Identifying Practical TechnologicalInvestments for Life Insurers:How to Anticipate and Meet the DigitalTrends that are Cha...
The Digital Advisor              www.the-digital-insurer.com
Overview1.   Change, Change, Change….2.   A Plan: The Digital Advisor3.   The Power of Tablets4.   Getting Practical : Imp...
Digital: the revolution will not be                      televised         Digital              Big Change              Ri...
www.the-digital-insurer.com
Digital Audit:Life Insurance in Asia                             Low                          consumer                    ...
Two Digital “ Mega Trends”1. Technology is cheaper and   easier to implement than   ever – it is the fulcrum to   meet con...
www.the-digital-insurer.com
1. Managing the Sales Funnel•   Co-partnership models for lead generation•   Apps to generate leads from the “digital    c...
New Business Workflow  Case Management Policy Record Systems       www.the-digital-insurer.com
2. Build a “digital eco-system” aroundlegacy policy systems•   Advisor portals: customer data and    advisor performance• ...
New Business Workflow                       Case Management3. “connecting the       Policy Recordseco system”             ...
Tablet Sales Toolkits for Advisors                                        1. Identify needs                               ...
Usability : A Key Success Factor                       1. Take design very seriously                       2. Think “finge...
Tablets : Making the business casePrimary benefit                    Other Benefits on success                            ...
Tablet Development : Market activity AIA                                        Other • Feb 2012 launches quotes on       ...
9 Practical ImplementationTips for Tablet Toolkits 1. Whose leading?    – Do they have passion and      commitment?    – C...
www.the-digital-insurer.comA forum for Digital                  Register, for free, and be the first to knowInsurance in A...
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The Digital Advisor - Using technology to improve an advisory sales process for insurance

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This presentation was presented by Hugh Terry of The Digital Insurer. It covers how to "digitally enable" a life insurance sales force (agents or bancassurance) to take advantage of new technologies

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  • Live Demo notes:Take Lionel or Walter as an example clientEnter their details – including taking a copy of their NRICDo a Target Quote for S$1 million at age 65For fund selection choose a “risky” fund – joke that they seem to be a person who likes to take risksLionel /Walter to quip ‘ like to retire earlier and with more money”. Recalculate on the screen for retirement at age 60 with $2 millionTo CC : What the demo will need:i) Working screen inputsii) Working calculation routinesiii) Graphical output (looks reasonably good)
  • The Digital Advisor - Using technology to improve an advisory sales process for insurance

    1. 1. Identifying Practical TechnologicalInvestments for Life Insurers:How to Anticipate and Meet the DigitalTrends that are Changing the Way Sales andServices can be DeliveredCIO Conference, 9th November 2012, Singapore www.the-digital-insurer.com
    2. 2. The Digital Advisor www.the-digital-insurer.com
    3. 3. Overview1. Change, Change, Change….2. A Plan: The Digital Advisor3. The Power of Tablets4. Getting Practical : Implementation tips www.the-digital-insurer.com
    4. 4. Digital: the revolution will not be televised Digital Big Change Rising Expectations• Always on • Access to information • Data “on demand”• Always there (Google) • Desire for clarity• Almost free • Access to each other and simplicity• Universal (Facebook) • Access through • Easy to promote a• Location-agnostic product .. and• Easy access devices (Apple) • Access to new complain• Dialogue not monologue opportunities ? • Customer behaviour is changing Change, Change, Change…. www.the-digital-insurer.com
    5. 5. www.the-digital-insurer.com
    6. 6. Digital Audit:Life Insurance in Asia Low consumer focus Derailed Legacy tech Systems projects Digital Opportunities Low Tech due to Tactical not relatively low Transformative transaction volumes www.the-digital-insurer.com
    7. 7. Two Digital “ Mega Trends”1. Technology is cheaper and easier to implement than ever – it is the fulcrum to meet consumer needs and reduce operating costs2. Technology is changing consumer behaviour – customers will demand a different experience www.the-digital-insurer.com
    8. 8. www.the-digital-insurer.com
    9. 9. 1. Managing the Sales Funnel• Co-partnership models for lead generation• Apps to generate leads from the “digital cafes”• Lead management systems to manage multiple leads , measure ROI and promote better practicesBusiness outcome:- More leads- Better quality leads www.the-digital-insurer.com
    10. 10. New Business Workflow Case Management Policy Record Systems www.the-digital-insurer.com
    11. 11. 2. Build a “digital eco-system” aroundlegacy policy systems• Advisor portals: customer data and advisor performance• Customer portals : an on-line marketing engine for cross sell and upsell• Case management : multi channel customer support to connect customer interactions New Business Workflow• New business workflow : creating Case Management transparency in policy processing Policy Record SystemsBusiness outcome:- Building deeper, richer and better relationships with customers and advisors- Allow “farming” as well as “hunting” www.the-digital-insurer.com
    12. 12. New Business Workflow Case Management3. “connecting the Policy Recordseco system” www.the-digital-insurer.com
    13. 13. Tablet Sales Toolkits for Advisors 1. Identify needs 2. Close sales 3. Allow Faster, easier and more accurate proposal submissionKey Success factors• Must be Designed for Advisors• Easy to use with a “wow” factor that encourages use with clients• Great usability is critical www.the-digital-insurer.com
    14. 14. Usability : A Key Success Factor 1. Take design very seriously 2. Think “finger” not “mouse” 3. Stop thinking sequentially – no longer bound by paper 4. Strive for simplicity – harder than you think 5. Bringing in external expertise – unlikely to have in-house www.the-digital-insurer.com
    15. 15. Tablets : Making the business casePrimary benefit Other Benefits on success 1. Back office productivity from digital proposalsImproved Sales effectiveness – More efficientthrough a better customer – Faster & more accurate (cleanexperience policies in a day) 2. Business intelligenceMeasured by : – Benchmarking data – Usage data – “Bigger” data- High take-up from Advisors 3. Improved compliance to sales best- Increased sales productivity practice (& regulatory per month requirements) 4. Recruitment training tool 5. Platform for more automated underwriting www.the-digital-insurer.com
    16. 16. Tablet Development : Market activity AIA Other • Feb 2012 launches quotes on Companies iPad - At least 2 MNC insurers in • August 2012 Singapore – Extended to include digital developing iPad proposals capabilities – Integrates Protection calculator - Android related tools developments in – Reporting 70% take-up emerging – Intention to rollout in other markets from markets over 18 month period local insurersSources: AIA press releases & AIR article www.the-digital-insurer.com
    17. 17. 9 Practical ImplementationTips for Tablet Toolkits 1. Whose leading? – Do they have passion and commitment? – Can they operate across all functional areas? 5. Invest in usability and 2. Organisational readiness design – Outsourcing – IT security not a barrier 6. Pilot mentality – with room – Budgets & buy-in for evolution 3. Reduce the Functional 7. Vendor selection Scope – Fewer product 8. iPad or Android? – Exclude fact find / financial review – No offline version 9. Professional Rollout – a 4. Remain focused on sales “launch” benefits – be flexible www.the-digital-insurer.com
    18. 18. www.the-digital-insurer.comA forum for Digital Register, for free, and be the first to knowInsurance in Asia Articles: – Articles on digital insurance – The Digital Advisor – Free registration to get the – Advisor portals newsletter – Customer portals – Discussion forum – Tablet toolkits – Access these slides (see – Implementation Tips newsflash area)Building tomorrow’s digitalinsurance business models,today. www.the-digital-insurer.com

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