Our research shows that 73% of all 18–24 year olds and 69% of all 25–34 year olds are likely or very likely to switch insurers if all services aren’t available through all access points. 71% of all 18–24 year olds and 25–34 year olds are likely or very likely to switch insurers if they cannot start a transaction via one access point and pursue it using one or more other access points. Many insurance executives are under the mistaken impression that multichannel is only an issue for younger customers, who are probably not target markets.  However, our research shows that 47% of 45–54 year olds and 41% of 55+ year olds are likely or very likely to switch insurers if all services are not available on all access points.  These are not inconsequential numbers, and a majority of firms (80% in all) are responding to these expectations by expanding the number of services available on existing channels (65%), or by adding new channels customers to their existing portfolio of customer interactions (15%).

A successful multichannel execution plan has many moving parts and can appear to be overwhelming. Regardless of whether your organization is focusing just on multichannel sales, multichannel service, or both, there is commonality of technology requirements. An important additional consideration is the impact of multi-channel requirements in contact center operations.  Given tight budgets and business-side demand for immediate value, having a well-defined plan is critical. 

CEB TowerGroup will be sharing its most recent insights on this topic at ACORD/LOMA in Las Vegas on May 6 – 8.  Attend our ACORD/LOMA conference session and explore what development and innovation elements are critical, according to shifting insurance customer channel preference.

• Understand the business drivers behind the multichannel imperative through consumer and distributor survey results.
• Gain in-sight and best practices emanating from primary insurance company research on the topic of multichannel sales/service
• Learn what technology elements generate success particularly customer communications and mobility.

For additional details on this conference session, email us.

Trust platforms serve as the core accounting system for many wealth managers, but as these platforms age, the cost of maintenance and enhancements increases.  Firms are currently analyzing whether to maintain present platforms or to make a major investment in a trust conversion in the upcoming 12 to 36 months.

The first step in the process is alignment between business and IT on the criteria to stay the course or make a change. Utilizing qualitative and quantitative data, CEB TowerGroup identified 21 attributes that define a “Best-in-Class” Trust Accounting System, which are grouped into four categories. Recognizing that all attributes are not equally important, CEB TowerGroup divides them into tiers to reflect their level of importance as mission critical, strong priority or differentiators.

If a wealth firm decides to make a change, CEB TowerGroup can jump-start the vendor selection process. Certain current trust platforms are recognized as “Best-in-Class” after scoring each product based on its performance at an attribute level. However, it is critical that firms determine the best fit of a platform for their wealth business.

Use our Trust Accounting Technology Analysis to:

• Determine system requirements with our Diagnostic Anatomy
• Review platform capabilities using our Feature Audit
• Compare Product Rankings to the current needs and future priorities of your firm

Over 1,000 respondents to our 2012 Advisor Productivity Survey reported the importance of CRM to their jobs. Two-thirds of financial advisors rate CRM as important or very important; however, their view of the effectiveness of CRM applications is troubling. Only 37% of advisors rank the platform in use today as effective in meeting their performance goals. Financial services institutions recognize the situation and many have active initiatives in process. 

Join us for our Technology Assessment Panel on Wednesday, April 24 at 2:15 p.m. at the CEB TowerGroup Financial Services Conference.  CEB TowerGroup will provide deep analysis of CRM and its direction, followed by a discussion featuring these leading providers:

Aptean — Pierre Custeau, Executive Vice President, CRM Product Management and Development
Microsoft — Tony Jarosz, Industry Solutions Director – Global Financial Services
NexJ Systems — Tom Wieczorek , Vice President, Products

Executives from financial services institutions will learn:

• Innovative approaches to driving effectiveness through CRM
• Strategies to enable enterprise-wide CRM without compromising specific requirements for each line of business
• The implications of tablet computing and social media on CRM

Technology executives will learn:

• Industry challenges and solutions for capturing and acting on client data
• Key factors in wealth firms’ CRM buying decisions
• Product development plans of potential partners 

Capital markets IT budgets are still 2–12% below their 2007 peak, while business needs and demands have only grown. Amid continued market uncertainty, firms are not keen to take on new projects. Instead, they are hiring full-time IT staff and using near-shore and offshore outsourcing vendors across IT, BPO and KPO areas.

For further perspective on outsourcing opportunities in capital markets, attend the CEB TowerGroup Financial Services Technology Conference which will give you the opportunity to interact with and learn from CEB TowerGroup experts, executives from premier financial institutions, and leading technology providers. Attending this event will help you adapt better to changes in the market, understand the role of technology in that evolution, and make critical decisions now.

Capital markets firms continue to adapt to a new operating model that is being driven by a heightened level of regulatory focus, changing economics, and the never-ending search for alpha.  To shape our research agenda for 2013, we surveyed key executives across both service providers and financial institutions to better understand their top priorities for this year.  Our Capital Markets Technology Outlook:  2013 Agenda Poll Results provides you with their perspective on key industry topics, including spending drivers, importance levels, and execution confidence.

Extend your learning experience by joining us at the CEB TowerGroup Financial Services Technology Conference on April 24–26  There you will have an opportunity to interact with and learn from CEB TowerGroup experts, executives from premier financial institutions, and leading technology providers.  You’ll come away better prepared to adapt to changes in the market, understand the role of technology in that evolution, and make critical decisions now.

Amidst continuing global economic uncertainty underscored by tenuous pockets of growth, in 2013 commercial banking & payments firms will continue to invest in flexible, enterprise-level delivery capabilities as they strive to drive revenue and productivity in increasingly competitive financial markets.  Nearly 80% of financial institutions expect to increase their technology spend this year to improve compliance, productivity, and drive revenue growth.  Across commercial banking, technology investments in 2013 focus on improving data management capabilities, increasing the focus on enterprise risk management, and seizing new opportunities for IT to enable the business.  Join us in Boston for As the World Turns: The Top Ten Commercial Banking Technology Initiatives for 2013 as part of the CEB TowerGroup Financial Services Technology Conference on April 24-26. 

The 2013 CEB TowerGroup Financial Services Technology Conference is designed to equip technology decision-makers with all of the tools they need to inform strategic planning, budgeting, and provider selection during this critical time.

Each year, CEB is privileged to help thousands of senior leaders leverage the power of our insights to transform their businesses. In fact, your membership is one of more than 50 programs CEB offers for senior executives across the enterprise.

To better serve our member network, we have simplified our names.  The new names better reflect the peer membership of senior executives like you, as well as the unique combination of best practices, peer networking and advisory services that are included to support your decision making. 

The new names will also make it easier for you and other senior leaders to distinguish CEB services in the marketplace, ensuring that you’re engaging with the most prestigious organizations and your most progressive peers for access to one of the largest sources of proven best practice, data and analytics in the world.

Though your membership name has changed to CEB TowerGroup Commercial Banking, you will continue to receive the same great insights and actionable solutions you’ve come to rely on.

The free flow of information underpins the evolution of mobile services and cloud computing. Across financial services organizations are looking to enable information services that take advantage of accessibility gains. Information security organizations are challenged to ensure the proper protections are in place for these emerging channels, devices and hosting strategies.

Most important for information security is not the establishment of controls, but a better understanding of the myriad tools and uses of information. Once there is a clearer picture of the use cases and objectives of an initiative, security can better enable information while also educating users on risks in the context of their particular situation. A reactive posture that fails to consider the utility of information will be met with resistance that drives users to circumvent the controls.

Related Research: Mobile Devices Present an Opportunity for a More Secure Channel

In our recent Top 10 Technology Initiatives in Bank Cards webinar, we discuss business drivers that focus on digitalization, innovation, and merchant friction; business strategies aimed at growing relationships, managing attrition, and developing new channels; and technology initiatives to achieve better product integration, control risk, and improve loyalty and operational efficiencies. 

The real issue goes back to net income.  If expenses are up, issuers must drive down costs and protect ROA.  Shifting to internet-based applications, for example, will drive down acquisition costs and build better interest flexibility.  Knowing the top-line number is at risk requires digging into every line item to reexamine costs.  Simply raising prices is likely to encounter resistance from issuers, cardholders, merchants, and regulators.

Core claims administration system replacement is both terrifying and exciting.  Terrifying because of the risks associated with changing core technology, not the least of which relate to change management and corporate culture challenges.  Yet core system modernization is exciting because claims leaders gain visibility into operations and are able to deliver improved service, critical for consumer and distributor satisfaction.  Many insurers make the mistake of duplicating old processes within the framework of modern core claims technology replacement.  Stepping outside of traditional business processes and viewing claims tasks differently is key to executing on a transformational goal. A strong business and IT partnership is required to bring together the art of what is possible and the science of what is practical.

Although each insurance company is different from the next due to product differences, distribution channel variations, diverse geographical location, and varying risk appetite, best practices have emerged in core claims system modernization.  Recognizing and addressing the potential roadblocks and pitfalls is as important as establishing a solid project plan.  Adding to the complexity is the very crowded core system technology landscape.  Finding the appropriate technology partner can be a daunting process.  The best-in-class technology partners are able to provide thought leadership to help insurers think about claims management in new ways.  Leading claims administration vendors are also able to guide insurers along the path to optimizing claims system spend by road-mapping next phases of investment around emerging technology.  

To help our members sort through this complex transformation, CEB TowerGroup will host a panel of leading P&C claims technology providers at the Annual Financial Services Conference to be held in Boston on April 24-26. Take advantage of this unique opportunity to learn from experts in claims technology as well as an open forum for peer sharing by following this link to register for the conference.