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0442.q3 -2012--ee info session sept 18 draft 005

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0442.q3 -2012--ee info session sept 18 draft 005

  1. 1. Business UpdateMorris Nord, Sr VP Marketing and Group Client DevelopmentLeza Muir, Sr VP Claims ServicesSept 18, 2012
  2. 2. Agenda Financials How do we stack up? Imagine you were the customer Comparing products and services How do we take on our competition 2
  3. 3. Consolidated Financials to Aug. 31, 2012 2012 YTD Actual UPDATE Compared to 2012 YTD Budget Compared to this time last YearRevenue $422M $300K more $5.3M moreClaims & Commissions $391M $224K less $693K moreAdministration Costs $26.7M $518K less $2.2M moreUnderwriting Income $4.3M $1.04M more $2.4M moreInvestment Income $2.5M $454K more $926K lessInvestments Unrealized $9.6M $9.6M more $6.2M moreNET INCOME $16.5M $11.1M more $7.7M moreProject 2012 Expenses $1.6M $333K less $442K moreTaxes $1.1M $909K more $661K moreNET INCOME $13.7M $10.5M more $6.6M more
  4. 4. How do we stack up?
  5. 5. The Financial Fine Line 7
  6. 6. 4 key product areas for growth… Group Health and Dental Life and Individual Travel for Small Disability Plans Business
  7. 7. Which one had the most growth in the past 3 years?1. Group Health and Dental for Small Business2. Life and Disability3. Individual Plans4. Travel Group Health and Dental Life and Individual Travel for Small Disability Plans Business
  8. 8. What you said…1. Group Health/Dental for Small Business 25%2. Life and Disability 25%3. Individual Plans 25%4. Travel 25%
  9. 9. BC Market ShareGroup Revenue Distribution by Benefit Type
  10. 10. BC Market ShareGroup Revenue Distribution by Employer Size
  11. 11. BC Market ShareIndividual Plan Revenue Distribution by Benefit Type
  12. 12. Imagine youare a customer…
  13. 13. As a customer, my expectations for all servicethat I receive would be…1. 70% satisfaction2. 80% satisfaction3. 90% satisfaction4. 100% satisfaction
  14. 14. Turnaround Times We try industry says The to turnaround …and can do a they process claim within To be inline, we need 90% of claims within 90 to count claims the 8 % 5 ofsame way… claims within 5 Days
  15. 15. As a customer, my expectations for all servicethat I receive would be…1. 70% satisfaction 25%2. 80% satisfaction 25%3. 90% satisfaction 25%4. 100% satisfaction 25%
  16. 16. How do our productsand services compare?
  17. 17. 1. How do our travel plans compare to other coverage like BCAA?2. Will we be offering travel coverage that can be purchased for all pre-existing conditions? 26
  18. 18. 1. How do we compare to our competitors with regard to claim technology?2. How will ACES change our ability to compete? 27
  19. 19. How does eView compareto Sun Life’s Fast claimstechnology? 30
  20. 20. mob ile
  21. 21. So…how do wetake on the giants?
  22. 22. A continued focus on Finding opportunities tooperational effectiveness, drive value and differentiateincluding a complete us from our competitors.technology refresh. 34
  23. 23. Easy.
  24. 24. The customer engagement model has changed… 39
  25. 25. Consumers have made their preferences clear… Strong expectations for convenience, anytime/anywhere quick access to information. 46 % Prefer a quicker policy selection process using online tools 50 % Value receiving a quote in less than 1 day 1 in5 Want their benefits/claims paid in less than 2 days 1 in5 Seek to access and service their account fully online Source: PwC 2012 Project Blue Poll 40
  26. 26. But industry is not meeting their expectations.Insurers are aware of the need to improve customer experience andmulti-channel capabilities: 47% 39% Insurers who say Insurers who say Customer Access Enhancements Experience is top are a top strategic strategic priority priority But customer satisfaction of “Choice of Channel” is low… Percentage of insurance/health benefits customers who are “satisfied” with each channel**: Website, email, Social Mobile Networking & online chat & Media 51% 33% 21% Source: *PwC 2012 Project Blue Poll (150 Life & Pension Executives) **North American Technographics Financial Services, Media and Marketing Online Survey, Forrester Research, Inc. 41
  27. 27. Things we should all be asking ourselves… How can we improve the loyalty of our customers? What can I do to provide a better customer experience? What can PBC do to address customer needs as they change? How can I be more responsive to customer needs? 42
  28. 28. When it comes to choosingbetween meeting my SLO’s orproviding great service, whatmatters more?I often feel conflicted because I feel like Icannot do one without impacting the other. 43
  29. 29. 44
  30. 30. Satisfaction vs Effort
  31. 31. What are some of our biggest challenges?The high cost of The high cost of Time it takes to Inconsistency in technology doing business get new products our service — How do we find in BC to market — How can weeconomies of scale? — How can we better — How do we improve the customer manage our manage resources experience? administration costs? without burn out?
  32. 32. How can we bridge our silos?
  33. 33. We all impact the customer…How we can increase customer loyalty…•Be empathetic•Strive for consistency•Participate
  34. 34. For a copy of this presentation visitThis presentation and answers to questionsreceived prior to today’s session will be posted. 49

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