by Simon Knight, Senior Product Marketing Manager EMEA, Trillium Software
As covered in my first blog, marketers in organizations who sell through channels they don’t own have perhaps the toughest job of all to connect to end consumers. The drive to build brand loyalty, reduce above the line advertising, understand how the channel is serving your target market or even to foster a direct relationship with customers can test even the most creative marketer. How can you influence what you have limited visibility of?
Much of the technology industry focuses on the “what” of cloud architectures and the “how” of implementation. So we are awash in acronyms like IaaS, Paas, SaaS - and more recently - APaaS, IPaaS and who knows what others. After all, a technology market has not reached maturity unless it has garnered a certain quota of acronyms. By that measure, cloud computing has certainly arrived!
The New Yorker magazine is famous for its cartoons, but one of its more famous was a magazine cover entitled “View of the World from 9th Avenue” from March of 1976 (http://goo.gl/dHxxyH). The image pokes fun at how someone from New York looks at the rest of the world, with locations (and their presumed importance) diminishing drastically the farther away they are.
The drive to develop better customer relationships, world class service and share of wallet is becoming ever more challenging in the multi-channel world consumers inhabit. In B2B2C distribution channels, intermediaries alone can hold the relationship with the client and as a result, information can be held in different systems, in varying formats, levels of completeness and accuracy. Cleansing, standardising and linking these client records with those you already hold to provide actionable customer information for marketing and analytics purposes is difficult and time consuming; where the channel extends multi-nationally, multiple character sets and languages add additional complexity.
Insurance companies are losing millions of dollars because their adjusters often pay out more than the amount that is owed to the claimant simply to avoid confrontation and close the file. By applying comparative negligence to even a small percentage of these claims, insurance companies can drive an increase in warranted denials and a higher amount of partial settlements, resulting in significant savings.
If you work in financial services or, more specifically, Capital Markets, then you are likely to be familiar with the concept of VaR or “value at risk.” VaR is a statistical calculation used in finance to incorporate a quantifiable measure of the financial risk that an asset (or a portfolio of assets) will decline in value. The details of VaR can be complicated, but at a high level it calculates the maximum loss possible on an investment over a given time period, given a certain probability that events will cause that decline.
If you're a marketer and Big Data is keeping you up at night, take comfort in knowing you're not alone. According to a recent IBM survey, the percentage of CMO's who feel under prepared to deal with the "data explosion" increased from 71% to 82% between 2011 and 2014. Big Data is a source of unrelenting angst among marketers everywhere.
For insurance companies today, claims management is all about speed. The faster you can create, handle, pay and close a claim is directly related to the level of service you provide to customers. However, while a lightning-fast claims process can make customers happy, in some cases it can actually cause problems for your bottom line. Why does this happen and what can insurance companies do to prevent it?
Organizations are drowning in their Big Data and are unsure of how to even begin to find the value in it. While many have set up “data lakes” as an initial step, they still struggle with understanding what data they have. The fact is, these large warehouses and repositories that store endless streams of high-volume, diverse data that flow into organizations every day may provide a good way to collect Big Data, but they do nothing to help organizations drive real business benefits.
A usually law-abiding citizen gets into a minor car accident and decides that it’s time to cash in. He exaggerates his injuries and, with the help of some unscrupulous medical providers, he places a bodily injury claim. While this may seem harmless to some, this type of “soft fraud” happens all the time. It is a contributor to the total cost of insurance fraud (non-health insurance), which is estimated to be more than $40 billion per year. This costs the average U.S. family between $400 and $700 per year in the form of increased premiums. The bottom line is that fraud, soft or not, impacts all of us.