Wednesday, August 5, 2020

Partnership

Become a media partner of Digitalscouting

Conferences and events around the world enable the international insurance and finance community to meet, exchange best practices and start co-operations.

Digitalscouting supports these vital events as media partner, providing speakers, panelists and moderators leveraging our social media reach and attention hacking capabilities.

So if you are planning an event, don’t hesitate to contact us. We are happy to contribute to the success of your event – globally.

Market Insights

“Insurers don’t compete on price - they compete on service” “Don’t compete on price,” said Yoann Michaux, Partner IBM. But how else should insurers compete? In this video, Yoann and I talk about alternative strategies and concrete use cases of insurers that are doing it. #ibmpartner Yoann is co-author of IBM’s newest whitepaper (see here https://ibm.co/2Boqgkn). I gave it to several senior decision-makers of midsize and large insurers - and shared their feedback with Yoann. See what they said and how Yoann took the stand.
Insurance is an industry that is highly regulated and is very rich with data that keeps growing every day. Dealing with this vast amount of information in a traditional way is inefficient, costly, and opens many rooms for errors. Lucky are the ones who have long accepted digitalization with open arms, the emergence of Intelligent Process Automation (IPA) is the perfect solution to solve this insurance barrier. Intelligent Process Automation (IPA) refers to the application of Artificial Intelligence (AI) and related new technologies like Cognitive Automation, Optical Character Recognition (OCR), Natural Language Processing (NLP) and Machine Learning to Robotic Process Automation (RPA). Unlike RPA alone which is limited to repetitive and predefined processes, IPA works beyond basic automation and leveraged AI capabilities to manage unstructured data and make cognitive decisions. Based on a McKinsey research, companies who have implemented IPA in their workforce have shown 50% to 70% automation of tasks, 50% to 60% reduction in process time, and 20% to 30% decrease in annual run costs. Mckinsey also predicted a $1.5 trillion reduction from automating claims processing with the help of IPA. The integration of IPA does not mean replacing robots with humans. It only reduces human involvement to decrease errors and achieve maximum efficiency. Its capabilities do not allow to entirely replace the need for a human workforce. With the rise of the subscription-based model, IPA is beneficial in analyzing customer behavior and data to find key factors to decrease the rate of attrition and retain target customers. It helps with the tedious procedures of insurance including claims processing, regulatory compliance, and commercial underwriting processes. While IPA and other development in digital transformation offer massive benefits in many aspects, it does not promise instant access to success but provides easier ways in achieving your goals. It takes time and continuous effort in getting the perfect balance of technology and people to deliver the best customer experience and meet the increasing demand for innovation.
Sales is one of my passions as learning from others is. That’s why I am super happy to start a podcast with one of the most known sales managers in Germany: Stephan Schinnenburg (CSO of the Deutsche Familienversicherung) Together we interviewed Axel Hellmann, board member of Eintracht Frankfurt Fußball AG, one of the big success stories in German soccer in the last years. Vertrieb ist einer meiner Leidenschaften sowie von anderen Industrien zu lernen. Daher bin ich sehr froh, mit einem der bekanntesten Vertriebsmanager in Deutschland einen Podcast zu starten: Stephan Schinnenburg, Vertriebsvorstand der DFV Deutschen Familienversicherung AG. Zusammen haben wir Axel Hellmann, Mitglied des Vorstands bei der Eintracht Frankfurt Fußball AG, interviewt und über die Erfolgsgeschichte der Eintracht in den letzten Jahren gesprochen. Wir sprachen auch darüber, was Versicherungsvertrieb von einem so emotionalen Produkt wie Fußball lernen kann und wie man Kunden heute begeistert.
About 3.8 billion of the population is actively using social media for an average of two hours and 24 minutes per day. Given these statistics, it is apparent why social media is an effective business marketing platform. Not to mention that it is free and can reach specific audiences, social media platforms also allow businesses to connect to the target audience and nurture them into customers. No wonder why small and big companies are venturing into social media marketing. Now that social media is crowded with established and start-up brands, how can you slay the competition? We’ve listed down six (6) attention hacking tips to give your social media marketing strategy a kick. 1. Create strong headlines Your headline is your first impression to readers, and a strong one can drive more clicks. By strong, we mean irresistible, intriguing, at the same time, crisp and clear. Avoid ambiguity in making headlines and do not use clickbait titles - it will lose your customer’s trust. 2. Apply retargeting Retargeting keeps your brand and product in front of the people even after they have clicked away. It happens because the cookie you allowed to collect data from you to keep browsing on a specific site. According to this study, 3 out of 4 customers notice retargeted ads, making it an effective way to drive brand awareness and increase conversions. 3. Make use of FOMO Fear of Missing Out (FOMO) fuels addiction to social media; people do not want to miss events, news, and trends. Posts that are new and intriguing will surely catch people’s attention.  4. Tease your audience with limited information Humans are inherently curious. Limited information will pique people’s interest, and the only way to fill their curiosity gap is to click on your social media post that will redirect them on your website. 5. Give, give, give, and ask Have you ever felt compelled to return a good deed? That is the principle of reciprocity in action, and the same applies to businesses. Make your audience feel special by giving discounts or freebies. Give and then ask them for a favor or simply wait for what they will give back in return. 6. Engage Hang out with your social media followers - ask their opinions, reply to comments, answer queries, and acknowledge criticisms. People want to feel that they belong, and this way of engaging with them will make them feel connected and important.
The unstoppable development of technology gave birth to two great alternatives to physical occasions - Virtual and Hybrid events. Events are one of the best forms of communication for every organized group of people. It creates an indisputable connection among the attendees while opening gates for more opportunities. Whether it's a yearly or a biannual event, most people look forward to it because of the countless benefits they can reap from attending it. While nothing can beat the connection of face-to-face encounters, there are disadvantages that come along with it especially now that everyone is trying to live in a new normal - fighting against the coronavirus that may never go away. Thanks to technology’s continuous advancement, social events will never have to end. There are options like virtual and hybrid events that can decrease and even totally eliminate face-to-face interactions. Virtual events run entirely online rather than in a physical location. Aside from being low cost, with the many virtual platforms available on the net, it attracts more attendees. Hybrid events, on the other hand, is a combination of the physical and virtual world. It takes place in a physical venue attended by “live” in-person and online audiences done through live streaming. In an industry like insurance and finance, there are conferences, forums, and other social gatherings that are necessary to build connections and expand knowledge. In today’s time where almost everyone has access to the internet and technology, virtual and hybrid events are the best option.
Who were the unsung heroes we should be proud with after the looting and riots? We were all bombarded with bad news over the 1st half of this year but I was really inspired by a news clip about our industry working silently for the society. Kitson, a high-end boutique in Los Angeles, recently lost about $400,000 because of looting and property damage. Luckily, The Hartford Group, Kitson’s insurance provider, specifically covers looting. Owner of Kitson, Fraser Ross described the situation as “more devastating” with the fallout from the coronavirus that businesses around the world are also experiencing. Insurers and Insurances helping the communities and businesses to rebuild even after damages due to health and political crisis. We're great at anticipating our customers' problems in giving straight forward solutions while becoming more and more vital to their daily lives. These can happen on other sides of the word but our industry is more powerful than these adversaries expanding ecosystems and same with opportunities. We're proud to be part of this community working industry.

Consequently, the question that should be asked is not whether there is a future for work-related opportunities in the insurance and finance industries, but how will these industries pivot to embrace the "new normal?"

Social Media Marketing: Ephemeral Content Will Keep Gaining Popularity “It's a dialogue, not a monologue, and some people don't understand that. Social media is more like a telephone than a television.” - Amy Jo Martin, author of Renegades Write the Rules Are you considering adding social media marketing to your brand’s digital marketing strategy? If so, do you know what type of content, ephemeral or permanent, you want to post, and which social media platforms you wish to use? By way of answering these questions, let's consider the following points: What is social media marketing? Social media marketing (SMM) is defined by whatis.techtarget.com as a “form of Internet marketing that utilizes social networking websites as a marketing tool.” Its primary aim is to “produce content that users will share with their social network to help a company increase brand exposure and broaden customer reach.” There are different types of SMM, including social networks where people connect, discussion forums, blogging networks, and media sharing networks. Additionally, different social media platforms fulfill the requirements of one or more of these SSM-types like Instagram, Facebook, TikTok, Twitter, Snapchat, and Pinterest. Ephemeral versus permanent content As highlighted above, posts can consist of different formats like a 280-character Tweet, a long-form blog post of thousands of words, or a multimedia post that includes text and a photo or video such as an Instagram or Facebook post. And, a post can be ephemeral like a TikTok, SnapChat, or Instagram story. Or, it can be permanent like a standard Facebook and Instagram post, or a Tweet. What is an ephemeral post? Merriam-Webster.com defines ephemeral as “something that lasts for a very short time.” Therefore, an ephemeral post is a social media post that disappears after a predefined period of time, giving audiences a small amount of time to look at and engage with the post. Why is this ephemeral content important? The hubspot.com blog provides the succinct answer to this question: In a nutshell, it is a “smart method to use if you are looking for your audience to take faster action on your content.” It is also a “highly diverse way to engage” with your brand’s audience. It can actually “help you connect with your target audience and define your brand.” Statistics reported in 2019 by Statista.com, show that Instagram story features have 500 million daily active users with WhatsApp coming a close second with 450 million daily active users. Therefore, the question that begs is why are these disappearing stories so popular? The following points attempt to answer this question: Engage with your brand’s target audienceYour target audience is more likely to respond to actionable, ephemeral content that to non-actionable content. A good example of this type of content is to use an Instagram story to pose a question and answer session about your brand on an Instagram story. Direct your audience to your Instagram shopping/services pageThe aim of ephemeral content is to create a sense of urgency in the story’s viewer. This content creates the impression that the content requires an immediate response. Therefore, it’s an ideal vehicle to encourage your target audience to answer the story’s CTA (Call to Action), which in this case is to send your target audience to the Instagram page where they can purchase your products.
Insurance and Finance Community - We will Meet Again The corona virus forced us to our uncertainties and tough times.Declining economies, stirred governments, community quarantine, and closed businesses. Digitalscouting has grown due to a kind, generous and helpful community. It is our time to give back. Over the last few weeks, we were touched by the spirit and the support of the insurance, finance, and other communities. So we decided to capture this special spirit and underline what we are strongly believe in. With grateful support from our superstar friends like, Jim Marous, Robin Robertson, Nikolaus Sühr, Amber Wuollet, Alexandre Rispal, Ebru Cetin, Ryan Mathisen, Tony Canyas, Paolo Sironi, Patrick Kelahan, Roger Peverelli, Tunde Salako, Gilad Shai, Nigel Walsh, Désirée Mettraux, Karl Heinz Passler, Joel Bassani, Hugues Bertin, Caribou Honig, Charlotte Halkett, Julian Teicke, Brett King, Christian Wiens, Ted Taveras, Arleen T. Taveras, Jenny Weidner, Naby Mariyam, Olivier Jaillon, David Brear, Sabine VanderLinden, Rob Galbraith, Marguerite Murer. We have a special message, "Stay strong, stick together, and soon,WE WILL MEET AGAIN".
"Due to the digital transformation, the brand name of an insurance company is no longer the main driver in sales, but above all its speed, service orientation and user-friendliness" - Walter Capellmann, CEO German Branch DELA
"Conquering the Unbanked in Latin America" - Luis Barragan Scavino Latin America is a very diverse region, where different countries share many things in common, such as the Spanish language and something very attractive to the fintech market: More than 40% of the region's unbanked population. Many Latin Americans don't have  access to the traditional banking system, mostly due to the following reasons: Traditional banks charge very high-interest rates, reaching in some cases more than 100% annually.Traditional bank’s credit scoring algorithms are very strict.The banking market is heavily regulated in countries to combat money laundering and drug dealing.A huge informal economy where people live from personal businesses that do not register in company accounts. A serious traditional mistake of multinationals is to apply the same marketing strategy to all Latin American countries, when in reality there are many cultural differences in each country, and even within each country there are multiple dissimilar cultures, which results in reaching the target customer even more complex. This diversity of cultures is mainly due to mixtures of different ethnic origins and different regions within a country, as well as the difference in climates that exist in Latin countries that have mostly three clearly differentiated areas, such as dessert coasts, Andean regions, and Amazon rainforest. One of the most important common characteristics in the region is entrepreneurship, which is due to the fact that the traditional financial system is so expensive and demanding that it forces the Latino entrepreneur to look for alternative ways to find the economic resources they need to support their families. Fintech companies that have emerged in Latin America, come to offer innovative digital financial services, as well as most traditional banks, are developing projects to digitize their financial services, which is generating the reduction of the number of banking agencies in main cities of the region. This is how the fintech ecosystem in Latin America is in exponential growth and is receiving strong venture capital investments, as they have occurred mainly in Brazil and Argentina from Softbank and Tencent for example, which are the fastest-growing markets in the fintech ecosystem, where you can find 2 Latin fintechs in the top ten neobanks global valuación ranking, which are Nubank from Brazil and Uala from Argentina. In the top 100 fintech cities global ranking prepared by www.findexable.com, eight Latin cities appear in the following positions: Sao Paulo in 5th placeMexico City in position 21Bogota in position 40Buenos Aires in position 42Santiago de Chile in position 54Rio de Janeiro in position 57Porto Alegre in position 91Curitiba in position 97 As well as in the ranking of the top 10 cities considered fintech ecosystems gateways, 30% are Latin cities like Sao Paulo (5), Mexico City (7) and Bogotá (10). Peru is also included in the ranking of the top 10 fastest growing countries of the fintech ecosystems in the world. According to the article written by Greg Mitchel's on @techcrunch, in 2019 a new record was set for the amount of capital invested in Peruvian startups, at least $ 11 million, an increase of 24% compared to 2018. Most of the money was used for fintech startups (47%) and edtech (37%). In the past four years, more than $ 22.7 million in public funds has also been spent on projects related to startups. I recommend that you keep an eye on the Latin American fintech market because there are thousands of innovative entrepreneurs creating fintechs for all kinds of solutions such as @bankmoda in Colombia, which is a neobank focused on fashion companies, @Pebble in Brazil that is revolutionizing the POS (point of sales) device market and @B89 a neobank in Peru offering cross-border bank accounts. Thank you Luis Barragan Scavino!
Need help with Hacking the Attention of your client or remote employee? We help - for Free Special times need special actions. A lot movers and shakers asked tips for how to motivate and manage their newly remote teams. One idea: provide inspiring, team building, tailor made content. You all made Digitalscouting grow - and now it's our turn to pitch in and give back. We are offering remote keynote sessions for you and your remote team - especially how to leverage attention hacking in these times. Focussing on managing a remote team for the first time? Getting customers despite the fact you are not allowed to visit them? We have insights into best practices around the world - and we are happy to help Again, it's free. And it's our turn to help you. CLICK HERE TO REGISTER
Tiktok is not for every insurer, broker or agency. Tiktok is only relevant for companies that want to grow above the market average and are willing to try new tactics.