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The power of
Cognitive Commerce
for InsuranceApril, 2016
Rising customer
expectations
Economic
headwinds
Sophisticated
fraud
Changing
demographics
Rapid
digitization
Disruptive forces are changing the landscape of Insurance
© 2016 IBM2
In insurance, your digital intelligence is your competitive advantage
Data that’s
coming
Data outside
your firewall
Data insurers
possess ++
Unstructured and darkStructured and active
Customer records
Transactional systems
Predictive models
Institutional expertise
Operational systems
News
Events
Geospatial
Weather
Social media
Internet of Things
Sensory data
Images
Video
© 2016 IBM3
Only cognitive unlocks the potential in all of your data
Think of all that has been
accomplished using only
a fraction of the available
data
Unlock the
possibilities. What answers lie
in the 88% that
is dark?1By the year 2020, about
1.7 MB of new information
will be created every
second, for every human
being on the planet.2
SOURCES cited in notes
© 2016 IBM4
So insurers can make better decisions …
Sales & Customer Service with
insights about performance
When insights come together, so do
opportunities.
Marketers to
understand and
adapt instantly
Operations & IT
with thinking built into
the ecosystem
© 2016 IBM5
When digital intelligence
meets digital business:
The Cognitive Era…A new era in technology, a new era in insurance
© 2016 IBM6
Cognitive computing will helpinsurers improve their abilitiesto engage, discover, and decide
95%Of insurance
executives intend
to invest in
cognitive
capabilities
Cognitive ComputingInsurance Industry
© 2016 IBM7
Cognitive computing is transforming how insurance is done
Direct-to-consumer cognitive
virtual agents that serve, guide,
and advise on web or mobile
• Conversational style of
interaction using text & speech
• Create an individualized
experience to make personalized
recommendations
• Invoke transactions specific to
the appropriate business process
Advisor-facing applications that provide
agents & advisors with guidance for
customers
• Front-office applications allowing
advisors to readily find pertinent
information for customer interaction
• Integration with backend systems to
provide “total view of customer”
• Analytically-driven recommendations to
improve customer interactions
Employee-facing applications that aid
knowledge workers in execution of
business process
• Leverage experience & best practices
for improved decision-making
• Access disparate systems to provide
holistic view of the risk
• Shift time spent finding information to
making decisions &
recommendations
TRANSFORMED
ENGAGEMENTEMPOWERED
ADVISORSOPTIMIZED
OPERATIONS
EXPLORATIONENGAGEMENT DECISIONEXPLORATIONENGAGEMENT DECISIONEXPLORATIONPOLICYDISCOVERY
© 2016 IBM8
For Operations
Improved Processes
For Customer Service
Customer Engagement
Insights
For Marketers
Analyze Trends
Real-time Personalization
Embracing the power of Cognitive Engagement in Insurance
© 2016 IBM9
For marketers
Analyze trends To gain insights in real-time
about what policyholders are
talking about, as well as what
they are buying and why
from a multitude of data
sources
© 2016 IBM10
To know what is trending and why Driven by the
power of Watson
ibm.com/watsontrend
AnalyzeVisualize and discover insight in
unstructured data through NLP and text analytics, content analytics and
cognitive insights
Explore Explore information from
internal and external content including unstructured text, emails,call center
records…
InterpretApply cognitive capabilities to enhance, scale, and accelerate human expertise
© 2016 IBM11
http://www.ibm.com/analytics/watson-analytics/
IBM Watson Analytics for Insurance
© 2016 IBM12
The Weather Company… leveraging external forces
# WeatherMeansBiz
Weather-related auto
damage is significantly
reduced or avoided
© 2016 IBM13
For marketers
Real-time personalization Through tools that continuously
learn from individual
interactions, marketers can
optimize offers and content for
each customer journey based on
progressive discovery of intent
© 2016 IBM14
Leverage Watson personality insights
© 2016 IBM15
To engage with personalized content Wherever customers and prospects are on their journey
Understands Natural Language Engages in interactive conversations
personalized to customers
Communicates insight-driven
answers/recommendations
with confidence
Provides multiple channels for
self-service
Personalizes from Interactions Leverages personality insights
Learns and adapts with
every interaction
Continually builds a relationship
‘memory’ for each customer, creating a
highly personalized relationship © 2016 IBM16
For marketers
Deliver Compelling Digital ExperiencesCollaborate with a single view of
a customer’s journey and
continually improve customer
experiences
© 2016 IBM17
Leveraging cognitive
capabilities for
enhanced digital
customer engagement
To build and deliver compelling digital experiences
© 2016 IBM18
For Customer Service
Commerce Insightsto gain in context insight and
obtain recommended actions
based on real-time evidence
© 2016 IBM19
IBM Watson Engagement Advisor for Insurance…the cognitive customer care platform for Home and
Auto insurance subscribers
© 2016 IBM20
Extend expert personalized advice.
Strengthen relationships through better
customer advice & information sharing
Increase revenue through better informed
next-best-action, cross-sell / up-sell
Improve operational efficiency
Self Service Virtual CSR
© 2016 IBM21
Watson Wealth Advisor
A set of services enabling advisors to understand client needs, engage with
clients based on individual sentiments, personalized events & news and
provide evidence based advice© 2016 IBM22
Master the art of the possible…
Deliver personalized messages and offers through intuitive always on engagement
Deliver at the just right moment seamlessly across all channels
Driven by insights to pivot between aggregate trends and individual behaviors
…Deeper human engagement
© 2016 IBM23
Octagon InsuranceRemoves the obstacles that were prevent customers from converting during the online application process --
all powered by IBM Customer Analytics solutions.
22% 40%Increase in
conversion rates
Reduction in
validation errors 330%Overall ROI
© 2016 IBM24
A French InsurerUses analytics to gain insights to predict which customers are most likely to buy which products and
customize their marketing messages to them individually -- all powered by IBM Marketing solutions.
50% 60%Email
open rate
Reduction in
email costs 2x Increase in
growth revenue
HumanaEngages members with personalized, meaningful, timely and relevant communications -- all powered
by IBM Marketing solutions.
180% Increase in
email open rates 12MMembers provided
with relevant
communications
© 2016 IBM26
A Major U.S. InsurerA U.S. insurer of autos, homes, and small businesses implements a suite of IBM solutions to enhance
customer experience and analytics on its eCommerce site.
EnhanceEnhance
customers’ online
experience
Gain ability to
proactively resolve
issues before they occur
Improve overall
operating
efficiency
© 2016 IBM27
© 2016 IBM28
Customize Customize
customer advice
Develop more
personalized engagement
Create compelling
online experiences
A Leading Insurer Uses Cognitive ComputingA leading provider of consumer insurance uses Watson natural language capabilities to answer questions
and provide coverage counseling about the company’s products and services.
A German InsurerA German insurer uses cognitive computing to analyze customer communications, including customer
mood
© 2016 IBM29
Tailor Customize policy
servicing
Tailor responses
quickly & competently
Enhance customer
engagement
Master the art of the possible…
Direct-to-consumer cognitive virtual agents that serve, guide, & advise on web or mobile
Advisor-facing applications that provide agents & advisors with guidance for customers
Employee-facing applications that aid knowledge workers in execution of business processes
…Cognitive processes and operations
© 2016 IBM30
Read and understand the natural
language contained within unstructured
documents, continuously learn based on
feedback
Create a comprehensive evaluation
process to collect, integrate, visualize and
evaluate risk
Use cognitive reasoning to rapidly parse
relevant evidence and generate
hypothesis.
31
Maximum Age Criteria: Born after January 14, 1945. DOB: 1/15/1950
Total Cholesterol = 276and HDL ratio= 5.1No information provided in submission
Blood Pressure Reading: Not to exceed 140/80 age ≤ 55, Not to exceed 140/90 age > 55.BP: 135/85
DUI/DWI history: no incidents in the last 5 years.
Cardiovascular disease: none.No cardiovascular disease. Last examined 2 years ago.
Universal Life Underwriting Guidelines
Health History
Watson Underwriting AdvisorEnable Underwriters to work more efficiently
© 2016 IBM31
A Large Peruvian Insurer
A large Peruvian insurer is preparing to use Watson Content Analytics to transform claims processing for
health insurance
© 2016 IBM32
Transform Develop deep insights
into key trends
Transform claims
processing
Improve claims
decisions & speed
© 2016 IBM33
Insurers Reduce Regulatory CostsIn the near future, cognitive solutions can help insurance providers reduce costs imposed through
differing regulatory regimes
Enhance Reduce costsEnhance risk
assessment
Improve premium
calculations
Improveautomatic
failover for
disaster recovery
data
security
operating
flexibilityIncrease Enable
© 2016 IBM34
A New York-Based Insurer
Optimizes the performance of message flows -- all powered by IBM B2B Integration solutions.
Driven by the power of Watson
When insurance gets cognitive,
amazing things happen.
© 2016 IBM35
Join the
conversation
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and Facebook
© 2016 IBM36