impact of digital documents in insurance · 2019. 9. 6. · managed full legacy customers...

Impact of Digital Documents in Insurance

Andrew Hellard | Product Marketing Manager | April 2016

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Agenda

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Introductions 1

What is digital insurance? 2

Customer communications in a digital world 3

Questions and answers 4

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Introduction

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Andrew Hellard – Product Marketing Manager, GMC Software

10 years experience in insurance Experienced with both Property and Casualty and Life insurance

Managed full legacy Customers Communications Management migration at a $1 Billion USD Property and Casualty insurer

15 years experience in technology Team and project leadership in insurance and marketing

Web-based insurance application development for both customers and agents

Mobile application development using multiple frameworks

Education and Certifications Electronic Document Professional – Xplor International

Masters in Business Administration – The Ohio State University

Management Information Systems, B.S. – Miami University

What is digital insurance?

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Insurance CIOs worldwide have identified digital transformation as the most disruptive factor for their industry

Gartner – Predicts 2016: New Technologies and Business Models Will Drive Digital Disruption in Insurance

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Digitalization Enabling digital transactions to improve margins or optimize operations

Digital Insurance

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Digital Business Generating new revenue or creating new customer experiences

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Stage 1

Stage

2

Stage 3

Stage 4

Stage 5

Digital Insurance

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Digitalization of existing processes

New value propositions

New competitive positions

New digital revenues and experiences

New operating models

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83%

62%

47%

-15%

-20%

0%

20%

40%

60%

80%

100%

Market Capitalization Increase Return on Assets Increase

Insurer Returns 2011-2013

Digital Progressive Digital Embryonic

Source: Gartner, Best Practices for Developing Digital Leadership in Insurance

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By 2018, more than 50% of life and P&C insurers worldwide will partner with or acquire insurance technology startups to secure their competitive positions.

By 2018, 15% of insurers will deploy smart machine technology to improve profitability and customer experience.

By 2019, telematics adoption will lead to overall personal auto insurance premium income reduction of 20%.

Gartner Predicts 2016: digital insurance

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By 2018, at least 5% of life insurance companies will offer pay-as-you-live products.

By 2018, escalating IT debt will force more than 100 insurers to restructure, be acquired, outsource their IT operations or go bankrupt.

Gartner Predicts 2016: digital insurance

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Technology challenges to digital insurance

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“IT debt" is the cost of clearing the backlog of maintenance that would be required to bring the corporate applications portfolio to a fully supported current release state

Gartner estimates that the global IT debt in the insurance industry has grown to more than $110 billion, while insurance IT budgets have remained largely flat.

Gartner estimates the majority of insurers across the globe still run more than 50% of their core insurance applications on legacy systems.

Latin America IT budget increases lag the rest of the world

Technology Challenges

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24% Insurers worldwide with a formal digital strategy

15% Insurance leaders consider their organizations to be digitally progressive

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58% Insurance core system modernization projects go over budget

82% Insurance core system modernization projects go over time

1. High failure rates in insurance legacy modernization challenge CIOs – Gartner Research 2014

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How can we meet customer digital needs in this environment?

Customer communications in digital insurance

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Nature of insurance requires documents

Outbound communications are the only interaction many customers have with their insurer

Most customers have so little contact with their insurer that each communication is a moment of truth

Communications must be a part of any insurers customer experience strategy

Insurance is a promise, not a product

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• Insurer to customer

• Broker to customer Connection

• Technology

• Personal Experience

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62.5M smartphone users

59.8% of mobile phones are smartphones

41.4% smartphone user growth from 2014

65M internet users by end of 2015

The Mexican Digital Customer

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Source: EY, Global Customer Insurance Survey

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What would be a better way?

Connection

• Communications are personal and relevant

• Personalized messaging on communications

• Customers feels that the company understands his needs

Experience

• Customer chooses engagement channel

• Not dependent on physical mail

• Conversion in minutes, not days or weeks

• Minimize customer frustrations

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Agents are a critical part of the customer experience

Agents have the most contact with customers

Agents are struggling with digital transformation

Insurers must help agents with this transformation

Agents and Brokers

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How can GMC Software help?

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Customer Communications Management

Solution enabling the creation, management and delivery of personalized outbound communications across many channels and formats.

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Policy System

Claims System

CRM System

Printed output

Dynamic Communications

Emails and SMS

Digital output

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Meet digital customer’s expectations

Optimize every touchpoint

Marketing, quotes, policies, contracts, claims correspondence, loyalty programs, renewals, notices

Digitize legacy paper processes (e.g. digital onboarding)

Drive clients to lower-cost, higher-impact channels

Engage consistently, create multichannel experiences

Refine the customer journey and optimize moments of truth

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Inspire Designer

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Powerful Omnichannel Preview

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Browser-based Interactive

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Browser-based Remote Authoring

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Interactive mail merge for brokers

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Approval Workflow Editor manages complex compliance issues

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Define approval processes for different

departments, templates, transactional processes using GUI within web

browser

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Native mobile approval apps

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Mobile Advantage SDK

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CCM

Runtime

Mobile app

Core Systems

& GMC backend

iPhone, iPad, Android

Smartphones

Encrypted communications

AP

I

AP

I

AP

I

GMC runtime powers up

customer communications

in native mobile applications

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New cloud-enabled automation tools

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Customer Journey Mapping

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Customer Journey Map

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Improve customer relationships with each interaction

Connect business to clients with easy to use tools

Build once, deliver to all channels

Say “Yes” to the new digital customer

What does this mean for you?

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Your Questions

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GMC wants to help you transform your business

Inspiration for enterprise

Engage your customers

Increase the strength of your

connections

Create new business models

Bring new products to

market faster

Quantify the value of

communications

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Source: EY, Global Customer Insurance Survey

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What does this mean for your customers?

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An exceptional communication experience