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The evolution of customer portals in the life insurance and final expense insurance industries. Presented by Edgewater Consulting at Accord Loma Life Insurers Council (LIC) Technology Committee meeting.
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Beyond Portals in Life Insurance
Ori FishlerDirector, Web SolutionsDerek SharronBusiness Development Manager
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► Beyond Portals – Multichannel communications and collaborations
► Customer► Agent► Employee
Agenda
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Insurance Web Communication and Collaboration Landscape
PolicyHolder
AgentInsurer
Public Website / Mobile Rendering
Agent White Label Client Self Service
Agent Portal
Policy Holder Portal
Employee Portal
Agent Mobile Selling tools
Agent Mobile Site / App
Policy Holder Mobile App
Beyond PortalsCustomers
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The Evolving definition of customer portal
ProspectSales
ApplicationQuote
Underwriting
Policy Holder ServicesRenewal
Claims
Customer Portal
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► 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!
Increasing customer expectations
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Life Insurance Customer Service Maturity Curve
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
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3
1
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► % Increase in new quotes requested► % Increase in value of policies► % Increase in conversion rate► % of policy holders that have registered for the Portal► % of reduction in calls to customer service► % Reduction in costs associated with printing and emailing
documents► % Increase in customer satisfaction► % Increase in policy holder retention ► % Increase in on-time payments► % Increase in purchase of additional products
Key Performance Indicators and ROI Measures
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► Where to put the login wall?► What actions users should NOT be able to do online?► How to build cross sell, upsell and education into the process?► How to get users to use the portal?► Importance of mobile► Integration of social service
Key Considerations
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Examples from other industriesGeico Auto Insurance: 100% control
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BCBS of TN: Focus on the Consumer
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User Friendly Portal
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Ecommerce level analytics
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Life Insurance ExamplesBefore Login After Login
Printable Forms
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Blurring the lines – Good or Bad?
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Complete e-forms experience
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► 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
Beyond Portals
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Social CRM
Consumers, Bloggers, Dieticians• Questions• Problems• Positive feedback• Dietician interactions
CRM Generates• Email responses • Coupons• Refunds• Follow-up reminders
Beyond PortalsAgents / Brokers
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► End to end web and mobile tools so agents do not need to call.► CRM: the ability for agent to manage, interact and provide service► Mobile: the ability to identify, educate, sell and complete a policy
at a customer home.► Lead Generation► Social Service► Proactive Communications
Agent Interaction: Key Trends
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Life Insurance Agent Enablement Maturity Curve
Agent Section in site• Public Information• Start a quote • Phone based
service• Claim forms
Simple Agent Communications & Self Service Portal• Secure Login• Enter new Policy• Policy search &
information• Planning tools• 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
Integrative end to end Experience• Full Agent services online• Collaborative Workspace
through medical and underwriting
• Integration with external data such as Funeral Homes
• Customer eForms / E-signatures
• View policies across business lines
• Business Process Automation technologies
• Social service• Advanced mobile
applications with offline mode. Ability to complete a policy and submit from customer home.
• Location based services
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Multisite Integrative Approach
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Business Applications, Data, Content, People
Public Policy Holders Agents Employees
Information Management Content Mgmt. Targeting Doc.
MgmtSecurity &
AccessCollaboration
Enterprise Search
Web Analytics
Quoting Policy Admin Claims Billing Commission
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JH SalesNet – Focus on education and Sales Tools
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CRM based applications for Agents
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Most current iPad apps are for education planning
Beyond PortalsEmployees
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Next Generation Employee Portals: Social
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MOOG: Enterprise 2.0 Strategy and Implementation
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Customizing Functionality - Apps
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► Thinking overall interactions, on and beyond portals► For each audience – what are the best ways to interact► Improve user experience and analytics across the board► Data and legacy system constraints
Summary
Q&A
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Customer
Service
Campaign Mgt.
Email Tracking
Unstr. Data
Other Trans.
Social
Media
Data
Web Analytics Data
Data Integration & Distribution
Hub
DataQuality
De-DupProcess
Data Cleansing\Formatting
DataStandardization
Bus.Rules
DataLoad
Data Aggregation
Data Transformation
CustomerExp.
CustomerAnalysis Web
Activity
CampaignMgt.
Cross- Channel
KPI
Add’lSubjectAreas
Centralized Customer Repository (CRM)
CustomerExperience
AnalysisMarketingCampaign
Effectiveness WebEffectiveness
Analysis
InternalCustomerAnalysis
Soc. MediaEffectiveness
Analysis
Cross-SellUp-Sell
Marketing
Customer Intelligence Platform
Customer Intelligence Framework
Web Services Reporting Services
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► Derek Sharron► Business Development Manager► [email protected]► 978-407-7160
Contact Information