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IRI Operations & Technology April 25-27, 2016
David Lione Sr. Enterprise Account Director OpenMarket
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About OpenMarket We believe mobile has fundamentally transformed how businesses communicate, engage, and interact with their customers 4 of the Top 10 most respected global brands1 work with OpenMarket Over 40% of mobile messaging vendors rely on OpenMarket2 Managing over 1B E2P interactions per month OK, raise your hand if you do NOT own a cell phone If you know anyone who doesn’t own a cell phone That’s what I thought. Not only do we all own mobile phones, but they are always on us or nearby. Anyone ever lost or misplaced a cell phone? OK, you (point), how did it feel? Our phones are like an extension of ourselves, and this is one of the primary reasons why mobile has fundamentally transformed how businesses communicate and engage with their customers. And we have a good perspective on this: OpenMarket provides SMS (better known as text messaging) to 4 of the top 10 most respected global brands Over 40% of mobile messaging vendors use us as their back-end. These are the resellers and companies adding software and services on top of our text messaging connectivity. And we manage over 1 Billion E2P (Enterprise to Person) interactions each month Let’s take a look at why mobile messaging is so powerful as a communication channel 1 Harris Interactive 2014 2 Forrester Mobile Messaging Vendor Overview report 2013
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Customers & Partners Financial Services Value-added Resellers
Brands & Retailers Media & Entertainment Technology Partners We power SMS solutions for some of the largest brands in the world, across different verticals. This is just a sampling of some of our logos, technology partners, and the resellers that rely on us. For financial institutions , we’re enabling them to send balance, payment, and fraud detection alerts. For AIG, we’re currently doing travel insurance claims alerts and looking to expand into other alerts globally.
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Banking Communication Channel Usage
I just wanted to show an example of how massive mobile has become in such a short time for the banking industry, which is probably also a good indicator for the insurance space. Every communication channel is in decline except for online and mobile, and mobile has the steepest increasing curve. Let’s look at why mobile is growing so quickly…. Source: Javelin
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Reach Engagement Outcome Why Mobile Messaging Reach
Show of hands: Who has received or sent a text in the last 5 minutes? 15 minutes? Half hour? Hour? Yes, Text Messaging is ubiquitous and is the most frequently used feature of a mobile phone, and there are 6 billion trained users you can engage with right now – with no data connection or app needed. We connect to over 1,300 wireless carriers in 200+ countries, to ensure that your message is delivered to your customer. Engagement – Via Automation, Intelligent Assistant or a Live Agent. Regardless of how the message is sent, we know that 98% will be read vs 22% for . And, 90% of those SMS are opened and read within 3 minutes! If you send a clickable URL inside a message, you’ll see a click-through rate 5 times higher than . And, Millennials prefer SMS over both voice and . Outcome – We see positive business outcomes in several ways… Increased revenue from coupon redemption rates that are 10 times higher Reduced cost from 20% fewer support calls A 25% increase in customer satisfaction for companies who use mobile messaging And increased security for customers who implement 2 Factor Authentication, where a 5 or 6 digit code is texted out, and you type it back into the website
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Mobile Messaging Can Redefine ‘Personal Service’
Proactively deliver valuable information, insight, or advice Initiate ‘conversations’ to promote your brand and show thought leadership Trigger messaging within a business process to guide customers quickly and complete deals Enable easy access to Customer Support via automation or live agents A preferred channel to encourage interactions with your customers and prospects Let’s look at how mobile messaging can redefine personal service for the insurance industry., as well as build relationships in an increasingly commoditized space. Proactively deliver valuable information , insight, or advice Trigger messaging within a business process to help guide customers quickly and complete deals Enable easy access to customer support via self-service automation or live agents 65% of consumers prefer text over voice for Customer Support 77% of consumers are more likely to have a positive perception of a company that offers texting It’s a preferred channel for many scenarios and a great way to encourage interaction from your customers and prospects. Now let’s look at some specific examples of mobile messaging for 3 key insurance sectors
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Example Use Cases Broker-Dealer/Distributor Annuity & Life Insurer
Enterprise Insurance Advisor Alert! Status Your Statement is available for review. Follow the link below Your account was last rebalanced on Feb 15, Your current balance is $14,550 There are many use cases that can be applied to the insurance space… Broker-Dealer You can send broad-based alerts for timely delivery to a large field force of advisors The text might say, “The Federal Reserve just raised interest rates by a ¼ percent” Advisor level communications regarding their clients, such as customer margin calls or portfolio asset allocation percentages that have been breached. Annuity & Life Insurance Alerts to advisors regarding updates on the client’s application, as it’s processed through the insurance lifecycle. Examples include: An underwriting issue that needs to be addressed right away The application has been approved The policy’s been issued Let’s face it, these alerts can have a positive effect on your commissions! Do any advisors currently receive text messages from annuity companies, updating them on the status of a policy? Raise your hand. Enterprise Insurance SMS alerting on statements, tax documents Life/annuity updates regarding withdrawals, account changes, or financial activity Note the link that can take you to additional information or a richer experience
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OpenMarket Recommendations
Redefine the Insurance space with proactive communications that differentiate, provide value, and build relationships Make it easy for your customers to engage with you – text enable your existing customer support numbers Use mobile messaging to elevate your position as advisor, watchdog and confidante, as well as show thought leadership and stay top of mind Serve the mobile-first mindset and desire for self-service, enabling you to stay relevant and proactively direct communications and set client expectations So, what are our recommendations? SMS provides an opportunity to differentiate, provide more value, and build relationships You can simplify inbound customer communications with “call or text” options for your 800 numbers. Call or Text XXX on website. Millennials and others are already trying to text 800 numbers that aren’t even textable. We have the ability to run 800 numbers and find out how many times people tried to text them over the last 1, 3, or 6 months, and it’s thousands. You can use messaging to simplify the process, show thought leadership, build loyalty, and stay top-of-mind for your insurance clients By doing this, you can stay relevant, maintain a more personal relationship with your client , and proactively direct communications and client expectations.
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Thank You For an infographic on why enterprises are using SMS: Text IRI to 10991 For questions or more information, please contact me at: Or visit our website: Questions?
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