financial services

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1. Business Priority: Customer Experience “Is customer experience the new growth engine?” The GrowthEnabler InFocus reports uniquely address the top priorities for technology leaders and their teams; by recommending potential solutions, in the context of business growth. Each business priority is broken down to point level/function-specific solutions that are further linked to technologies with a list of vendors. Business Solutions are sourced from GrowthEnabler Pii, our intelligence gateway to over 525K high growth tech companies. This report is designed to navigate the ever-changing technology landscape, and enable more informed, and quicker, decision making. 3 Step Guide Document Reading Time: 15 minutes Created for the: CIO, CDO, CTO, CSO, CEO INFOCUS REPORT Sub Sector: Insurance Sector: Financial Services ©2018 / All rights reserved
2. i. Introduction 01. / How will this impact growth? 02. / Identifying business priorities 03. / From business priorities to solutions, in 3 steps iii. Recommendations 15. / Digital transformation in Insurance ii. The 3 Steps 04. / Customer Acquisition 09. / Customer Onboarding 13. / Customer Service & Support iv. Methodology 17. / GrowthEnabler Research Methodology Contents Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience ©2018 / All rights reserved
3. Increasing customer awareness, commoditization of insurance products, and adoption of digital products are changing the way people are making insurance decisions. Customers are evaluating the service at every touchpoint and switching their loyalty for attributes like convenience and faster turnaround time. The new age digital insurance companies are encashing this opportunity to introduce innovative products like usage-based insurance leveraging telematics to o er customized price-points. Traditional insurers are forced to rethink their conventional methods of doing business and to become more transparent, customer-oriented, and agile in delivering services across the customer value chain. In-order to stay relevant in the shifting market dynamics, traditional insurance companies need to prioritize their IT investments. Robotic process automation tools can add speed and agility by automating certain back and middle o ce processes, reduce operational costs and improve customer experience. With greater customer interactive capabilities through multiple channels, insurance companies can build new engagement models that empower customers with more information, personalized content, and real-time connectivity. It is imperative for insurers to have a well-crafted customer engagement strategy to meet raising expectations. Introduction How will digital transformation impact growth? Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience 01 ©2018 / All rights reserved
4. Business Priorities Sub-segments 02 ©2018 / All rights reserved Customer Experience Customer Services & Support Customer On-boarding Customer Acquisition Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience
5. 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE From Sub-segments to Solutions The 3 Steps. SCALING MATURE EMERGING EMERGING: Early stage startups typically at beta product stage and seeking investment capital SCALING: Typically funded, with a market ready product and revenue positive MATURE: Established product, exploring new growth markets and partnerships Startup Growth Stage Definitions 03 ©2018 / All rights reserved Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience
6. 04 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations Personalised marketing campaigns Customer Acquisition Customer On-boarding Customer Service & Support A. Customer experience Persado 11 East 26th Street, New York persado.com Persado is an AI-based marketing software to deliver content based on individual profile. Optimizely Howard St. Suite 100 | San Francisco optimizely.com Optimizely helps businesses test out di erent ways to make their websites or apps more e ective. Insurance Sub-segments Find more solutions on GrowthEnabler Pii... www.growthenabler.com D. Fraud & Risk management Automation of marketing campaigns Lead generation through InsuranceTech platforms Cross selling/Upselling insurance products Developer APIs to integrate insurance products into Personal finance management platforms 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Phrasee London, UK phrasee.co Phrasee uses AI to write better marketing language than humans.
7. 05 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations A. Customer experience Autopilot 140 2nd Street, San Francisco autopilothq.com Marketing automation and customer journey management software. Emarsys 21 Caledonian Road, London emarsys.com Emarsys provides the B2C personalized and automated marketing solutions using AI. Sailthru One World Trade, Suite 48, New York sailthru.com Sailthru provides APIs for automated personalized marketing across all digital channels. D. Fraud & Risk management Insurance Sub-segments Personalised marketing campaigns Automation of marketing campaigns Lead generation through InsuranceTech platforms Cross selling/Upselling insurance products Developer APIs to integrate insurance products into Personal finance management platforms 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Customer Acquisition Customer On-boarding Customer Service & Support
8. 06 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations A. Customer experience Fidor Sandstr. 33 | 80335 Munich fidor.com Fidor Solutions is an open banking platform for digital banks. Atom Bank The Rivergreen Centre, Durham atombank.co.uk Atom Bank is a digital bank with an open banking tech stack. D. Fraud & Risk management Insurance Sub-segments Personalised marketing campaigns Automation of marketing campaigns Lead generation through InsuranceTech platforms Cross selling / Upselling insurance products Developer APIs to integrate insurance products into Personal finance management platforms 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Revolut One Canada Square, E14 5AB London revolut.com Revolut is an app-based banking alternative o ering retail and commercial products. Customer Acquisition Customer On-boarding Customer Service & Support
9. 07 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations A. Customer experience Worry and peace Penn Street, Amersham worryandpeace.com Worry+Peace is a platform to buy personal and business insurance products. Health care 3401 N. Miami Avenue Unit 205 Miami healthcare.com HealthCare.com is a search and comparison tool for healthcare insurance. Compare Europe 65 Grosvenor Street, London compareeuropegroup.com CompareEuropeGroup is a pan-European financial sevices comparison platform. D. Fraud & Risk management Insurance Sub-segments Insurance Sub-segments Personalised marketing campaigns Automation of marketing campaigns Lead generation through InsuranceTech platforms Cross selling / Upselling insurance products Developer APIs to integrate insurance products into Personal finance management platforms 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Customer Acquisition Customer On-boarding Customer Service & Support
10. 08 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations A. Customer experience Kasko 78 York Street, London kasko.io Kasko provides API to integrate products into third party platforms. Cover Genius 18 Finsbury Square, London, England covergenius.biz Point of sale insurance distribution platform. Massup 65 Grosvenor Street, London massup.de A white-label platform for online sales of annex and niche insurance products by brokers. D. Fraud & Risk management Insurance Sub-segments Insurance Sub-segments Personalised marketing campaigns Automation of marketing campaigns Lead generation through InsuranceTech platforms Cross selling / Upselling insurance products Developer APIs to integrate insurance products into Personal finance management platforms 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Customer Acquisition Customer On-boarding Customer Service & Support
11. 09 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations Product recommendation through dynamic customer profiling A. Customer experience D. Fraud & Risk management Digitial identity verification platforms(e-KYC) e-Signature solutions Digital on-boarding solutions Atidot Ben Gurion st. 2, Ramat-Gan, Israel atidot.com Atidot is an InsuranceTech solution for analytics based actuarial and risk management. Wenalyze Av Secundino Zuazo 111, Madrid wenalyze.com Analyses social media information to draw personal profiles based on working, leisure and finance risks for personalized recommendations. Digital Fineprint 30 Great Guildford Street, London digitalfineprint.com Digital Fineprint provides marketing solutions based on social media analytics. Insurance Sub-segments Insurance Sub-segments 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Customer Acquisition Customer On-boarding Customer Service & Support
12. 10 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations A. Customer experience D. Fraud & Risk management Onfido 40Long Acre, Covent Garden, London onfido.com Onfido is an identity verification platform for KYC compliance. Trunomi 41 Luke Street, London trunomi.com Trunomi provides enterprise KYC, customer consent and data rights compliance for GDPR. Trulioo 420 W Hastings, Vancouver, Canada trulioo.com Trulioo is an online identity verification company, for regulatory compliance and AML monitoring. Insurance Sub-segments Insurance Sub-segments Product recommendation through dynamic customer profiling Digitial identity verification platforms(e-KYC) e-Signature solutions Digital on-boarding solutions 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Customer Acquisition Customer On-boarding Customer Service & Support
13. 11 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations A. Customer experience D. Fraud & Risk management Docusign 221 Main St.,Suite 1000, San Francisco docusign.com DocuSign provides platforms and APIs for e-signature. Hellosign 301 Howard St, San Francisco Hellosign.com HelloSign o ers API for e-signature solutions. EsignLive 503-505 Kent St, Sydney, Australia esignlive.com eSignLive is an e-signature and digital solutions for enterprises. Insurance Sub-segments Insurance Sub-segments Product recommendation through dynamic customer profiling Digitial identity verification platforms(e-KYC) e-Signature solutions Digital on-boarding solutions 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Customer Acquisition Customer On-boarding Customer Service & Support
14. 12 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations A. Customer experience D. Fraud & Risk management Socure 110 Fifth Avenue, 5th Floor, New York socure.com Digital identity verification solution using data from social media, email, phone, IP for KYC and AML compliance. Agreement Express 123 South Street, Floor 5, Boston agreementexpress.com SaaS platform that automates the client onboarding process for financial services firms. Avoka 20 Challis Street, Level 1, Dickson avoka.com Avoka is a cloud-based platform for digital customer on-boarding. Insurance Sub-segments Insurance Sub-segments Product recommendation through dynamic customer profiling Digitial identity verification platforms(e-KYC) e-Signature solutions Digital on-boarding solutions 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Customer Acquisition Customer On-boarding Customer Service & Support
15. 13 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations A. Customer experience D. Fraud & Risk management Automated quoting, issuance, servicing via digital channels (for brokers & Direct channels) Omni Channel strategy with contextualised customer engagement Limelight Health 1275 Mission Street, San Francisco limelighthealth.com Limelight Health provides health insurance agents with decision tools and a SaaS platform to assist their decision making. Sureify 1100 Lincoln Ave, STE 239, San Jose sureify.com Analytics based tools for underwriting and customer acquisition and engagement for insurance sector. Vlocity 50 Fremont Street, San Francisco vlocity.com Cloud solution for unified omnichannel communication with customers. Insurance Sub-segments Insurance Sub-segments 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Customer Acquisition Customer On-boarding Customer Service & Support
16. 14 D. Meeting regulatory compliance C. Product di erentiation B. Digitization and automation of back & middle o ce operations A. Customer experience D. Fraud & Risk management Technisys 701 Brickell Ave. – Suite 1550, Miami technisys.com Technisys o ers platform for omni-channel user experience for the financial services industry. Elafris 795 Folsom Street, San Francisco elafris.com ML based virtual agents for sales, claim processing and customer support for the insurance sector. SaleMove 19 W 21st St, New York salemove.com SaleMove o ers customer engagement technology for unified experience across channels. Insurance Sub-segments Insurance Sub-segments Automated quoting, issuance, servicing via digital channels (for brokers & Direct channels) Omni Channel strategy with contextualised customer engagement 1. SUB SEGMENTS OF BUSINESS PRIORITY 2. SOLUTIONS TO CONSIDER 3. STARTUPS TO EVALUATE Find more solutions on GrowthEnabler Pii... www.growthenabler.com Customer Acquisition Customer On-boarding Customer Service & Support
17. Recommendations Customer experience. The new growth engine i. ii. Insurance companies should expedite policy quoting, onboarding and mandatory verification procedures by moving to digital platforms and automating certain back & middle o ce operations. Insurers should focus on leveraging e-commerce models for distribution of standardized insurance products to reduce their cost in acquiring customer leads. Insurance companies need to replace their traditional blanket marketing campaigns with context-based recommendations tailored to the personas of customers. Insurers should adopt an omni channel approach to o er customers the choice of approaching through multiple channels like Social media, Mobile and other digital platforms. iii. iv. Sector: Financial Services • Sub Sector: Insurance • Business Priority: Customer Experience 15 ©2018 / All rights reserved
18. Find out more about GrowthEnabler Research Methodology ©2018 / All rights reserved
19. INTRODUCTION GrowthEnabler uses its proprietary research methodologies to analyse the business impact of disruptive technologies and digital innovations on the future growth of large corporations and their industries. GrowthEnabler applies its deep-data analysis tools, scoring logic and algorithms to create intelligence that enables senior executives to make informed business growth decisions. The GrowthEnabler Personalised Intelligence Interface (Pii) is an interactive platform that provides corporates the ability to Find, Select, Connect and Manage global Startups based on their business priorities and problems. 1. MARKET ANALYSIS To create and report leading technology-related market trends and industry analysis with a focus on industry sub-sectors, real-life implementations, industry and market landscapes and competitor dynamics, GrowthEnabler analyses large sets of data and information aggregated from various private and public sources, including online databases, market reports, online surveys, journals, and in-depth phone interviews. To further enrich the e cacy of analysis, GrowthEnabler undertakes formal and informal interviews and RFI’s and surveys with key decision makers and executives in corporates, as well as founders and owners of Startups. Following this exercise, large volumes of data is categorised and curated, based on, industry and market drivers, risks, opportunities and challenges specific to an industry vertical or technology area, and then injected into a pre-configured regression model to forecast and predict market movements and trends. 2. STARTUP TECHNOLOGY LANDSCAPE & ANALYSIS The Startup eco-system is built using an exhaustive primary and secondary research analysis model, led by dedicated team of tech analysts and subject matter experts (SMEs), who also use Machine Learning and Natural Language Processing (NLP) technologies for data mining and curation. Primary Research – The Primary research data is sourced directly from GrowthEnabler Market Surveys, RFI’s with Startups, One-on-One Interviews, Calls and Product briefings, including Startup and Client Registration Information available on the GrowthEnabler Pii platform. Secondary Research – A team of Machine Learning and NLP experts scan thousands of private and public data sources using data scraping and crawling methods to extract relevant secondary data, which is then validated and verified using GrowthEnabler automated data-cleansing methods,industry and technology segmentation taxonomies and mapping protocols and core intelligence from pre-populated Startup profiles and reviews. Analyst Validation – A team of Analysts and Subject Matter Experts validate both the primary and secondary data while using internal peer reviews to substantiate core assumptions and data points, and external discussions with senior decision makers to assess business relevancy, timing and need. The major sources of Secondary research are: i. Global Startup websites ii. Data aggregators iii. VC and Investor portfolios iv. News Feeds v. Industry reports vi. Regional Company registration websites vii. Social Sources (Social Sites, Blogs, Articles, Media sites) A total of 57 data-points and parameters are applied in analysing and predicting the growth potential and health of a Startup, including: i. Company information ii. Leadership Team iii. Business Model iv. Financial Strength/Funding/acquisition data v. Product Innovation - patent data and core features and functions analysis vi. Customer value & sentiments vii. Social Media and Branding coverage viii. Business Traction and progress Out of the total 57, 30 parameters are classified under 5 broad categories used to calculate the GE Pii Score. i. Product & Innovation ii. Leadership Team iii. Market Traction iv. Financial Strength v. Social media and Branding GrowthEnabler Research Methodology Proprietary Research 17 ©2018 / All rights reserved
20. Further Resources: 01. AR & VR Market Pulse Report UK (2016) / Download it at: 02. [Title] / Sub-point 03. [Title] / Sub-point 04. [Title] / Sub-point 05. [Title] / Sub-point Further Resources: 01. GrowthEnabler Tech Pulse Report InsuranceTech 2018 02. GrowthEnabler Tech Pulse Report FinTech 2018 03. GrowthEnabler InFocus Report Insurance Contact us for access to these reports: www.growthenabler.com ©2018 / All rights reserved