Sector: Financial
Services
Sub Sector: Insurance
Business Priority:
Customer Experience
INFOCUS REPORT
“Is customer experience the new growth engine?” The GrowthEnabler InFocus reports uniquely address the top priorities for technology leaders and their teams; by recommending potential solutions, in the context of business growth. Each business priority is broken down to point level/function-specific solutions that are further linked to technologies with a list of vendors. Business Solutions are sourced from GrowthEnabler Pii, our intelligence gateway to over 525K high growth tech companies. This report is designed to navigate the ever-changing technology landscape, and enable more informed, and quicker, decision making.
3
Step Guide Document
Created for the: CIO, CDO, CTO, CSO, CEO
Reading Time: 15 minutes
©2018 / All rights reserved
Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience
Contents i. Introduction 01. / How will this impact growth? 02. / Identifying business priorities 03. / From business priorities to solutions, in 3 steps
ii. The 3 Steps 04. / Customer Acquisition 09. / Customer Onboarding 13. / Customer Service & Support
iii. Recommendations 15. / Digital transformation in Insurance
iv. Methodology 17. / GrowthEnabler Research Methodology
©2018 / All rights reserved
Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience
Introduction
How will digital transformation impact growth? Increasing customer awareness, commoditization of insurance products, and adoption of digital products are changing the way people are making insurance decisions. Customers are evaluating the service at every touchpoint and switching their loyalty for attributes like convenience and faster turnaround time.
The new age digital insurance companies are encashing this opportunity to introduce innovative products like usage-based insurance leveraging telematics to offer customized price-points. Traditional insurers are forced to rethink their conventional methods of doing business and to become more transparent, customer-oriented, and agile in delivering services across the customer value chain. In-order to stay relevant in the shifting market dynamics, traditional insurance companies need to prioritize their IT investments. Robotic process automation tools can add speed and agility by automating certain back and middle office processes, reduce operational costs and improve customer experience. With greater customer interactive capabilities through multiple channels, insurance companies can build new engagement models that empower customers with more information, personalized content, and real-time connectivity. It is imperative for insurers to have a well-crafted customer engagement strategy to meet raising expectations.
Š2018 / All rights reserved
01
Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience
Business Priorities Sub-segments
Customer Acquisition
Customer Experience Customer Services & Support
Customer On-boarding
©2018 / All rights reserved
02
Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience
From Sub-segments to Solutions The 3 Steps.
1.
2.
SUB-SEGMENTS OF BUSINESS PRIORITY
3.
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
EMERGING SCALING MATURE
Startup Growth Stage Definitions EMERGING:
Early stage startups typically at beta product stage and seeking investment capital
SCALING:
Typically funded, with a market ready product and revenue positive
MATURE:
Established product, exploring new growth markets and partnerships
©2018 / All rights reserved
03
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
SUB-SEGMENTS OF BUSINESS PRIORITY
2.
SOLUTIONS TO CONSIDER
3.
STARTUPS TO EVALUATE
Optimizely Customer Acquisition
Personalised marketing campaigns
Customer On-boarding
Automation of marketing campaigns
Customer Service & Support
Developer APIs to integrate insurance products into Personal finance management platforms
Lead generation through InsuranceTech platforms
Howard St. Suite 100 | San Francisco optimizely.com Optimizely helps businesses test out different ways to make their websites or apps more effective.
Persado
11 East 26th Street, New York persado.com Persado is an AI-based marketing software to deliver content based on individual profile.
Phrasee London, UK phrasee.co
Phrasee uses AI to write better marketing language than humans.
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
Cross selling/Upselling insurance products 04
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
SUB-SEGMENTS OF BUSINESS PRIORITY
2.
SOLUTIONS TO CONSIDER
3.
STARTUPS TO EVALUATE
Sailthru Customer Acquisition
Personalised marketing campaigns
Customer On-boarding
Automation of marketing campaigns
Customer Service & Support
Developer APIs to integrate insurance products into Personal finance management platforms
Lead generation through InsuranceTech platforms
One World Trade, Suite 48, New York sailthru.com Sailthru provides APIs for automated personalized marketing across all digital channels.
Emarsys
21 Caledonian Road, London emarsys.com Emarsys provides the B2C personalized and automated marketing solutions using AI.
Autopilot
140 2nd Street, San Francisco autopilothq.com Marketing automation and customer journey management software.
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
Cross selling/Upselling insurance products 05
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation
1.
2.
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
Customer Acquisition
Personalised marketing campaigns
Customer On-boarding
Automation of marketing campaigns
Customer Service & Support
Developer APIs to integrate insurance products into Personal finance management platforms
3.
STARTUPS TO EVALUATE
Revolut
One Canada Square, E14 5AB London revolut.com Revolut is an app-based banking alternative offering retail and commercial products.
Atom Bank
The Rivergreen Centre, Durham atombank.co.uk Atom Bank is a digital bank with an open banking tech stack.
Fidor
D. Meeting regulatory compliance
Lead generation through InsuranceTech platforms
D. Fraud & Risk management
Cross selling / Upselling insurance products
Sandstr. 33 | 80335 Munich fidor.com Fidor Solutions is an open banking platform for digital banks.
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
06
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
2.
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
Customer Acquisition
Personalised marketing campaigns
Customer On-boarding
Automation of marketing campaigns
Customer Service & Support
Developer APIs to integrate insurance products into Personal finance management platforms
Lead generation through InsuranceTech platforms
Cross selling / Upselling insurance products
3.
STARTUPS TO EVALUATE
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
Compare Europe 65 Grosvenor Street, London compareeuropegroup.com
CompareEuropeGroup is a pan-European financial sevices comparison platform.
Health care
3401 N. Miami Avenue Unit 205 Miami healthcare.com HealthCare.com is a search and comparison tool for healthcare insurance.
Worry and peace Penn Street, Amersham worryandpeace.com
Worry+Peace is a platform to buy personal and business insurance products.
07
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
2.
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
Customer Acquisition
Personalised marketing campaigns
Customer On-boarding
Automation of marketing campaigns
Customer Service & Support
Developer APIs to integrate insurance products into Personal finance management platforms
Lead generation through InsuranceTech platforms
Cross selling / Upselling insurance products
3.
STARTUPS TO EVALUATE
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
Massup
65 Grosvenor Street, London massup.de A white-label platform for online sales of annex and niche insurance products by brokers.
Cover Genius
18 Finsbury Square, London, England covergenius.biz Point of sale insurance distribution platform.
Kasko
78 York Street, London kasko.io Kasko provides API to integrate products into third party platforms.
08
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
SUB-SEGMENTS OF BUSINESS PRIORITY
2.
SOLUTIONS TO CONSIDER
3.
STARTUPS TO EVALUATE
Digital Fineprint
30 Great Guildford Street, London digitalfineprint.com
Customer Acquisition
Customer On-boarding
Customer Service & Support
Digital Fineprint provides marketing solutions based on social media analytics.
Product recommendation through dynamic customer profiling
Digitial identity verification platforms(e-KYC)
e-Signature solutions
Wenalyze
Av Secundino Zuazo 111, Madrid wenalyze.com Analyses social media information to draw personal profiles based on working, leisure and finance risks for personalized recommendations.
Atidot
Ben Gurion st. 2, Ramat-Gan, Israel atidot.com Atidot is an InsuranceTech solution for analytics based actuarial and risk management.
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
Digital on-boarding solutions 09
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
SUB-SEGMENTS OF BUSINESS PRIORITY
2.
SOLUTIONS TO CONSIDER
3.
STARTUPS TO EVALUATE
Customer Acquisition
Customer On-boarding
Customer Service & Support
Product recommendation through dynamic customer profiling
Digitial identity verification platforms(e-KYC)
Trulioo
420 W Hastings, Vancouver, Canada trulioo.com Trulioo is an online identity verification company, for regulatory compliance and AML monitoring.
Trunomi
41 Luke Street, London trunomi.com Trunomi provides enterprise KYC, customer consent and data rights compliance for GDPR.
Onfido e-Signature solutions
Digital on-boarding solutions
40Long Acre, Covent Garden, London onfido.com Onfido is an identity verification platform for KYC compliance.
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
10
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
SUB-SEGMENTS OF BUSINESS PRIORITY
2.
SOLUTIONS TO CONSIDER
3.
STARTUPS TO EVALUATE
Customer Acquisition
Customer On-boarding
Customer Service & Support
Product recommendation through dynamic customer profiling
Digitial identity verification platforms(e-KYC)
e-Signature solutions
Digital on-boarding solutions
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
EsignLive
503-505 Kent St, Sydney, Australia esignlive.com eSignLive is an e-signature and digital solutions for enterprises.
Hellosign
301 Howard St, San Francisco Hellosign.com HelloSign offers API for e-signature solutions.
Docusign
221 Main St.,Suite 1000, San Francisco docusign.com DocuSign provides platforms and APIs for e-signature.
11
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
SUB-SEGMENTS OF BUSINESS PRIORITY
2.
SOLUTIONS TO CONSIDER
3.
STARTUPS TO EVALUATE
Customer Acquisition
Customer On-boarding
Customer Service & Support
Product recommendation through dynamic customer profiling
Digitial identity verification platforms(e-KYC)
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
Avoka
20 Challis Street, Level 1, Dickson avoka.com Avoka is a cloud-based platform for digital customer on-boarding.
Agreement Express
e-Signature solutions
Digital on-boarding solutions
123 South Street, Floor 5, Boston agreementexpress.com
SaaS platform that automates the client onboarding process for financial services firms.
Socure
110 Fifth Avenue, 5th Floor, New York socure.com Digital identity verification solution using data from social media, email, phone, IP for KYC and AML compliance.
12
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
SUB-SEGMENTS OF BUSINESS PRIORITY
2.
SOLUTIONS TO CONSIDER
3.
STARTUPS TO EVALUATE
Customer Acquisition
Vlocity
50 Fremont Street, San Francisco vlocity.com
Customer On-boarding
Customer Service & Support
Cloud solution for unified omnichannel communication with customers.
Automated quoting, issuance, servicing via digital channels (for brokers & Direct channels)
Omni Channel strategy with contextualised customer engagement
Sureify
1100 Lincoln Ave, STE 239, San Jose sureify.com Analytics based tools for underwriting and customer acquisition and engagement for insurance sector.
Limelight Health
1275 Mission Street, San Francisco limelighthealth.com Limelight Health provides health insurance agents with decision tools and a SaaS platform to assist their decision making.
Find more solutions on GrowthEnabler Pii... www.growthenabler.com
13
Insurance Sub-segments
A. Customer experience B. Digitization and automation of back & middle office operations C. Product differentiation D. Meeting regulatory compliance D. Fraud & Risk management
1.
SUB-SEGMENTS OF BUSINESS PRIORITY
2.
SOLUTIONS TO CONSIDER
3.
STARTUPS TO EVALUATE
Customer Acquisition
Find more solutions on GrowthEnabler Pii...
Customer On-boarding
Customer Service & Support
www.growthenabler.com
Automated quoting, issuance, servicing via digital channels (for brokers & Direct channels)
Omni Channel strategy with contextualised customer engagement
SaleMove
19 W 21st St, New York salemove.com SaleMove offers customer engagement technology for unified experience across channels.
Elafris
795 Folsom Street, San Francisco elafris.com ML based virtual agents for sales, claim processing and customer support for the insurance sector.
Technisys
701 Brickell Ave. – Suite 1550, Miami technisys.com Technisys offers platform for omni-channel user experience for the financial services industry.
14
Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience
Recommendations
Customer experience. The new growth engine i. ii.
Insurance companies should expedite policy quoting, onboarding and mandatory verification procedures by moving to digital platforms and automating certain back & middle office operations. Insurers should focus on leveraging e-commerce models for distribution of standardized insurance products to reduce their cost in acquiring customer leads.
iii. iv.
Insurance companies need to replace their traditional blanket marketing campaigns with context-based recommendations tailored to the personas of customers. Insurers should adopt an omni channel approach to offer customers the choice of approaching through multiple channels like Social media, Mobile and other digital platforms.
Š2018 / All rights reserved
15
Find out more about GrowthEnabler Research Methodology
Š2018 / All rights reserved
GrowthEnabler Research Methodology Proprietary Research INTRODUCTION GrowthEnabler uses its proprietary research methodologies to analyse the business impact of disruptive technologies and digital innovations on the future growth of large corporations and their industries. GrowthEnabler applies its deep-data analysis tools, scoring logic and algorithms to create intelligence that enables senior executives to make informed business growth decisions. The GrowthEnabler Personalised Intelligence Interface (Pii) is an interactive platform that provides corporates the ability to Find, Select, Connect and Manage global Startups based on their business priorities and problems.
1. MARKET ANALYSIS To create and report leading technology-related market trends and industry analysis with a focus on industry sub-sectors, real-life implementations, industry and market landscapes and competitor dynamics, GrowthEnabler analyses large sets of data and information aggregated from various private and public sources, including online databases, market reports, online surveys, journals, and in-depth phone interviews. To further enrich the efficacy of analysis, GrowthEnabler undertakes formal and informal interviews and RFI’s and surveys with key decision makers and executives in corporates, as well as founders and owners of Startups. Following this exercise, large volumes of data is categorised and curated, based on, industry and market drivers, risks, opportunities and challenges specific to an industry vertical or technology area, and then injected into a pre-configured regression model to forecast and predict market movements and trends.
2. STARTUP TECHNOLOGY LANDSCAPE & ANALYSIS The Startup eco-system is built using an exhaustive primary and secondary research analysis model, led by dedicated team of tech analysts and subject matter experts (SMEs), who also use Machine Learning and Natural Language Processing (NLP) technologies for data mining and curation. Primary Research – The Primary research data is sourced directly from GrowthEnabler Market Surveys, RFI’s with Startups, One-on-One Interviews, Calls and Product briefings, including Startup and Client Registration Information available on the GrowthEnabler Pii platform. Secondary Research – A team of Machine Learning and NLP experts scan thousands of private and public data sources using data scraping and crawling methods to extract relevant secondary data, which is then validated and verified using GrowthEnabler automated data-cleansing methods,industry and technology segmentation taxonomies and mapping protocols and core intelligence from pre-populated Startup profiles and reviews. Analyst Validation – A team of Analysts and Subject Matter Experts validate both the primary and secondary data while using internal peer reviews to substantiate core assumptions and data points, and external discussions with senior decision makers to assess business relevancy, timing and need.
The major sources of Secondary research are: i. Global Startup websites ii. Data aggregators iii. VC and Investor portfolios iv. News Feeds v. Industry reports vi. Regional Company registration websites vii. Social Sources (Social Sites, Blogs, Articles, Media sites) A total of 57 data-points and parameters are applied in analysing and predicting the growth potential and health of a Startup, including: i. Company information ii. Leadership Team iii. Business Model iv. Financial Strength/Funding/acquisition data v. Product Innovation - patent data and core features and functions analysis vi. Customer value & sentiments vii. Social Media and Branding coverage viii. Business Traction and progress Out of the total 57, 30 parameters are classified under 5 broad categories used to calculate the GE Pii Score. i. Product & Innovation ii. Leadership Team iii. Market Traction iv. Financial Strength v. Social media and Branding
©2018 / All rights reserved
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Further FurtherResources: Resources: 01. 01.
GrowthEnabler Tech Pulse Report AR & VR Market Pulse InsuranceTech 2018 / Download it at:
Report UK (2016)
02. 02. [Title]
GrowthEnabler Tech Pulse Report / Sub-point FinTech 2018 ©2018 / All rights reserved
03. 03. [Title]
GrowthEnabler InFocus Report / Sub-point Insurance
04.
[Title]
/ Sub-point
05.
Contact us for access to these reports: www.growthenabler.com
[Title]
/ Sub-point