Web 2.0 in the Insurance Organization

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Web 2.0 in the Insurance Organization

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Can Web 2.0 positively impact Insurance organizations? A recent blogpost on the Buzz Machine says “no”: ...

Can Web 2.0 positively impact Insurance organizations? A recent blogpost on the Buzz Machine says “no”:

“I think our relationship with an Insurance company is necessarily adversarial and one of mutual mistrust...I can't see any way that I'm going to see insurance as a social experience."

But Ori Fishler, Director of Internet Commerce for Edgewater Technology, will demystify the concept of Web 2.0 as simply a social blog spot by highlighting features that provide tremendous potential for insurance organizations, such as Mashups.

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  • Insurance 2.0 is more than utilizing the social web. The next generation insurance company will be one that harnesses every digital integration of its customers to better its underwriting and rating capabilities.
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  • In the next 20 minutes I’d like to focus on the relevancy of Web 2.0 for insurers and talk about trends and opportunities we see for insurance specific solutions.


  • 1.  
  • 2. About Edgewater Technology
    • Technology Management Consulting Firm
      • Focus on middle and Global 2000 market
    • Founded in 1992
      • Headquartered in Wakefield, MA
      • Publicly Traded (NASDAQ: EDGW)
      • + 330 Employees
      • Represented in over 33 states
      • +1800 projects completed to date
  • 3. Insurance Industry Practice
    • Industry Segment
      • P&C Insurance Companies
      • Life and Annuity Insurers
      • Disability Insurers
      • Brokers and Agencies
      • Insurance Marketplace Software Products & Services
    • Trade Associations
    • Insurance Clients
  • 4. What is Web 2.0?
  • 5. The Challenge: Can it work for Insurance? “ I can’t see any way that I’m going to see insurance as a social experience” “ I think our relationship with an insurance company is necessarily adversarial and one of mutual mistrust. Therefore it is impervious to social tools” Jeff Jarvis, his blog, 4/26/08 Overall, without surprise, the insurance industry has not adopted social tools. Jeremiah Owiang, on his blog. 4/26/08
  • 6. This is NOT Web 2.0 for insurance
  • 7. Web 2.0 is an  attitude , not a technology . It’s about enabling and encouraging participation through open applications and services.
  • 8. Web 2.0 Primary Components
  • 9. Spheres of Web 2.0 Activities and Benefits Collaboration and Engagement Social Activity and Interaction Ease of doing Business , Anytime, Anywhere. Customer Satisfaction , Loyalty, reduced costs Build Relationships , get immediate feedback and gain Loyalty Visibility into Trends , opinions and problems. A chance to influence. Better Service and understanding of products and options Outlet to opinions , Risk Prevention advice and self expression For Customers For Insurers Self Service
  • 10. Insurance Web Communication and Collaboration Landscape Public Website Agent White Label Client Self Service Agent Portal Client Self Service Employee Portal Insurance Related Public Forums Agent Collaboration: blogs, forums Employee Collaboration Client Collaboration Public Collaboration Agent - Client Collaboration Agent Blogs and Forums
  • 11. Insurance Web 2.0 Trends and Opportunities
  • 12. Agent Engagement & Collaboration Solicit Ideas and innovations Enhance portals with collaboration features
  • 13. Our Mortal Enemy – Information Silos
  • 14. What is a Mashup?
  • 15. Enterprise Mashup Source: Visual Fusion
  • 16. Insurance Mashups Risk Management Case Management Billing Policy Management Rating Collections Front Office Insurance Mashup Agent Client Insurer External Players
  • 17. Social, Mobile and Location based applications
      • Closest Hospital with directions
      • Closest garage or towing service
    Iphone / Android Facebook / MySpace Be where your users are
  • 18. Alternative Business Models
    • Peer to Peer lending is here
    • Peer to Peer Insurance is coming
      • P2P
      • B2B
  • 19. Lessons Learned
    • High User Expectations
    • Agile approach and methodologies
    • Biggest Challenges:
      • Access to data
      • LOB data consolidation
      • Organizational rigidness
  • 20. Web 3.0 – The Semantic Web?