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.
3. 3
Insurance Web Communication and Collaboration
Landscape
Policy
Holder
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
5. The Evolving definition of customer portal
5
Prospect
Sales
Application
Quote
Underwriting
Policy Holder
Services
Renewal
Claims
Customer
Portal
6. â–ş Easy to use
â–ş Addresses MY NEEDS, Helps me
decide
â–ş Seamless shopping experience
â–ş Available Anytime, Anywhere
â–ş From any device
â–ş Portal that allows me complete access
and control over my policies, benefits,
etc
â–ş No need to talk with customer
service!
Increasing customer expectations
6
7. Life Insurance Customer Service Maturity Curve
7
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
4
2
3
1
8. â–ş % Increase in new quotes requested
â–ş % Increase in value of policies
â–ş % Increase in conversion rate
â–ş % of policy holders that have registered for the Portal
â–ş % of reduction in calls to customer service
â–ş % Reduction in costs associated with printing and emailing
documents
â–ş % Increase in customer satisfaction
â–ş % Increase in policy holder retention
â–ş % Increase in on-time payments
â–ş % Increase in purchase of additional products
Key Performance Indicators and ROI Measures
8
9. â–ş Where to put the login wall?
â–ş What actions users should NOT be able to do online?
â–ş How to build cross sell, upsell and education into the process?
â–ş How to get users to use the portal?
â–ş Importance of mobile
â–ş Integration of social service
Key Considerations
9
17. â–ş Education and Customer Life-stage/ Need focused site
â–ş E-commerce flow and analytics
► E-applications, tablets for agents/ nurses, co-browsing for CSR’s
â–ş Collaborative workspace Customer interactions and service
through medical and underwriting
â–ş Social and mobile customer service channels
â–ş Value added services and content to encourage retention
â–ş Marketing programs driven by Customer Intelligence
Beyond Portals
17
20. â–ş End to end web and mobile tools so agents do not need to call.
â–ş CRM: the ability for agent to manage, interact and provide service
â–ş Mobile: the ability to identify, educate, sell and complete a policy
at a customer home.
â–ş Lead Generation
â–ş Social Service
â–ş Proactive Communications
Agent Interaction: Key Trends
20
21. Life Insurance Agent Enablement Maturity Curve
21
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
4
2
3
1
22. Multisite Integrative Approach
22
Business Applications, Data, Content, People
Public Policy Holders Agents Employees
Information Management
Content
Mgmt.
Targeting
Doc.
Mgmt
Security
& Access
Collaboration
Quoting
Policy
Admin
Claims Billing Commission
31. â–ş Thinking overall interactions, on and beyond portals
► For each audience – what are the best ways to interact
â–ş Improve user experience and analytics across the board
â–ş Data and legacy system constraints
Summary
31
33. Customer
Service
Campaign
Mgt.
Email
Tracking
Unstr.
Data
Other
Trans.
Social
Media
Data
Web
Analytics
Data
Data Integration &
Distribution Hub
Data
Quality
De-Dup
Process
Data Cleansing
Formatting
Data
Standardization
Bus.
Rules
Data
Load
Data
Aggregation
Data
Transformation
Customer
Exp.
Customer
Analysis Web
Activity
Campaign
Mgt.
Cross-
Channel
KPI
Add’l
Subject
Areas
Centralized Customer Repository (CRM)
Customer
Experience
Analysis
Marketing
Campaign
Effectiveness Web
Effectiveness
Analysis
Internal
Customer
Analysis
Soc. Media
Effectiveness
Analysis
Cross-Sell
Up-Sell
Marketing
Customer Intelligence Platform
Customer Intelligence Framework
33
Web Services Reporting Services
34. â–ş Derek Sharron
â–ş Business Development Manager
â–ş Dsharron@edgewater.com
â–ş 978-407-7160
Contact Information
34