This presentation was presented by Hugh Terry of The Digital Insurer. It covers how to "digitally enable" a life insurance sales force (agents or bancassurance) to take advantage of new technologies
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The Digital Advisor - Using technology to improve an advisory sales process for insurance
1. Identifying Practical Technological
Investments for Life Insurers:
How to Anticipate and Meet the Digital
Trends that are Changing the Way Sales and
Services can be Delivered
CIO Conference, 9th November 2012, Singapore
www.the-digital-insurer.com
3. Overview
1. Change, Change, ChangeâŚ.
2. A Plan: The Digital Advisor
3. The Power of Tablets
4. Getting Practical : Implementation tips
www.the-digital-insurer.com
4. Digital: the revolution will not be
televised
Digital Big Change Rising Expectations
⢠Always on ⢠Access to information ⢠Data âon demandâ
⢠Always there (Google)
⢠Desire for clarity
⢠Almost free ⢠Access to each other and simplicity
⢠Universal (Facebook)
⢠Access through ⢠Easy to promote a
⢠Location-agnostic product .. and
⢠Easy access devices (Apple)
⢠Access to new complain
⢠Dialogue not
monologue opportunities ? ⢠Customer
behaviour is
changing
Change, Change, ChangeâŚ.
www.the-digital-insurer.com
6. Digital Audit:
Life Insurance in Asia
Low
consumer
focus
Derailed
Legacy
tech
Systems
projects
Digital
Opportunities
Low Tech due to
Tactical not relatively low
Transformative transaction
volumes
www.the-digital-insurer.com
7. Two Digital â Mega Trendsâ
1. Technology is cheaper and
easier to implement than
ever â it is the fulcrum to
meet consumer needs and
reduce operating costs
2. Technology is changing
consumer behaviour â
customers will demand a
different experience
www.the-digital-insurer.com
9. 1. Managing the Sales Funnel
⢠Co-partnership models for lead generation
⢠Apps to generate leads from the âdigital
cafesâ
⢠Lead management systems to manage
multiple leads , measure ROI and promote
better practices
Business outcome:
- More leads
- Better quality leads
www.the-digital-insurer.com
10. New Business Workflow
Case Management
Policy Record Systems
www.the-digital-insurer.com
11. 2. Build a âdigital eco-systemâ around
legacy policy systems
⢠Advisor portals: customer data and
advisor performance
⢠Customer portals : an on-line
marketing engine for cross sell and
upsell
⢠Case management : multi channel
customer support to connect customer
interactions New Business Workflow
⢠New business workflow : creating Case Management
transparency in policy processing Policy Record Systems
Business outcome:
- Building deeper, richer and better
relationships with customers and
advisors
- Allow âfarmingâ as well as âhuntingâ
www.the-digital-insurer.com
12. New Business Workflow
Case Management
3. âconnecting the Policy Records
eco systemâ
www.the-digital-insurer.com
13. Tablet Sales Toolkits for Advisors
1. Identify needs
2. Close sales
3. Allow Faster, easier and
more accurate proposal
submission
Key Success factors
⢠Must be Designed for Advisors
⢠Easy to use with a âwowâ factor that encourages use with
clients
⢠Great usability is critical www.the-digital-insurer.com
14. Usability : A Key Success Factor
1. Take design very seriously
2. Think âfingerâ not âmouseâ
3. Stop thinking sequentially
â no longer bound by
paper
4. Strive for simplicity â
harder than you think
5. Bringing in external
expertise â unlikely to have
in-house
www.the-digital-insurer.com
15. Tablets : Making the business case
Primary benefit Other Benefits on success
1. Back office productivity from
digital proposals
Improved Sales effectiveness â More efficient
through a better customer â Faster & more accurate (clean
experience policies in a day)
2. Business intelligence
Measured by : â Benchmarking data
â Usage data
â âBiggerâ data
- High take-up from Advisors 3. Improved compliance to sales best
- Increased sales productivity practice (& regulatory
per month requirements)
4. Recruitment training tool
5. Platform for more automated
underwriting
www.the-digital-insurer.com
16. Tablet Development : Market activity
AIA Other
⢠Feb 2012 launches quotes on Companies
iPad - At least 2 MNC
insurers in
⢠August 2012 Singapore
â Extended to include digital developing iPad
proposals capabilities
â Integrates Protection calculator - Android related
tools developments in
â Reporting 70% take-up emerging
â Intention to rollout in other markets from
markets over 18 month period local insurers
Sources: AIA press releases & AIR article
www.the-digital-insurer.com
17. 9 Practical Implementation
Tips for Tablet Toolkits
1. Whose leading?
â Do they have passion and
commitment?
â Can they operate across all functional
areas?
5. Invest in usability and
2. Organisational readiness design
â Outsourcing
â IT security not a barrier 6. Pilot mentality â with room
â Budgets & buy-in
for evolution
3. Reduce the Functional
7. Vendor selection
Scope
â Fewer product 8. iPad or Android?
â Exclude fact find / financial review
â No offline version
9. Professional Rollout â a
4. Remain focused on sales âlaunchâ
benefits â be flexible www.the-digital-insurer.com
18. www.the-digital-insurer.com
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â Discussion forum â Tablet toolkits
â Access these slides (see â Implementation Tips
newsflash area)
Building tomorrowâs digital
insurance business models,
today.
www.the-digital-insurer.com
Hinweis der Redaktion
Live Demo notes:Take Lionel or Walter as an example clientEnter their details â including taking a copy of their NRICDo a Target Quote for S$1 million at age 65For fund selection choose a âriskyâ fund â joke that they seem to be a person who likes to take risksLionel /Walter to quip â like to retire earlier and with more moneyâ. Recalculate on the screen for retirement at age 60 with $2 millionTo CC : What the demo will need:i) Working screen inputsii) Working calculation routinesiii) Graphical output (looks reasonably good)