0
Think Digital: Transform your
underwriting process
www.the-digital-insurer.com
Four Themes / Areas for discussion
Life Insurance as focus
For today’s discussion

1. Digital will transform face-to-face ...
The Digital Revolution:
it will not be televised
Digital
Convenience
•
•
•
•

Always on
Always there
Universal
Almost free...
Two digital “Mega” trends : forces beyond
anyone’s control
1. Technology is cheaper and
easier to implement than
ever – it...
4 digital Insurance business
opportunities (& threats)

Focus for Today

Create New Models
1. Pilot New Digital models : P...
Welcome to Digital Customers : they are
“Hybrid”
Online

The Hybrid
Customer

Face
To
Face

The hybrid customer is…
• Bett...
www.the-digital-insurer.com

7
Tablet sales toolkits : a pivotal tool in the
transformation process

Tablet Functionality:
Focus on the parts of the sale...
Tablet sales toolkit : Easy business case
Primary benefit

Other Benefits after success
1.

Improved Sales effectiveness
t...
AIA Case study: a tablet success story
Compete set of functionality

Results exceeding expectations
“The adoption of iPoS ...
Tablet Underwriting : 3 phases of the first evolution
Deliverable

Make the application form digital

1. Digital
Applicati...
Just over the Horizon : The second digital
underwriting revolution
1. Big data = more info
LinkedIn
Facebook
Underwriting ...
Tips for successful digital transformation
Strategic Alignment

New Implementation approach

Digital as a transformation o...
Objectives Accomplished?
1. Digital will transform face-to-face advisory channels
2. Tablets point of sales toolkits are p...
www.the-digital-insurer.com
A Forum for Digital Insurance
in Asia
– Articles on digital insurance
– Free subscription to t...
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The Digital Insurer - Think Digital: Transform your underwriting process

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Transcript of "The Digital Insurer - Think Digital: Transform your underwriting process"

  1. 1. Think Digital: Transform your underwriting process www.the-digital-insurer.com
  2. 2. Four Themes / Areas for discussion Life Insurance as focus For today’s discussion 1. Digital will transform face-to-face advisory channels 2. Tablets point of sales toolkits are pivotal 3. Underwriting will also be transformed - twice 4. How to avoid the roadblocks www.the-digital-insurer.com 2
  3. 3. The Digital Revolution: it will not be televised Digital Convenience • • • • Always on Always there Universal Almost free Digital Connectivity • Access to information (Google) • Access to each other (Facebook) • Access through devices (Apple) • Location-agnostic (cloud services) Digital Expectations • Data “on demand” • Desire for clarity & simplicity • Dialogue not monologue • Easy to promote a product .. and complain Change, Change, Change…. www.the-digital-insurer.com 3
  4. 4. Two digital “Mega” trends : forces beyond anyone’s control 1. Technology is cheaper and easier to implement than ever – it is the fulcrum to meet consumer needs, reduce operating costs and to change your culture 2. Changing consumer behaviour – they are demanding and seeking a different experience www.the-digital-insurer.com 4
  5. 5. 4 digital Insurance business opportunities (& threats) Focus for Today Create New Models 1. Pilot New Digital models : Partner with companies with digital assets to create new models 2. Digital Worksite Marketing: unlocking the hidden value in your employee benefits business Transform Existing Models 3. Transform Life insurance Advisory Businesses : The Digital Advisor 4. Digital Cross Selling: personal lines, asset management, banking www.the-digital-insurer.com 5
  6. 6. Welcome to Digital Customers : they are “Hybrid” Online The Hybrid Customer Face To Face The hybrid customer is… • Better informed • More demanding • “Multi-channel” for both sales & services • Will jump channels at any point – catch them if you can! Phone Myth #1: Digital is a new distribution channel Reality : Digital enables customer engagement www.the-digital-insurer.com 6
  7. 7. www.the-digital-insurer.com 7
  8. 8. Tablet sales toolkits : a pivotal tool in the transformation process Tablet Functionality: Focus on the parts of the sales process that engage with customer 1. Access sales aids/ brochures 2. Identify needs 3. Produce quotes and help to close 4. faster, easier and more accurate proposal submission Key Success factors • Must be Designed for Advisors • Easy to use with a “wow” factor that encourages use with clients • Great usability is critical: engage/delight customers & advisors www.the-digital-insurer.com 8
  9. 9. Tablet sales toolkit : Easy business case Primary benefit Other Benefits after success 1. Improved Sales effectiveness through a better customer experience Measured by : - High tablet usage from Advisors Increased sales productivity per month Back office productivity from digital proposals More efficient Faster & more accurate (clean policies in a day) 2. 3. Reduced agency overheads : premises & technology costs Business intelligence Benchmarking data Usage data “Bigger” data 4. 5. 6. Improved compliance to sales best practice (& regulatory requirements) Recruitment training tool Platform for more automated underwriting www.the-digital-insurer.com
  10. 10. AIA Case study: a tablet success story Compete set of functionality Results exceeding expectations “The adoption of iPoS goes beyond our expectations. In one country more than 80% of the new business is coming in through iPoS within 12 months of launch and in another country it was more than 30% after 3 months. The agents just love iPoS. All other indicators such as productivity, activity or case size are equally positive and better than expected.” AIA Executive leading the development AIA’s Journey 1. 2. 3. Initial Pilot in Taiwan (end 2011) Rollout in 3 countries completed (Singapore, Indonesia and Malaysia) Further 6 countries to complete in 2013 (6-9 months per country) Full AIA case study available on-line www.the-digital-insurer.com 10
  11. 11. Tablet Underwriting : 3 phases of the first evolution Deliverable Make the application form digital 1. Digital Application Collect additional info e.g. ID, proof of address Allow immediate issuance of clean non medical policies 2. Digital Issuance Collect first premium by credit card Workflow engine for outstanding medical requirements 3. Digital Underwriting Benefits Improve Accuracy & completeness Easy to submit Next day policy issuance for majority of policies (clean and non medical) Streamlined management of non clean and / or large cases Increased use of underwriting engines Supplementary questionnaires completed immediately www.the-digital-insurer.com 11
  12. 12. Just over the Horizon : The second digital underwriting revolution 1. Big data = more info LinkedIn Facebook Underwriting questions digitised 2. Wearable devices are coming Fitness statistics Personal medical data (heart rate, blood pressure) 3. Digital Medical records With more data available Risks can be more quickly & more accurately priced Can provide access to insurers www.the-digital-insurer.com
  13. 13. Tips for successful digital transformation Strategic Alignment New Implementation approach Digital as a transformation opportunity Customer centric (outside in) The importance of Tablet POS toolkits Prototype (AGILE) Comprehensive business case approved Explicit change management Resources dedicated Launched like a product Distribution owned www.the-digital-insurer.com
  14. 14. Objectives Accomplished? 1. Digital will transform face-to-face advisory channels 2. Tablets point of sales toolkits are pivotal 3. Underwriting will also be transformed - twice 4. How to avoid the roadblocks www.the-digital-insurer.com 14
  15. 15. www.the-digital-insurer.com A Forum for Digital Insurance in Asia – Articles on digital insurance – Free subscription to the Quarterly digest & magazine Subscribe for free, and be the first to know Articles: – The Digital Advisor – Customer & Advisor portals – tablet sales toolkits – Implementation Tips – Worksite marketing Sponsored by Insight Consulting: – Strategic Digital roadmaps – Implementation services – Digital ventures Building tomorrow’s digital insurance business models, today. Hugh Terry www.the-digital-insurer.com 15
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