investing. The Rise of Robo-Advice Changing the Concept of Wealth Management Capital Markets Future of Investing The Rise of Robo-Advice Changing the Concept of Wealth Management The concept of robo-advice the use of automation and digital techniques to build and manage portfolios

More information

4.5% 2014 Digital Marketing Optimization Survey results > 4.5% Top lessons learned from the leaders

4.5% 2014 Digital Marketing Optimization Survey results > 4.5% Top lessons learned from the leaders 2014 Digital Marketing Optimization Survey results Top lessons learned from the leaders Table of contents 1: Introduction 2: Five lessons from the top 20% #1: They test to make decisions 3: #2: They put

More information

top issues An annual report

top issues An annual report top issues An annual report Volume 6 2014 Strategy: Reinventing life insurance The insurance industry in 2014 FPO Strategy: Reinventing life insurance Many life insurance executives with whom we have spoken

More information

2012 HOUSEHOLD FINANCIAL PLANNING SURVEY

2012 HOUSEHOLD FINANCIAL PLANNING SURVEY 2012 HOUSEHOLD FINANCIAL PLANNING SURVEY A Summary of Key Findings July 23, 2012 Prepared for: Certified Financial Planner Board of Standards, Inc. and the Consumer Federation of America Prepared by: Princeton

More information

UK SME Insurance 2012

UK SME Insurance 2012 UK SME Insurance 2012 Growth in directly purchased SME insurance is placing pressure on brokers Use this report to: Target prospects emerging from shifts in the shape of the SME market and changes in product

More information

combining innovative business IT services and consumer technology to inspire the new digital economy The Atos Samsung Alliance

combining innovative business IT services and consumer technology to inspire the new digital economy The Atos Samsung Alliance The Atos Samsung Alliance combining innovative business IT services and consumer technology to inspire the new digital economy Your business technologists. Powering progress The Atos and Samsung alliance

More information

Building a Multi-Channel Contact Center

Building a Multi-Channel Contact Center WHITE PAPER Building a Multi-Channel Contact Center Building a Multi-Channel Contact Center PAGE 1 Table of Contents Traditional Call Centers Evolve... The Multi-Channel Contact Center... More Focus on

More information

What to Consider When Building An Internal Sourcing Function

What to Consider When Building An Internal Sourcing Function What to Consider When Building An Internal Sourcing Function The vast majority of business leaders agree that having the right talent at the right time is the key to operating a successful business. Cisco

More information

2014 Customer Care Benchmark Report

2014 Customer Care Benchmark Report 2014 Customer Care Benchmark Report Presented by: Georgia Power Company / Mosaic EXECUTIVE SUMMARY If utilities across North America had one mission that superseded all others, historically, it was to

More information

Delivering a Superior Customer Experience

Delivering a Superior Customer Experience An excerpt from the 2013 Customer Experience Management Guide Delivering a Superior Customer Experience IT S IMPORTANT TO EMPOWER YOUR AGENTS TO DO THE RIGHT THING FOR THE CUSTOMER. THEY ARE, AFTER ALL,

More information

Build Your Credit Union s Insurance Business with Affinity Marketing

Build Your Credit Union s Insurance Business with Affinity Marketing Annual Convention and Exposition Build Your Credit Union s Insurance Business with Affinity Marketing May 16, 2013 10:00 11:15 a.m. Facilitated by Stephen Arnold Sponsored by www.mcul.org INTRODUCTION

More information

GUIDEBOOK MAXIMIZING SUCCESS DELIVERING MICROSOFT DYNAMICS

GUIDEBOOK MAXIMIZING SUCCESS DELIVERING MICROSOFT DYNAMICS GUIDEBOOK MAXIMIZING SUCCESS DELIVERING MICROSOFT DYNAMICS Corporate Headquarters Nucleus Research Inc. 100 State Street Boston, MA 02109 Phone: +1 617.720.2000 Nucleus Research Inc. TOPICS Enterprise

More information

The Customer Decision Hub What s inside your customer brain?

The Customer Decision Hub What s inside your customer brain? The Customer Decision Hub What s inside your customer brain? Vince Jeffs, Director, Product Marketing Customer Decision Management PEGASYSTEMS Customers today expect companies to either just get it or

More information

The New Era of Customer Loyalty Management

The New Era of Customer Loyalty Management Marketing Practice The New Era of Customer Loyalty Management Opportunities to Create Profitable Growth Overview We are now poised to enter a new era of loyalty management in which winning companies will

More information

"The purest treasure mortal times afford is spotless reputation" Othello, William Shakespeare

The purest treasure mortal times afford is spotless reputation Othello, William Shakespeare Published on CustomerThink (http://www.customerthink.com) Home > Corporate Image, Trust, and Reputation and Customer Advocacy Behavior: Is There Linkage? Body: "The purest treasure mortal times afford

More information

CONSUMERLAB CONNECTED LIFESTYLES. An analysis of evolving consumer needs

CONSUMERLAB CONNECTED LIFESTYLES. An analysis of evolving consumer needs CONSUMERLAB CONNECTED LIFESTYLES An analysis of evolving consumer needs An Ericsson Consumer Insight Summary Report January 2014 Contents INTRODUCTION AND KEY FINDINGS 3 THREE MARKETS, THREE REALITIES

More information

White Paper. Growing your business with APIs.

White Paper. Growing your business with APIs. White Paper Growing your business with APIs. Mobile and digital technologies have changed the way we live. Consumers are doing business with all kinds of companies via apps and mobile devices. We expect

More information

A little bit about me:

A little bit about me: 3/19/2015 BIG DATA, little data, Any Data A little bit about me: Jesse Boyer, CEO 20+ years of credit union experience 3 different credit unions 1st completely digital credit union 2 vendors/suppliers

More information

Tech deficit. June 2014

Tech deficit. June 2014 Tech deficit June 2014 Executive Summary Breaking into new markets, meeting customer requirements and increasing profitability are key objectives for all companies. Efficient and adaptable technology is

More information

Customer Loyalty. A multi-channel approach. 25 April 2012

Customer Loyalty. A multi-channel approach. 25 April 2012 Customer Loyalty A multi-channel approach 25 April 2012 Introduction Douglas Blakey, Editor, Retail Banker International Ian Walsh, Retail Banking Partner, Boston Consulting Group Arunnima B S, Principal

More information

Turning Emotion into Engagement: Utilizing the power of emotion to connect customers to your brand

Turning Emotion into Engagement: Utilizing the power of emotion to connect customers to your brand Turning Emotion into Engagement: Utilizing the power of emotion to connect customers to your brand Introduction The marketing landscape has been impacted by myriad forces in recent years. An explosion

More information

7 things to ask when upgrading your ERP solution

7 things to ask when upgrading your ERP solution Industrial Manufacturing 7 things to ask when upgrading your ERP solution The capabilities gap between older versions of ERP designs and current designs can create a problem that many organizations are

More information

PwC s Wealth Management Solution Powered by Salesforce.com

PwC s Wealth Management Solution Powered by Salesforce.com PwC s Wealth Management Solution Powered by Salesforce.com Taking Wealth Management into the Cloud The Challenge In today s rapidly changing environment, wealth managers and brokerage firms are continuously

More information

INCREASE CLIENT TOUCH POINTS AND BUILD STRONG RELATIONSHIPS WITH FINANCIAL PLANNING TOOLS

INCREASE CLIENT TOUCH POINTS AND BUILD STRONG RELATIONSHIPS WITH FINANCIAL PLANNING TOOLS INCREASE CLIENT TOUCH POINTS AND BUILD STRONG RELATIONSHIPS WITH FINANCIAL PLANNING TOOLS E M C P e r s pec t i v e OVERVIEW Financial planning is a growing need, especially for today s retiring or retired

More information

Delivering Customer Value Faster With Big Data Analytics

Delivering Customer Value Faster With Big Data Analytics Delivering Customer Value Faster With Big Data Analytics Tackle the challenges of Big Data and real-time analytics with a cloud-based Decision Management Ecosystem James Taylor CEO Customer data is more

More information

Wealth and Asset Management Services Spotlight. Redefining the Wealth Management Client Onboarding Experience

Wealth and Asset Management Services Spotlight. Redefining the Wealth Management Client Onboarding Experience Wealth and Asset Management Services Spotlight Redefining the Wealth Management Client Onboarding Experience Why is Client Onboarding an Imperative? As competition in the wealth management industry becomes

More information

Working smarter, with Business Technology

Working smarter, with Business Technology Northwind The Northwind Guide to Working smarter, with Business Technology Working Smarter Working smarter is good for all of us. New technology offers many options for working smarter, but which are the

More information

Emerging Consumer Engagement Models in Healthcare

Emerging Consumer Engagement Models in Healthcare An egain White Paper Emerging Consumer Engagement Models in Healthcare Better Healthcare Journeys by Design 2015 egain Corporation. All rights reserved. Changing healthcare industry landscape The Patient

More information

The Power of Personalizing the Customer Experience

The Power of Personalizing the Customer Experience The Power of Personalizing the Customer Experience Creating a Relevant Customer Experience from Real-Time, Cross-Channel Interaction WHITE PAPER SAS White Paper Table of Contents The Marketplace Today....1

More information

Global Mobile Marketing Systems, Small Business Guide Page 1 of 10

Global Mobile Marketing Systems, Small Business Guide Page 1 of 10 Page 1 of 10 Disclaimers / Legal Information All rights reserved. No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or by any means, without the prior written

More information

Touch Points Touch Points Step 1 Spend Areas Step 2 Creating and Developing a Sourcing Team Executive Sponsorship

Touch Points Touch Points Step 1 Spend Areas Step 2 Creating and Developing a Sourcing Team Executive Sponsorship Strategic Sourcing: A Step-By-Step Practical Model Robert J. Engel, Vice President-Project Services The Procurement Centre 713-623-0111 Ext. 224; bengel@tpc-usa.com 89 th Annual International Supply Management

More information

Controlling Expenses:

Controlling Expenses: Controlling Expenses: Inside a Common Challenge for Business Owners Controlling business expenses is a top stressor for leaders of small and midsize companies. By understanding how other owners rein in

More information

Breaking New Ground in Group Risk

Breaking New Ground in Group Risk Breaking New Ground in Group Risk December 2010 Reliable solutions for today and tomorrow Table of Contents Breaking new ground 3 Oaks from acorns 4 New growth will take some bedding in 5 Seeding on rocky

More information

What your customers want In a world full of contact channels

What your customers want In a world full of contact channels Maintaining the human touch in customer service What your customers want In a world full of contact channels Research by Echo Managed Services - published December 2015 Customer satisfaction in a multi-channel

More information

Audit Quality in Asia: Competition, Talent, and Innovation

Audit Quality in Asia: Competition, Talent, and Innovation Audit Quality in Asia: Competition, Talent, and Innovation Speech at the 19th CAPA Conference 2015 Concurrent Session 7 Mr. Daniel Li, Senior Partner, PricewaterhouseCoopers Zhong Tian LLP (October 29,2015,Seoul)

More information

Riding technology waves

Riding technology waves BT Assure Riding technology waves Making the bring your own device (BYOD) trend work for you Making the bring your own device (BYOD) trend work for you Your data is everywhere. It s on devices you own

More information

Harnessing the True Power of Data

Harnessing the True Power of Data Harnessing the True Power of Data Find out how financial institutions can leverage big data to better understand and transform the customer experience. 10101010101100011010100010110011100101010 0110001101010001011001110010101010001100

More information

10 Benefits of the Connected Financial Services Ecosystem

10 Benefits of the Connected Financial Services Ecosystem April 2015 KEEPING UP WITH THE UPSTARTS 10 Benefits of the Connected Financial Services Ecosystem Let s face it we ve entered the Age of the Customer. Thanks to tech giants and their customer delight mantras,

More information

Solution Overview. Optimizing Customer Care Processes Using Operational Intelligence

Solution Overview. Optimizing Customer Care Processes Using Operational Intelligence Solution Overview > Optimizing Customer Care Processes Using Operational Intelligence 1 Table of Contents 1 Executive Overview 2 Establishing Visibility Into Customer Care Processes 3 Insightful Analysis

More information

The Internet of Things: Connected Home, Auto, and Life

The Internet of Things: Connected Home, Auto, and Life The Internet of Things: Connected Home, Auto, and Life An Author: Denise Garth, SMA Partner Published Date: November, 2014 SMA Summit A Connected Experience During the 2014 SMA Summit, and for a week and

More information

Risk Management A Strategy for Success

Risk Management A Strategy for Success SEI Executive Connections Insights Risk Management A Strategy for Success The Opportunity of Risk Enterprise Risk Management is a critical focus of every wealth management firm. Today, business leaders

More information

Page 2. Business Success Business OS: The Cloud Operating System for Small Business SMBs know there is a better way to run their Businesses.

Page 2. Business Success Business OS: The Cloud Operating System for Small Business SMBs know there is a better way to run their Businesses. Page 2 Business Success Business OS: The Cloud Operating System for Small Business SMBs know there is a better way to run their Businesses. The cloud can help. But how? SMBs without IT departments and

More information

BEST PRACTICES RESEARCH

BEST PRACTICES RESEARCH 2013 Frost & Sullivan 1 We Accelerate Growth Customer Value Leadership Award Mobile Forms North America, 2013 Frost & Sullivan s Global Research Platform Frost & Sullivan is in its 50th year of business

More information

2009 Customer Experience Management Benchmark Study

2009 Customer Experience Management Benchmark Study 2009 Customer Experience Management Benchmark Study Sustaining a Profitable Business in Challenging Economic Times Price: $595 Project Team Michael Starr (MichaelS@Strativity.com) Lior Arussy Rachel Yurowitz

More information

Lecture - 6. (Refer Slide Time: 00:51)

Lecture - 6. (Refer Slide Time: 00:51) (Refer Slide Time: 00:51) Strategic Marketing-Contemporary Issues Prof. Jayanta Chatterjee Department of Industrial and Management Engineering Indian Institute of Technology, Kanpur Lecture - 6 We will

More information

CASE STUDY INSHARED. We all benefit. Why a Virtual Assistant from CX Company is good for InShared and its customers

CASE STUDY INSHARED. We all benefit. Why a Virtual Assistant from CX Company is good for InShared and its customers CASE STUDY INSHARED We all benefit Why a Virtual Assistant from CX Company is good for InShared and its customers InShared Results An online general insurance company with a uniquely customer focused business

More information

THE CUSTOMER EXPERIENCE

THE CUSTOMER EXPERIENCE THE CUSTOMER EXPERIENCE PRIORITY ONE FOR CMOs IN ASSOCIATION WITH: CONTENTS Foreword...2 Introduction...3 Customer experience is the #1 priority for marketing executives... 4 Driving Growth Strategy...7

More information

Is it Time to Purchase a Fashion Enterprise Solution?

Is it Time to Purchase a Fashion Enterprise Solution? Is it Time to Purchase a Fashion Enterprise Solution? Determining whether to replace an ERP, PLM or other system is a major decision for any apparel and fashion business. Fortunately, recent technology

More information

WHAT S IMPORTANT TO CUSTOMERS IN THE OMNI-CHANNEL AGE. How Technology Has Changed The Consumer-Retailer Relationship And How Retailers Must Respond

WHAT S IMPORTANT TO CUSTOMERS IN THE OMNI-CHANNEL AGE. How Technology Has Changed The Consumer-Retailer Relationship And How Retailers Must Respond SURVEY REPORT: WHAT S IMPORTANT TO CUSTOMERS IN THE OMNI-CHANNEL AGE How Technology Has Changed The Consumer-Retailer Relationship And How Retailers Must Respond Sponsored by White Paper While price and

More information

Supplier Strategies for e-tailing Success A Fresh Look at e-tailing, Online Shopping And the Aftermarket

Supplier Strategies for e-tailing Success A Fresh Look at e-tailing, Online Shopping And the Aftermarket A Fresh Look at e-tailing, Online Shopping And the Aftermarket Automotive Aftermarket Suppliers Association November 2015 Delivered by UPS A Fresh Look at e-tailing, Online Shopping and the Aftermarket

More information

Customer loyalty: how to measure it, understand it and use it. to drive business success.

Customer loyalty: how to measure it, understand it and use it. to drive business success. Customer loyalty: how to measure it, understand it and use it to drive business success. Since it is now widely recognised that it is much less costly and much more profitable to keep existing customers

More information

Meeting Today s Customer Needs with Internet Banking

Meeting Today s Customer Needs with Internet Banking Meeting Today s Customer Needs with Internet Banking 2011 First Data Corporation. All trademarks, service marks and trade names referenced in this material are the property of their respective owners.

More information