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Mobile Technology In Insurance Industry


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Mobile technology for Insurance Sales force

Mobile technology for Insurance Sales force

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  • 1. Mobile technology for Insurance Sales force
  • 2. Agenda Insurance Market: Insights & Opportunities Mobile Technology opportunities • Mobile CRM • Mobile Claim • Mobile Content Manager • Mobile Scheduler Way Forward
  • 3. P&C Industry at glance Revenue 9-10 Profit 9-10 $471.1bn $33.4bn Annual Sales Growth 05-10 - 3.3% Annual Sales Growth 10-15 3% *Source:
  • 4. P&C Industry at glance Motor vehicle registrations declining Home ownership rate declining
  • 5. Distribution Channel Mix Channel Mix FY07 for General Insurance Referral Other/Internet 6% 2% Corporate Agency 15% Broker Agents 17% 60% *Channel mix based on commission paid to each channel Source Ernst & Young Insurance trend 09 Agent channel is critical (60%). Cost saving in this have huge impact in profits
  • 6. Distribution Channel Largest element of insurer cost Strongly influence product design in insurance Direct impact on marketing image of insurer Integrity of distribution channel key concern of regulatory mechanism
  • 7. Mobile Technology Opportunities US Insurance Industry Spending on MobileTechnology In Millions $ 40 $ 35 $ 30 $ 25 $ 20 $ 15 $ 10 $5 $0 2001 2003 2005 2007 2009 Annual spending increasing at CAGR 17.8% Mobile solutions can drive channel efficiency gain of up to 30% *Source: Tower Group Research
  • 9. Mobile CRM Transform host applications and packaged enterprise applications into Web-based mobile applications • Provide agents access to the information- any time, any place • Deliver mobile access to time-critical applications and resources (Customer data, Policy information, claim file information, estimating tools, preferred vendor networks, claim experts and supervisors) • Nurturing customer relationships • Acquiring or maintaining customers • Support marketing, sales or services processes
  • 10. Mobile CRM Advantage Mobile CRM will be 20% of total CRM market by 2011 Increase in New Business in first year - 20% Increase usage of CRM – 82% Improved relationship with customer • Order management • Sales information for customer • Competitive intelligence • Customer intelligence Help agents make faster, more accurate decisions • Agent serve customer better *Source:
  • 11. Mobile Claim 1. Claim 2. Call Customer care 1 3. GPRS search nearest 6 2 available Claim Assessor 4. Assessor check policy details (Mobile CRM) 3 5. Inspection/ Adjudication 5 6. Payment 4
  • 12. Mobile Claim Advantage Claim represent largest cost for Insurer - Detecting and preventing fraud claims due to fast claim processing Increased claim capacity by 40% without adding staff Improve customer satisfaction – faster claim settlement Enable agents to be more productive Better work load balancing
  • 13. Mobile Content Management Multi-channel content delivery capabilities Allow users to manage a central content repository Content delivery to desktop web browsers, mobile phones and other devices. Location-based content delivery
  • 14. Mobile Content Management Advantage 40% increase in activities recorded to contact management system 400% improvement in efficiency Response to 95% of customer inquiries on the first call Reduced decision-making time from 7 days to 7 minutes Enhanced examiner productivity from 15 – 30% *Source: Survey done by Hartford
  • 15. Mobile Scheduler Application • Customer call “Call-center” to book appointment • Call center forward request to nearest available agent • Agent check his schedule and book appointment • Confirmation given to customer • For existing customer request forward to initial agent to maintain relationships • Agent may receive a lead form generated from Web site. Agent book appointment directly with customer.
  • 16. Mobile Scheduler Advantage Improved relationship with customer • Schedule appointments at customer convenience • Helps to cross sell • Agent can obtain new accounts through referrals Agent can cover wider area Gives agent more control over their time and schedules
  • 18. Way forward.. monetize NOW! IMMEDIATE GOAL: Monetize the Mobile Technology opportunity Evolve with market Further build • Continuous • Enhance for Enhancements other Mobile Enhance Devices • Mobile CRM • Mobile Claim • Mobile Content Launch with: Manager • Mobile Scheduler • Mobile Mail • Global Positioning 3- 6 months 6-9 months 9-12 months
  • 19. Thank you