Insurance 2.0 : Enabling Multi-Channel Sales & Services - Insurance Application Architecture

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In the world of Web 2.0, customers and consumers increasingly demanding mix of interaction points, and sales and services via multi-channels and multi-platforms.

To support such growing demands, Insurers need to enable and extend their Insurance solutions (both Front End and Back End systems) to support the needs.

Kevin Guy Steer, CEO of 121advisor and AETINS Sdn. Bhd. shared what Insurers should be ready for and how to enable their Insurance solutions to meet the need of Insurance 2.0.

Published in: Technology, Economy & Finance

Insurance 2.0 : Enabling Multi-Channel Sales & Services - Insurance Application Architecture

  1. 1. 21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Insurance Application Architecture<br />Insurance 2.0 : <br />Multi-Channel Sales & Servicing<br />By Kevin Steer, CEO of<br />AETINS Sdn. Bhd.<br />& 121advisor<br />
  2. 2. Multi-Channel Sales & Service :Insurance Application Architecture<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 2<br />
  3. 3. Multi-Channel Sales & Service :Insurance Application Architecture<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 3<br />
  4. 4. Social Web Technology Challenges<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 4<br /><ul><li>24x7 Online Access
  5. 5. Customer Support
  6. 6. Multi-Channel Support
  7. 7. Customer Self-Service
  8. 8. Interactive Service Chat
  9. 9. Multi-Platforms Availability
  10. 10. Security & Identity
  11. 11. Know Your Customers
  12. 12. Secured Access
  13. 13. Time-to-Market
  14. 14. Fast Product Release
  15. 15. Online Sales
  16. 16. E-Payment
  17. 17. User Experience
  18. 18. Back-End Integration
  19. 19. Straight Through Process
  20. 20. Campaign & Contests
  21. 21. Privacy Act
  22. 22. Monitoring Success</li></li></ul><li>Multi-Channel Sales & Service :Insurance Application Architecture<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 5<br />
  23. 23. Integrating Social Web Solutionswith Existing Back-ends<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 6<br /><ul><li>User Ids: Agent & Customer sync – issue user Id, suspension
  24. 24. Handling anonymous user interaction</li></ul>Security<br /><ul><li>Email, SMS, Chat, Telephone</li></ul>Communication<br /><ul><li>Java, .Net, Open Source (PHP)</li></ul>Web Language Support<br /><ul><li>Oracle, DB2, MS SQL Server, My SQL</li></ul>Database Support<br /><ul><li>PCs, Tablets, Smart phones, Hand Phones (SMS)</li></ul>Device Support<br /><ul><li>Back Ends, 3rd parties – point to point or central control?
  25. 25. Data standards – ACORD ? Who follows who?
  26. 26. XML Web Services, MQ Messaging, Direct Database access
  27. 27. EAI gateways</li></ul>Connectivity<br />
  28. 28. Multi-Channel Sales & Service :Insurance Application Architecture<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 7<br />
  29. 29. Social CRMManaging Relationships in the Social Web<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 8<br />Building & Using Social Profiles<br /><ul><li>Friend Referrals
  30. 30. Social Profiling: Lifestyle, Key Events, Needs, Buying Patterns
  31. 31. Risk Profiling: Underwriting Check
  32. 32. Suspicious Claims Verification</li></ul>Plenty of Tools on the Market<br /><ul><li>Portal frameworks provide Social APIs to enable you to track Social interactions and tie them back to your customers and prospects
  33. 33. CRM vendors are enhancing their solutions to include tracking of Social Web Interactions
  34. 34. Google provides Google Analytics</li></li></ul><li>Multi-Channel Sales & Service :Insurance Application Architecture<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 9<br />
  35. 35. Hype Cycle for Life Insurance: Gartner Report (July 2009)<br />Social Web Systems readiness<br /><br />Assessing your Technology Readinessfor the Social Web<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 10<br />
  36. 36. Social Web Technology Functionalities<br />Straight Through Processing (STP) Technology Components<br />Gartner Report (December 2007)<br />Social Web<br />Readiness?<br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 11<br />
  37. 37. <ul><li>Time to Market – product configuration, testing and launch
  38. 38. 24 x 7 Social Web Services
  39. 39. Security & Identity
  40. 40. Sales Automation
  41. 41. Enterprise Service Bus - SOA integration
  42. 42. Risk Management – identification & auto underwriting
  43. 43. Self-Service
  44. 44. Interactive Help
  45. 45. Customer Notification
  46. 46. Regulatory Compliance – privacy, security, risk</li></ul>24x7 Insurance Application Architecturefor the Social Web<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 12<br />
  47. 47. Distribution & 3rd Party Partner Portals<br />Internal Intranet Portals<br />Customer<br />Consumer Microsites<br />Front-End Services (24x7) via secure role based Web 2.0 Portal & Content Management Services <br />Lead Generation<br />Customer Servicing<br />Sales Automation<br />Contract Servicing<br />Reporting<br />Portal Admin <br />Business Services (24x7) exposed via Secure Enterprise Service Bus <br />Business Rules Engines<br />BPM Workflow <br />& Notification<br /> Social CRM 360° Client View<br />Multi-Channel Management<br />Product Configurator<br />Contests<br />Document Mgmt<br />eAcademy & eLearning<br />Back-End Transaction & Audit Services + Data Warehouse Analytics<br />Broker<br />ALC<br />Agent<br />Bancassurance<br />Direct<br />TM<br />Departmental<br />Portals<br /> 3rd Party Systems<br />Head Office<br />Portal<br />Contract Admin Life Health General<br /> Takaful Family Health General<br />Business Intelligence<br />Social WebSelf-Service<br />Analytical Mgmt Dashboards<br />3rd PartyPortals<br />Branch<br />Portal<br /> Accounting System<br /> Banking Integration<br />Social Media MarketingSites<br />Direct Campaign MarketingSites<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 13<br />24x7 Insurance Application Architecturefor the Social Web<br />
  48. 48. 24x7 Insurance Application Architecturefor the Social Web (in more detail)<br />Distribution & 3rd Party Partner Portals<br />Internal Intranet Portals<br />Customer<br />Consumer Microsites<br />Front-End Services (24x7) via secure role based Web 2.0 Portal & Content Management Services (Mobile/Tablet/PC) <br />Lead Generation<br />Campaigns & Social Contests<br />Customer Servicing<br />Payment / Receipt<br />Member Admin<br />Sales Automation<br />Needs, Quote, SIS<br />eProposal, ePayment<br />Contract Servicing<br />Policy Servicing, <br />Funds, Claims<br />Reporting Dashboards& Analytics<br />Portal Admin <br />Account Roles<br />Content Mgmt<br />Business Services (24x7) exposed via Secure Enterprise Service Bus (XML Web Services /Messaging /SMS /email)<br />Business Rules Engines Ratings, Illustrations,Auto-underwriting, Funds, Policy Services, Claims, RI<br />BPM Workflow <br />& Notification<br />Forms, Messaging (Email, SMS, chat)<br /> Social CRM 360° Client View<br />Customer & Partner role based access<br />Consumer Experience Mgmt Services<br />Campaign Data Mining - Social Profiling<br />Multi-Channel Management<br />Recruiting, Agent Movement<br />Goal Setting, KPIs<br />Performance, Compensation<br />Product Configurator<br />Contests for consumers & channels<br />Document Mgmt<br />eAcademy & eLearning<br />Back-End Transaction & Audit Services + Data Warehouse Analytics (real time & day-end/month-end batch processing) <br />Broker<br />ALC<br />Agent<br />Bancassurance<br />Direct<br />TM<br />Contract Admin Life Health General<br /> Takaful Family Health General<br />Individual / Group Retail / Commercial <br />Contract admin, Funds Management, Claims<br />Financials, Valuation, Reinsurance<br />Business Intelligence<br />Data Warehouse<br />MIS Reporting & Business Analytics<br /> 3rd Party Systems<br />Departmental<br />Portals<br />Head Office<br />Portal<br />Social WebSelf-Service<br />Analytical Mgmt Dashboards<br />3rd PartyPortals<br />Branch<br />Portal<br /> Accounting System<br />Social Media MarketingSites<br />Direct Campaign MarketingSites<br /> Banking Integration<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 14<br />
  49. 49. Multi-Channel Sales & Service :Insurance Application Architecture<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 15<br />
  50. 50. 21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 16<br />Example: Integrating AETINS ISFwith the Social Web<br />
  51. 51. 21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 17<br />Example: Applying AETINS ISFto the Social Web<br />Separation of Back-Office & Front-Office<br />SOA Integration via XML Web Services<br />Reuse XML Web Services for Social Media Integration <br />Single Product Configuration for Front & Back Office Applications<br />Single test for back-end and online<br />Deploy to production and sync to Web Server<br />Simultaneous launch in back end and online<br />24x7 Online Sales Capability<br />Sync product rules run independently of Back-End<br />XML Web Services exposes product rules to web server<br />Social Web campaigns can use same web services as Banca and Agency channel Web Applications (ISFBanca, ISFAgent)<br />XML Web Services used for <br />Sales Automation - Quotation, Illustration, eProposal<br />Policy & Customer Enquiry<br />
  52. 52. Multi-Channel Sales & Service :Insurance Application Architecture<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 18<br />
  53. 53. Speed<br />Be ready to react fast, if things do no go according to plan<br /><ul><li>Consumers
  54. 54. Partners
  55. 55. Competitors</li></ul>Critical Success Factors<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 19<br />Objectives<br />Time<br />Reputation<br />Resources<br />Know what you want to achieve before engaging<br />Time to Market<br /><ul><li>“whatever you are thinking, most likely has already been thought of or already applied on the Social Web somewhere in the world”
  56. 56. You can be sure one of your competitors is thinking the same</li></ul>Continuously monitor you Online Brand Reputation<br />Ensure you have adequate resources to manage your Social Consumers<br /><ul><li>They are Demanding and Vocal
  57. 57. When all else fails – use social media</li></li></ul><li>An Experiment on the Social Web :Customer Service Works – Albeit It Slowly in Malaysia<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 20<br />5th May 2011 posted on TM Facebook Wall – no response for months<br />5th May 2011 Tweeted Complaint @TMCorp – responded within hour<br />But Still… Service Delivered 5th July 2011 (2 months later)<br />
  58. 58. CLOSINGREMARKS<br />Private & Confidential | Copyright 2011 @ 121advisor<br />21 July 2011<br />
  59. 59. Example: Respond fast to Competitorsusing Social Media effectively<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 22<br />An example of speed of response how using social media marketing impacts branding<br />vs<br />Watch Second Video at <br />http://www.youtube.com/watch?v=J-Q6NBp8bCA<br />Watch First Video at http://www.youtube.com/watch?v=bVO8o_PKvVg<br />
  60. 60. Know Your Competitor Before Responding – Making Your Own ‘Truth’ on the Social Web<br />21 July 2011<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Page 23<br />
  61. 61. THANK YOU<br />Private & Confidential | Copyright 2011 @ 121advisor<br />Web : www.121advisor.com | Email : mail@121advisor.com<br />Tel: +60-3-7498-5212 | Fax: +60-3-7955-6363<br />Follow Us : Facebook | Twitter | LinkedIn | YouTube | Webassurance.org Blog<br />Address : Suite 1208, Level 12 Amcorp Tower, Amcorp Trade Centre, No. 18, Persiaran Barat, 46050 Petaling Jaya, Selangor<br />21 July 2011<br />

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