3 ways to revamp your insurance business How insurers can get back on track and win

These new interactions are shaping how customers seek to work with businesses. They want to interact on their own terms. The companies that can meet this need will succeed, the ones that don’t...

It’s time to disrupt the disruptors

Already, successful companies are making use of new technologies to reach customers. And foremost among these technologies is cognitive computing. It unlocks the value in data that was previously inaccessible because it is unstructured and dispersed. Now you can not only level the playing field, but tilt it in your favor.

It’s time to do more.

New ways to share information—social media and mobile, for example—have changed how we interact with one another.

Act. Don’t React

Already, industry leaders are using cognitive computing to develop and grow their business in ways never before considered. This is happening in the insurance industry right now.

*Source: IBM Institute for Business Value, "Capturing hearts, minds and market share. How connected insurers are improving customer retention," 2015, http://ibm.biz/insuranceretention

41% of policyholders switched their insurance provider because their old insurer couldn’t meet their changing needs.*

You already possess what you need to fight back against industry disruptors: massive amounts of data. Cognitive computing offers the means to: • Improve customer insight • Refine processes and procedures • Develop new offerings • Expand expertise in all fields • Make more informed decisions

Discover three ways you can embrace the possibilities.

Develop relationships on the customer’s terms

With more than USD 200 billion in direct spending power, millennials are changing how business—insurance included—is conducted. Approaches such as self-service, personalized recommendations and intuitive interactions are what millennials want and are willing to pay for.*

A US P&C insurer built a cognitive virtual agent that helps consumers select coverages that meet their needs and budgets, while differentiating each user experience based on key context variables.

*Source: U.S. Chamber of Commerce Foundation, "The Millennial Generation Research Review," 12 November, 2012, http://bit.ly/1TUPhU5

Cognitive computing can analyze structured data, policy information for example, and unstructured content, such as social media posts, to reveal risk factors or sales opportunities that are not captured through structured data analysis alone.

With all the options presented by technology advances, customers want a relationship with their insurer that speaks to their need and wants.

What if decisions could be based on every single data point available? Already, insurers are using cognitive capabilities to unlock hidden patterns in their data, to develop new offerings for customers, reevaluate their own procedures and develop new ways of growing investment income.

Make more informed decisions

Business analysts at a Zurich-based insurer spent a long time searching for information only found in contract wording, an imprecise and incomplete approach.

Now, managers are finding new insights through linkage of contract wording and business data using cognitive technologies.

The insurance business is changing. Already, companies are making better use of their data to improve performance. But still, many have not adopted this technology. • Develop lasting relationships with

customers that fit their lifestyle. • Reduce risk. • Monitor and understand the

development of new regulatory issues.

Become a leader, not a follower

47% of insurance executives believe their organization is ready to adopt cognitive computing today.*

Why not lead the way?

*Source: IBV study "Rethinking insurance: How cognitive computing enhances engagement and efficiency", http://ibm.co/2kKpvHV

Read more in the Institute for Business Value study, ‘’Rethinking insurance. How cognitive computing enhances engagement and efficiency” http://ibm.biz/rethinkins

Cognitive makes all this possible. And more.