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Technology Investment for Mutual Insurance Companies
This document summarizes various technologies that could be invested in by an insurance company to improve business operations. It discusses goals, considerations, and vendor options for technologies like websites, online payments, webmail, quoting tools, risk assessment, backups, IP phones, imaging, processing systems, mortgagee notification, property valuation, agency interfaces, e-marketing, and training enhancement. The goal is to help assess different technology strategies and investments to improve quality, efficiency, reach, and decrease risks.
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Technology Investment for Mutual Insurance Companies
- 1. TechnologyInvestmentChris ReynoldsPresident ofBusiness DevelopmentIntuitive Web SolutionsSpringfield, Missouri
- 2. Assess Your StrategyBenefitsof TechnologySurvey of Technologies
- 3. Assess Your StrategyWhatare your goals?
- 4. Is your teamprepared?
- 5. Who do youtrust?WhatAre Your Goals?What is your market?Examples: High risk exposures / Large agencies with many CSRsWhat are your competitive advantages?Examples: Lowest rates / Least HassleWhat are your competitive weaknesses?Examples: Confusion over manuals / Lack of integrationWhere are you heading?Examples: Growth / Improve Ratios
- 6. Is Your TeamPrepared?Does your staff embrace new ideas?Resistance to change results from fear of the unknown.Do you have the support of your board?Flexibility is always required in a large implementation.Are your employees computer literate?Computers are only as capable as their users.Do all stakeholders have high-speed internet access?Services are increasingly moving to the web.
- 7. Who Do YouTrust?Things will go wrong.Good communication is invaluable.Contracts do not define good work.Be realistic about the work required to implement a new system.Referrals are priceless.The most reliable consultants are free.Trust your gut.Find good people to work with.
- 8. Benefits of TechnologyImproveQualityIncrease EfficiencyDecrease RiskExpand Reach
- 9. Improve QualityEnhanced ServicesOnlineInformation
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- 11. Agency Upload /DownloadIncreased AccuracyOnline Quoting
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- 14. Printing / MailingReducePaper / Increase SpeedImaging
- 15. Electronic Mortgagee NotificationSpecialization(Focus on your business)Outsourced Printing
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- 17. HostingDecrease RiskEnhanced SecurityPapervs. Digital
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- 19. Onsite Data vs.Offsite DataDisaster RecoveryBackups
- 20. Web-based SoftwareDistributed RiskLocalSystems > Online Backups
- 21. Online Systems >Local BackupsExpand ReachWebsiteAgents Section Resources
- 22. Portal to Quoting,Payments, Policyholder Info
- 23. News and UpdatesOnlineQuoting and ApplicationsExpected by Independent Agents
- 24. Expanded to thePublicDigital MarketingEmail
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- 26. Social MediaSurvey ofTechnologiesImagingInsurance ProcessingMortgagee NotificationHome ValuationAgency DownloadElectronic MarketingTraining EnhancementWebsite
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- 33. Increased Access toInformation and Services
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- 36. Content and UsabilityVendorsNAMICWeb Services
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- 41. Payment Processor /Merchant Account
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- 45. Better Filtering /Search
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- 48. Address SpoofVendorsGmail /Google Apps.
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- 56. Vendor Integration /Post-ThroughVendorsIWS - BriteQuote
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- 61. Reduced ClaimsConsiderationsPersonal Risk/ Property Risk
- 62. Combined Score /Split Scores
- 63. Hard Enforcement /Soft EnforcementVendorsISO - (A-Plus / iiX)
- 64. Risk Meter -(Criminal Reports, Flood Plains)
- 65. Pictometry - (AerialPhotos, Adjacent Risks)
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- 94. Quicker PaymentConsiderationsHigh ReturnOn Investment
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- 97. ISO CV-Exchange$$Property ValuationGoalsImprovedUnderwriting / Rating
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- 103. MSB$$$Agency InterfaceGoalsIntegrate withAgency Management Systems
- 104. Increase “Ease ofDoing Business”
- 105. Increase BusinessConsiderationsIntegration withProcessing System
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- 115. Facebook / Twitter / LinkedIn$Training EnhancementGoalsTrain Remotely
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