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Technology Investment for Mutual Insurance Companies

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Transcript

  • 1. TechnologyInvestment
    Chris Reynolds
    President of Business Development
    Intuitive Web Solutions
    Springfield, Missouri
  • 2. Assess Your Strategy
    Benefits of Technology
    Survey of Technologies
  • 3. Assess Your Strategy
    • What are your goals?
    • 4. Is your team prepared?
    • 5. Who do youtrust?
  • What Are Your Goals?
    What is your market?
    Examples: High risk exposures / Large agencies with many CSRs
    What are your competitive advantages?
    Examples: Lowest rates / Least Hassle
    What are your competitive weaknesses?
    Examples: Confusion over manuals / Lack of integration
    Where are you heading?
    Examples: Growth / Improve Ratios
  • 6. Is Your Team Prepared?
    Does your staff embrace new ideas?
    Resistance to change results from fear of the unknown.
    Do you have the support of your board?
    Flexibility is always required in a large implementation.
    Are your employees computer literate?
    Computers are only as capable as their users.
    Do all stakeholders have high-speed internet access?
    Services are increasingly moving to the web.
  • 7. Who Do You Trust?
    Things will go wrong.
    Good communication is invaluable.
    Contracts do not define good work.
    Be realistic about the work required to implement a new system.
    Referrals are priceless.
    The most reliable consultants are free.
    Trust your gut.
    Find good people to work with.
  • 8. Benefits of Technology
    Improve Quality
    Increase Efficiency
    Decrease Risk
    Expand Reach
  • 9. Improve Quality
    Enhanced Services
    • Online Information
    • 10. Electronic Payments
    • 11. Agency Upload / Download
    Increased Accuracy
    • Online Quoting
    • 12. Intelligent Underwriting
  • Increase Efficiency
    Automation
    • Renewals
    • 13. Billing / Payments
    • 14. Printing / Mailing
    Reduce Paper / Increase Speed
    • Imaging
    • 15. Electronic Mortgagee Notification
    Specialization (Focus on your business)
  • Decrease Risk
    Enhanced Security
    • Paper vs. Digital
    • 18. Padlocks vs. Encryption
    • 19. Onsite Data vs. Offsite Data
    Disaster Recovery
    • Backups
    • 20. Web-based Software
    Distributed Risk
    • Local Systems > Online Backups
    • 21. Online Systems > Local Backups
  • Expand Reach
    Website
    • Agents Section Resources
    • 22. Portal to Quoting, Payments, Policyholder Info
    • 23. News and Updates
    Online Quoting and Applications
    • Expected by Independent Agents
    • 24. Expanded to the Public
    Digital Marketing
    • Email
    • 25. Search Engine Optimization (SEO)
    • 26. Social Media
  • Survey of Technologies
    Imaging
    Insurance Processing
    Mortgagee Notification
    Home Valuation
    Agency Download
    Electronic Marketing
    Training Enhancement
  • $$
    Website
    Goals
    • Improved Visibility
    • 33. Increased Access to Information and Services
    • 34. Inexpensive Marketing
    Considerations
    • Vendor / Template
    • 35. Hosting
    • 36. Content and Usability
    Vendors
    • NAMIC Web Services
    • 37. Local Web Company
    • 38. www.templatemonster.com
  • $$
    Online Payments
    Goals
    • Easier Access to Payment
    • 39. Automatic Withdrawal
    • 40. Expand Customer Base
    Considerations
    • Cost Structure
    • 41. Payment Processor / Merchant Account
    • 42. Integration
    Vendors
    • Authorize.net
    • 43. ReliaFund
    • 44. Simply Easier Payments
  • $
    Webmail
    Goals
    • Reduce Costs
    • 45. Better Filtering / Search
    • 46. Unlimited Access
    Considerations
    • Administrator Access
    • 47. IMAP / POP
    • 48. Address Spoof
    Vendors
  • 51.
  • 52. $$$
    Quoting
    Goals
    • Expand Business
    • 53. Improve Underwriting
    • 54. Increase Efficiency
    Considerations
    • Usability
    • 55. Underwriting
    • 56. Vendor Integration / Post-Through
    Vendors
  • 59. $$
    Risk Assessment
    Goals
    • Improved Underwriting
    • 60. Improved Rating
    • 61. Reduced Claims
    Considerations
    • Personal Risk / Property Risk
    • 62. Combined Score / Split Scores
    • 63. Hard Enforcement / Soft Enforcement
    Vendors
    • ISO - (A-Plus / iiX)
    • 64. Risk Meter - (Criminal Reports, Flood Plains)
    • 65. Pictometry - (Aerial Photos, Adjacent Risks)
  • 66. $$
    Backups
    Goals
    Considerations
    Vendors
  • 73. $
    IP Phones
    Goals
    • Dependable Service
    • 74. Managed System
    • 75. Message History
    Considerations
    Vendors
  • $$$
    Imaging
    Goals
    Considerations
    Vendors
  • $$$$
    Processing System
    Goals
    Considerations
    Vendors
    • IWS - BriteCore
    • 90. Garvin-Allen
    • 91. TCCS - InsPro
  • 92. $
    Mortgagee Notification
    Goals
    Considerations
    • High Return On Investment
    • 95. Processing System Integration
    Vendors
  • $$
    Property Valuation
    Goals
    • Improved Underwriting / Rating
    • 98. Reduce Fraud
    • 99. Efficiency
    Considerations
    Vendors
  • $$$
    Agency Interface
    Goals
    • Integrate with Agency Management Systems
    • 104. Increase “Ease of Doing Business”
    • 105. Increase Business
    Considerations
    • Integration with Processing System
    • 106. Hardware Requirements
    • 107. Upload / Download
    • 108. Realtime
    Vendors
    • NxTech
    • 109. Connective Technologies
  • $
    E-Marketing
    Goals
    • Inexpensive Production
    • 110. Interactive Dialogue
    • 111. Raise Visibility
    Considerations
    Vendors
    • Constant Contact
    • 114. Google AdWords
    • 115. Facebook / Twitter / LinkedIn
  • $
    Training Enhancement
    Goals
    • Train Remotely
    • 116. Efficiency
    Considerations
    • Network Speed
    • 117. Quality / Latency
    Vendors
  • Questions?

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