Companies referenced/highlighted in this presentation are not current or past clients of Edgewater Technology
Gen Y Perception of Insurance
Insurance agents always try to sell people stuff they don’t really need75%
Insurance companies don’t know or understand the real me57%
Insurance companies and agents can not be trusted53%
Insurance products don’t really make me feel protected50%
Source: Maddock Douglas Quantitative Insurance Survey: August 2012
Consumer Evolution
• Consumers have changed – dramatically– Less marriages, Less children, Less mortgages
• Less need for after death stability– More Google
• Educated, informed and self motivated– Not just Millennials
• Silver Surfers• Amazon Effect
Distribution Evolution
A once dominated Captive distribution is now led by Independent producers – they own 50% of all sales50%
The figures of individuals that are inclined to do their own research online, rather than through an agent74%
Individuals that would purchase their life insurance online Today, if available25%
P&C Direct Written business in terms of net premium (personal lines)71%
Source: Limra 2014
Life Insurance: Required Rebirth
Consumer EvolutionAccess to Advice
Comparative RatingProperty and Casualty Paradigm
Attack on traditional distribution
Access to Advice. Ex: INSWEB
Comparative Pricing
Cavendishonline.co.uk Comparethemarket.com
Moneysupermarket.com
Evolution
The Evolving definition of customer portal
ProspectSales
ApplicationQuote
Underwriting
Policy Holder ServicesRenewal
Claims
Customer Portal
• Without an integrated Enterprise a portal is a mere façade
– Without Enterprise integration a modern portal will fail to impress
• Modern portals must be functional– Access to key data and transactions– Ability to real-time process meaningful
transactions– Research
• Agents require real time BI and drill down to data
Increasing Expectations: Amazon Zone
• 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!
Insurance Web Communication and Collaboration Landscape
Consumer Enablement Maturity Curve
4
2
3
1
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
Simple, Friendly……..
30% of all internet traffic is Mobile based and climbing
Google adjusted mobile search algorithm to include mobile site readiness scoring
Reality
Distribution Enablement Maturity Curve
4
2
3
1
Agent Section in site• Public Information• Marketing
Materials• Phone based
service
Simple Agent Communications & Self Service Portal• Secure Login• Enter new Policy• Policy search &
information• Policy status• Planning tools for use
with prospects• 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• Lead management
Integrative end to end Experience• Full Agent services online• Collaborative Workspace• Integration with external
data such as Funeral Homes
• Business Process Automation technologies
• Advanced mobile applications with offline mode. Ability to complete a policy and submit from customer home.
• Location based services• Lead sharing and Agent
interaction• Full CRM and marketing
functionality• Agent websites
Multisite Integrative Approach
Business Applications, Data, Content, People
Public Policy Holders Agents Employees
Information Management Content Mgmt. Targeting Doc. Mgmt Security &
Access Collaboration
Enterprise Search
Web Analytics
Quoting Policy Admin Claims Billing Commission
Education and Planning
19
Perception
Beyond Portals
Beyond Portals
• 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
Social CRM
Consumers, Bloggers, Dieticians• Questions• Problems• Positive feedback• Dietician
interactions
CRM Generates• Email responses • Coupons• Refunds• Follow-up
reminders
Questions?