financial servics - capital markets

1
Business Priority Customer Experience
INFOCUS REPORT
Sub Sector Insurance
Sector Financial Services
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
2018 / All rights reserved
2
Contents
Sector Financial Services Sub Sector
Insurance Business Priority Customer Experience

• Introduction
• / How will this impact growth?
• / Identifying business priorities
• / From business priorities to solutions, in 3
  steps

ii. The 3 Steps 04. / Customer Acquisition 09. /
Customer Onboarding 13. / Customer Service
Support
iii. Recommendations 15. / Digital transformation
in Insurance
iv. Methodology 17. / GrowthEnabler Research
Methodology
2018 / All rights reserved
3
Introduction
Sector Financial Services Sub Sector
Insurance Business Priority Customer Experience
How will digital transformation impact growth?
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.
2018 / All rights reserved
1
4
Business Priorities
Sub-segments
Sector Financial Services Sub Sector
Insurance Business Priority Customer Experience
Customer Acquisition
Customer Experience
Customer Services Support
Customer On-boarding
2018 / All rights reserved
2
5
From Sub-segments to Solutions
The 3 Steps.
Sector Financial Services Sub Sector
Insurance Business Priority Customer Experience
1.
2.
3.
EMERGING
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
SCALING
MATURE
Startup Growth Stage Definitions
EMERGING
SCALING
MATURE
Early stage startups typically at beta product
stage and seeking investment capital
Typically funded, with a market ready product
and revenue positive
Established product, exploring new growth
markets and partnerships
2018 / All rights reserved
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6
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
Optimizely Howard St. Suite 100 San
Francisco optimizely.com
A. Customer experience
Personalised marketing campaigns
Customer Acquisition
Optimizely helps businesses test out di"erent
ways to make their websites or apps more
e"ective.
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Persado 11 East 26th Street, New
York persado.com Persado is an AI-based marketing
software to deliver content based on individual
profile.
Automation of marketing campaigns
Customer On-boarding
Phrasee London, UK phrasee.co Phrasee uses AI to
write better marketing language than humans.
Developer APIs to integrate insurance
products into Personal finance management
platforms
Customer Service Support
D. Meeting regulatory compliance
Find more solutions on GrowthEnabler
Pii... www.growthenabler.com
Lead generation through InsuranceTech platforms
D. Fraud Risk management
Cross selling/Upselling insurance products
7
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
Sailthru One World Trade, Suite 48, New
York sailthru.com
A. Customer experience
Personalised marketing campaigns
Customer Acquisition
Sailthru provides APIs for automated
personalized marketing across all digital
channels.
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Emarsys 21 Caledonian Road, London emarsys.com Ema
rsys provides the B2C personalized and automated
marketing solutions using AI.
Automation of marketing campaigns
Customer On-boarding
Autopilot 140 2nd Street, San Francisco autopiloth
q.com Marketing automation and customer journey
management software.
Developer APIs to integrate insurance
products into Personal finance management
platforms
Customer Service Support
D. Meeting regulatory compliance
Find more solutions on GrowthEnabler
Pii... www.growthenabler.com
Lead generation through InsuranceTech platforms
D. Fraud Risk management
Cross selling/Upselling insurance products
8
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
A. Customer experience
Personalised marketing campaigns
Customer Acquisition
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Revolut One Canada Square, E14 5AB
London revolut.com Revolut is an app-based
banking alternative o"ering retail and
commercial products.
Automation of marketing campaigns
Customer On-boarding
Atom Bank The Rivergreen Centre,
Durham atombank.co.uk Atom Bank is a digital bank
with an open banking tech stack.
Developer APIs to integrate insurance
products into Personal finance management
platforms
Customer Service Support
Fidor Sandstr. 33 80335 Munich fidor.com Fidor
Solutions is an open banking platform for
digital banks.
D. Meeting regulatory compliance
Lead generation through InsuranceTech platforms
D. Fraud Risk management
Find more solutions on GrowthEnabler
Pii... www.growthenabler.com
Cross selling / Upselling insurance products
9
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
A. Customer experience
Personalised marketing campaigns
Customer Acquisition
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Find more solutions on GrowthEnabler
Pii... www.growthenabler.com
Automation of marketing campaigns
Customer On-boarding
Compare Europe 65 Grosvenor Street,
London compareeuropegroup.com CompareEuropeGroup
is a pan-European financial sevices comparison
platform.
Developer APIs to integrate insurance
products into Personal finance management
platforms
Customer Service Support
Health care 3401 N. Miami Avenue Unit 205
Miami healthcare.com HealthCare.com is a search
and comparison tool for healthcare insurance.
D. Meeting regulatory compliance
Lead generation through InsuranceTech platforms
Worry and peace Penn Street, Amersham worryandpeac
e.com WorryPeace is a platform to buy personal
and business insurance products.
D. Fraud Risk management
Cross selling / Upselling insurance products
10
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
A. Customer experience
Personalised marketing campaigns
Customer Acquisition
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Find more solutions on GrowthEnabler
Pii... www.growthenabler.com
Automation of marketing campaigns
Customer On-boarding
Massup 65 Grosvenor Street, London massup.de A
white-label platform for online sales of annex
and niche insurance products by brokers.
Developer APIs to integrate insurance
products into Personal finance management
platforms
Customer Service Support
Cover Genius 18 Finsbury Square, London,
England covergenius.biz Point of sale insurance
distribution platform.
D. Meeting regulatory compliance
Lead generation through InsuranceTech platforms
Kasko 78 York Street, London kasko.io Kasko
provides API to integrate products into third
party platforms.
D. Fraud Risk management
Cross selling / Upselling insurance products
11
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
Digital Fineprint 30 Great Guildford Street,
London digitalfineprint.com Digital Fineprint
provides marketing solutions based on social
media analytics.
A. Customer experience
Customer Acquisition
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
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.
Product recommendation through dynamic customer
profiling
Customer On-boarding
Atidot Ben Gurion st. 2, Ramat-Gan,
Israel atidot.com Atidot is an InsuranceTech
solution for analytics based actuarial and risk
management.
Customer Service Support
Digitial identity verification platforms(e-KYC)
D. Meeting regulatory compliance
Find more solutions on GrowthEnabler
Pii... www.growthenabler.com
e-Signature solutions
D. Fraud Risk management
Digital on-boarding solutions
12
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
A. Customer experience
Customer Acquisition
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Trulioo 420 W Hastings, Vancouver,
Canada trulioo.com
Product recommendation through dynamic customer
Customer On-boarding
Trulioo is an online identity verification
company, for regulatory compliance and AML
monitoring.
profiling
Trunomi 41 Luke Street, London trunomi.com Trunomi
provides enterprise KYC, customer consent and
data rights compliance for GDPR.
Customer Service Support
Digitial identity verification platforms(e-KYC)
Onfido 40Long Acre, Covent Garden,
London onfido.com Onfido is an identity
verification platform for KYC compliance.
D. Meeting regulatory compliance
e-Signature solutions
D. Fraud Risk management
Find more solutions on GrowthEnabler
Pii... www.growthenabler.com
Digital on-boarding solutions
13
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
A. Customer experience
Customer Acquisition
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Find more solutions on GrowthEnabler Pii...
Product recommendation through dynamic customer
Customer On-boarding
profiling
www.growthenabler.com
EsignLive 503-505 Kent St, Sydney,
Australia esignlive.com eSignLive is an
e-signature and digital solutions for
enterprises.
Customer Service Support
Digitial identity verification platforms(e-KYC)
Hellosign 301 Howard St, San Francisco Hellosign.c
om HelloSign o"ers API for e-signature solutions.
D. Meeting regulatory compliance
e-Signature solutions
Docusign 221 Main St.,Suite 1000, San
Francisco docusign.com DocuSign provides
platforms and APIs for e-signature.
D. Fraud Risk management
Digital on-boarding solutions
14
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
A. Customer experience
Customer Acquisition
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Find more solutions on GrowthEnabler Pii...
Product recommendation through dynamic customer
Customer On-boarding
profiling
www.growthenabler.com
Avoka 20 Challis Street, Level 1,
Dickson avoka.com Avoka is a cloud-based platform
for digital customer on-boarding.
Customer Service Support
Digitial identity verification platforms(e-KYC)
Agreement Express 123 South Street, Floor 5,
Boston agreementexpress.com SaaS platform that
automates the client onboarding process for
financial services firms.
D. Meeting regulatory compliance
e-Signature solutions
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.
D. Fraud Risk management
Digital on-boarding solutions
15
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
A. Customer experience
Customer Acquisition
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Vlocity 50 Fremont Street, San Francisco vlocity.c
om Cloud solution for unified omnichannel
communication with customers.
Customer On-boarding
Sureify
Customer Service Support
Automated quoting, issuance, servicing via
digital channels (for brokers Direct channels)
1100 Lincoln Ave sureify.com
, STE 239, San Jose
Analytics based tools for underwriting and
customer acquisition and engagement for
insurance sector.
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.
D. Meeting regulatory compliance
Omni Channel strategy with contextualised
customer engagement
D. Fraud Risk management
Find more solutions on GrowthEnabler
Pii... www.growthenabler.com
16
1.
2.
3.
Insurance Sub-segments
SUB-SEGMENTS OF BUSINESS PRIORITY
SOLUTIONS TO CONSIDER
STARTUPS TO EVALUATE
A. Customer experience
Customer Acquisition
B. Digitization and automation of back middle
o ce operations C. Product di"erentiation
Find more solutions on GrowthEnabler
Pii... www.growthenabler.com
Customer On-boarding
SaleMove 19 W 21st St, New York salemove.com
Customer Service Support
Automated quoting, issuance, servicing via
digital channels
SaleMove o"ers customer engagement technology
for unified experience across channels.
(for brokers Direct channels)
Elafris 795 Folsom Street, San Francisco elafris.c
om ML based virtual agents for sales, claim
processing and customer support for the
insurance sector.
D. Meeting regulatory compliance
Omni Channel strategy with contextualised
customer engagement
Technisys 701 Brickell Ave. Suite 1550,
Miami technisys.com Technisys o"ers platform for
omni-channel user experience for the financial
services industry.
D. Fraud Risk management
17
Recommendations
Customer experience. The new growth engine
Sector Financial Services Sub Sector
Insurance Business Priority Customer Experience
i. ii.
iii. iv.
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.
2018 / All rights reserved
18
Find out more about GrowthEnabler Research
Methodology
2018 / All rights reserved
19
GrowthEnabler Research Methodology
Proprietary Research 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 RFIs 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 major sources of Secondary research are
• Global Startup websites
• Data aggregators
• VC and Investor portfolios
• News Feeds
• Industry reports
• Regional Company registration websites
• 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
• Company information
• Leadership Team
• Business Model
• Financial Strength/Funding/acquisition data
• Product Innovation - patent data and core
  features and functions analysis
• Customer value sentiments
• Social Media and Branding coverage
• Business Traction and progress
• Out of the total 57, 30 parameters are classified
  under 5 broad categories used to calculate the
  GE Pii Score.
• Product Innovation

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, RFIs 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.
2018 / All rights reserved
17
20
Further Resources
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
01.
GrowthEnabler Tech Pulse Report InsuranceTech
2018 02. GrowthEnabler Tech Pulse Report FinTech
2018
03.
2018 / All rights reserved
GrowthEnabler InFocus Report Insurance
Contact us for access to these reports www.growth
enabler.com