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OFFERING PERSONALIZED CUSTOMER SERVICES
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CURRENT: PRODUCT CENTRIC APPROACH
NEEDED NOW: CUSTOMER CENTRIC APPROACH
THERE IS HIGH POTENTIAL FOR INSURERS TO OFFER PERSONALIZED SERVICES BY USING AVAILABLE CUSTOMER DATA
Copyright © 2018 Accenture. All rights reserved.
…
of customers get frustrated when available
personal information is not used to make
offers and interactions more relevant*48%
of customers believed that their provider
could have prevented them from
switching*82%
of customers feel that loyalty programs
are not tailored to their needs*45%
LOW
CUSTOMER
SATISFACTION
• Limited focus on customer satisfaction• Service offering not based on customer needs• Available customer information not fully used
GENERIC
• One solution fits all / “One-to-Many” campaign approach
• Offers not differentiated per customer• Risk of “spamming” customers with irrelevant offers
INEFFICIENT
CUSTOMER
CULTIVATION
• High volume• Low conversation, high scatter• Inefficient customer management
HIGH
CUSTOMER
SATISFACTION
• High focus on customer satisfaction• Personalizing customer offers based on available
data• Increased conversion rate due to relevant offers
SPECIFIC
• “1-1” campaign approach• Offers are relevant and tailored to customers’
individual needs• Right action at the right time via the right channel
EFFICIENT
CUSTOMER
CULTIVATION
• Marketing measures targeted to specific customers• High conversion, low scatter• Efficient customer cultivation
*Accenture study: Digital Customer Service Trends (2018)
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EMERGENCE OF NON-TRADITIONAL PLAYERS DISRUPTING THE INSURANCE VALUE CHAIN
• Non-traditional players such as InsurTech firms are entering the Insurance
landscape increasingly disrupting the connect between traditional insurers
and their customers with innovative offerings for specific functionalities or
parts of the value chain
• Customers are expecting greater transparency, convenience, and
personalization, leading to popularity of platforms that aggregate information
from multiple insurance firms
INSURERS PROVIDING VALUE-ADDED SERVICES
• As customer expectations increase, driven by their experience in other
industries, and competition in the industry increases, it is becoming important
for insurers to offer services beyond their traditional service offering
• The advancements in mobile devices, connected technologies, and data
analytics are making it possible for insurers to provide customers with a
range of value-added services based on their individual needs
USE OF DIGITAL/MOBILE FOR BETTER CUSTOMER EXPERIENCE
• There is a need for enhancing customer experience as a critical means to
improve customer acquisition and retention
• Insurance industry players are increasingly able to proactively mitigate risks
due to connected devices and analytics
INSURERS EXPLORING AUTOMATION OF MORE COMPLEX AND RISKY PROCESSES
• Property assessment and claims estimation can be done quickly and
efficiently using drones. Automation will reduce the cost of operations and
process time
• Back-office tasks are automated by various techniques such as artificial
intelligence, machine learning, computer vision, and natural language
classification, and property assessment is automated using drone
INSURANCE DISTRIBUTION IS BEING REDEFINED
• The key driver for the growth of direct small business insurance is their ability
to distribute insurance policies in a cost-effective manner, as it combines
various risks of the small business, to a large audience pool
• Chatbots use artificial intelligence to deploy distribution servicing to provide
superior customer service
GREATER DATA AVAILABILITY AND ADVANCE-MENTS IN ANALYTICAL CAPABILITIES
• With exponentially greater data availability and advancements in analytical
capabilities, insurers are able to achieve better risk management and greater
control on profitability by leveraging data
• Sophisticated statistical modeling techniques and analytics is also being
leveraged by insurers to obtain a more granular understanding of their
customers so as to personalize products and services
INSURANCE INDUSTRY TRENDS REFLECT THE NECESSITY TO MOVE TOWARDS CUSTOMER CENTRICITY
Copyright © 2018 Accenture. All rights reserved.
4
APPLYING ADVANCED ANALYTICS ENABLES INSURERS TO INCREASE THEIR FOCUS ON CUSTOMER CENTRICITY
Copyright © 2018 Accenture. All rights reserved.
Business Benefits
Customer Centricity
Level of Sophistication
What price will maximize our revenue?
At which prices will customer buy our services?
What if these trends continue?
Why is the sales funnel decreasing?
What action is needed?
Where exactly, in which market is the problem?
How many products have we sold in which markets?
What is the insurance revenue?Raw
Data
Alerting
Standard
Reports
Optimize
Predict
Forecast
Statistical
Analysis
Clean
Data
Ad Hoc
Reports
Query
Drill DownDESCRIPTIVEANALYTICS
ADVANCEDANALYTICS
HOW DOES IT WORK?WHAT IS NBA?• A decisioning paradigm utilizes a combination
of predefined business rules and advanced
analytics to recommend a next best action
• For each interaction, NBA identifies the
best proposition to be presented to the
customer with an acceptable degree of
predictability about the behavior or response
• Integration between all communication
channels, inbound and outbound, to ensure
a consistent customer experience
NBA BENEFITS
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“NEXT BEST ACTION” (NBA) IS A DATA-DRIVEN TAILORED RECOMMENDATION APPROACH TO ACHIEVE HIGHER CUSTOMER SATISFACTION AND GROWTH
Copyright © 2018 Accenture. All rights reserved.
CUSTOMERCENTRICITY
CUSTOMER SEGMENTATION
360° CUSTOMER VIEW
PERSONALIZED SERVICES
REVENUE GROWTH
SCALABLE
CUSTOMER’S
INSIGHT
• Segment
• Activators
• Churn Risk
• Contact History
CONTEXT
• Call Reason
• Interaction on
Web Portal
PREDEFINED BUSINESS RULES
• Customer Targets
• Business objectives
• Eligibility
• Contact strategy
• Agent skills
Cross- &
Upselling
Retention
Recommendation 1
Recommendation 2
Recommendation 6
Recommendation 3
Recommendation 4
Recommendation 5
Recommendation 9
Recommendation 7
Recommendation 8Increase Call
Avoidance
Customer
IVR
Channels
AI-POWERED
CUSTOMER DECISION ENGINE
ANALYTICSAPPRAOCH
DATAREQUIREMENTS
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THE NBA SOLUTION COMPONENTS CAN BE BROKEN DOWN INTO 3 KEY AREAS
Copyright © 2018 Accenture. All rights reserved.
CORE NBA PLATFORM USER INTERFACENBA DATAMART
User Interface for assisted
channels (CC and Shops)
Decision Engine Real-time
integrations
Customer Centric NBA Data
Model
• User friendly and intuitive user interface to
support call center and shop agents in the selling
process
• The user interface can work standalone or with
a seamless integration with CRM application
via iFrame or pop-up
• Enabled data model that includes all the
relevant facts and dimensions to support NBA
analysis
• Customer Analytic Record (CAR) to enable real
time decisioning to calculate NBA offers
• Reporting layer with pre-calculated KPIs to
measure NBA efficiency and effectiveness
• Real time integration with
intelligent network for
• Real-time integration with
CRM system for order
fulfillment after NBA offer
acceptance
• Real-time integration with
Web Portal or IVR to provide
NBA recommendations
• AI-powered real time
decision engine to configure
and execute the business
rules and strategies that
enable NBA capability
• Adaptive models used by the
engine to optimize the
recommendations based on
a learning process on previous
transactions
Demographic Lifestage
Web Underwriting
Customer Interaction
Cover
AgentPolicy/
Product
CUSTOMER DIMENSIONS
Claims
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TO LEVERAGE ARTIFICIAL INTELLIGENCE ALGORITHMS USING THE 360° CUSTOMER VIEW WE RECOMMEND A STRUCTURED APPROACH
Copyright © 2018 Accenture. All rights reserved.
INCEPTIONSTRATEGY WORKSHOP
DEPLOYMENTPRE-PRODUCTION
• Understand goals and expectations
• Analyze Use Cases
• Prioritize and select Use Case
• Define data requirements and
metrics for measurement against
baseline
• Bring together business and
technology stakeholders to refine
desired outcomes
• Define capability blueprint
(marketing programs, use case
scenarios & capability requirements
by channel)
• Define solution blueprint & potential
vendor solution requirements
• Define implementation roadmap
which defines the deployment of the
capability across the in-scope
channels
• Identify quick win opportunities and
how to achieve near-term value
efficiently
• Deploy specific use
cases in one or more channels while
building omni-channel approach and
adding data
2-3 days 6-8 weeks 6-8 weeks Continuous Improvement
Accenture AG
Fraumünsterstrasse 16
CH - 8001 Zürich
+41 79 540 57 81
SILKE GENUIT
AI Insurance Focus Group Lead
Accenture AG
Fraumünsterstrasse 16
CH-8001 Zürich
+41 79 540 58 65
BRUNO MANN
BI Analytics Insurance Focus Group Lead
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YOUR CONTACTS
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