Electronic Delivery Trends in the Insurance Industry

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This presentation is based on research from recent reports released by three of our insurance-focused Monitor research services – Annuity Monitor, Life Insurance Monitor and P&C Insurance Monitor – focusing on Electronic Delivery. The reports analyze the electronic delivery services and promotions featured on the private client websites offered by leading insurers across the industry.

Inside, we highlight some key findings and trends from the reports and offer a few tips for insurers looking to improve their electronic delivery services.

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Electronic Delivery Trends in the Insurance Industry

  1. 1. COPYRIGHT 2013 CORPORATE INSIGHT, INC.KEY TRENDS ACROSS THE INSURANCE INDUSTRYAUTHOR: ANDREW WAYREPORT PUBLISHED: JUNE 2013ELECTRONIC DELIVERY
  2. 2. ABOUT CORPORATE INSIGHTABOUTUSConnect With UsCorporate Insight provides competitive intelligence and user experience research to the nation’s leadingfinancial institutions. For over 20 years, the firm has tracked technological developments in the financialservices industry, identifying best practices in online banking and investing, online insurance, mobilefinance, active trading platforms, social media and other emerging areas. There are no assumptions inCorporate Insight’s work – we use live accounts at all of the firms we research, providing our clients withunparalleled, unbiased intelligence on the competition.Corporate Insight welcomes the opportunity to speak with the media. If you are interested in citing ourresearch or would like to schedule an interview with our analysts, please contact IntermarketCommunications at 212-888-6115 or corporateinsight@intermarket.com.ANDREW WAYSenior Research Associate212-832-2002 x-136away@corporateinsight.comBEN POUSTYMarketing Manager212-832-2002 x-134bpousty@corporateinsight.comMedia Inquiries2
  3. 3. TABLE OF CONTENTS3TABLEOFCONTENTS Introduction Trendso Online Enrollmento Policy Statementso eDelivery Promotionso eDelivery Preferenceso Enrollment Confirmation Key Takeaways for Insurance Firms Corporate Insight Thought Leadership About the Author
  4. 4. INTRODUCTION4INTRODUCTION
  5. 5. 5INTRODUCTION BACKGROUNDThis presentation is based on researchfrom recent reports released by three ofour insurance-focused Monitor researchservices – Annuity Monitor, Life InsuranceMonitor and P&C Insurance Monitor –focusing on Electronic Delivery. Thereports analyze the electronic deliveryservices and promotions featured on theprivate client websites offered by leadinginsurers across the industry.Inside, we highlight some key findingsand trends from the reports and offer afew tips for insurers looking to improvetheir electronic delivery services.
  6. 6. eDELIVERY AND SECURITYWith identity theft and fraud remainingserious issues in an increasingly online-centric world, individuals need to safeguardsensitive account and personal information.To this end, electronic delivery can offerclients peace of mind when compared totraditional paper documents delivered inthe mail. The service allows accountdocuments such as policy statements to bereceived on the firm’s password-protectedprivate website, eliminating the possibilitythat it will end up in the wrong hands.Electronic delivery services are alsoenvironmentally friendly and cost-effectiveas reduced paper usage decreasesproduction costs.6INTRODUCTION
  7. 7. FIRMS COVEREDINTRODUCTION36 of the 45 insurers covered across our Life Insurance, Property & Casualty Insuranceand Annuity Monitor research services offer electronic delivery and were reviewed:o Allianz Lifeo Allstateo Amicao AXA Equitable (Annuity)o AXA Equitable (Life)o Chubbo Esuranceo Farmerso Fidelityo GEICOo Genworth Financialo The Hartfordo INGo Jackson Nationalo John Hancocko Liberty Mutualo Lincoln Financial (Annuity)o Lincoln Financial (Life)o MassMutualo MetLife (Annuity)o MetLife (P&C)o Nationwide (Annuity)o Nationwide (Life)o Nationwide (P&C)o New York Lifeo Northwestern Mutualo Progressiveo Prudential (Annuity)o Prudential (Life)o State Farmo TIAA-CREFo Transamericao Travelerso USAA (Life)o USAA (P&C)o Vanguard7
  8. 8. TRENDS8TRENDS
  9. 9. ONLINE ENROLLMENT9TRENDS 94% of firms that offer eDeliveryservices allow clients to enroll onlineo Every Annuity Monitor and P&CMonitor firm reviewed offers onlineeDelivery enrollmento Two Life Insurance Monitor firmsprovide access to certain documentsonline, but do not allow clients toenroll in eDeliveryAXA Equitable eDelivery Promotion
  10. 10. POLICY STATEMENTS10TRENDS 94% of firms that offer eDelivery provide access to policy statementson the private siteo By far the most popular document offered online Privacy statements are also popular eDelivery options, made availableonline by 15 insurersMetLife eDelivery Promotional Image
  11. 11. eDELIVERY PROMOTIONS 21 of the insurers reviewedare currently promotingtheir electronic deliveryservices via imagery,sweepstakes and/orenrollment awards on theprivate websiteo Five insurers currentlyoffer rewards orsweepstakes entries asincentives for eDeliveryenrollment11TRENDSPrudential eDelivery Promotional ImageTIAA-CREF eDelivery Promotional Image
  12. 12. eDELIVERY PREFERENCES25 firms provide customers with the ability to individually select thedocuments they want to receive electronically and via US mail12TRENDSTIAA-CREF Edit My eDelivery Preferences Page
  13. 13. ENROLLMENT CONFIRMATIONUpon completion of the online electronic delivery enrollment process,85% of firms offer confirmation screens or alerts that display deliverypreferences13TRENDSThe Hartford eDelivery Enrollment Confirmation Page
  14. 14. KEY TAKEAWAYS FOR INSURANCE FIRMS14KEYTAKEAWAYS
  15. 15. LIFE INSURERS LAG BEHIND IN eDELIVERY15KEYTAKEAWAYS 100% of P&C insurers and 82% of annuity carriers reviewed provideprivate website users with electronic delivery services. Only 57% of life insurers reviewed offer electronic delivery services.o Of the eight Life Insurance Monitor firms that offer documents online toclients, only six enable clients to enroll in eDelivery online and opt out ofreceiving documents via the mail.
  16. 16. MORE INSURERS LOOKING TO ADD eDELIVERY16KEYTAKEAWAYS Throughout the course of compiling data for the three reports, wecontacted the firms that do not currently offer eDelivery services. Multiple firms, including Northwestern Mutual and Pacific Life,informed us that while they do not currently enable users to enroll ineDelivery services, they hope to add the option in the “near future.” Northwestern Mutual went a step further, and stated that, “efforts areunderway to offer electronic statements and bills in the near future.”
  17. 17. THREE TIPS FOR INSURANCE PROVIDERS17KEYTAKEAWAYS#1 Offer eDelivery document options beyond policy statements Confirmations, tax documents, regulatory documents, prospectuses,supplements, annual/semi-annual reports, bills, correspondence etc.#2 Make eDocuments and electronic delivery preferences easily accessible Best practices include homepage quick links or clearly labeled mainnavigation menu tabs#3 Incentivize clients to enroll in eDelivery services Sweepstakes entries, rewards and environmental sustainability perks arepopular incentives.
  18. 18. CORPORATE INSIGHT THOUGHT LEADERSHIPCORPORATEINSIGHTTHOUGHTLEADERSHIPAsset Management and Social Media: A Guide to Social MarketingThis guide looks at how asset management firms use popular social media platformssuch as LinkedIn, Twitter, Facebook, YouTube and Google+ to connect directly withinvestors and financial advisors. The guide is also available as a slide deck.The Millennial Opportunity WhitepaperThis whitepaper examines the marketing tactics, strategies and online resourcesleading financial institutions are using to connect with Millennials. This is alsoavailable as a slide deck.Slide Deck: Apple iOS 7 Ideas for Financial Services FirmsApple iOS 7: Ideas for Financial Services Firms explains how firms can leverage thenew features in iOS 7 to make their mobile apps more user-friendly.Mobile Infographic: Android vs. Apple Apps Across Financial ServicesMobile Trend Infographic compares Android and Apple iOS app development acrossthe financial services industry.18
  19. 19. ABOUT THE AUTHORABOUTTHEAUTHORANDREW WAYSENIOR RESEARCH ASSOCIATEANNUITY MONITOR AND LIFE INSURANCE MONITORAndrew Way is a Senior Research Associate for Corporate Insight’s Annuity Monitor and LifeInsurance Monitor research services. He has conducted extensive research on the onlineplatforms, customer service capabilities and technological innovations leading annuity andlife insurers offer prospects, clients and financial professionals. This slide deck is the resultof Andrew’s recent research assessing leading insurers’ electronic delivery services.Andrew graduated from Binghamton University in 2010 and has been a member of theCorporate Insight team since 2011.CONTACT ANDREW:T: 212-832-2002 x-136E: away@corporateinsight.comAnnuity Monitor, Life Insurance Monitor and Property & Casualty Insurance Monitor are service marks of Corporate Insight, Inc.; all rights reserved. 19

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