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Technology Investment for Mutual Insurance Companies

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Technology Investment for Mutual Insurance Companies

  1. 1. TechnologyInvestment<br />Chris Reynolds<br />President of Business Development<br />Intuitive Web Solutions<br />Springfield, Missouri<br />
  2. 2. Assess Your Strategy<br />Benefits of Technology<br />Survey of Technologies<br />
  3. 3. Assess Your Strategy<br /><ul><li>What are your goals?
  4. 4. Is your team prepared?
  5. 5. Who do youtrust?</li></li></ul><li>What Are Your Goals?<br />What is your market?<br />Examples: High risk exposures / Large agencies with many CSRs<br />What are your competitive advantages?<br />Examples: Lowest rates / Least Hassle<br />What are your competitive weaknesses?<br />Examples: Confusion over manuals / Lack of integration<br />Where are you heading?<br />Examples: Growth / Improve Ratios<br />
  6. 6. Is Your Team Prepared?<br />Does your staff embrace new ideas?<br />Resistance to change results from fear of the unknown.<br />Do you have the support of your board?<br />Flexibility is always required in a large implementation.<br />Are your employees computer literate?<br />Computers are only as capable as their users.<br />Do all stakeholders have high-speed internet access?<br />Services are increasingly moving to the web.<br />
  7. 7. Who Do You Trust?<br />Things will go wrong.<br />Good communication is invaluable.<br />Contracts do not define good work.<br />Be realistic about the work required to implement a new system.<br />Referrals are priceless.<br />The most reliable consultants are free.<br />Trust your gut.<br />Find good people to work with.<br />
  8. 8. Benefits of Technology<br />Improve Quality<br />Increase Efficiency<br />Decrease Risk<br />Expand Reach<br />
  9. 9. Improve Quality<br />Enhanced Services<br /><ul><li>Online Information
  10. 10. Electronic Payments
  11. 11. Agency Upload / Download</li></ul>Increased Accuracy<br /><ul><li>Online Quoting
  12. 12. Intelligent Underwriting</li></li></ul><li>Increase Efficiency<br />Automation<br /><ul><li>Renewals
  13. 13. Billing / Payments
  14. 14. Printing / Mailing</li></ul>Reduce Paper / Increase Speed<br /><ul><li>Imaging
  15. 15. Electronic Mortgagee Notification</li></ul>Specialization (Focus on your business)<br /><ul><li>Outsourced Printing
  16. 16. Quoting
  17. 17. Hosting</li></li></ul><li>Decrease Risk<br />Enhanced Security<br /><ul><li>Paper vs. Digital
  18. 18. Padlocks vs. Encryption
  19. 19. Onsite Data vs. Offsite Data</li></ul>Disaster Recovery<br /><ul><li>Backups
  20. 20. Web-based Software</li></ul>Distributed Risk<br /><ul><li>Local Systems > Online Backups
  21. 21. Online Systems > Local Backups</li></li></ul><li>Expand Reach<br />Website<br /><ul><li>Agents Section Resources
  22. 22. Portal to Quoting, Payments, Policyholder Info
  23. 23. News and Updates</li></ul>Online Quoting and Applications<br /><ul><li>Expected by Independent Agents
  24. 24. Expanded to the Public</li></ul>Digital Marketing<br /><ul><li>Email
  25. 25. Search Engine Optimization (SEO)
  26. 26. Social Media</li></li></ul><li>Survey of Technologies<br />Imaging<br />Insurance Processing<br />Mortgagee Notification<br />Home Valuation<br />Agency Download<br />Electronic Marketing<br />Training Enhancement<br /><ul><li>Website
  27. 27. Payment Processing
  28. 28. Webmail
  29. 29. Quoting
  30. 30. Risk Assessment
  31. 31. Backups
  32. 32. IP Phones</li></li></ul><li>$$<br />Website<br />Goals<br /><ul><li>Improved Visibility
  33. 33. Increased Access to Information and Services
  34. 34. Inexpensive Marketing</li></ul>Considerations<br /><ul><li>Vendor / Template
  35. 35. Hosting
  36. 36. Content and Usability</li></ul>Vendors<br /><ul><li>NAMIC Web Services
  37. 37. Local Web Company
  38. 38. www.templatemonster.com</li></li></ul><li>$$<br />Online Payments<br />Goals<br /><ul><li>Easier Access to Payment
  39. 39. Automatic Withdrawal
  40. 40. Expand Customer Base</li></ul>Considerations<br /><ul><li>Cost Structure
  41. 41. Payment Processor / Merchant Account
  42. 42. Integration</li></ul>Vendors<br /><ul><li>Authorize.net
  43. 43. ReliaFund
  44. 44. Simply Easier Payments</li></li></ul><li>$<br />Webmail<br />Goals<br /><ul><li>Reduce Costs
  45. 45. Better Filtering / Search
  46. 46. Unlimited Access</li></ul>Considerations<br /><ul><li>Administrator Access
  47. 47. IMAP / POP
  48. 48. Address Spoof</li></ul>Vendors<br /><ul><li>Gmail / Google Apps.
  49. 49. Hotmail
  50. 50. Yahoo Mail</li></li></ul><li>
  51. 51.
  52. 52. $$$<br />Quoting<br />Goals<br /><ul><li>Expand Business
  53. 53. Improve Underwriting
  54. 54. Increase Efficiency</li></ul>Considerations<br /><ul><li>Usability
  55. 55. Underwriting
  56. 56. Vendor Integration / Post-Through</li></ul>Vendors<br /><ul><li>IWS - BriteQuote
  57. 57. AISUS
  58. 58. Rural - MIPS</li></li></ul><li>
  59. 59. $$<br />Risk Assessment<br />Goals<br /><ul><li>Improved Underwriting
  60. 60. Improved Rating
  61. 61. Reduced Claims</li></ul>Considerations<br /><ul><li>Personal Risk / Property Risk
  62. 62. Combined Score / Split Scores
  63. 63. Hard Enforcement / Soft Enforcement</li></ul>Vendors<br /><ul><li>ISO - (A-Plus / iiX)
  64. 64. Risk Meter - (Criminal Reports, Flood Plains)
  65. 65. Pictometry - (Aerial Photos, Adjacent Risks)</li></li></ul><li>
  66. 66. $$<br />Backups<br />Goals<br /><ul><li>Disaster Recovery
  67. 67. Data Integrity
  68. 68. Failover</li></ul>Considerations<br /><ul><li>Web / Drive / Tape
  69. 69. Restore Speed
  70. 70. Security</li></ul>Vendors<br /><ul><li>Sugar Sync
  71. 71. Barracuda
  72. 72. Mozy</li></li></ul><li>
  73. 73. $<br />IP Phones<br />Goals<br /><ul><li>Dependable Service
  74. 74. Managed System
  75. 75. Message History</li></ul>Considerations<br /><ul><li>Onsite / Hosted
  76. 76. Volume
  77. 77. Internet Speed</li></ul>Vendors<br /><ul><li>Vonage
  78. 78. Aptela
  79. 79. Ring Central</li></li></ul><li>$$$<br />Imaging<br />Goals<br /><ul><li>Paper Reduction
  80. 80. Efficiency
  81. 81. Redundancy</li></ul>Considerations<br /><ul><li>Onsite / Offsite
  82. 82. Indexing Flexibility
  83. 83. OCR</li></ul>Vendors<br /><ul><li>DocFinity
  84. 84. ImageRight
  85. 85. FileBound</li></li></ul><li>$$$$<br />Processing System<br />Goals<br /><ul><li>Foundation
  86. 86. Efficiency
  87. 87. Automation</li></ul>Considerations<br /><ul><li>Local / Remote
  88. 88. Automation
  89. 89. Integrations</li></ul>Vendors<br /><ul><li>IWS - BriteCore
  90. 90. Garvin-Allen
  91. 91. TCCS - InsPro</li></li></ul><li>
  92. 92. $<br />Mortgagee Notification<br />Goals<br /><ul><li>Print Savings
  93. 93. Efficiency
  94. 94. Quicker Payment</li></ul>Considerations<br /><ul><li>High Return On Investment
  95. 95. Processing System Integration</li></ul>Vendors<br /><ul><li>InsVista
  96. 96. Lexis-Nexis
  97. 97. ISO CV-Exchange</li></li></ul><li>$$<br />Property Valuation<br />Goals<br /><ul><li>Improved Underwriting / Rating
  98. 98. Reduce Fraud
  99. 99. Efficiency</li></ul>Considerations<br /><ul><li>Accuracy
  100. 100. Usability
  101. 101. Integration</li></ul>Vendors<br /><ul><li>E2Value
  102. 102. ISO HomeValue
  103. 103. MSB</li></li></ul><li>$$$<br />Agency Interface<br />Goals<br /><ul><li>Integrate with Agency Management Systems
  104. 104. Increase “Ease of Doing Business”
  105. 105. Increase Business</li></ul>Considerations<br /><ul><li>Integration with Processing System
  106. 106. Hardware Requirements
  107. 107. Upload / Download
  108. 108. Realtime</li></ul>Vendors<br /><ul><li>NxTech
  109. 109. Connective Technologies</li></li></ul><li>$<br />E-Marketing<br />Goals<br /><ul><li>Inexpensive Production
  110. 110. Interactive Dialogue
  111. 111. Raise Visibility</li></ul>Considerations<br /><ul><li>Overhead
  112. 112. Content
  113. 113. Conversation</li></ul>Vendors<br /><ul><li>Constant Contact
  114. 114. Google AdWords
  115. 115. Facebook / Twitter / LinkedIn</li></li></ul><li>$<br />Training Enhancement<br />Goals<br /><ul><li>Train Remotely
  116. 116. Efficiency</li></ul>Considerations<br /><ul><li>Network Speed
  117. 117. Quality / Latency</li></ul>Vendors<br /><ul><li>GoToMeeting (Citrix)
  118. 118. WebEx
  119. 119. Jing</li></li></ul><li>Questions?<br />

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