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Companies referenced/highlighted in this presentation are not current or past clients of Edgewater Technology
Gen Y Perception of Insurance
Insurance agents always try to sell people stuff they
don’t really need75%
Insurance compani...
Consumer Evolution
• Consumers have changed – dramatically
– Less marriages, Less children, Less
mortgages
• Less need for...
Distribution Evolution
A once dominated Captive distribution is now led by
Independent producers – they own 50% of all sal...
Life Insurance: Required Rebirth
Consumer Evolution
Access to Advice
Comparative Rating
Property and Casualty Paradigm
Attack on traditional distribution
Access to Advice. Ex: INSWEB
Comparative Pricing
Cavendishonline.co.ukComparethemarket.com
Moneysupermarket.com
Evolution
The Evolving definition of customer portal
Prospect
Sales
Application
Quote
Underwriting
Policy Holder
Services
Renewal
Cl...
Increasing Expectations: Amazon Zone
• Easy to use
• Addresses MY NEEDS, helps me
decide
• Seamless shopping experience
• ...
Insurance Web Communication and
Collaboration Landscape
Consumer Enablement Maturity Curve
4
2
3
1
Customer
Section in site
• Public Information
• Start a quote
• Phone based
ser...
Simple, Friendly……..
30% of all internet traffic is Mobile based
and climbing
Google adjusted mobile search algorithm to
include mobile site re...
Distribution Enablement Maturity Curve
4
2
3
1
Agent Section in
site
• Public Information
• Marketing
Materials
• Phone ba...
Multisite Integrative Approach
Business Applications, Data, Content, People
Public Policy Holders Agents Employees
Informa...
Education and Planning
19
Perception
Beyond Portals
Beyond Portals
• Education and Customer Life-stage/ Need focused site
• E-commerce flow and analytics
• E-applications, ta...
Social CRM
Consumers,
Bloggers, Dieticians
• Questions
• Problems
• Positive feedback
• Dietician
interactions
CRM Generat...
Questions?
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Changing Face of Consumer in the Life Insurance Industry

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Edgewater Consulting presentation to the Life Insurers Council and at life insurance forums on the purchasing habits of Gen Y, and what insurance carriers need to do to stay relevant

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Changing Face of Consumer in the Life Insurance Industry

  1. 1. Companies referenced/highlighted in this presentation are not current or past clients of Edgewater Technology
  2. 2. Gen Y Perception of Insurance Insurance agents always try to sell people stuff they don’t really need75% Insurance companies don’t know or understand the real me57% Insurance companies and agents can not be trusted53% Insurance products don’t really make me feel protected50% Source: Maddock Douglas Quantitative Insurance Survey: August 2012
  3. 3. Consumer Evolution • Consumers have changed – dramatically – Less marriages, Less children, Less mortgages • Less need for after death stability – More Google • Educated, informed and self motivated – Not just Millennials • Silver Surfers • Amazon Effect
  4. 4. Distribution Evolution A once dominated Captive distribution is now led by Independent producers – they own 50% of all sales50% The figures of individuals that are inclined to do their own research online, rather than through an agent74% Individuals that would purchase their life insurance online Today, if available25% P&C Direct Written business in terms of net premium (personal lines)71% Source: Limra 2014
  5. 5. Life Insurance: Required Rebirth Consumer Evolution Access to Advice Comparative Rating Property and Casualty Paradigm
  6. 6. Attack on traditional distribution
  7. 7. Access to Advice. Ex: INSWEB
  8. 8. Comparative Pricing Cavendishonline.co.ukComparethemarket.com Moneysupermarket.com
  9. 9. Evolution
  10. 10. The Evolving definition of customer portal Prospect Sales Application Quote Underwriting Policy Holder Services Renewal Claims Customer Portal • Without an integrated Enterprise a portal is a mere façade – Without Enterprise integration a modern portal will fail to impress • Modern portals must be functional – Access to key data and transactions – Ability to real-time process meaningful transactions – Research • Agents require real time BI and drill down to data
  11. 11. Increasing Expectations: Amazon Zone • Easy to use • Addresses MY NEEDS, helps me decide • Seamless shopping experience • Available anytime, anywhere • From any device • Portal that allows me complete access and control over my policies, benefits, etc • No need to talk with customer service!
  12. 12. Insurance Web Communication and Collaboration Landscape
  13. 13. Consumer Enablement Maturity Curve 4 2 3 1 Customer Section in site • Public Information • Start a quote • Phone based service • Claim forms Simple Customer Self Service Portal • Secure Login • Policy information • Planning tools • Forms to print • Update address • Update contact • Pay bill – set EFT • Improved Customer Service Technologies: • IVR • Chat Customer Self Service - Advanced • Update beneficiaries • Add Products • Manage financial information • Loan request • Payment history • Improved Customer Service Technologies: • Mobile sites • Screen Sharing • Social Service • Mobile Applications • E-delivery of disclosures and bills Integrative Experience • Simple profile with quote request / application • Collaborative Workspace through medical and underwriting • eForms / E-signatures • Full Policyholder services online • Claims management online • Upsell / Cross sell • View policies across business lines • Business Process Automation technologies • Building a community
  14. 14. Simple, Friendly……..
  15. 15. 30% of all internet traffic is Mobile based and climbing Google adjusted mobile search algorithm to include mobile site readiness scoring Reality
  16. 16. Distribution Enablement Maturity Curve 4 2 3 1 Agent Section in site • Public Information • Marketing Materials • Phone based service Simple Agent Communications & Self Service Portal • Secure Login • Enter new Policy • Policy search & information • Policy status • Planning tools for use with prospects • Forms to print • Pay bill – set EFT • Commissions • Messages Agent Self Service - Advanced • CRM: View all customers and be able to communicate with them • Ability to do a policy and submit for approval in one sitting • E-forms,E-signatures • View policy status and manage interactions with Prospect • View claims and status • Proactive alerts • Simple mobile tools – Education and Planning • Lead management Integrative end to end Experience • Full Agent services online • Collaborative Workspace • Integration with external data such as Funeral Homes • Business Process Automation technologies • Advanced mobile applications with offline mode. Ability to complete a policy and submit from customer home. • Location based services • Lead sharing and Agent interaction • Full CRM and marketing functionality • Agent websites
  17. 17. Multisite Integrative Approach Business Applications, Data, Content, People Public Policy Holders Agents Employees Information Management Content Mgmt. Targeting Doc. Mgmt Security & Access Collaboration Quoting Policy Admin Claims Billing Commission
  18. 18. Education and Planning
  19. 19. 19
  20. 20. Perception
  21. 21. Beyond Portals
  22. 22. Beyond Portals • Education and Customer Life-stage/ Need focused site • E-commerce flow and analytics • E-applications, tablets for agents/ nurses, co-browsing for CSR’s • Collaborative workspace Customer interactions and service through medical and underwriting • Social and mobile customer service channels • Value added services and content to encourage retention • Marketing programs driven by Customer Intelligence
  23. 23. Social CRM Consumers, Bloggers, Dieticians • Questions • Problems • Positive feedback • Dietician interactions CRM Generates • Email responses • Coupons • Refunds • Follow-up reminders
  24. 24. Questions?

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