Get and keep customers with smarter Digital Experiences

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Jim Dicso, SundaySky Get — and Keep — Customers with Smarter Digital Experiences By Jim Dicso- SundaySky ( mailto: ) August 01, 2014 URL: (http://insurancetech.com /business-intelligence/get-and-keep-customers-with-smarter-di/240168797 ) According to Forrester's 2014 insurance trends report ( http://www.forrester.com /Trends+2014+North+American+Digital+Insurance/fulltext/-/E-RES106743 ) , consumer empowerment and expectations are changing the rules for insurers: in addition to their own changing demographics, consumers have high expectations for brand relationships set by their experiences with online retailers, travel sites and financial apps. As a result, consumers require more personalized, digital experiences and interactions throughout the relationship with their insurer. These evolving industry dynamics mean insurers need to use technological advances to meet a consumer's digital expectations and keep him at the core. Personalized experiences are even more relevant when they include information in real time, and are more captivating when delivered via the most engaging digital medium – video – through every addressable channel customers engage with on a one-to-one level, such as email inboxes, within an authenticated portal and in mobile apps. Marketers across industries are adapting these channels and technology mediums for today's connected consumer by pulling big data from a structured source, such as a customer relationship management (CRM) database, a social feed or online behavior. Specifically for insurers, this data can include a customer's policy information, claims information, agent interactions and behavioral history. Because customers are always addressable during their commute, in the office, at home and on the go, these experiences must be delivered in real time and to every connected device. The result is a highly personalized and contextually relevant digital interaction between the brand and customer. These "smarter" and differentiated experiences for policyholders ultimately drive deeper loyalty and higher profitability for insurers. Get the customer "Fifteen minutes could save you 15% or more on car insurance" is the well-known GEICO slogan encouraging consumers to request an insurance quote. But how can insurers drive prospective customers to purchase policies in a personalized way with limited customer data? While many insurance marketers use videos as an awareness tool, personalized videos can be used as a follow-up communication to support customer acquisition initiatives that actually perform. By including the prospective policyholder's information, such as quote explanation, monthly payments and additional coverage options, a relevant yet easily digestible and visual tool can help explain and educate a consumer, driving him to purchase a policy. Whether created in real time after a customer submits a quote request online or delivered as a follow-up email directly from a sales agent after a call, a digital and personalized experience can lift policies purchased as well as set positive customer expectations for future communications and tools from the insurer. http://www.insurancetech.com/business-intelligence/get-and-keep-cust... 1 of 3 8/2/2014 6:23 PM

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Page 1: Get and keep customers with smarter Digital Experiences

Jim Dicso,SundaySky

Get — and Keep — Customers with Smarter DigitalExperiencesBy Jim Dicso- SundaySky (mailto:)August 01, 2014URL: (http://insurancetech.com/business-intelligence/get-and-keep-customers-with-smarter-di/240168797)

According to Forrester's 2014 insurance trends report (http://www.forrester.com/Trends+2014+North+American+Digital+Insurance/fulltext/-/E-RES106743) , consumer empowerment andexpectations are changing the rules for insurers: in addition to their own changing demographics,consumers have high expectations for brand relationships set by their experiences with online retailers,travel sites and financial apps. As a result, consumers require more personalized, digital experiences andinteractions throughout the relationship with their insurer.

These evolving industry dynamics mean insurers need to use technological advances to meet a consumer'sdigital expectations and keep him at the core. Personalized experiences are even more relevant when theyinclude information in real time, and are more captivating when delivered via the most engaging digitalmedium – video – through every addressable channel customers engage with on a one-to-one level, suchas email inboxes, within an authenticated portal and in mobile apps.

Marketers across industries are adapting these channels and technology mediums for today's connectedconsumer by pulling big data from a structured source, such as a customer relationship management(CRM) database, a social feed or online behavior. Specifically for insurers, this data can include acustomer's policy information, claims information, agent interactions and behavioral history.

Because customers are always addressable during their commute, in the office, at home and on the go,these experiences must be delivered in real time and to every connected device. The result is a highlypersonalized and contextually relevant digital interaction between the brand and customer. These"smarter" and differentiated experiences for policyholders ultimately drive deeper loyalty and higherprofitability for insurers.

Get the customer

"Fifteen minutes could save you 15% or more on car insurance" is the well-knownGEICO slogan encouraging consumers to request an insurance quote. But how caninsurers drive prospective customers to purchase policies in a personalized way withlimited customer data?

While many insurance marketers use videos as an awareness tool, personalized videoscan be used as a follow-up communication to support customer acquisition initiatives thatactually perform. By including the prospective policyholder's information, such as quoteexplanation, monthly payments and additional coverage options, a relevant yet easilydigestible and visual tool can help explain and educate a consumer, driving him to purchase a policy.

Whether created in real time after a customer submits a quote request online or delivered as a follow-upemail directly from a sales agent after a call, a digital and personalized experience can lift policiespurchased as well as set positive customer expectations for future communications and tools from theinsurer.

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Grow the customer relationship

Once a customer signs up for a new policy, it is especially critical he feels reassured that he made a goodchoice, as this is when insurers have the best opportunity to gain customer trust and create brandstickiness. This starts with how insurers welcome new policyholders, and continues with proactive,multi-touch engagement throughout the critical first year.

Insurers can leverage customer data to generate personalized engagement to proactively educate thecustomer about his specific policy, set expectations for policy document delivery, briefly explain the firststatement, highlight value-added services and programs for the customer to maximize the new policy andrecommend actions that deliver a great experience. Further, there is no reason a new insurance policy hasto be a low-engagement product. Making it visual and easily digestible, and delivering it on an easilyaccessible channel, can make the customer experience more engaging.

Consumers are easily confused by new policies and statements, which can create barriers to growingcustomer relationships within the first year, as well as lead to excessive support costs and churn. Deeperlevels of personalized engagement during moments that create frustration for customers can pacify thesechallenges. Insurance marketers can enrich the experience and proactively relieve the complexityassociated with the consumption of new policy benefits, terms and fees with more engaging digital andvideo formats, ensuring the customer receives only the relevant and necessary policy details and billinginformation.

Keep the customer (even beyond the claims process)

Though J.D. Power reports that customer satisfaction among auto and homeowner claims handling hasbegun to improve over the last year, guiding policyholders through the claims process is still anopportunity where insurers can enhance and impact the customer experience.

[Check out the most recent J.D. Power insurance claims research]

Claims are of great consequence to both policyholders and insurers. For policyholders, the claim processcan be emotional, and if the experience is inefficient, it can make for an unhappy and mistrustingcustomer. For insurers, claims are a top churn factor and represent a company's largest operationalexpense. How insurers handle customer communications and information sharing throughout the processcan make all the difference to customer satisfaction and profitability.

While there are as many as six touch points in the claims lifecycle that affect the overall customerexperience – from first notice of loss through appraisal, repair process and rental experience throughsettlement – each of these touch points can generate multiple calls, whether to an agent or the servicecenter. Today, there are many digital experiences that allow customers to stay informed and up to datethrough the process.

Further, adding another layer of digital interaction with video can guide policyholders through the processas well as pull in data elements from other digital tools and applications, all from the palm of thecustomer's hand. Insurance companies are able to build consumer confidence in the claims process andcontrol the high costs associated with these calls throughout the claims lifecycle. Leveraging policyholderprofiles and claim-specific data can deliver engaging and effective digital experiences at key touch pointsthroughout the claims process.

Customer-centric companies continue to differentiate with superior customer experience, and insuranceorganizations are no different. Leveraging big data and customer analytics further enhances and smartensthese experiences and engages the customer in a personally relevant manner that makes him feelrecognized as an individual, deepening brand engagement and customer loyalty along the way.

About the author: Jim Dicso is president and chief revenue officer of SundaySky, driving the go-to-market strategy, sales execution, business development and revenue growth for the company's

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SmartVideo solution. He has a Bachelor of Science in electrical engineering from Villanova University.

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