Insurance Industry Services - Sales Presentation

We’ve got your customer relationships covered.
© 2014 Fuji Xerox Australia Pty. Ltd. All rights reserved.
This presentation has been prepared for general information and guidance only. We have not taken your personal circumstances or specific business needs
into account.
Fuji Xerox Insurance Industry Services

Agenda
2
• Introduction
• Insurance industry challenges
• Fuji Xerox Framework for insurance
– Claims Processing
– New Business Services
– Corporate Services
– Marketing and Distribution

Introduction
3© 2014 Fuji Xerox Australia Pty. Ltd. All rights reserved.
In Insurance today, the customer is the center
of everything. At Fuji Xerox Insurance Industry
Services, we help you to build enduring
relationships with customers through
technology and processes that enable more
highly targeted and effective communication,
while ensuring compliance, reducing the cost
of servicing customers and enhancing
brand value.

Top 10 technology trends impacting
Life and P&C Insurance in 2014*
4
* Gartner, “Top 10 Business Trends Impacting P&C and Life Insurance in 2014” Kimberly Harris-Ferrante et al, 14 April 2014
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Digitalization
Rising cost and complexity
of regulatory compliance
Information Intelligence
and Business Analytics
Ramping up for growth
Extending the Value
Chain via Business
Process Outsourcing
Customer Experience
Management
Improving the
Underwriting Discipline
Distributor Loyalty
and Effectiveness
Product Innovation
and Expansion
Distribution growth

The focus of insurance companies today*
5
* Swiss Re, sigma No 03/2014 http://media.swissre.com/documents/sigma3_2014_en.pdf
Source: Economic Research & Consulting

6
* PwC (2014). 17th Annual Global CEO Survey. PwC
http://www.pwc.be/en/publications/2014/pwc-17th-annual-global-ceo-survey-insurance-industry.jhtml . Page 5
Source: 74 insurance CEOs taking part in the PwC 17th Annual Global CEO survey.
Percentages rounded so may not add to 100
Which of these potential opportunities for business growth do you see
as the main opportunity to grow your business in the next 12 months?

7
* PwC (2014). 17th Annual Global CEO Survey. PwC
http://www.pwc.be/en/publications/2014/pwc-17th-annual-global-ceo-survey-insurance-industry.jhtml. Page 5
Which of the following global trends do you believe will transform
your business the most over the next five years?
(Respondents ranking in their Top 3)
Source: 74 insurance CEOs taking part in the PwC 17th Annual Global CEO survey.

How Fuji Xerox can help insurance companies

Building on our global success
• 12 countries across Asia Pacific
• 160 countries around the world
(through Fuji Xerox and
Xerox network)

10
* EY (2014). Global Insurance Outlook. EY
http://www.ey.com/Publication/vwLUAssets/EY-2014-global-insurance-outlook/$FILE/EY-2014-Global-insurance-outlook.pdf
Insurers are under pressure to
improve claims experience customer
satisfaction and reduce costs at the
same time*. Fuji Xerox can help you
streamline claims ingestion and
become more responsive to
policyholders — while improving
your claims ratio.
Claims Processing

Challenges
The cost of claims is one of an
insurers biggest expenses and
if poorly managed, it has a big
impact on a number of
insurance business metrics.
It is not only expensive from a
financial perspective, but also
from a customer
satisfaction/loyalty perspective.
Claims Processing
11
* Forrester Research, Inc. Taming the Insurance Claims Experience. Carney, E. May 11, 2011
Claims departments are currently managing
many challenges that are hindering them
from meeting customer expectations*:
Lack of a single view of the customer
Inefficient processes with
manual workarounds
System modernisation and integration
Claims leakage
Effective customer communication
throughout the claims lifecycle

Fuji Xerox’s Insurance Industry Services team can
help you integrate processes and technology with
your existing systems to consolidate customer
communications arriving through multiple channels,
sift the information using complex business rules,
and identify and distribute the right information to the
right people at the right time to respond to claims
quickly — while minimising costs.
12
To find out more about our Claims Processing Services view a video tour of our operations.
Claims Processing Services
Services:
• Data Capture
• Multi-channel Ingestion
• Data Enrichment
• Document Repository
• Document Classification
• Data Validation

Claims Processing
Benefits
Reduce claims
leakage
Reduce processing
costs
Communicate better
with customers
Keep customers happy
and loyal
Adapt to volume
fluctuations

Transform Claims Ingestion Operations
Leakage and losses decline with
claims ingestion
For a major global insurer based in
Australia, a Fuji Xerox Claims
Ingestion service turns an incoming
flood of over 9 million pages a year
into a focused stream of digitised
information that helps cut claims
leakage and processing costs and
increases responsiveness to
customers, which helps to increase
customer satisfaction.

New Business Services
Cut out unnecessary steps and
automate processes to minimise
the cost of issuing new policies,
enhance communication with
new customers and bring them
onboard sooner.

16
* Forrester Research Inc. Best Practices: Customer Onboarding. Le Clair, C. April 27, 2009
New Business
Challenges
According to Forrester*,
customer onboarding lags
behind other business
processes in both quality of
experience and costs.
A good onboarding experience
can increase the lifetime value
of a customer and create
positive word of mouth.
Poor customer onboarding can result in:
Regulatory issues
Customers abandoning the process
Higher business risk
Brand damage
Increased customer acquisition and
retention costs

Fuji Xerox’s Insurance Industry Services team can
help you put in place technology and processes to:
• Approve policy applications faster and reduce
new policy processing costs while managing
volume fluctuations.
• Communicate more effectively with customers
through the right channel at the right time to
bring them on board and keep them on board.
Services:
• Application processing
and pre-validation
• Cheque processing
• Multi-channel distribution
• Policy and information
pack generation

Benefits
Approve and issue policies
faster while lowering costs
Improve the customer’s
experience of your brand
Manage volume
fluctuations

Transform your onboarding experience
Document handling time cut in half
The Policy Administration Services
Solution Fuji Xerox implemented for
a large Thai insurer cut time spent on
document handling in half and reduced
the time taken to issue new business
by 33 percent.

Corporate Services
There is increasing pressure for
insurers to improve the efficiency
of back office operations, do more
with less, and free up operational
time and money to focus on
your customer.

Corporate Services
* EY (2014). Global Insurance Outlook. EY
http://www.ey.com/Publication/vwLUAssets/EY-2014-global-insurance-outlook/$FILE/EY-2014-Global-insurance-outlook.pdf
Challenges
Intensifying industry pressures and
emerging business requirements are
placing increasing pressure on
insurance companies to look at ways
they can more effectively use external
service providers to take care of
activities* that are not part of their core
business, moving away from a legacy
of managing everything in-house.

Corporate Services
Leverage our in-depth expertise in Managed Print
Services, Print Rooms, Mail Rooms and Document
Supply Chain Management. Our Insurance Industry
Services team can supply services that take on
some of your day-to-day tasks and free-up
resources to use on improving the all-important
customer experience.
Services:
• Document Advisory
• Managed Print
Services
• Print Rooms
• Mail and Distribution
• Policy Renewal
Communication

Corporate Services
Benefits
Substantially reduce
back-office costs
Improve
quality
Increase operational
efficiency

Marketing and Distribution
Move beyond mass, generic
communication with your customers
and treat them as individuals to
maximise their value at every stage
of the customer lifecycle.

Challenges
Achieving customer
engagement in the traditional
insurance industry is hard.
With increasing competition,
insurers need to look for ways
to communicate with customers
more regularly and in a more
personalised way to ensure
loyalty and maintain a constant
dialog with customers through
their lifecycle.

The Fuji Xerox Insurance Industry Services team
supports insurance companies with the technology,
processes and expertise you need to implement
integrated, one-to-one multi-channel marketing
campaigns that include digital media, introduce best
practice and improve visibility and control.
Services:
• Multi-channel delivery
• Dynamic/personalised
communication
• Collateral design
and production
• Document composition
• Campaign design
and execution
• Survey and
forms processing

Benefits
Create a segment
of one
Maximise up-sell
and cross-sell
Reduce labour
intensive tasks
Increase longevity
and loyalty
Increase your level
of customer insight
Improve visibility
and control
Produce communications
faster, at lower cost

Personalise your customer experience
How to get a 30 percent campaign response rate?
Solution
The Fuji Xerox 1:1 Experience marketing offering
helped ManuLife Singapore reach out to customers
with direct marketing personalised by age, gender
and past purchase history. Response was via the
customer’s own individual personalised website.
Results
An overall response rate of 30% which was well
above the industry average of 3.5% was achieved
and data was captured to help further tailor
future communications.

Xerox, Xerox and Design, as well as Fuji Xerox and Design are registered trademarks or trademarks of Xerox Corporation in Japan and/or other countries and are used under license.

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