13 Oct

Ensuring a bright future in insurance

Ensuring a bright future in insurance

Like a number of industries, insurance in Australia is affected by technological advancements, shifting climate patterns and an increasingly mobile and multicultural populace. How a business chooses to adapt in the face of such significant upheaval can mean the difference between struggling to keep up with the competition and heading into a thriving, profitable future. In the face of challenging business conditions, the nation’s company leaders remain unsure about the prospects for their organisations in the coming years. PricewaterhouseCoopers’ (PwC) 19th Annual Global CEO Survey found that only one-third of Australian CEOs felt confident in their ability to achieve revenue growth this year. With concerning sentiments such as this, looking for cost reductions …

18 Apr

When is the right time to digitise?

When is the right time to digitise?

The amount of global information has now far exceeded what many would have thought possible even 10 years ago. In fact, a report from CSC1 noted that by 2020, there could be around 28 zettabytes in total, compared to the 6.32 zettabytes now. While most organisations won’t need to access such significant quantities of data in the course of daily operations, data growth in general is starting to cause problems. Now, workers in every sector are having to spend countless hours sifting through pools of unstructured data in order to find what they’re looking for. Let’s take a look at a sector like mobile data that Gartner2 recently predicted would grow 59 per cent this year, reaching …

8 Apr

How Next Generation Managed Print Services Enables Digital Transformation

How Next Generation Managed Print Services Enables Digital Transformation

This is a post co-written by guest contributors Emma Morgan, Segment Marketing Manager and Jan Ergen, Presales Consultant at Fuji Xerox Australia. Traditionally Managed Print Services (MPS) has been regarded in the Banking and Finance Sector largely as an avenue to reduce cost. With Xerox research in the US indicating that for most organisations their documents are split roughly fifty-fifty between paper and digital, it is not surprising that there is huge opportunity for driving efficiency in this area. MPS can indeed achieve significant savings, as much as 30 per cent in some cases, much of which can of course be done by increasing the proportion of digital documentation within a business. However, …

2 Apr

Translating Customer-Centricity into a reality for Insurers

Translating Customer-Centricity into a reality for Insurers

A central theme at the recent Future of Insurance Conference in Sydney was about the need for Insurance organisations to become customer-centric. This approach is seen as the answer to combating declining customer loyalty, increased commoditisation of services and higher service expectations set by other industries. However, often talk of customer-centricity – or customer-centred design – does not extend to an actual plan for how to implement it. How does this aspirational goal become a reality? Based on feedback from industry and some of the many projects Fuji Xerox Australia has worked on with clients, we have assembled a few core considerations for Insurers attempting to move from the status quo to a …

27 Mar

Digital Disruption – The Evolution Of The Personalised Insurance Model

Digital Disruption – The Evolution Of The Personalised Insurance Model

Perpetual disruption in the modern era of the Internet of things, wearable technology and social media mean that the Insurance industry must be agile enough to be in a permanent state of innovation and change – meeting each individual customer’s personalised needs quickly and in a manner that suits them. This was the conclusion of the recent FST Media 9th Annual Technology and Innovation – the Future of Insurance Conference in Sydney. Traditionally, the Insurance model saw Actuaries designing commercially robust insurance products and packaging them for as many customers as possible. It was based on a range of fairly static data feeds and a marketing model that played on people’s insecurities and …

11 Mar

Let Customers Choose the Channel!

Let Customers Choose the Channel!

Too often brands start with the wrong question: “which channel shall we engage our customers on?” The real question is: “what channels do our customers want to engage us on?” The answer to that question varies depending on both the customer and the type of engagement and therefore brands – particularly Insurance brands – need to be flexible enough to engage on a range of different channels – consistently and within the etiquette boundaries of each. Every customer is unique and in their journey through the various touchpoints with a brand could require engagement on many different channels. Pushing your customers into inappropriate or inconvenient avenues for conversation will aggravate them and weaken …

30 Jan

Have you deployed effective insurance services?

Have you deployed effective insurance services?

Insurance companies are shifting towards becoming more customer centric. As a result, the insurance industry is growing increasingly dependent on capable and reliable services – that can help to build stronger customer relationships. This can be accomplished through the use of new technologies and processes. In doing so, these companies can reduce the cost required to service customers. Let’s take a closer look and explore where exactly change can be implemented using effective insurance industry services from Fuji Xerox. Customer satisfaction A study conducted in 2012 by Echo for American Express found that 40 per cent of a surveyed 1,000 Australians thought their customer service experiences did not meet expectations. So, what’s available …

13 Nov

In Digital Transformation – it must be ‘out with the Old and in with the New’

In Digital Transformation – it must be ‘out with the Old and in with the New’

When managing transition to a digital model, one final point to make in this series of five posts over recent weeks is this: that Insurers need to recognise that Digital is a new model, not an augmentation of the old model. Insurers cannot approach this massive change project from a “same, same but different” mindset. Digital requires a transformation of the whole business – systems, processes and technology – for it to work effectively; not merely extension of the status quo to a couple of new channels. Design-thinking should form the start-point for any Digital Transformation project: placing the customer at the very centre of the strategy. This applies to the components of …

3 Nov

The CMO-CIO Axis is crucial to every organisation’s success

The CMO-CIO Axis is crucial to every organisation’s success

Traditionally, in most organisations, the Chief Information Officer (CIO) and the Chief Marketing Officer (CMO) have been at loggerheads, endlessly butting heads over conflicting agendas, resources and goals. But as both roles evolve, increasingly there must be an outbreak of peace between these two roles as fate causes them to be unprecedentedly inter-dependent. In the days of on-premise computing over the past two decades, the CIO’s role was seen as one of “keeping the lights on”. The role was a pressured one as they addressed the difficult task of delivering new and up-to-date technology services to the business while at the same time stripping out cost. All the while, marketing was ever-hungry for …

23 Oct

Ways insurers can tune into your customers wave length

Ways insurers can tune into your customers wave length

For many years, large companies have been pushing customers down the customer service channel that best suits them, not the customer. Insurers have been as guilty of this as banks, airlines and telcos. But in an age of social media when the customer’s voice is so much more powerful suddenly, this cannot continue. Insurers must move with the times and adapt to a multichannel service environment so they can tune into the customers’ needs and be where THEY want to have the conversation, and not the other way around. In my last two posts, I spoke about how to move your marketing environment to a Personalised footing where you have a direct and …

About nextwork

The next generation of work opens the door to new opportunities and challenges. The workplace of tomorrow will be a transformed place where greater mobility, increased innovation, collaboration and employee flexibility will be key drivers of change. At Fuji Xerox Australia we help businesses integrate data, documents and business processes and turn tomorrow’s documents into knowledge. Nextwork explores the dawn of the ‘new working world’ and how we can successfully harness the opportunities and mitigate the challenges of tomorrow.

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