New SMA Blog by Mark Breading, Partner, Strategy Meets Action
Boston, MA (Sept. 12, 2018) – Common things we hear these days: “If you really want to reach me, text me.” “Send that file to me via Slack.” “I live on Facebook so send me a message on Facebook Messenger.”
We also observe that many people never answer voicemail, virtually ignore emails, and throw away mail without even looking at it.
These are samplings of the communication patterns that are evolving in our society today. Meanwhile, how do we in the insurance industry communicate with our policyholders, agents, claimants, and others? Email, phone calls, and documents in the mail predominate. Web portals are also common. Some of the newer options for interaction are not on the radar of most insurers. Now there are certainly individuals that still want to receive information in the traditional ways, and there will continue to be a need for these options, but the tide is turning.
SMA has been investigating some new communication options and their implications for insurers. Our new research report, Advanced Customer Communications in the Digital Age: New Options for Insurers, explores how communications have evolved, how the insurance industry is using these options (or not), example use cases, and what it all means in the context of an omni-channel environment.
Some of the new(er) forms of communication that have been gaining adoption and setting new expectations for customers include:
- SMS texting and online chat: Although it is difficult to classify these as “new,” the insurance industry still has very little use of the technologies outside of the enterprise.
- Messaging and collaboration platforms: These have been proliferating over the past decade or so, with tools like Skype, Facebook Messenger, Slack, Zoom, and many others gaining large followings.
- Voice Assistants and Chatbots: As voice and AI technologies have leapt forward, the opportunities to leverage AI-driven chatbots and voice assistants has increased dramatically. Much experimentation is underway in insurance.
- Smart Documents: Documents in many forms will continue to play a major role in communicating information to prospects, producers, and policyholders. Rethinking those documents from a customer perspective and making them interactive and parametric provide great opportunities for the industry.
- Augmented/Virtual Reality: Although a bit farther out in terms of adoption and implications for insurance, there are already pilots and projects underway in the industry.
The way the world communicates is rapidly changing, and everyone has their favorite options. Insurers would be wise to consider these in their customer journey and omni-channel strategies and plans. For more explanation and information on these technologies and the insurance industry, please read the research report or contact the author.
About the Author
Mark Breading, a Partner at Strategy Meets Action, is known for his insights on the future of the insurance industry and innovative uses of technology. Mark consults with insurers and technology companies on forward thinking strategies for success in the digital age. His inventive methods and his ability to incorporate InsurTech and emerging tech into business strategies are unparalleled. Mark also leads SMA’s research program, has overseen the publication of over one hundred research reports, and directed custom research projects for insurer and tech clients. His thought leadership in the areas of InsurTech, emerging technologies, customer experience, and digital strategies has earned him rankings as a “Top Global Influencers in InsurTech” by InsurTech News and Onalytica and a place in the 10 finalists for the “Top Global IoT in Insurance Influencer Award.”
Before joining SMA in 2009, Mark spent 25 years with IBM, where he co-developed IBM’s Account Based Marketing program and led the global project office to implement ABM across all industry verticals worldwide. Mark has held both technical and business roles in sales, consulting, marketing, and business strategy and has advised insurers around the world for almost 30 years.
He is a frequent speaker at industry events; an InsurTech mentor with the Global Insurance Accelerator; and a frequent contributor of articles to Insurance Thought Leadership, Insurance Networking News, LOMA Resource, and many other industry publications.
Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.
SOURCE: Strategy Meets Action (SMA)Tags: Augmented Reality (AR) & Extended Reality (XR), chatbot, Communications, Customer Communications Management (CCM), Mark Breading, Strategy Meets Action (SMA), Virtual Reality (VR), Voice