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
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
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
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
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.
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
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
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