Mobile Technology In Insurance Industry

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Mobile technology for Insurance Sales force

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Mobile Technology In Insurance Industry

  1. 1. Mobile technology for Insurance Sales force
  2. 2. Agenda Insurance Market: Insights & Opportunities Mobile Technology opportunities • Mobile CRM • Mobile Claim • Mobile Content Manager • Mobile Scheduler Way Forward
  3. 3. P&C Industry at glance Revenue 9-10 Profit 9-10 $471.1bn $33.4bn Annual Sales Growth 05-10 - 3.3% Annual Sales Growth 10-15 3% *Source: IBISworld.com
  4. 4. P&C Industry at glance Motor vehicle registrations declining Home ownership rate declining
  5. 5. Distribution Channel Mix Channel Mix FY07 for General Insurance Referral Other/Internet 6% 2% Corporate Agency 15% Broker Agents 17% 60% *Channel mix based on commission paid to each channel Source Ernst & Young Insurance trend 09 Agent channel is critical (60%). Cost saving in this have huge impact in profits
  6. 6. Distribution Channel Largest element of insurer cost Strongly influence product design in insurance Direct impact on marketing image of insurer Integrity of distribution channel key concern of regulatory mechanism
  7. 7. Mobile Technology Opportunities US Insurance Industry Spending on MobileTechnology In Millions $ 40 $ 35 $ 30 $ 25 $ 20 $ 15 $ 10 $5 $0 2001 2003 2005 2007 2009 Annual spending increasing at CAGR 17.8% Mobile solutions can drive channel efficiency gain of up to 30% *Source: Tower Group Research
  8. 8. MOBILE TECHNOLOGY APPLICATIONS
  9. 9. Mobile CRM Transform host applications and packaged enterprise applications into Web-based mobile applications • Provide agents access to the information- any time, any place • Deliver mobile access to time-critical applications and resources (Customer data, Policy information, claim file information, estimating tools, preferred vendor networks, claim experts and supervisors) • Nurturing customer relationships • Acquiring or maintaining customers • Support marketing, sales or services processes
  10. 10. Mobile CRM Advantage Mobile CRM will be 20% of total CRM market by 2011 Increase in New Business in first year - 20% Increase usage of CRM – 82% Improved relationship with customer • Order management • Sales information for customer • Competitive intelligence • Customer intelligence Help agents make faster, more accurate decisions • Agent serve customer better *Source: IBISworld.com
  11. 11. Mobile Claim 1. Claim 2. Call Customer care 1 3. GPRS search nearest 6 2 available Claim Assessor 4. Assessor check policy details (Mobile CRM) 3 5. Inspection/ Adjudication 5 6. Payment 4
  12. 12. Mobile Claim Advantage Claim represent largest cost for Insurer - Detecting and preventing fraud claims due to fast claim processing Increased claim capacity by 40% without adding staff Improve customer satisfaction – faster claim settlement Enable agents to be more productive Better work load balancing
  13. 13. Mobile Content Management Multi-channel content delivery capabilities Allow users to manage a central content repository Content delivery to desktop web browsers, mobile phones and other devices. Location-based content delivery
  14. 14. Mobile Content Management Advantage 40% increase in activities recorded to contact management system 400% improvement in efficiency Response to 95% of customer inquiries on the first call Reduced decision-making time from 7 days to 7 minutes Enhanced examiner productivity from 15 – 30% *Source: Survey done by Hartford
  15. 15. Mobile Scheduler Application • Customer call “Call-center” to book appointment • Call center forward request to nearest available agent • Agent check his schedule and book appointment • Confirmation given to customer • For existing customer request forward to initial agent to maintain relationships • Agent may receive a lead form generated from Web site. Agent book appointment directly with customer.
  16. 16. Mobile Scheduler Advantage Improved relationship with customer • Schedule appointments at customer convenience • Helps to cross sell • Agent can obtain new accounts through referrals Agent can cover wider area Gives agent more control over their time and schedules
  17. 17. WAY FORWARD & CONCLUSION CAPITALIZE ON THE OPPORTUNITY
  18. 18. Way forward.. monetize NOW! IMMEDIATE GOAL: Monetize the Mobile Technology opportunity Evolve with market Further build • Continuous • Enhance for Enhancements other Mobile Enhance Devices • Mobile CRM • Mobile Claim • Mobile Content Launch with: Manager • Mobile Scheduler • Mobile Mail • Global Positioning 3- 6 months 6-9 months 9-12 months
  19. 19. Thank you

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