Webinar: Drive Growth by Reinventing Agent – Carrier workflow using Salesforce
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Webinar: Drive Growth by Reinventing Agent – Carrier workflow using Salesforce
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Webinar: Drive Growth by Reinventing Agent – Carrier workflow using Salesforce
- 1. Drive Growth By Reinventing Agent-Carrier Workflow Using Salesforce
- 2. Disclaimer Presentations are intended for educational purposes only and do not replace independent professional judgment. Statements of facts and opinions expressed are those of the participants individually and, unless expressly stated otherwise, are neither the opinion nor position of The Digital Insurer or SMA. The Digital Insurer and SMA do not endorse or approve, and assume no responsibility for, the content, accuracy or completeness of the information presented. www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 3. Welcome Andrew de Kock Head of Africa, The Digital Insurer Deborah Smallwood CEO & Founder, Strategy Meets Action www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 4. Housekeeping How to participate: • If you have a question, please type into the Q&A area • If you have a comment, please type into the chat area Poll: • Please respond to the poll question in the webinar Your experience: • You can select slides only, slides + speaker, speaker only • We will post links to both and other info in the chat area Post-event: • In a few days, we will send a link with recordings of the event including a link to slides, virtual booth and contact details A B C D www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 5. Today’s Agenda WELCOME 5 MINUTES SMA INSIGHTS 5 MINUTES INDUSTRY INSIGHTS FROM HEXAWARE 10 MINUTES WHY SALESFORCE 20 MINUTES NBIS CUSTOMER SUCCESS STORY 10 MINUTES AUDIENCE Q & A 5 MINUTES CALL TO ACTION & WRAP 5 MINUTES www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 6. Today’s Speakers RUPESH MITHANI Sr. Vice President – Global Head – CRM & Digital Transformation, Hexaware Technologies DOUG STITZER Global Go To Market Director- Insurance, Salesforce LISA MCABEE Director Marketing & Busines Development, NBIS DEBORAH SMALLWOOD CEO & Founder, SMA JEFF LUMSDEN Director of Solutions Consulting – Insurance, Vlocity www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 7. SMA Insights DEBORAH SMALLWOOD CEO & Founder, SMA www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 8. External Mega Trends Influencing Change Across Commercial Lines www.hexaware.com | © Hexaware Technologies. All rights reserved. Source: Strategy Meets Action 2020
- 9. Reinventing Agent Carrier Workflow Commercial Insurers www.hexaware.com | © Hexaware Technologies. All rights reserved. Source: Strategy Meets Action 2020
- 10. Industry Insights from Hexaware Client Successes RUPESH MITHANI Sr. Vice President – Global Head – CRM & Digital Workplace, Hexaware Technologies www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 11. Re–segment their customers to drive better, targeted services based on customer needs and behaviors, not based on existing product offerings There are rapidly evolving expectations across the different market segments, including requirements for on–demand coverage for shorter periods, and cyber risks that go well beyond the coverages provided today Segmentation Risk Protection to Prevention The rise of disruptive technologies has allowed Prevention to become far more important than protection for clients Distribution Purchasing behaviors are evolving, triggering growth for direct channels (particularly for smaller businesses with simpler risks) and new forms of distribution Commercial Insurance PoV www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 12. Deliver straight-through-processing for Quote & Buy and Offer/Proposal Digital Submission Management Improve Customer and Agent experience Single Agent desktop, C360, high life-time value, cross-sell, up-sell, reduce churn Customer centric insights for Agents Launch new products and services quickly Make it easy to configure, deploy and even easier to roll-back Time-to-market Channels may continue to evolve based on customer’s touch-point and need uninterrupted support from multiple core systems Cross channel business model Insurers’ needs …. www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 13. Customers will value ‘preventative services’ to avert loss events and appreciate ‘rewards’ for good behavior Insurers need to improve ‘trust quotient’ with their customers Insurers need to become more ‘connected’ to their customers beyond the typical touch points? Become a partner in their customers life journey and enable non insurance products to be provided as value adds The desired characteristics of a smart, digital insurer (…near future) www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 14. Winds of Change are here Industry and Analysts are echoing the same views Emerging capabilities that Insurers are planning to make strategic investments in the next 2 - 3 years Increase your policyholders’ ability to engage in the any process by building functionality into a Digital Experience platform to support customer-led interactions — From Passive to Active Sham Gill – Sr. Analyst, Gartner Insurers to put emphasis on things like improving submission management, simpler & personalized product buying experience, and more proactive engagement. Given the growth of online channel, focus will be to enable an omnichannel environment, Sharang Sharma – Everest 66% Advanced Analytics 54% Customer Journeys 49% Routing Solutions 48% New Channels 38% WAHA solutions Source: Deloitte, KPMG, Outsource2India 34% Artificial Intelligence 33% Process Automation 28% Analytics 19% Traffic Management 4% Others “ “ “ “ www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 16. Why Salesforce ? DOUG STITZER Global Go To Market Director- Insurance, Salesforce JEFF LUMSDEN Director of Solutions Consulting – Insurance, Vlocity www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 17. Commercial P&C Faces Unique Challenges as it Enters a Hardening Market CONSOLIDATION OF DISTRIBUTORS and Retirement of Traditional Producers Push to SIMPLIFY AND STREAMLINE COLLABORATION while increasing transparency Legacy technology contributing to INABILITY TO ATTRACT & RETAIN TALENT Explosion of REAL-TIME, THIRD-PARTY RISK DATA integrated with UW processes Distributor www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 18. Salesforce + Vlocity = Salesforce Industries Financial Services Cloud + Vlocity Insurance Einstein Analytics for Financial Services Bring intelligence into your insurance business processes & take immediate action Community Cloud for Financial Services Extend Financial Services Cloud data, user experience, & business processes to agents, brokers, & customers for seamless digital experiences Financial Services Cloud Out-of-the-box CRM innovation for insurers, agents, customer service reps and policyholders built on the Salesforce platform Quote, Rate and Apply Automate the new business process with rating, rules, and product catalogs NEW! Policy Administration Enable agility and efficiency with a cloud-based system of record NEW! Claims Management Streamline end-to-end claims process from omnichannel FNOL to adjudication and payments NEW! Omnichannel Service Deliver guided digital service transactions in the contact center and online NEW Accelerate transformation through every stage of the customer journey www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 19. Digital Enablement BusinessImpact&Value • Operational & Foundational Efficiencies • Productivity, Experience & Insights • Guidance, collaboration, digital service • Drive Business Growth thru Insights • Accelerated Engagement / Scale • Leverage Intelligence Transcend Prescriptive Recommendations & Actions Artificial Intelligence Customer Service Enterprise Process Automation Mobility and Collaboration Diagnostics Analytics & Insights Renovate CRM/PAS Integration Evolve Intake & Guided Journeys Agency Onboarding Customer 360 Commercial Carrier Value Categories www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 20. Salesforce Covers the Digital Insurance Journey for Each of Your Agency Management Value Categories Agency 360 Your brand and ability to drive performance hinges on your agent experience. Workflow & Collaboration Work orchestration from submission to bind has never been more seamless. www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 21. • Agency hierarchies • Contact & profile management • Compensation structures • Book of business consolidation • Single view of policy & carrier interactions • Opportunity management • Analyze growth & efficiency w/ KPIs • Laser focused account planning • Dedicated SLAs • Dashboards & reports Relationship Management Agency Management Performance Management Supercharge Your Relationships With Agency 360 Increase agency satisfaction, marketing ROI, capacity, and share of wallet at scale Recruit Onboarding & Training • Guided journeys, contract management • Licensing & credentialing • Learning modules • Market to new talent • Digital, journey based marketing www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 22. www.hexaware.com | © Hexaware Technologies. All rights reserved. Revolutionize Your Underwriting Experience With an Enterprise Engagement Platform • Seamless quote to bind • Dynamic applications • Quick quote Quote, Rate, & Apply • Omni-channel intake • Submission scoring • Consolidated view Submission Intake • Intelligent routing • Guided process • Decision documentation • UW console Workflow Orchestration • Personalized experience • Digital book management • Cross functional collaboration Agency Services • Automate retention & at-risk processes • Identify cross-sell and upsell opportunities Renew & Refer Workflow & Collaboration Reduced Attrition Decreased Turnaround Improved Capacity Increased Retention
- 24. Quote, Rate & Apply Agile product configuration, quoting, and underwriting Bring products to market without code Use a metadata-driven product design tool and cloud-based rating engine to launch products faster Deliver omnichannel quotes and applications Configure modern, streamlined digital experiences with OmniScriptTM Seamlessly integrate 3rd-party data Enhance underwriting decisions and minimize data entry with an API friendly architecture Enable straight-through processing Implement rules to determine product eligibility and underwriting logic Streamline underwriting View consolidated application data and manage approvals in an Underwriting Workbench www.hexaware.com | © Hexaware Technologies. All rights reserved. 603 770 9090603 770 9090
- 25. Demo JEFF LUMSDEN Director of Solutions Consulting – Insurance, Vlocity www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 26. Salesforce + Vlocity Financial Services Cloud for Insurance Platform Architecture PlatformCustomer 360 Insurance Applications Financial Services Cloud Digital Interaction Platform Rate & Apply Claims ManagementPolicy Admin BillingEnrollment Community Cloud for Policyholders Community Cloud for Brokers Industry Solution PartnersDoc GenerationData Enrichment Payments DisbursementAdjustmentUnderwriting Insurance Data Model Households, Relationship Map Life Events, Biz. Milestones Rollups, Rollup by Lookup PolicyHolder 360, Referral Mgmt. Role-Based Console Apps Action Plans, Doc. Tracking Sales Cloud Service Cloud Einstein AI/Analytics for InsuranceDistributor Performance Mgmt. Agent PortalMobile NEW MarketingCloud www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 28. NBIS Customer Success Story LISA MCABEE Director Marketing & Business Development, NBIS www.hexaware.com | © Hexaware Technologies. All rights reserved. 603 770 9090
- 29. Customer Success Story - NBIS Back Story – Who is NBIS ? • NBIS is a unique commercial insurance MGU in the heavy construction industry. • We have a knowledgeable sales team with large US territories and various customer types to serve, from industry association members, industry owner-operators and commercial insurance agents. What was the issue ? • NBIS was leveraging the agency management system data as a CRM on disparate Excel Spreadsheets. • Growth cycle – increasing staff to capture and extend growth in regions What was the impact ? • Never ending cycle of culling through outdated data & spreadsheets to truly report on prospect development, engagement and conversion by outside sales reps. Operational & Marketing impacts. • Leadership reporting difficult to provide – near impossible to interpret sales rep ROI. ? www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 30. Impact Analysis Noticeable value to the company in a few short months • Region tracking of active accounts, leads and wins • Sales rep engagement tracking • Sales rep to budget revenue tracking • Performance metrics on PC & Mobile use • Clean up of mailable prospects by region with rep influence • Pardot form handlers on website – lead creation • Increase in new contacts loaded from sales reps • Tracking of leads entered by sales reps & conversion reporting • Historical data from system of record & engagement tracking • Integration with ZoomInfo platform used by NBIS • Salesforce Map Data lead generation by NAICS code • Sales rep ROI on quoted and won business • Trending and tracking all engagement activity • Division of revenue by region and state Operational Marketing Lead Generation Executive Management www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 31. NBIS Salesforce FSC Agent 360 • Snapshot of the Agency360 • View key metrics such as GWP, Submissions and Policies coming up for renewal • One-click to pipeline and activity management 0102 03 www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 32. NBIS Salesforce FSC Customer 360 • Customer valuation and performance metrics - Premium & Loss data integrated • Snapshot of the Customer360 • Cross-sell index • Renewal indicator • Quick view of submission activity, policy listing and sales rep activity www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 33. NBIS Salesforce FSC Dynamic view based on proximity Prospect data aligned with Salesforce records Planning activities for trip include: - Distance based route plans - Optimized route plan - Terrain & weather overlays Salesforce Maps www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 34. NBIS Salesforce FSC Einstein Analytics • Executive Real-time Dashboards • Einstein reports allowed us to view data in ways we had not analyzed before: - State & region - Won/lost history - Stage analysis www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 35. Key Metrics • Productivity Gains - Ability to set calls, meetings and zoom instances during drove: - Distributed 6.7% more quoted YoY - Agent Development, 37 new agencies appointed - Drew in more submissions YoY COVID-19: Mar – Oct • Regional Sales growth www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 36. Q & A RUPESH MITHANI Sr. Vice President – Global Head – CRM & Digital Workplace, Hexaware Technologies DOUG STITZER Global Go To Market Director- Insurance, Salesforce DEBORAH SMALLWOOD CEO & Founder, SMA LISA MCABEE Director Marketing & Business Development, NBIS www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 37. Would you like further information about what you saw in this spotlight today? • Yes • Not at the moment Poll www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 38. Call To Action www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 39. • Embrace the New Possibilities • Think Big, Start Small • Rethink Operational & Customer Experiences • Leverage CRM & Other Technologies Call to Action www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 40. Next Steps Feedback on Today’s Event, Three Ways... • End of today’s event using survey prompt • When you receive the recording link email • Directly to TDI, SMA & Solution Providers individually www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 41. Visit the Hexaware’s Virtual Booth Hexaware Technologies Hexaware is the fastest growing next-generation provider of IT, BPO and consulting services. Our Focus lies on taking a leadership position in helping our clients attain customer intimacy as their Competitive advantage and superior experiences as their key differentiator. Value Chain Innovations / Customer Experience. USA/North America www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 42. Contact Details Andrew deKock@ TDI Andrew.de.kock@the-digital-insurer.com Deb Smallwood @ SMA dsmallwood@strategymeetsaction.com Rupesh Mithani @ Hexaware RupeshM@hexaware.com Doug Stitzer @ Salesforce dstitzer@salesforce.com Jeff Lumsden @ Vlocity jlumsden@vlocity.com Lisa McAbee @ NBIS lmcabee@nbis.com Hexaware Technologies marketing@hexaware.com www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 43. Save the Dates www.hexaware.com | © Hexaware Technologies. All rights reserved.
- 44. Thanks for your time! (feedback please) Drive Growth By Reinventing Agent-Carrier Workflow Using Salesforce
Editor's Notes
- Clockwise around the circle: More merger/acquisition activity is happening than ever before within the distributor/agency space. As these relationships change and power is consolidated it is more important than ever before that carriers remain nimble and flexible while getting the most out of these critical relationships. Carriers are looking for a balanced approach that reduces the length of applications and complements the intake process by incorporating third party data and master data management into the submission and underwriting processes. The result simplifies the user experience and results in more automation and better risk assessment for the carrier. More and more employees are demanding that their work tools bring the same type of sophistication and experience that those applications in their personal lines deliver. Carriers are responding with investment in UI/UX. The focus on the customer hasn’t stopped, but the investment in middle office and back office solutions is the new rage with carriers realizing that process automation and transparency are the keys to creating more loyal agents and customers while reducing expense ratios and increasing conversion rates.
- Notes: With the acquisition of Vlocity, we are now significantly expanding our footprint into insurance with end-to-end policy transaction support in the middle and back office that will complement Salesforce’s strength in front-office CRM applications, specifically with our FinServ industry product Financial Services Cloud. Last year, we announced the we were expanded the functionality of Financial Services Cloud into the insurance industry with support for insurers, agents, customer service reps and policyholders. Now with the addition of Vlocity’s Digital Insurance Platform, we will be able to offer support throughout the end-to-end customer lifecycle. Our customers and prospects will now be able to see key benefits including seamless customer experience with omnichannel customer journeys, speed-to-market through digital channels, operational efficiency with straight through processing, business innovation and core processes in the cloud. Vlocity’s Digital Insurance Platform, built 100% on the Salesforce Customer 360, offers core insurance processes designed for property and casualty, life and employee benefits, that span the entire policy lifecycle including quote, rate and apply, policy administration,claims management and omnichannel service. With Salesforce and Vlocity, we are offering a competitive advantage for insurers who want the ability to run their business throughout the customer lifecycle. Comments from Review: differentiated value prop on the sub-head front end-to-multiple back-ends left as here’s the main value - one slide specific products as a separate slide in a typical money slide customer logo customer box - infusing that
- Sample Customers P&C: Ascot, Azur, Insr, Atlas, RSA, Liberty Mutual Life: Seguros Monterrey New York Life, Pacific Life, Crédit Agricole Japan
- Key Message: Leverage an out-of-the-box CRM built for insurance that delivers fast time to value, built directly on the Salesforce platform. Financial Services Cloud: Financial Services Cloud is BUILT on the Salesforce Platform It Extends the capabilities of Sales & Service Cloud, and is able to leverage all of the innovation that they deliver 3x/year Financial Services Cloud has purpose-built capabilities that service financial services firms and insurance companies -- and with Vlocity + Financial Services Cloud, insurance customers now have an end-to-end customer engagement platform that supports the processes at each step of the customer lifecycle so every touch becomes an opportunity to know the customer better, to guide that customer, and to build loyalty. Vlocity + FSC provides industry-specific capabilities so that insurers, agents and customer service reps have the single pane of glass view of the policyholder, along with oversight into all business processes. Other products in the Salesforce portfolio are verticalizing to deliver more innovation for financial services and insurance firms. With Einstein Analytics for Insurance you can leverage contextualized analytics, and with Community Cloud for Financial Services, you can bring the FSC data model, components, and flows to policyholders, brokers and agents in order to provide both your partners and customers with an engaging digital experience. Additional Talk Track: Customer 360 + Platform We built the Salesforce Customer 360 to help companies transform their businesses to deliver the personalized experiences that customers expect. The Salesforce Customer 360 is an integrated CRM platform that unites marketing, sales, commerce, service, and IT departments. It gives these teams a shared view of their customers so they can work together to build lasting, trusted relationships and deliver the continuous experiences their customers expect. And our platform allows your company, no matter what size, to build amazing experiences for your customers. Technologies like mobile, AI, and security are available to you as you grow. Our trusted, intelligent, integrated and sustainable platform provides the tools that our customers need for success. At Salesforce, we believe that anyone who wants to change the world should have the tools and technology to do so. Salesforce Success Cloud Solutions include: CSG (Customer Success Group) - Salesforce experts - world’s #1 architects, success managers, and more Salesforce Approach and Insights (methodologies) offer 18 years of industry leading best practices, including Compass and exclusive customer data insights powered by Einstein, which creates proactive recommendations to customers to help drive adoption and find business value Success Cloud Products and Services: Accelerators, Expeditions, Success Plans DIY/Always on resources - Trailhead, communities, webinars and event Marketing Cloud:
- Converting to Salesforce FSC from the manual spreadsheet environment was a bit of a culture shock for the team Our growing team in the field needed a more fluid way to connect and review agency performance metrics
- Key and expected results in all areas - FOCUS on the Sales rep metrics, tracking & Exec. Management Reporting
- Agent 360 view drives engagement for the sales rep with each agency. The high-level consolidated view of the relationship provides a clear vision for planning. - Assembling a performance-based view for our sales reps to manage the agency at a glance along with one click access to pipeline view or activity/task tracking - Success story from the team: showing this view on screen during a zoom call with the agent has opened the conversation up to more cross selling as we reviewed the new to renewal line submission trend. Ability to drill down into the data from this 360 view allowed for more honest dialogue with the agent about competitive markets.
- Customer 360 view gives out sales reps the typical CRM benefits, however for NBIS, having a quick view of the profitability at a customer level changes the conversation. - Leveraging submission details on renewal and new business lines enables the cross-selling dialogue. Something spreadsheets cannot do – no matter how hard we tried.
- Planning activities and lead generation are the key features for NBIS’ selection on this app. Implemented in September 2020, has already added value for trip planning in the western region with wildfires and smoke layers impacting travel.