Yet with uncertainty, comes an opportunity for organisations and people to gain a deeper understanding of how us in being more resilient, flexible, and agile.

Earlier this year, 51·çÁ÷produced a series of virtual industry forums, with the intention of delivering insights into the latest trends, technology innovations, and best practice across several industries:

Retail – Customer-Centric Convenience to Sustainable Shopping:
Listen to Salling Group A/S explain how a single digital core across the whole business is helping it to respond to changing customer demands and drive innovation, efficiency, and growth. for the 15th April.

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Consumer Products – Driving rapid innovation to meet Customer Demand:
Get insights from Georgia-Pacific Consumer Products LP on how it is driving rapid digital transformation across every part of its business to be more agile, efficient, and responsive to changing customer demands. for the 15th April

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Banking – From Behavioural Banking to Smart Loan Origination:
Hear how South African start-up Discovery Bank Limited is creating an exciting new business model with its unique behavioural banking approach. for the 16th April

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Insurance – From Touchless Claims to Healthy Incentives:
Learn how Discovery Health Group in South Africa is making a real difference to personal well-being by incentivising its customers to make healthier lifestyle choices. for the 16th April

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Oil and Gas – Be part of Digital Innovation to drive efficiency:
Understand the intelligent technologies at the core of Chevron Corporation’s digital transformation, making it more agile and efficient. for the 16th April

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Utilities – Future proofing through transformation:
Get key lessons from The United Arab Emirates’, Dubai Electricity and Water Authority, on how it maintained its global ranking of number one utility by World Bank for the third consecutive year, with scores of 100% in all Getting Electricity indicators. for the 16th April

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Public Sector – From Smart States to Citizen-Centred Services:
Hear from industry leaders on how today’s challenging environment, along with the transition into the experience economy, is impeding citizen trust levels in Government. This increasing gap is instilling a need for leaders to explore new approaches in becoming a data-driven digital Governments. for the 21st April

Featuring customer interviews and industry deep dives, these virtual forums are designed to deliver quality learning opportunities to support and inspire ongoing transformation efforts.

Build a Business with Purpose
At 51·çÁ÷we believe in helping the world run better to improve people’s lives, a value which is ever-more important than ever during these unprecedented times. As many organisations, pivot to support our communities and people, we hope the industry forums will help inspire you further, by showcasing tangible ideas around how technology can support you on your journey.

Register today for your industry forum: , , , ,, ,

The post Dealing with Disruption: How to Understand, Explore and Have Confidence in Driving Transformation Approaches appeared first on 51·çÁ÷Australia & New Zealand News Center.

Now, this transformation is rewriting the rules for customer experience (CX) in the insurance industry. In the highly competitive industry, delivering best-in-class customer experiences can be a critical differentiator. Combining operational data (O-data) with experience data (X-data) provides the insights that enhance the customer experience offerings and give insurers a competitive edge.

CX Imperative: Why the Insurance Industry Lags Behind

Customers typically have few – if any – interactions with their insurance company. In fact, without a claim or policy change, there is often no interaction at all. This means when an interaction does occur, it takes on a greater level of importance. Furthering this challenge, consumers are becoming more discerning and less forgiving. One in three customers will walk away from a brand they love after just a single bad experience,Ìý.

How can insurers get a broader picture of the customer journey? The first stop is O-data, which reveals theÌýwhat. Policy renewal rates are decreasing, attrition rates are increasing, new customer acquisitions are decreasing. This data tells us the insurance company has a problem, but we don’t knowÌýwhyÌýthe problem exists.

This is where X-data comes into play, revealing customer pain points — a difficult claims process, a poor digital experience, a slow reimbursement process — that are causing the problem. Together, this data can help insurers uncover the causes of customer churn and identify actions to best address pain points, such as automating the claims process, reducing call wait times, or optimising digital channels for claims submission.

Combining O-data and X-data makes it easier for insurers to unlock powerful business outcomes and:

• Improve the claims process, reducing attrition and increasing renewal and revenue
• Deliver a superior digital experience, increasing revenue and acquisitions
• Strengthen insurer-broker relationships, increasing policy renewals, revenue, and acquisitions

Bringing X- and O-Data Together for True Insight

three components critical to customer experience in the insurance industry: effectiveness, ease, and emotion. These components are critical to building a strong customer relationship, shoring up existing market share, and capitalising on new business opportunities. And they are best assessed through a combination of X- and O-data.

Consider what happens when a customer files an insurance claim. This process can be emotional: Property may have been lost or damaged and a customer’s day-to-day life is directly impacted. O-data tells us aboutÌýhowÌýthe claims process is handled while X-data tells us what the customerÌýfeelsÌýabout the claims process.

The X- and O-data from these interactions must be part of a customer’s profile. No matter with whom a customer is speaking, this agent or representative is empowered with the background knowledge they need to be as responsive as possible to a customer’s concern. When insurers have these insights at their fingertips, agents and other front-line employees can provide a better experience, improving engagement and strengthening customer loyalty. These exceptional experiences turn loyal customers into brand advocates, giving insurers a critical competitive edge.

Turning Insights into Business Success

Here’s how three companies put the power of X and O to work for them.

Allianz: Predictive Power of Democratised Insights
is one of the world’s largest insurance providers, but despite being a market leader, the company recognized it was operating in a market with excess supply and declining rates. Rather than staying the course and risk falling profits and market share loss, Allianz proactively put customer experience at the heart of its strategy to earn lifelong loyalty from clients who see them as an integral, forward-thinking business partner. Working with Experience Management solutions from 51·çÁ÷(Qualtrics), they collected experience data from customers in 22 countries and 16 languages. The company now has a wealth of insights, filtering and prioritising based on location and function. These insights have led to new products, such as protecting customers from risks like cyber crime; new approaches, such as elevating claims processing from back-office to client-facing function; and new reputation management strategies, such as above-and-beyond consultations.

MetLife: Boosting Brand Engagement
MetLife, Inc. is a leading global provider of insurance, annuities, and employee benefit programs. The company is digging deeper into its data for actionable insights that drive brand engagement. For example, in a recent MetLife-sponsored Earth Week contest, participants needed to answer a series of questions to be eligible for a gift card. From the reporting, MetLife was able to determine three winners and the process sparked significant brand engagement.

SwissRe: End-to-End Customer Experience Ownership
merged all its customer experience, voice of customer, and market data from more than 11,000 clients, 25 markets, and 11 languages onto a single, secure platform. The company now has a Web-based, highly secure insights platform that gives users 24/7 access to data. The intuitive interface makes it easy for all stakeholders to become experts on customer experience. This centralised, in-house approach led to a 90 percent decrease in research costs, a five-times increase in speed and productivity, and a seven-point Net Promoter Score increase.

Next Steps: Enhancing CX with Data-Driven Insights

Experience matters. We live in a world where insurers are disproportionately rewarded when they deliver a great experience and punished when they do not. Experience Management solutions from 51·çÁ÷unlock the power of business operations data (O-data) with experience data (X-data) to transform customer experience and drive business success.

As part of the 51·çÁ÷C/4HANA suite, 51·çÁ÷now makes it easier for insurers to combine X- and O-data and gain actionable insights at every step of the customer journey.Ìý.

This article first appeared on the Global News Centre.Ìý

The post 360-Degrees of Experience Management in the Insurance Industry appeared first on 51·çÁ÷Australia & New Zealand News Center.