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From Speed Bumps to FlightRamps:Accelerating Life Sales with Smarter ProcessTechnology                                 Cop...
Sam StuckalResearch Director, InsuranceCEB TowerGroupGerard GibneySenior Strategist, Financial ServicesOpenText
ROAD MAP FOR THE PRESENTATION    Fewer Agents                                         Less Efficiency       Great       Ad...
Copyright © OpenText Corporation. All rights reserved.
DECLINING US LIFE INSURANCE OWNERSHIP Individual US Life Insurance Ownership By Year, 1960 - 2010                         ...
BUT POSSIBILITIES….ESPECIALLY HIGH NET WORTH Life Insurance Purchase Likelihood by US Household Income By Income Class, 20...
ROAD MAP FOR THE PRESENTATION     Fewer Agents                                       Less Efficiency       Great       Ada...
FOCUSING ON EFFICIENCY AND CLIENT SERVICE Insurance IT Investment Priorities By Issue Type, 2011                          ...
NOT IN GOOD ORDER (NIGO) – AN EFFICIENCY LEAK Tasks to Issue a Life and Annuity Policy By Sales Phase, 2008               ...
THE CASE FOR EXCEPTION-HANDLING EXCELLENCE Causes of a NIGO (Not In Good Order) Policy By Sale Type, 2012New Purchases Pro...
A GRADE ‘C’ FOR SATISFACTION Insurance Customer Satisfaction By Region, 2012    10     9     8     7     6     5     4    ...
ROAD MAP FOR THE PRESENTATION     Fewer Agents                                        Less Efficiency       Great       Ad...
WHAT MATTERS DURING THE PURCHASE….. Key Factors in Choosing an Insurer By Priority, 2012                 70%              ...
CHANGES AT RENEWAL AND IN CROSS-SELL/UP-SELL Key Reasons for Staying with an Insurer By Priority, 2012                  45...
ROAD MAP FOR THE PRESENTATION     Fewer Agents                                        Less Efficiency       Great       Ad...
SO CUSTOMER CENTRICITY IS THE GOAL…. The Customer Centric Roadmap By Factor, 2012                                         ...
….ACROSS MANY CHANNELS…. Insurance Channels, Functions and Products By Customer and Distributor, 2011                     ...
….AND MANY TYPES OF CONTENT Insurance Sales and Service ‘Documents’ By Type, 2012                                         ...
ADAPTABILITY IS REQUIRED…. The Case for Adaptive Case Management  By Challenge, 2012              What Makes Insurance Kno...
TO MOVE FROM INFORMATION TO INTELLIGENCE                                                    ECM                 BPM       ...
Thank youSam StuckalResearch DirectorInsurance PracticeCEB TowerGroup617.488-1985Sam.Stuckal@executiveboard.comWebsite: ht...
Major US Insurance Company Life, Annuities, Retirement Plans, Group  Employee Benefits, Stop Loss 2 million customers 2...
After Deploying OpenText ACM, there were moreapplications but no increase in staff Through attrition staff declined  14.5...
What are Insurance Companies doing with ACM? Trying to simplify while adding value People live in a world of relationshi...
Case Management increases New Businessagility and efficiency to drive profitable growth                                   ...
How does ACM help my business? Leverages the experience of knowledge workers as they know what  to do, and can add or del...
How does ACM help my business? cont’d Case has Persona based UI’s We put the customer at the  center of everything! Sin...
AIA Insurance Was AIG in Asia 23 million policies Second largest Insurer in Australia, insures 20% of the  population ...
Questions?     Download your complimentary report:     Breaking with Tradition in the Insurance Industry:     Strategies t...
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Accelerate Life Sales with Smarter Process Technology

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  • Bullet 1: The best example is a family, but there are many others. New members come and old members go. But is that worth anything and
  • Bullet 1: The best example is a family, but there are many others. New members come and old members go. But is that worth anything and
  • Transcript of "Accelerate Life Sales with Smarter Process Technology"

    1. 1. From Speed Bumps to FlightRamps:Accelerating Life Sales with Smarter ProcessTechnology Copyright © OpenText Corporation. All rights reserved.
    2. 2. Sam StuckalResearch Director, InsuranceCEB TowerGroupGerard GibneySenior Strategist, Financial ServicesOpenText
    3. 3. ROAD MAP FOR THE PRESENTATION Fewer Agents Less Efficiency Great Adaptive Fewer Sales Less Satisfaction Expectations AnswersCEB TOWERGROUP INSURANCE 3© 2012 The Corporate Executive Board Company. All Rights Reserved.
    4. 4. Copyright © OpenText Corporation. All rights reserved.
    5. 5. DECLINING US LIFE INSURANCE OWNERSHIP Individual US Life Insurance Ownership By Year, 1960 - 2010 56%  51%  48%  38%  37%  32%  1960  1976  1984  1992  2004  2010  Sources: ACLI and LimraCEB TOWERGROUP INSURANCE 5© 2012 The Corporate Executive Board Company. All Rights Reserved.
    6. 6. BUT POSSIBILITIES….ESPECIALLY HIGH NET WORTH Life Insurance Purchase Likelihood by US Household Income By Income Class, 2011 28% 28% 26% Purchase Likelihood Low Income Middle Income High Income Source: LimraCEB TOWERGROUP INSURANCE 6© 2012 The Corporate Executive Board Company. All Rights Reserved.
    7. 7. ROAD MAP FOR THE PRESENTATION Fewer Agents Less Efficiency Great Adaptive Fewer Sales Less Satisfaction Expectations AnswersCEB TOWERGROUP INSURANCE 7© 2012 The Corporate Executive Board Company. All Rights Reserved.
    8. 8. FOCUSING ON EFFICIENCY AND CLIENT SERVICE Insurance IT Investment Priorities By Issue Type, 2011 Cost pressure/efficiency 45% Client Demands 30% Technology obsolescence 26% New regulations 20% Product changes 19% Availability of innovative technology 15% International expansion 10% M&A activity/ restructuring 10% Existing regulations 7% Sources: CEB TowerGroupCEB TOWERGROUP INSURANCE 8© 2012 The Corporate Executive Board Company. All Rights Reserved.
    9. 9. NOT IN GOOD ORDER (NIGO) – AN EFFICIENCY LEAK Tasks to Issue a Life and Annuity Policy By Sales Phase, 2008 Source: NAVACEB TOWERGROUP INSURANCE 9© 2012 The Corporate Executive Board Company. All Rights Reserved.
    10. 10. THE CASE FOR EXCEPTION-HANDLING EXCELLENCE Causes of a NIGO (Not In Good Order) Policy By Sale Type, 2012New Purchases Problems Replacement Errors Incomplete information about  Missing or unsigned new the insured including coverage disclosures supplemental answers.  Prior insurer name or policy Incorrect Beneficiary details incorrect designations  Inconsistent financial Missing agent or insured information between the signatures replacement policy form and the original policy Financial details are incomplete including bank  Missing agent or insured and routing information signatures and all new forms Policy rider forms are missing  Incomplete or adjusted or lack signatures beneficiary designations Source: CEB TowerGroupCEB TOWERGROUP INSURANCE 10© 2012 The Corporate Executive Board Company. All Rights Reserved.
    11. 11. A GRADE ‘C’ FOR SATISFACTION Insurance Customer Satisfaction By Region, 2012 10 9 8 7 6 5 4 3 2 1 0 Source: ERNST & YoungCEB TOWERGROUP INSURANCE 11© 2012 The Corporate Executive Board Company. All Rights Reserved.
    12. 12. ROAD MAP FOR THE PRESENTATION Fewer Agents Less Efficiency Great Adaptive Fewer Sales Less Satisfaction Expectations AnswersCEB TOWERGROUP INSURANCE 12© 2012 The Corporate Executive Board Company. All Rights Reserved.
    13. 13. WHAT MATTERS DURING THE PURCHASE….. Key Factors in Choosing an Insurer By Priority, 2012 70% 64% 57% 45% 45% Product Price Product Fit Call Center Online Access Brand Reputation Source: AccentureCEB TOWERGROUP INSURANCE 13© 2012 The Corporate Executive Board Company. All Rights Reserved.
    14. 14. CHANGES AT RENEWAL AND IN CROSS-SELL/UP-SELL Key Reasons for Staying with an Insurer By Priority, 2012 45% 37% 32% 28% 22% Service Trust Price Ease Confidence Source: ERNST & YoungCEB TOWERGROUP INSURANCE 14© 2012 The Corporate Executive Board Company. All Rights Reserved.
    15. 15. ROAD MAP FOR THE PRESENTATION Fewer Agents Less Efficiency Great Adaptive Fewer Sales Less Satisfaction Expectations AnswersCEB TOWERGROUP INSURANCE 15© 2012 The Corporate Executive Board Company. All Rights Reserved.
    16. 16. SO CUSTOMER CENTRICITY IS THE GOAL…. The Customer Centric Roadmap By Factor, 2012 Ease Value Channels Customer Availability Adaptability Speed Source: CEB TowerGroup, 2012CEB TOWERGROUP INSURANCE 16© 2012 The Corporate Executive Board Company. All Rights Reserved.
    17. 17. ….ACROSS MANY CHANNELS…. Insurance Channels, Functions and Products By Customer and Distributor, 2011 CONSUMERS DISTRIBUTORS Delivery Channels DATA SOCIAL CALL PAPER INTERNET WEB MOBILE MEDIA CENTER PORTAL Policy Proposal Underwriting Actuary Rating Administration Generation Functions Customer Claims Billing Sales Compliance DATA Support Processing Personal Workers Pensions Life Health Auto Comp Product Personal Commercial Specialty Systems Investments Marine DATA Property Lines LinesFINANCIAL SERVICES PRACTICE, CEB TOWERGROUP INSURANCE 17© 2012 The Corporate Executive Board Company. All Rights Reserved.
    18. 18. ….AND MANY TYPES OF CONTENT Insurance Sales and Service ‘Documents’ By Type, 2012 Social Media Adjuster/ Medical, Inspecti Underwriter Notes on Reports Photos Source: CEB TowerGroupCEB TOWERGROUP INSURANCE 18© 2012 The Corporate Executive Board Company. All Rights Reserved.
    19. 19. ADAPTABILITY IS REQUIRED…. The Case for Adaptive Case Management By Challenge, 2012 What Makes Insurance Knowledge Work Hard? • There Are Two Customers (Agent and Policy Holder) • Customer Needs Change Over Time • Customers Require Solutions Yesterday • Outside Factors Cannot be Predicted or Controlled (Catastrophes, Economics, Government Policy) • Employee Turnover and Knowledge Retention Source: CEB TowerGroupCEB TOWERGROUP INSURANCE 19© 2012 The Corporate Executive Board Company. All Rights Reserved.
    20. 20. TO MOVE FROM INFORMATION TO INTELLIGENCE ECM BPM EIM Look at the Standardize Treat Variations Customer Forms across as Do Products and Stored Experience across Channels Customizations Processes Expect Process Fail to Don’t Ignore Key NIGO Causes to be Continuously Set in Stone Improve Source: CEB TowerGroupCEB TOWERGROUP INSURANCE 20© 2012 The Corporate Executive Board Company. All Rights Reserved.
    21. 21. Thank youSam StuckalResearch DirectorInsurance PracticeCEB TowerGroup617.488-1985Sam.Stuckal@executiveboard.comWebsite: https://insurance.tg.executiveboard.com 21
    22. 22. Major US Insurance Company Life, Annuities, Retirement Plans, Group Employee Benefits, Stop Loss 2 million customers 20,000 agents 1,200 employees $21 billion in Assets Hired four people for every 100 new applications
    23. 23. After Deploying OpenText ACM, there were moreapplications but no increase in staff Through attrition staff declined 14.5% Cases handled +30% increase Underwriters +20% increase in capacity Life & Investment Group can now handle 67% more work Agents get the answer in real- time while on the phone Developed a NEW channel to sell Term Life through other Financial Institutions
    24. 24. What are Insurance Companies doing with ACM? Trying to simplify while adding value People live in a world of relationships that go on for decades, HOW do you monetize this? ACM can provide a more complete or useful “view” of a customer All interactions can be linked to a “case” which lives on. This improved view can be acted on:  improve customer service  market new products to people more likely to buy  process a claim cheaper and faster
    25. 25. Case Management increases New Businessagility and efficiency to drive profitable growth Policy Underwriting/Enrollment/ Distribution New Business Channel External Data Data Risk Validation AssessmentApplication Base Rate Submission/ Agent/Broker Order Entry Loss Adjustment Analysis Website STP Straight Through Customer Processing Quote Price & Bind Call CenterSource: SMA/OpenText Electronically sent back to/through channel 25
    26. 26. How does ACM help my business? Leverages the experience of knowledge workers as they know what to do, and can add or delete processes, to get the application processed quickly and correctly, a quicker time to revenue! ACM- the data is central: the “case” may belong to a process, it may initiate a process and can exist for 50 years, which you can use to improve sales ACM is the same fundamental business process for ALL work types and business processes for the entire firm. Case includes:  Ad hoc tasks  Checklists  Case notes  Discussions  Audit trails, etc.
    27. 27. How does ACM help my business? cont’d Case has Persona based UI’s We put the customer at the center of everything! Single view via a Master Folder  The customer  Policies  Advisers  Documents, emails, letters, propo sals  Links to all investors, brokers, fund managers, etc. folders
    28. 28. AIA Insurance Was AIG in Asia 23 million policies Second largest Insurer in Australia, insures 20% of the population Uses ACM with OpenText  New Business  Underwriting  Policy Administration
    29. 29. Questions? Download your complimentary report: Breaking with Tradition in the Insurance Industry: Strategies to Insure Operational Efficiency and Future Growth You can view the report at: http://bps.opentext.com/resources/ot-bps-insurance-execbrief.pdf Learn more: www.opentext.com/insurance Thank you
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