The 10 Most Trusted Customer Experience Management Solution Provider 2022 December2022

The Novel Prospects of Constant Enhancements

Editor’s Desk

AbhishekJoshi AbhishekJoshi

Customersatisfactionasabusinessconcepthasbeen

aroundformorethan20years—butcustomer experiencemanagement(CEM)hasonlybeen discussedoverthepastseveralyears.So,it'snowonderthat CEMisoftenequatedwithearlierconcepts.Intheageof rapidadvancements,businessleadersmayknowthatit costsfivetimesmoretoattractnewcustomersthantoretain existingcustomers.Still,theymayneedtolearnthebest strategiestoensuretheirbuyershaveapositivecustomer experience.

Tounderstandthebenefitsofcustomerexperience management(CEM),CXprofessionalsshouldclearly understandwhatthatmeanstotheirbrand.Thegoalof CEMistomanagecustomerinteractionsthrougheach physicalanddigitaltouchpointtodeliverpersonalized, customer-centricexperiencesthatdrivebrandloyaltyand increaserevenue.

Managingcustomerexperienceisn'tjustabouthowpeople perceivetheirexperiencewithabrandorthecompany's actions,butratherhowcustomersfeelwhenengagingwith abrand.Customerswillchangetheirperceptionofabrand-hopefullyinapositivedirection--eachtimetheyvisitthe company'swebsite,reachoutforcustomersupport,orsee adsonline.Companiescanbettermanagethatby identifyingCEMmetricsandhavingacustomerexperience managementplaninplacetoincreasecustomerloyalty.

Businessesthatareseeingahighercustomerlifetimevalue fromagoodcustomerexperiencemanagementprogramare likelytobenefitfromreducedchurnorcustomerturnover.It ismorecostlytoacquirenewcustomersthantoretainthem, sobyputtingresourcestowardkeepingcustomershappy; companieswillexperiencelongerengagement.

Brandsthatexperiencehigherbrandequityandreduced churnwillalsoexperiencehighercustomerretention. Increasedcustomerretentionoftencorrelatestohigh customerloyalty.Acustomermaybuyfromabrandonce everyfewyears,buttheabilitytokeepthatpersonasa customerisimportant.

Companiesthatarequicktoresolveissues,rewardloyalty, stayintouch,and,mostimportantly,valuetheircustomers; eventually,strengthenthepositiveperceptionthatisatthe rootoftheoverallcustomerexperience.Customerretention leadstomoresalesandhigherlifetimevalueandaneasier waytoincreaseROIfromthatinitialconversion.

Indulginginthelegacyofthecompaniesthatarethriving towardsenablingenhancementsfortheorganizationsand businessesbyestablishingaperpetualconnectionwiththe clients,InsightsSuccessshedsthespotlighton"The10 MostTrustedCustomerExperienceManagement SolutionProviders2022.”

Flipthroughthepagesandexplorethenoveltiesthat contributetoensuringthesuccessofyourbusinessgrowsto greaterheights.

Have a Delightful Read!

C O N T E N T S

FeaturedPerson

Appcues appcues.com

Chatchamp chatchamp.com

CLEARgo cleargo.com

Brief CompanyName

JonathanKim

FounderandCEO

FelixSchroeder CEO

CharlesChan FounderandMD

PhilippWolf Founder Custify custify.com

Gainsight gainsight.com

KarlMosgofian CIO

GetFeedback getfeedback.com

ChrisBoeckelman CMO

Appcuesisthemostflexiblewaytobuildpersonalizedproduct experiences.Fromuseronboardingthroughadoptionand retention.

Chatchampistheguidedsellingsolutionfore-commerce companieswithdigitalshoppingassistants.

CLEARgoisAdobeCommerce(Magento)GoldSolution Partner,ShopifyPlusPartner,SalesforceCommerceCloud PartnerandHubspotSolutionPartner

CustifyenablesCustomerSuccessteamstopreventchurn, automateprocessesandimproveonboardingthroughoneeasyto-useinterface.

Gainsight'sCustomerSuccessandProductExperience Softwareempowerscompaniestoincreaserevenue,decrease customerchurn,anddriveadvocacy.

GetFeedbackishelpingcompaniestogetbetterfeedback,one awesomesurveyatatime.

Inbenta inbenta.com

McorpCX mcorp.cx

Reflektion boxever.com

JordiTorras

FounderandCEO

GrahamClark

VPofMarketDevelopment

AmarChokhawala

FounderandCEO

Satmetrix satmetrix.com

ElisabethGeorge CEO

InbentaisagloballeaderinAIandNLUforEnterpriseSearch, EcommerceSearch,Chatbots,SupportTicketing,and KnowledgeManagement.

McorpCXisaleadingcustomerexperiencemanagement company,deliveringconsultingandtechnologysolutionsto customer-centricorganizationssince2002.

Reflektioncombinesindividualshopperinsights,product intelligence,andAItocreatemoreintimateandimpactful commerceexperiences.

SatmetrixistheonlycompleteandintegratedholisticVOC solution,drivingperformanceoutcomesfromthecontact center,andbeyond.

C O V E R S T O R Y

Thejourneyofabusinesscreatingandmaintaining relationshipswithitscustomersiscomplexand neverending.Whileachievingthiscansometimes bechallenging,especiallyintoday’sscenarioof continuouslychangingcustomerconsumptionpatternsand trends,thereareserviceproviderslikeMcorpCXtohelp businessesconductthiscriticalactivity.McorpCXfocuses onhelpingitsclientsdelivergreatcustomerexperiences anddrivemeasurablevalueintheprocess.

McorpCXisaleadingcustomerexperienceservices companythathasbeendeliveringconsultingand technologysolutionstocustomer-centricorganizations since2002.Itspracticalapproaches,playbooksand frameworkshaveledtomeasurablegrowth,deeper engagement,andbetterbusinessoutcomesforsmall companiestotheFortune100.

McorpCXhelpsorganizationsdrivegreatervalueby improvingstakeholderexperiences.Recognizedbyindustry analystsasacustomer,employeeandpartnerdigitalfirst butnotdigitalonlymultichannelexperiencestrategy, designandoperationssolutionsleader,itunlocksgrowthby helpingorganizationsbetterserve,sellto,andengagewith theiraudiences.

InsightsSuccesshadaninterviewwithitsVPofMarket Development,GrahamClark,togetabetter understandingofMcorpCX’ssuccessfulbusiness proposition.

Graham Clark VP of Market Development McorpCX

Below are the highlights of the interview:

PleasebriefouraudienceaboutMcorpCX,itsUSPs, andhowitiscurrentlypositionedasoneofthetrusted customerexperiencemanagementsolutionprovidersin theniche.

McorpCXisaspecializedExperienceManagement Consulting,andSolutionscompanyfocusedonhelpingour clientscapturebusinessimprovementfromdeliveringand improvingCustomer,Employee,andPartnerExperiences.

McorpCXhasbeenattheheartoftheCXmovementfor20 years,makingusthemostexperiencedofthespecialized firmsinNorthAmerica.

Ourbiggestdifferentiatorsare

• ourspecialty;CXiswhatwedo,allwedoandallwe haveeverdone.

• ourpersonnel’sexperienceaveraging10-20yearsin CX

• andwhileweknowallthetechnologyprovidersinour discipline,wearenotplatformresellers,sowekeep ourclients’bestinterestsinmind.

TellusmoreaboutMcorpCX’sofferingandwhat aspectsmakeitstandoutinthecutthroatcompetitionin thecustomerexperiencemanagementsector.

Ourprimaryfocusisonhelpingourclientsdesign,launch, operateandimprovetheBestPracticeCustomerExperience Management(CM)Capabilitiesappliedbyindustryleaders. Showing,teachingandsupportingthemtobeasself sufficientastheywishtobe.

Helpingorganizationsdefineexperiencestrategy,ensuringa cultureexistsaroundcustomerandemployeeexperience centricity,includingtrainingandimmersionprograms,and ensuringthecapabilitiesexisttodeeplyunderstandtheir customersandtheprocesses,technology,data,product, services,andpartnerecosystemssupportingtheir experiences.

Aspartofthis,providingtools,playbooks,guides,and staff.Includingimprovingspecificexperiencesbyapplying journeymaps,personamodels,experienceblueprints,and implementationandprogrammanagementteamstoimprove specificexperiencesbyapplyingjourneymaps,persona models,experienceblueprints,andimplementationand programmanagementteams.

Anddesigning,launching,andoperatingListeningSystems toheartheVoiceoftheCustomer(VoC),theVoiceofthe Employee(VoE),andtheVoiceofthePartner(VoP)across asmanyinteractionchannelsaspossible(e.g.,digital, contactcenter,andin-person),analyzewhattheytellyou forinsights,andensureactionistakentoimprovetheir experiencesandyourbusinessoutcomes.

Beinganexperiencedleader,shareyouropiniononhow theadoptionofmoderntechnologiesimpactsthe customerexperiencemanagementsectorandhow McorpCXisadaptingtothechange.

Weseeexperiencetechnologiesfallinginto3categories: Eachoftheseisatdifferentlevelsofmaturityand integrationgivenholisticExperienceManagement ArchitecturesasanelementofEnterpriseArchitectureisat theveryearlieststages.

ExperienceDesign:Themostimmaturearea,butinrecent years,wehaveseenfocusedtechnologiesinjourney mappingandpersonamodelinglikeUXPressa,SuiteCX, andothers.Recentlywehaveseenanewwaveof companieslikeCemanticaandCXOmnithatnotonly supportjourneymapandpersonacreationbutsupportmore sophisticatedenterprise-wideCX(andEX)portfolio managementcapabilities.Likewhenyouhave50+personas and100journeysbeingactivelyusedby200peopleacross

15countries.Thenextwaveisgoingtobeintegratingthese technologieswiththeCXDeliveryandMeasurement technologies.

ExperienceDelivery:Themostmatureportfolioof technologiessupportingspecificinteractionchannelsin Digital(e.g.,Adobe,Sitecore,Acquia,andmanyothers), Mobile,e.g.,Apple,Samsung,etc.),ContactCenter(Cisco, Genesys,Verint,Nice,Avaya,Five9,etc.),Storeand Branch(NCR,FSI,etc.),IoTandenvironmental(Google, Cisco,etc.)andsoon.

Supportedbydataanalyticstechnologies(Teradata,SAS, PowerBi,Tableau),cross-channelexperiencesupport,and CRMplatforms(e.g.,Salesforce,Infor,Oracle,SAP)plusa varietyofProductManagementtechnologiesandahostof infrastructuretechnologies(e.g.,Cisco,PaloAlto,Intel, VMware,Broadcom).Beingabletoshowhowthedelivery technologiesrelatetothejourneysasexpressedinthe ExperienceDesignapplicationsisanevolvingareaof focus.

ExperienceMeasurement:Probablythemostclosely associatedwiththeExperiencemovementencompassing VoiceofCustomer,VoiceofEmployee,VoiceofPartner listening,analyzing,andactionsystems(e.g.,Qualtrics, Medallia,Momentive.AI/SurveyMonkey,QuestionPro, Inquba,AlternaCX,Microsoft,etc.).SupportingwellknownexperiencemetricssuchasNetPromoterScore (NPS),CustomerSatisfaction(CSAT),CustomerEffort Score(CES),andmorecustomscoresblendingmanyof these,oftenreferredtoasCustomerExperienceIndices (CXI).

Complementedbydigitalanalyticstools(e.g.,Adobe, Google,Glassbox,QuantumMetric,etc.).

IntegratingExperienceMeasurementtechnologieswiththe journeysintheExperienceDesignapplicationsiswell underway.Andmanyoftheleadingmeasurementproviders areleaningintonewlyevolvingtrendslikeJourney Orchestration.

Consideringthecurrentindustryscenario,whatkindof challengesdoyouface,andhowdoyoudriveMcorpCX toovercomethem?

Overall,thebiggestchallengetodayisensuringcompany commitmenttoCXinvestments.EventhoughtheCX movementis20-40yearsold,itisstillrelativelynew,and thenumberofcompaniescommittedtoinvestmentsinthese

capabilitiesandconfidenceintheROIofthoseinvestments isstillsmall.

LeaderslikeAmazonhavebuilttheirbusinessesonthese principles,butencouragingunderstandingofthe importanceandmaintainingfocusandinvestmentinCX Capabilitiesisaconstantstruggle.

Howeverthemovementcontinuestoevolveandtodaythe capabilityourclientsarefocusedonfirstandforemostis ListeningSystems,specificallyVoiceofCustomer(VoC) systemsandVoiceofEmployee(VoE)systems.Theseare automated,easytobuywitharelativelylowcostofentry andanincreasinglyclearroadmapofhowadditional capabilitydeliverspredictablevaluethrooughincreased insightandunderstanding,deliveringhighconfidenceROI, theabilitytopredictbusinesseventsandoptimizebusiness investments.Allofwhichtendstoreinforcebeliefinand increasedinvestmentintheCXmovement.

Whatwouldbeyouradvicetobuddingentrepreneurs whoaspiretoventureintoincustomerexperience management(CMX)sector?

Focusondataandanalytics.AsCXandEXbecomemore widespread,requiringpayingattentiontomorecustomers acrossmoreinteractionchannelswithexplodinginteraction levelsandmoredata,therearechallengesinturningthat intoinformation,insight,andaction.Evermoreautomated actionrootedinbehavioraltendenciesandemotions, drivinghyper-personalizedexperiences.

Thisrequiresevermoresophisticatedintelligencewithever moresophisticatedvisualizations.Thisisanexplosive opportunityforMachineLearningandArtificial Intelligencetechandsomethinginvestorsandcustomers aresuperfocusedonandinterestedinandcallmeat McorpCXbecausewecanhelpandarealwaysinterestedin whatisnewinourdomain.

HowdoyouenvisionscalingMcorpCX’soperationsand offeringsin2023andbeyond?

Ourgoalistodoimpactfulworkwithpeopleweliketo workwithandwholiketoworkwithus,applyingand growingateamofMcorpCXassociatesandclientswho shareourvalues.Weareaquality-focusedfirm,notasize and-scalefirm.

Ourgrowthwillcomefromengagingwithmoreclientsand maintainingourpositionattheleadingedgebutnotthe

bleedingedgeoftheexperiencemanagementmovement.

Includingexpandingourrelationshipswithtechnology solutioncompaniesandcontinuingtodemonstratethatour evolvingservicesreflectthismoretech-centricmovement.

Pleasegiveusafewtestimonialsofyour clients/customersandalistofawards/recognitionsthat accuratelyhighlightMcorpCX’spositionasoneofthe trustedcustomerexperiencemanagementsolution providersintheniche.

WithamajorfocusontheTechnology,Banking,Financial Services,andInsurancesectors,rapidlyincreasingworkin LifeSciences(includingPharmaandTreatmentcompanies andHealthcareServiceProviders),andourlongterm presenceinRetail,wehaveworkedinalmostevery industryinbothB2C,B2BandB2B2Cmodels.Wedonot publishourclientnamesbuthavereceivedrepeated validationofourabilitytohelpourcustomersimprove performance.

McorpCXhasregularlybeenrecognizedasanExperience Strategy,Design,andConsultingleaderinForrester Research’sreportsoverthepast10years.

“McorpCX completely transformed the way we think about developing software!” –GeneralManager,Product Development,GlobalTechnologyCompany–followinga research-basedinitiativetounderstandandimprove customerpurchaseandonboardingexperiences.

“McorpCX gave us a path forward that is truly customercentric – based on what we know our customers value most.” -SrDirector$5bfinancialservicesandinsurance company

“McorpCX gave us the process, insights, and perspectives that brought people and divisions together.” -CMOofan autoloanproviderrealizeda200%increaseinemployee loyalty,a58%increaseincustomerNPS,anda400% increaseincustomersatisfactionscores.

“McorpCX helped us align cross-functional stakeholders

on CX execution.” -SrDirectorofstoreoperationsina leadingretailerrealizinga94%increaseinpositive customerwordofmouth.

“McorpCX was selected over major global services partners because of their experience and proven ability to deliver results. They helped us align our CX Vision with our evolving Business Strategy, change our Measurement systems to align with that also and develop Employee Communication Strategies to ensure our front-line employees understand how our customers see their experiences with us.” -Top50retailersrealizing8% revenueincreases,12.6comparableyearsoveryearstore salesand27%increaseinquarterlydividendreported.

MCORPCX

Rethinking Traditional Training: TheForgetfulCurve

Picturethisscenario–youaresittingatacomputerin thebreakroom,preparingtotakeyourannual trainings.Theacridsmellofslightlyover-cooked microwavepopcornpermeatestheroom(butterflavored,if youwerewondering),andyouhearapageforadepartment thatisthankfullynotyours.Youclick“begin”andthe pixelated,tinnysoundingvideofromthe80spopsuptelling youallaboutsexualharassment.Youreyesglazeover immediatelyasyoudisengage:ifthey’regoingtomakeyou watchthisoutdatedcontent,yourattentioncan’tbethat necessaryanyway

Eveninamoreidealscenario,researchtellsusthatwithin1 hourofreceivingtraining,theaveragepersonwillforget 50%ofwhattheylearned!Within24hours,70%;and withinoneweek,90%.Ineducationcirclesthisiscalledthe Forgetting Curve (Murre,2015).Withbetterengagement levels,moreknowledgecanberetained,butthenumbers arestillstark.Employeeswillforgetmostofwhatthey learn,despitecorporatetrainingbeinga$60billion industry

Whydoesthe Forgetting Curve exist?Atanygiven moment,yourbrainisreceivingthousandsofbitsof information.Smells,sounds,sights,feelings,aches,pains, nerveimpulses,andmuchmoreisfloodingourbrain.The brainsimplymakesanoteandignoresunlesswebringour mentalfocusandattentionontoit.Thetrainingyour employeeislisteningtoisoneofthosebitsofinformation floodingtheirbrainwithalltheothermessages.Experience thephenomenayourselfwiththistest,seenbyalmost25 millionpeopleasofthiswriting.

So,istrainingalostcause?Howdowemakeourcontent standoutamongstalltheotherimpulses,sowecanflatten the Forgetting Curve?Thefirststepisavoidingdistractions –reducingtheinformationgoingtothebrainthatis distractingitfromyourtrainingisthefirststep.Thesecond isengagement,whenanemployeeisactivelyengagedwith trainingtheywillretainmore.Thethirdkeytothepuzzleis focus. Neurosciencestudiesshowthatwhenanindividual isintenselyvisuallyfocusedonsomething,itgreatly reducesalloutsidestimulifromdistractingthebrain.

Finally,Ebbinghaus(2013)andMurre(2015)foundthat wheninformationlearnedisrepeatedthereisa“savings measure”wheretheamountoftimetolearntheinformation

asecondtimeis20-25%lessthanthefirst.Repeated measurescanincreasethistimesavings.Thistellsusthat repeattrainingswillbemoreefficientatrelating informationandcanalsoincreaseretentionofthe information.

Alsoconsiderprojectsandtasksthatforcetheemployeesto utilizewhattheyhavelearned,whichwillhelpthem understandandretainthelearningbeingpresented. Explicitlystatingtheconnectionsbetweenthelearningand thetaskbeinggivenwillalsoincreasetheretentionand helptoflattenthelearningcurve.Fatherofmodern educationaltheory,JohnDewey,explainsthatwhenwe learnfromexperiences,wemakeforwardsandbackwards connections,andtheprocessofexperiencingbecomesthe learning(Berding,1997).Thistheoryhelpsinformhowto createqualityadultlearning–interactiveandcreative experientialtrainingsthatrequireexperientialelementsand scenariosthatrequirethelearnertoreflectandengage.

Thistellsusweneedtrainingthatisbothmentallyengaging andvisuallyengagingenoughtohelptheemployeeto focus,andthatitshouldbedoneinanenvironmentfree fromdistractions.Inthemodernworkplaceitcanbe difficulttoachieveallofthese,astrainingisoftenthirdpartypurchasedandcanbeblandorgeneric.Considera specializedtrainingprovider,suchasin2vateLLC,which utilizesalloftheseconceptsforengagingtrainingdelivery

AbouttheAuthor

Dr.DavidEpstein,Ed.Disthe ContentManager&Instructional DesigneratIN2VATE,LLC,an instructionaldesigner,project manager,eLearningdeveloper, researcher,andwebdesigner.Iam passionateaboutteachingothers throughliveanddigitalmediums

Risk Transfer to Risk Mitigation: AJourneyofInnovation ThroughUncertainty

Asweallbegintoemergefromthehazeofaglobal pandemic,itisundeniablethatnearlyevery industryhasbeendeeplyaffected,includingthe Property&Casualty(P&C)market.Withsuchamajor disruptiontothestatusquoofmicroandmacro-operations, theuncertaintyoffuturerecurrences,andtherising prevalenceoftechnology,2020wasawatershedmoment forinsurerstoevaluatetheirtraditionalmodelsofclient interaction,operationalefficiencies,andfutureinvestment ininnovationtocompeteinadigitalfuture.

DigitalDisruptionandtheDistributionoftheDollar

Astheinsuranceindustryhasonceagainshownits resilienceinthefaceofadversityandbeginstoreboundto pre-pandemicmarketgrowth,thebattleforthefuturewages on.

AccordingtoafutureoutlookreportbyAccenture,the globalinsuranceindustrycanexpectGrossWritten Premium(GWP)toincreasefrom$6.1trillionin2020to $7.5Tbytheendof2025.Ofthat$1.4trillionincreasean estimated$1.2Tisexpectedtocomefromexisting products.

Anestimated$480billionoftheexpected2025GWPwill beheavilyimpactedbyinnovationthrough:

1.Newrisks,offeringsandservices

2.Existingrevenuesimpactedbyproductinnovation

3.Shiftinplacementchannels.

TofocusmoreonwhatthatmeanforUSbasedinsurers,a 20yearcomparativeanalysisofthetop100P&Cinsurers conductedbyEYandACORDassertstheaverageP&C carrierhasannualsavingsopportunityanywherefrom

$675-851milliondollars.Betteryet,thetoolsrequiredto achievethisarecurrentlyavailable.

However,whilethesereportsofferanoptimisticoutlook, theycomewithastarkwarning:Relianceontraditional products,distributionchannels,andretentionrateswillact asanimpedimentforfuturegrowthasratesrise,markets volatilityremains,andconsumerdemandfordigital servicescontinuestogrow.

LeveragingInnovation

Traditionally,insuranceserviceofferingshavebeenclosely linkedtothecostandavailabilityofhumanlaborcreating thechallengeofthebreadthanddepthofserviceatscale. Astechnologycontinuestoadvance,sodothecapabilities ofinsurerstoscaleahighlevelofserviceatafractionof thecost.

Thefollowingfourareasarewhereexecutivessee technologyprovidingthehighestreturnoninvestment:

1.OperationalExcellenceandCostEfficiency

Insurersareleveragingtechnologytostreamlinecore internalprocessesthroughdigitizationandautomation, freeingupresourcesthatprogresstheoverallstrategic missionofthecompany

Thiscreatesmassivevaluepotentialinamyriadofwaysby enabling:

HorizontalandVerticaldatadistributionthroughout internalstakeholders

Moremeaningfulengagement(physical/digital)with morepolicyholders

Hyper-focusedallocationofcapital

Fasterclaimprocessing

Proactivemitigationeffortsthroughreal-timesensors

ImprovedCustomerExperience

Customerexperienceisthegrowthenginewhere incumbentsandnewentrantsalikearefocusingtheir efforts.20-40%ofpolicyholderswillnotreceiveasingle communicationthroughoutthepolicyyear,andiftheydo, 90%ofthetimeitissales-focusedratherthanservice-

DataandAnalytics

Asclientengagementcontinuestogrow,sodoesthe volumeandvalueofthedata.Insurersbegintohaveamore robustviewoftheirpolicyholdersandtheirrisks.This enablesinsurerstobetterwriterisk,identifyupsell/cross sellopportunities,andprovideproactiveresourcesbasedon clientneedstohelpreducefrequency/severityofclaims.

LeveragingAI/MLcognitiveabilitiestoidentifyunderlying trendsandopportunitiescanprovidekeydecisionmakers theinsighttodrivelargescaleunderwritingstrategy, actuarialmodels,andcompetitivestrategicdecision making.

Hyper-focusedinvestment/divestmentofresourcesfrom bothinternalandexternalstakeholderscontinuestomature asdothedatamodels.

SpeedandScaleofInnovation

Largedatasetsproducedbynewandemerging technologiesareprovidinginsurerstheabilitytoreshape howtheyoperate,engagewithstakeholdersinternallyand externally,aswellasdevelopandsellproductstoimprove productivityandprofitability

Combiningthesetechnologiestoachievegoalsbeyondjust engagementoroperationalefficienciesiswheretruesuccess beginstotakehold:Improvedmanagementofriskwhile offeringuniqueexperiencesforpolicyholders.

Somecommontrends:

Ÿ

Modernizationofcoreprocessesandclientmanagement withcrossfunctionalresources.

Ÿ AIandautomationtofocusonspeed,consistencyand optimization.

Ÿ

Usingdatastreamsofdigitalservicestoprovide predictiveandprescriptiveanalyticstoshapefuture innovationandfocusefforts.

TheTakeaway

Byleveragingtechnologytorefocuseffortsandcapabilities onvaluecreation,insurerscanstrengthentheirfoundation ofstrongserviceandcompetitivedifferentiationbut improvethespeedandscaletoadapttonewandemerging trendsandclientneeds.

Whilethereisnoonecorrectwayofimplementation, insurerscannolongeraffordtoignoreorincrementally participateinthedigitalage,andtheearlierentrantswillbe theprimarybeneficiaryoftheshiftinginthe‘digitaldollars’ thatwillberedistributedoverthenextfewyears.

Ifyourorganizationislookingtoexpandyourcapabilities inanyoftheareaslistedabove,wewouldlovetohavea conversationtoseeifin2vate,LLCcanbeavaluable partnerinyourdigitalevolution.

AbouttheAuthor

NickDuffieldistheRisk ManagementSalesConsultantat IN2VATE,LLC,specializedinRisk AssessmentandTrainingPrograms thatprovidetargetedmeasurements tohelpyourcompanyincompliance, operations,andclaimsreduction.

Sandrine Desbarbieux-Lloyd Vice President Digital at Samsung

Emerging Driving Technologies Profound Change

Tth he4IndustrialRevolutionishere.The4th IndustrialRevolutionisafusionofadvancesin artificialintelligence(AI),robotics,etc.Ibelieve thatthisneweraoftechwilldriveprofoundchangeand thesechangeshavealreadystartedinmanyways.

ArtificialIntelligence:

AIisnotnew;itisalreadyhappeningeverywhere. Algorithmspre-recommendthecontentweseeandwatch andtheproductswebuyacrossallareasofourlivestoday. Butitisgoingtoaccelerateexponentiallyanditisgoingto completelychangethewaysweliveandwork.

Whilefewoccupationsarefullyautomatable,60percentof alloccupationshaveatleast30percenttechnically automatableactivities*,leavingpeopletofocusonmore valuableactivities.

ThepotentialforAIiseverywhere,ineverythingwedoat homeandatwork:

Ÿ

Whatwedon’twanttodo–repeatedboringtasksi.e. datacrunchingandreporting

Forexample,Machinelearning,withinAI,willprofoundly impactemployeesandleadersaspeople.Wearemoving fromtheageofinteractiontodelegation.Currently,having anassistantistypicallyaluxuryreservedforeithersenior peopleinorganisations,orwealthyindividuals.WithAI,in thenearfuture,mostpeoplewillhaveassistantswhichpreselect,andevenchoosewhat’sbestforthem.Itisalso referredas‘bottobot’.Thismeansinthenearfuture,as wellasfocusingonproducinggoodqualitycontentfor humans,wewillneedtoalsofocusatthesametimeon enormousquantityandvolumesofcontentformachines. Machinesneedvolumesofdatatodigesttomake recommendations.Wewillneedtostartmarketingto machines.That’sabigchangeformarketerslikeme,we needtothinkdifferently

ThroughAI,Samsungisdevelopingauser-centric,highly personalised,intelligent,multi-deviceecosystemthat providesusefulbenefitstoenrichourcustomerslivesand makethemmoreefficient.

Ÿ

Whatwecan'tdo–collectandanalysehugeamountsof datai.e.predictillnesses

Ÿ

Whatwedon'tknowyetwecando–helpusmake betterdecision,helpuscreatenewroles,andnew things.

Anexampleofthisiswithinthehome-Samsungisbringing itsexpertiseintheInternetofThingsandartificial intelligencetomakeappliances“smart,”andcapableof learningaboutusers’preferencesforatrulytailored experience.

Notwohomesarethesame,andmanyofusarelookingfor waystopersonaliseourappliancestofitourneeds.Weare alwayslisteningcloselytoourconsumerstolearnabout anyinconveniencesthatcanbesolvedthroughinnovation. ByconnectingSamsungappliancestoSmartThingsand equippingwithartificialintelligencecapabilities,customers canpersonalisehowdevicesoperate,andmakeitpossible forthedevicestolearnaboutcustomers’homes.

Blockchain:

Blockchainwillalsocompletelychangethewaywedo thingsaswell.Insteadofbusinessesstoringtheirvaluable customerdatatoacentralserverinonelocation, Blockchaintechnologybringswithitadecentralisedmodel. Itbreaksthedataintosmallchunksacrossthenetwork. Effectively,businesseswillonlybeabletostoreanduse verylimitedpartsofcustomerdataatspecifictimes.No longerowningcustomerdatawillchangemostbusiness models.Weneedtogetreadyforthattoo.Andthat’swithin acontextofgrowingfocusonprivacyinadvertisingand dataprotection.Soitisonlygoingtobecomemoreand moreimportant.Fromanexperienceperspective,at Samsungwe’recontinuingtoevolveourcustomersmobile experience,makingiteasierthanevertouseblockchainon Galaxydevices.Userscannowmanageandtradevirtual assetsfromthird-partywalletsonSamsungsmartphones.

Voice:

Inthenext5years,40%ofGenZwillexpecttoaccessthe Internetbyusingtheirvoicealone**,sovoicecommerce hasgotthepotentialtobecomeasbigifnotbiggerthan mobilecommerce.Thisnewtechnologywillalso exponentiallyincreaseinusewiththeroll-outof5G,smart assistantdevicesandIoT.Again,thatrepresentsanamazing opportunitytohelpcustomersbysimplifyingtheirlives Ai’scontinuousevolutionhasmeantthatwecancontinue torefineourcustomersexperienceofusingvoice commandsacrossallofourdevices.Thekeyistomakeit helpfulandusefultocustomersatatimeintheirpurchase journeywhichismostrelevant,otherwiseitcouldbeseen astoointrusive.

AugmentedReality:

TheAugmentedrealitymarketisestimatedtogrowfrom USD10.7billionin2019andprojectedtoreachUSD72.7 billionby2024;itisexpectedtogrowataCAGRof46.6% from2019to2024***.Thisisgoingtoimprovetheways wedeliveronlineshoppingexperiences,whetherthatison socialchannelsoronvideochatsforexample…so customerscantrybeforetheybuy.Thisnewtechnology willbecomealsoveryimportanttotrainingofinternal teamsorexternalpartners,etc.

AbouttheAuthor:

SandrineDesbarbieux-Lloydisaseniorexecutivewithover25yearsofinternationalexperience,leadingorganisationsinthe implementationofstrategicchangeanddigitaltransformation.SheistheEuropeanVicePresidentofDigitalatSamsung, wheresheoverseesdigitalsalesandmarketing,amulti-billionpoundbusinessacross34countriesinEurope.Inthisrole,she isdrivingSamsung’sdigitaltransformationincludingmajorinnovationsuchasmachinelearningapplications.

Previously,SandrinewastheDirectorofMarketingandDigitalatAvisBudgetGroupwiththeresponsibilityforalldigital platformsandmarketingprogrammesacrossEurope,MiddleEastandAfrica.Inthisjobrole,shefocusedongrowingthe digitalbusiness,specificallydirectchannels,andsuccessfullyincreasingrevenueyear-on-year

Sandrinehasalsoheldseveralseniore-commerce,digitalandmarketingrolesforinternationallyrecognisedconsumerbrands includingBT,LACOSTE,AXA,BAA,E.ONandBUPA.

NotableinhercareeristhenationallaunchofbroadbandandWi-FiforthefirsttimeintheUK.Thisextremelychallenging roleinvolveddefiningthewirelessstrategyforBTGroupfollowingthede-mergerof02,buildingamobilitybusiness, launchingBTOpenzonetheUK’sfirstPublicWLANservice,andthere-launchofBTMobileanewSP/MVNObusiness.