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On the Inevitability of Disruption

By James Wester

Much is being made of the possibility of Apple and Starbucks bringing mobile payment solutions to market. But is it inevitable that either company can succeed in payments?

Photo of Marc DeCastroOffline

The rise of the consumer has impacted everything from customer's expectations to future technology investments made by the enterprise. In the cross industry Web conference, New Consumer Expectations and Impact on Banking, Healthcare, and Retail, we highlighted key findings from IDC Financial Insights, IDC Health Insights, and IDC Retail Insights regarding consumer adoption trends and the impact of the rise of third platform technologies that has enabled broader consumer engagement initiatives across the three industries.

Photo of Li-May ChewOffline

With customer experience becoming the next competitive battleground, insurers are rushing to spin a customer-centric approach to their company-wide strategy. Unfortunately, there is a difference between making a successful policy sale and being really, truly customer-centric. With the demise of the "average" customer, a one-size-fits-all mass marketing approach no longer works. Instead, insurers need to get to know their customers as individuals in order to deliver value to these empowered consumers. Enhancing customer relationships demands a shift from the decades-old, isolated policy-based or individual product-driven model to one that is ideally fully customer-oriented and centrally managed, and provides an integrated, 360-degree view of policyholders. In order to maintain a competitive edge, insurers need to provide more insightful, real-time customer communications, and deliver more targeted, consistent and meaningful customer interactions through virtually any delivery channel. These are mammoth tasks by any count!

As such, the intent of our 2014 Singapore Insurance Networking Luncheon held last Friday was to host a closed-door brainstorming session for Singapore's insurance elite to debate and discuss on how better transform customer experiences and enhance their true relationship management. After all, organizations that personalize customer engagements are not only able to reinforce their branding, but also boast profitably that is 25% more vis-à-vis their peers. For this session, we were privileged to have with us 14 senior executives from tier one international and local insurers with largely marketing, operations and business development remits, together with two experts from our strategic session partner, HP Exstream.

Photo of Marc DeCastroOffline

Can A Connected Car Be Used For Banking?

By Marc DeCastro

Will the benefits of more technology in the car lead to more conveniences for our banking needs? Time will tell, but I do not think we are ready yet.

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