Your SlideShare is downloading. ×
0
Customer Risk & Portfolio Management in Insurance
Customer Risk & Portfolio Management in Insurance
Customer Risk & Portfolio Management in Insurance
Customer Risk & Portfolio Management in Insurance
Customer Risk & Portfolio Management in Insurance
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Customer Risk & Portfolio Management in Insurance

117

Published on

With customers holding multiple products sticking with the company longer than a single product customer, insurers have been bundling and cross-selling products, which also provide them an opportunity …

With customers holding multiple products sticking with the company longer than a single product customer, insurers have been bundling and cross-selling products, which also provide them an opportunity to earn additional revenue. While a number of these insurers position the value of these bundled up offering as “saving money” and lucrative “discounts”, there is an urgent need for a market differentiator. There is a need for effective customer risk portfolio management. The new, more aware customers are now looking for real savings after thorough research and price comparisons, and are selecting the right combination from the right insurer(s). Real value of bundling, for both customers and insurers, resides in the core building block of the product which is the individual coverage. It is becoming vital for the insurers to gather the customer’s information, assess the risk for the customer, build the right coverage mix, and suggest customized products based on the customer’s risk profile. Insurers need to now move towards delivering real value for both the customer and themselves. The approach is to introduce an industry-wise move from being a “build-to-order” to a “customize-to-advice” service provider.

Published in: Technology
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
117
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
5
Comments
0
Likes
1
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Customer Risk Portfolio Management | Insurance Domain Effective Bundling: Just Selling Another Product or Managing Risk Portfolio? Copyright © 2014 HCL Technologies Limited | www.hcltech.com
  • 2. Decoding the Effective Bundling myth…. Market beliefs  Discount reflects the true value of product bundling  Bundling eventually leads to higher customer retention  Buying multiple products from same insurer reflects higher perceived value for customers ✗Download the white paper to know why!! Approach to deliver real value Gathering customer information Assessing the risk of the customer Building the right coverage mix Suggesting customized products Enables Differentiated Positioning ‘Trusted Risk Portfolio Manager’ Download the white paper to understand this through real case examples De-commoditized/ Custom products Multi line product bundling Advise based product bundling 2 Copyright © 2014 HCL Technologies Limited | www.hcltech.com
  • 3. Clear Benefits from the Differentiated Positioning is driving the industry shift…. Increased customer retention Increase revenue realization Higher customer satisfaction Benefits for the insurer Industry response Focus on right risk portfolio management Focus on effective bundling strategy Offering bundling as convenience of managing risk portfolio with value added services Driving the shift Download the White Paper to know how companies are actually doing this 3 Copyright © 2014 HCL Technologies Limited | www.hcltech.com
  • 4. In this White paper you will find.. With customers holding multiple products sticking with the company longer than a single product customer, insurers have been bundling and cross-selling products, which also provide them an opportunity to earn additional revenue. While a number of these insurers position the value of these bundled up offering as “saving money” and lucrative “discounts”, there is an urgent need for a market differentiator. There is a need for effective customer risk portfolio management. Real value of bundling, for both customers and insurers, resides in the core building block of the product which is the individual coverage. It is becoming vital for the insurers to gather the customer’s information, assess the risk for the customer, build the right coverage mix, and suggest customized products based on the customer’s risk profile.The approach is to introduce an industry-wise move from being a “build-to-order” to a “customize-to-advice” service provider • Why effective bundling is not only about discounts? • How insurance companies are using effective bundling approach to transform their businesses? • What are the key factors that can help an insurance company unlock the true potential of product bundling? • What are the key technology enablers that are crucial for unlocking the true potential of product bundling? CLICK TO DOWNLOAD WHITE PAPER 4 Copyright © 2014 HCL Technologies Limited | www.hcltech.com

×