archiveCustomer Experience

Customer Experience

Rethinking the Claims Value Chain

Which creates an intriguing possibility to have an insurance company — an alternative choice to bricks and mortar and company cars and salaries, an online claims operation! Of course, you will find third-party administrators (TPAs) which are large and well-developed enough to offer complete, end-to-end claims management and fulfillment services...
Customer Experience

Succeeding in the Digital Revolution

History has witnessed different technology revolutions: the commercial revolution within the late 1700s, the information and telecommunications revolution within the mid 1900s and also the digital revolution of the present. Each revolution has taken advantage of the brand new technologies of its day, creating disruption, innovation and business transformation. Businesses...
Customer Experience

Voice from the Customer: They're Unhappy

Early in November 2021, immediately following the release of the SMA research report Crowdsourcing and Open Innovation: Powering the Sharing Economy, which explored the shared economy and its implications for insurance, I received an interesting email in the CEO of a shared shipping start-up. The CEO stated, "I just wanted...
Customer Experience

The thing Missing for Innovation

"Innovate or die," the old saying goes. But as companies try to sharpen their competitive edge with new product and repair ideas, many don't understand their work is fundamentally misguided. That's as their innovation process is usually missing one essential ingredient: their customers. Companies establish innovation incubators and idea labs....
Customer Experience

Who Is Your Chief Customer Officer?

In my role as market connector, I constantly meet people with all sorts of job titles, many of which didn't exist even a couple of years ago. Some reflect a "cool" factor a lot more than substance. Others signal strategic intent translated into an organizational decision. Recently, there's been a...
Customer Experience

2021 ROI Survey on Customer Experience

Comparison is based on performance of equally weighted, annually readjusted stock portfolios of Customer Experience Leaders and Laggards relative to the S&P 500 Index. Leaders outperformed the broader market, establishing a total return that was 35 points greater than the S&P 500 Index. Laggards trailed far behind, posting an overall...
Customer Experience

The Misconceptions About Millennials

When you are looking at successfully engaging with a brand new generation of consumers (and employees), there's very little doubt that insurers have their work eliminate on their behalf. There can be hardly any doubt that members of the Millennial generation generally consider insurance to become boring and that reputation...
Customer Experience

Solution to Brain Drain in Insurance?

What used to be sci-fi is quickly becoming a fact of today's business community. Computers that mimic the human brain already are entering the workforce within the healthcare, financial services and retail sectors, amongst others. Like humans, cognitive analytic computers can understand "natural" language (for example English) and learn lessons...
Customer Experience

The approaching Renaissance

Insurance has been around for a long time - dating back to ancient times. The very first written insurance policy was carved into a Babylonian obelisk; the "Hammurabi Code" offered basic insurance for people if your personal catastrophe made it impossible to repay a debt. Insurance grew even larger and...
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