Beyond Portals in LIfe and Final Expense Insurance

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The evolution of customer portals in the life insurance and final expense insurance industries. Presented by Edgewater Consulting at Accord Loma Life Insurers Council (LIC) Technology Committee meeting.

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Beyond Portals in LIfe and Final Expense Insurance

  1. 1. Beyond Portals in Life Insurance Ori Fishler Director, Web Solutions Derek Sharron Business Development Manager
  2. 2. ► Beyond Portals – Multichannel communications and collaborations ► Customer ► Agent ► Employee Agenda 2
  3. 3. 3 Insurance Web Communication and Collaboration Landscape Policy Holder AgentInsurer Public Website / Mobile Rendering Agent White Label Client Self Service Agent Portal Policy Holder Portal Employee Portal Agent Mobile Selling tools Agent Mobile Site / App Policy Holder Mobile App
  4. 4. Beyond Portals Customers
  5. 5. The Evolving definition of customer portal 5 Prospect Sales Application Quote Underwriting Policy Holder Services Renewal Claims Customer Portal
  6. 6. ► Easy to use ► Addresses MY NEEDS, Helps me decide ► Seamless shopping experience ► Available Anytime, Anywhere ► From any device ► Portal that allows me complete access and control over my policies, benefits, etc ► No need to talk with customer service! Increasing customer expectations 6
  7. 7. Life Insurance Customer Service Maturity Curve 7 Customer Section in site • Public Information • Start a quote • Phone based service • Claim forms Simple Customer Self Service Portal • Secure Login • Policy information • Planning tools • Forms to print • Update address • Update contact • Pay bill – set EFT • Improved Customer Service Technologies: • IVR • Chat Customer Self Service - Advanced • Update beneficiaries • Add Products • Manage financial information • Loan request • Payment history • Improved Customer Service Technologies: • Mobile sites • Screen Sharing • Social Service • Mobile Applications • E-delivery of disclosures and bills Integrative Experience • Simple profile with quote request / application • Collaborative Workspace through medical and underwriting • eForms / E-signatures • Full Policyholder services online • Claims management online • Upsell / Cross sell • View policies across business lines • Business Process Automation technologies • Building a community 4 2 3 1
  8. 8. ► % Increase in new quotes requested ► % Increase in value of policies ► % Increase in conversion rate ► % of policy holders that have registered for the Portal ► % of reduction in calls to customer service ► % Reduction in costs associated with printing and emailing documents ► % Increase in customer satisfaction ► % Increase in policy holder retention ► % Increase in on-time payments ► % Increase in purchase of additional products Key Performance Indicators and ROI Measures 8
  9. 9. ► Where to put the login wall? ► What actions users should NOT be able to do online? ► How to build cross sell, upsell and education into the process? ► How to get users to use the portal? ► Importance of mobile ► Integration of social service Key Considerations 9
  10. 10. Examples from other industries 10 Geico Auto Insurance: 100% control
  11. 11. BCBS of TN: Focus on the Consumer 11
  12. 12. User Friendly Portal 12
  13. 13. Ecommerce level analytics 13
  14. 14. Life Insurance Examples 14 Before Login After Login Printable Forms
  15. 15. Blurring the lines – Good or Bad? 15
  16. 16. Complete e-forms experience 16
  17. 17. ► Education and Customer Life-stage/ Need focused site ► E-commerce flow and analytics ► E-applications, tablets for agents/ nurses, co-browsing for CSR’s ► Collaborative workspace Customer interactions and service through medical and underwriting ► Social and mobile customer service channels ► Value added services and content to encourage retention ► Marketing programs driven by Customer Intelligence Beyond Portals 17
  18. 18. Social CRM 18 Consumers, Bloggers, Dieticians • Questions • Problems • Positive feedback • Dietician interactions CRM Generates • Email responses • Coupons • Refunds • Follow-up reminders
  19. 19. Beyond Portals Agents / Brokers
  20. 20. ► End to end web and mobile tools so agents do not need to call. ► CRM: the ability for agent to manage, interact and provide service ► Mobile: the ability to identify, educate, sell and complete a policy at a customer home. ► Lead Generation ► Social Service ► Proactive Communications Agent Interaction: Key Trends 20
  21. 21. Life Insurance Agent Enablement Maturity Curve 21 Agent Section in site • Public Information • Start a quote • Phone based service • Claim forms Simple Agent Communications & Self Service Portal • Secure Login • Enter new Policy • Policy search & information • Planning tools • Forms to print • Pay bill – set EFT • Commissions • Messages Agent Self Service - Advanced • CRM: View all customers and be able to communicate with them • Ability to do a policy and submit for approval in one sitting • E-forms,E-signatures • View policy status and manage interactions with Prospect • View claims and status • Proactive alerts • Simple mobile tools – Education and Planning Integrative end to end Experience • Full Agent services online • Collaborative Workspace through medical and underwriting • Integration with external data such as Funeral Homes • Customer eForms / E- signatures • View policies across business lines • Business Process Automation technologies • Social service • Advanced mobile applications with offline mode. Ability to complete a policy and submit from customer home. • Location based services 4 2 3 1
  22. 22. Multisite Integrative Approach 22 Business Applications, Data, Content, People Public Policy Holders Agents Employees Information Management Content Mgmt. Targeting Doc. Mgmt Security & Access Collaboration Quoting Policy Admin Claims Billing Commission
  23. 23. JH SalesNet – Focus on education and Sales Tools 23
  24. 24. CRM based applications for Agents 24
  25. 25. Most current iPad apps are for education planning 25
  26. 26. Beyond Portals Employees
  27. 27. Next Generation Employee Portals: Social 27
  28. 28. 28
  29. 29. MOOG: Enterprise 2.0 Strategy and Implementation 29
  30. 30. Customizing Functionality - Apps
  31. 31. ► Thinking overall interactions, on and beyond portals ► For each audience – what are the best ways to interact ► Improve user experience and analytics across the board ► Data and legacy system constraints Summary 31
  32. 32. Q&A
  33. 33. Customer Service Campaign Mgt. Email Tracking Unstr. Data Other Trans. Social Media Data Web Analytics Data Data Integration & Distribution Hub Data Quality De-Dup Process Data Cleansing Formatting Data Standardization Bus. Rules Data Load Data Aggregation Data Transformation Customer Exp. Customer Analysis Web Activity Campaign Mgt. Cross- Channel KPI Add’l Subject Areas Centralized Customer Repository (CRM) Customer Experience Analysis Marketing Campaign Effectiveness Web Effectiveness Analysis Internal Customer Analysis Soc. Media Effectiveness Analysis Cross-Sell Up-Sell Marketing Customer Intelligence Platform Customer Intelligence Framework 33 Web Services Reporting Services
  34. 34. ► Derek Sharron ► Business Development Manager ► Dsharron@edgewater.com ► 978-407-7160 Contact Information 34

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