Maximizing eSignature Lawfulness in the European Union Insurance Industry

How to eSign a document: eSignature lawfulness for Insurance Industry in European Union

it is my distinct privilege to to introduce to you a giant in the insurance industry who's actually affecting this transformation the president of the insurance and business process solutions for dxe ray august now there's a big difference here not only his background you could say 30 years of transformation of having done that at pwc having done that at microsoft now doing it for dxc csc obviously the precursor but i ask you you would say many giants we have seen and all those other things i'll ask you a mathematical question how many of them are actually achieving 7x improvement in containment 7x 700 that is improvement in containment how many of them are achieving a six-fold improvement in their ivr authentication and how many of them are achieving a 20x improvement 20x in their intelligent digital call routing and doing it at scale for 1900 customers of insurance globally where 80 of g 500 insurance companies are being managed by a giant this is the difference to ray august and every other futurist he's actually doing it please join me in welcoming ray to the stage thank you that introduction will be hard to live up to but i appreciate it very much you know we're very excited to be here with all of you today talking about insurance and talking about the digital transformation of insurance and you know dxc we have about 2 000 companies who use our software around the globe to automate their business but the the real interesting thing about us is we're a bpo provider we are an insurance company within our organizations in fact we have 13 million policies that we run on our systems on behalf of our customers who are insurance companies so every single day we really understand what insurance companies are doing we understand what insurance companies think about and we understand the challenges that insurance companies have by automating their operations on their behalf and each and every day at dxc we have 20 000 professionals who come to work with that mission and that is to automate insurance companies so it really is an opportunity for us to transform how insurance companies think but also make our own people more effective more efficient as they serve insurance companies and our combined solution really does just that and i'm excited to talk to you about it but to talk about insurance companies you really need to take a step back and understand what are insurance companies worrying about what do they think about each and every day and if you think about insurance insurance is pretty simple it's people serving people it's people who are looking to insure themselves and they're being served by individuals each and every day so it's entirely a people business and it's a business where people are the biggest part of the cost equation and if you look at what's on the mind of insurance company it's how do i get more efficient more effective operations how do i grow my business and how do i really make my business get closer to the customers and the way they do that is through digital transformation now digital transformation is kind of a topic like what does it really mean in the insurance industry digital transformation is taking all these digital assets and using it to make companies more efficient more effective and grow their companies it's that simple and the solutions that we have together really put us at the forefront to make that happen and if you look at insurance companies what are they focused on they're really focused on automating the experience in the call center automating the consumer interaction now i have a list up here of all the things insurance companies are thinking about and if i put this slide up 10 years ago it would have been the exact same slide but with the advent of covid with the advent of how people think it's really become an imperative on how to automate what companies need to do to get more efficient get more affected there's some really interesting trends that are underway in insurance industry i'm not going to talk about all these but one of the biggest is the notion of embedded insurance so think about when you go out and you book a a trip online there's an opportunity and you usually get sold or the opportunity gets sold trip insurance think about when you buy an automobile now typically in that process we try to you you try to get sold automobile insurance so the process of embedding insurance into every single activity is really presenting a growth opportunity for insurance companies and we need to have that digital transformation to make that happen but so why are companies making the investment in these interactions it's pretty straightforward now if you look at this slide you know in our operation you know today people want to be entirely digital they want to be entirely automated it's the amazon generation where people expect to be able to go online buy a product serve a product return a product and that's what people are accustomed to but insurance is a different game right now the challenge with insurance is the product is very very complex whether somebody's buying a life insurance policy whether somebody's buying a homeowner's policy it's not as simple as going to amazon and clicking and buying a book or a can of tuna fish it's a very complex product so what's happening in the insurance companies today is 80 percent of the time there's a human interaction involved with that call coming into the call center 80 percent of the time now think about the last time you called amazon when's the last time if ever you spoke to a human being an insurance company eight out of ten times you're dealing with with the individual and of course insurance companies aspire to be omni-chan i'll have personalized orchestration but it just doesn't happen because of the complexity of the product it's not a lack of desire by the insurance company it's the complexity of the product that's being bought and sold and if you look at the typical insurance company they're spending a tremendous amount of money in making this happen think about the cost of answering calls 80 percent of the time the call center cost and this has been compounded by the trends that we're seeing in the overall industry now covet has had a dramatic impact to all of us and the insurance industry is no different obviously there's things like the great resignation but one of the things that's happened in insurance is as people began to think about their own mortality people went and bought more insurance they wanted to make sure their insurance is up to date they want to make sure their beneficiaries were up to date so covet has had a dramatic impact on not only the workforce but also the inflow the inflow of conversations the inflow of of making sure that my information is up to date so i could provide for my family and if you think about the millennial generation a lot's been made about how millennials are digital nomads and they demand a digital experience well in our industry one of the challenges we're seeing is millennials really don't understand the products that they're buying you know the the the the thing about insurance is very infrequently does somebody go out and buy a life insurance policy very frequently does somebody go out and buy a homeowner's policy or per or an automobile policy or an umbrella policy it's usually a once a decade type of thing and so when you have a very complex product and the user is demanding digital but the product is so complex it's actually putting a greater emphasis on the telephone right now because they're calling up because they're confused they don't know how to handle they don't know how to navigate it's extraordinarily complex and the third trend that we're seeing is of course the need for digital whether it be embedded products digital communications the industry is seeing this dramatic need for these digital vehicles and of course covet hasn't done nothing but accelerate that you know the way i the way i think about it is covet accelerated electronic and digital adoption by at least a decade you know whether it be the older generation who is unfamiliar with computers where now they have to go in and they had to understand it to do grocery shopping to pay for things to communicate with their family it really accelerated digital adoption by at least a decade and that really put a burden on the insurance company of the of today now if you think about the impact this had on call centers it's pretty is pretty significant if you look at the number of calls coming in the number of calls increased dramatically into these call centers at the same time during covet the number of people available decreased dramatically so more calls with less people whether it be the great resignation which had an impact but also absenteeism was very very very very high the other issues the insurance industry had is that they had to take these centralized call centers and move them to distributed locations everybody went to their home so when you when you have a highly regulated regulated industry like insurance what happened was you had to push out policies you had to push up practices you had to push out new systems to individuals and it was very very difficult typically you know in a call center you communicated one way so you had to go digital and you had to go to these to these different individuals the consumer experience had to be fast and nimble in these insurance companies and you know the the increased volumes of people looking online looking for a policy looking for more information it was required that it was completely digital and that was something that wasn't happening in the insurance industry in the past so we had a phenomenal opportunity but of course insurance is a business it's a business for the insurance carriers it's a business to the brokers that they serve and it's a business for dxe to make sure we're as efficient and effective as possible so we're driving down looking at how do we drive costs down how do we drive down it drive down the number of calls at the same time improving customer satisfaction at the same time in improving the interaction with individuals and i'd like to point out what's happening in the industry if you look in the insurance industry today you look at a typical call center in industry 55 of the time somebody is calling and looking for information 55 of the time 35 percent of the time they're looking to execute some sort of transaction and 10 percent of the time they're go they're looking for resolution of an issue so 80 of the time it's a transaction that should be handled digitally but it's not like i said earlier 80 percent of the time today a call is coming to the call center we see this 35 percent of 55 percent as pure opportunity for the industry an opportunity to better serve their customers an opportunity to reduce their costs and an opportunity to to cross-sell their solutions so at dxe our targets are a little bit different using this this fantastic tool amelia we have an aspiration to go from eighty percent calls coming in to only ten percent calls that are that are handled by a human so think about that if you go from eighty percent down to ten percent so the cost savings that would incur the improved customer satisfaction the improved efficiencies and if you've ever done anything with insurance you know there's really two customers there's the end consumer who's very important but there's also the broker dealer the broker or the agent really drives the insurance industry they're the ones communicating with the individuals and it's extremely important that these individuals have a great experience with the insurance company itself and they would prefer to go digital but today is mostly voice so we have a phenomenal opportunity in this industry so let me give you a real life real life case study today we had a situation where we had a company and the company saw about a 20 increase in volumes of calls coming into their call center at the same time they saw an 18 percent absenteeism rate or reduction in staffing the other thing that was happening is their ivr was not authenticating people was too complex there were too many different items and they weren't being authenticated so what we did is partnering with emilia we looked at the amelia artificial intelligence solution we married that with our robust conversational apis and our solutions which interface with our robust database and we brought a system to market we did in about four months and piloted with this company and you heard the stats a seven time improvement in the quality of the conversation we saw the fact that we had a four times improvement in the authentication of this the ivr it was fantastic and we saw 20 times improvement of the um 20 times improvement in the routing to the right individual 20 times and proven before every one of these calls would have been routed to the wrong individual it would have meant you had to pick up the phone and talk to them but even more importantly it meant the consumer was frustrated the consumer was frustrated with the interaction and i've been this business a long time and it's safe to say that it's very rare you see this kind of payback with the ultimate solution that will have an opportunity to grow customer satisfaction whether it be the customer excels the end consumer whether it be the agent itself you can reduce costs for the insurance companies and you can make us more efficient and more effective so we i really look at it as a triple crown in our business process operation and we see it as an opportunity where every single person in the in the solution gives a more efficient more effective operation so we're real excited with our partnership with amelia we think that it makes a very robust and strong part of our arsenal it makes us very more much more efficient and allows us to serve everybody in our in our platform in a more efficient and effective way so thank you very much for your time today [Applause]