Hello everyone, and thanks for coming to this session. I am going to apologize to the people sitting on this side of the room, because some of the really cool sizzle is going to be on the screen. Anyhow, my name is Bart Driscoll. I'm joined here by Mike Chiaramonte. We are from Publicis Sapient, so we are a digital business transformation company. And we work with a lot of clients in the insurance space, trying to build integrated business solutions that are able to kind of connect that application and data ecosystem together with innovative AI.
In this session, what we're going to do is actually just share some of the experiences that we've had working with other carriers in the space. You know, one of the things that we have been seeing is that some carriers are struggling to build engaging and productive relationships with their brokerage ecosystem. It's not that they don't have lots of brokers, it's just that they're not necessarily getting the results that they're looking for. And as we're all aware, the brokerage marketplace is really critical for revenue and growth objectives across this particular distribution channel. And based on some of the research and experience that we've conducted, we're seeing that a lot of carriers are not fully realizing the potential of these relationships between their agents and their brokers, and struggling a bit to kind of build some of that loyalty among this community, as well as champions of their brand, because they are a brand ambassador for you.
Now, a lot of the COTS and SAS solutions that are currently in the marketplace that are focused on kind of helping you with this broker ecosystem are generally focused on broker onboarding, right? So bringing on a new firm, bringing on a new agent, or potentially even managing the kind of payment and commissioning process on the tail end. And what we're seeing is that a lot of these solutions in market kind of neglect the core business of your partner. And they ignore some of the countless opportunities that you have to be able to interact and communicate with your brokers and agents. And so part of what we're seeing is kind of this shift where we're bringing in some of the intelligence from this direct-to-consumer type market or this direct-to-consumer type model and creating multiple repetitive and valuable interactions with your broker and agent community. And this gives you an opportunity as a carrier to really influence and guide that relationship and the relationship that those brokers and agents have with your end customer.
I really liked this quote by Ron Johnson. He's a former Apple executive because I think it speaks to this space really well when he says it's all about mind share, not market share, right? So it's not how many brokers you have, it's how many brokers you have that are thinking about your product when they're talking to a customer. And I think that's a really important distinction.
So when you're thinking about kind of building out a broker engagement platform to boost productivity, it's not easy. In fact, if you've been at any session today, I think you have heard that reframe more than once, right? There's lots of things that you need to consider. There's data across multiple siloed systems, applications across different platforms and technology stacks. And being able to bring all of that information and functionality together and integrate them along the value stream that is what connects to your customer is challenging.
We are seeing a general trend where people aren't rebuilding from scratch. That was something that we used to do like in the 80s and 90s. And yes, I'm kind of dating myself there. And the trend right now is more towards assembling an ecosystem of best of breed tooling. And then applying custom AI and generative AI to that ecosystem and building a custom kind of veneer or experience layer across the top of that. This is all built on an API first model, which the woman from HIPAA was just talking about actually, right? Making sure that you can interact with your community through these APIs. And so that's kind of the model that we're seeing. And so for the remainder of this presentation, what we're going to do is kind of walk you through an art of the possible with respect to that type of model.
So we're going to specifically be focusing on commercial policy renewals. And just because this is such a short session, that's why we kind of limited it to that specific use case. But I'm sure you can all take what you see on the screen and understand how it could apply to other lines of business or even different phases of that customer journey. I mean, we intentionally picked renewals because we do know that it's a really important part of your business.
So before getting into the details, there is just one little piece of advice that I do want to mention. And it's always fun being at these innovation conferences because you see so much cool stuff. Like you walk around the vendor pavilion upstairs and there are so many interesting tools and new technologies in market. And it's easy to get enamored with the kind of glam and glitz of these tools, kind of shiny object syndrome. But one of the things that I do kind of want to stress is before starting down that path of kind of building some new model or building some AI technology or trying to integrate it into your process, it is incredibly important to understand your engagement loop and look at that process, find the gaps, find the opportunities where you can improve a specific task or activity, and then apply the technology to that task or activity. Too often I find, and frankly, I've been guilty of it myself, right? You get a cool tool and you try to shoehorn it in just because it's cool and you bought it.
So, look, the results that we're sharing up here on the screen are fairly common results that we get when working with customers and trying to build these types of experience. I do want to be perfectly upfront, right? This is not like a one and done type thing. It's typically a series of incremental improvements along your value chain, targeting obviously the highest value tasks and activities first. There is definitely no one magic bullet to go solve all of your woes, even though GenAI thinks it is. And so with that, I'm going to actually hand it over to Mike. He can talk a little bit about the carrier side of this equation.
Super. Thanks, Bart. All right, so we'll bring it to life a little bit here. I'll introduce Sophia. So she's a regional sales lead. She's looking to grow the broker channel. She's focused on metal market. She's looking for solutions that can provide insights on broker performance to inform her sales strategy. She spends a lot of time understanding the market trends that impact the metal market, specifically the construction industry, which is her area of expertise, and the needs of her key customers.
So over the course of the year, Sophia launches several marketing campaigns with her largest, most strategic brokers. And one of Sophia's key sales targets for this year is to increase renewal rates, which have been lagging recently. So that's what we'll be showing you on this next page here is Sophia's sales engagement dashboard. So it provides a full spectrum of insights on the brokers working with Sophia's carrier across the lifecycle. She can look at different types of engagement data from broker onboarding with appointment process details to carrier campaigns that are pulling data from your Adobe and Salesforce marketing platforms to renewals, which we're focused on today. She can see a full picture across policy types, industries, and regions with the ability to drill down to her area of focus, again, that middle market construction industry. And she can see renewal summary data aligned to the selected timeframe, the renewal premiums, average time per renewal, and the trend, right? And she can also see the top 10 cancellation reasons. And then perhaps most importantly, we'll introduce this section a few times, this action pulse section. She can review AI-generated insights with recommendations on how to address and provide a link to an action plan. So, for example, here, she sees 30% of broker firms have declining renewal retention rates this year. She can generate an action plan to support those lower performing brokers with how to increase renewal rates.
So to continue forward here, we'll show an example with Nashville Insurance Solutions. They require some interventions due to some low renewal rates. So let's dig in and find out why.
All right, so Sophia opens this Broker360 dashboard servicing more insights on Nashville Insurance Solutions. In the key metrics section, Sophia sees that this broker's renewal rate has decreased in the past year, and average time per renewal has increased. So to understand those reasons for the trends, she goes back to that action pulse section. She sees there's an increase in claims frequency due to severe weather events in the past year. So she can click on the analyze button, view insights on severe weather claims, including the claim amounts, average days open, claim settlement, and more. And she sees that there are low completion rates related to broker training and severe weather events. So she can view an action plan on how she can help address that. For example, a sales and communications kit for brokers that emphasizes the importance and benefits of those training events and how to maximize their customer coverage. Lastly, she can see which individual brokers are performing well and which ones may require additional support and interventions. Also, she can see the she can use a conversational AI assistant to focus specifically on higher risk brokers and their upcoming renewals.
So we'll walk through an example here where Sophia interacts with the bot and asks for a list of brokers with less than two years experience working with the firm assigned to highest risk renewals. So the bot responds. Sure, Sophia, here's the list. Would you like to see recommended actions for these brokers? Yes, please show me those. So we walk through a few examples here. So broker number one, Carol, the insight for that particular broker is there's a major account that just merged with a super regional and they elected not to renew. So the action pulse is to provide new leads and opportunity details to that broker. Another broker, Frank, unfortunately lost two renewals due to dissatisfaction. So Sophia should schedule a personalized call to understand challenges and offer tailored support.
Andquestions. We'll be here or connect with us on the app. We'd love to talk with you about how Publicis Sapient can help with any of your business transformation needs. And especially if you're interested in this solution, happy to connect and talk more. Appreciate your time. Yeah, thank you.