The Digital Insurer - Think Digital: Transform your underwriting process
Digital thinking to transform the underwriting process
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Transcript of Digital thinking to transform the underwriting process
www.the-digital-insurer.com
Think Digital: Transform your
underwriting process
www.the-digital-insurer.com
Four Themes / Areas for discussion
1. Digital will transform face-to-face advisory channels
2. Tablets point of sales toolkits are pivotal
3. Underwriting will also be transformed - twice
4. How to avoid the roadblocks
2
Life Insurance as focus
For today’s discussion
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The Digital Revolution: it will not be televised
Digital Convenience
• Always on
• Always there
• Universal
• Almost free
Digital Connectivity
• Access to information (Google)
• Access to each other (Facebook)
• Access through devices (Apple)
• Location-agnostic (cloud services)
Digital
Expectations
• Data “on demand”
• Desire for clarity & simplicity
• Dialogue not monologue
• Easy to promote a product .. and complain
Change, Change, Change….
3
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Two digital “Mega” trends : forces beyond
anyone’s control
1. Technology is cheaper and
easier to implement than
ever – it is the fulcrum to
meet consumer needs,
reduce operating costs and
to change your culture
2. Changing consumer
behaviour – they are
demanding and seeking a
different experience
4
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4 digital Insurance business
opportunities (& threats)
Create New Models
1. Pilot New Digital models : Partner
with companies with digital assets
to create new models
2. Digital Worksite Marketing:
unlocking the hidden value in your
employee benefits business
Transform Existing Models
3. Transform Life insurance Advisory
Businesses : The Digital Advisor
4. Digital Cross Selling: personal
lines, asset management, banking
5
Focus for Today
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Welcome to Digital Customers : they are
“Hybrid”
The hybrid customer is…
• Better informed
• More demanding
• “Multi-channel” for both
sales & services
• Will jump channels at
any point – catch them if
you can!
The Hybrid
Customer
Face
To
Face
Online
Phone
6
Myth #1: Digital is a new distribution channel
Reality : Digital enables customer engagement
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Tablet sales toolkits : a pivotal tool in the
transformation process
1. Access sales aids/ brochures
2. Identify needs
3. Produce quotes and help to
close
4. faster, easier and more accurate
proposal submissionKey Success factors
• Must be Designed for Advisors
• Easy to use with a “wow” factor that encourages use with
clients
• Great usability is critical: engage/delight customers &
advisors8
Tablet Functionality:
Focus on the parts of the sales
process that engage with customer
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Tablet sales toolkit : Easy business case
Primary benefit
Improved Sales effectiveness
through a better customer
experience
Measured by :
- High tablet usage from
Advisors
- Increased sales productivity
per month
Other Benefits after success
1. Back office productivity from
digital proposals� More efficient
� Faster & more accurate (clean policies in a
day)
2. Reduced agency overheads :
premises & technology costs
3. Business intelligence� Benchmarking data
� Usage data
� “Bigger” data
4. Improved compliance to sales best
practice (& regulatory
requirements)
5. Recruitment training tool
6. Platform for more automated
underwriting
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AIA Case study: a tablet success story
10Full AIA case study available on-line
AIA’s Journey
1. Initial Pilot in Taiwan (end 2011)
2. Rollout in 3 countries completed (Singapore, Indonesia and Malaysia)
3. Further 6 countries to complete in 2013 (6-9 months per country)
Compete set of functionality
“The adoption of iPoS goes beyond our
expectations. In one country more than
80% of the new business is coming in
through iPoS within 12 months of launch
and in another country it was more than
30% after 3 months. The agents just love
iPoS. All other indicators such as
productivity, activity or case size are equally
positive and better than expected.”
AIA Executive leading the development
Results exceeding expectations
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Tablet Underwriting : 3 phases of the first evolution
Deliverable Benefits
1. Digital Application
� Make the application form digital
� Collect additional info e.g. ID,
proof of address
� Improve Accuracy &
completeness
� Easy to submit
2. Digital Issuance
� Allow immediate issuance of
clean non medical policies
� Collect first premium by credit
card
� Next day policy issuance for
majority of policies (clean and non
medical)
3. Digital Underwriting
� Workflow engine for outstanding
medical requirements
� Increased use of underwriting
engines
� Supplementary questionnaires
completed immediately
11
� Streamlined management of non
clean and / or large cases
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Just over the Horizon : The second digital
underwriting revolution1. Big data = more info
� Underwriting questions digitised
2. Wearable devices are
coming
� Fitness statistics
� Personal medical data (heart rate,
blood pressure)
3. Digital Medical records
� Can provide access to insurers
With more data
available
Risks can be
more quickly
& more accurately
priced
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Tips for successful digital transformation
Strategic Alignment
� Digital as a transformation opportunity
� The importance of Tablet POS toolkits
� Comprehensive business case
approved
� Resources dedicated
New Implementation approach
� Customer centric (outside in)
� Prototype (AGILE)
� Explicit change management
� Distribution owned
� Launched like a product
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Objectives Accomplished?
1. Digital will transform face-to-face advisory channels
2. Tablets point of sales toolkits are pivotal
3. Underwriting will also be transformed - twice
4. How to avoid the roadblocks
14
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A Forum for Digital Insurance
in Asia
– Articles on digital insurance
– Free subscription to the
Quarterly digest & magazine
Subscribe for free, and be the first to
know
Articles:
– The Digital Advisor
– Customer & Advisor portals
– tablet sales toolkits
– Implementation Tips
– Worksite marketing
Building tomorrow’s digital
insurance business models, today.
Hugh Terry
15
Sponsored by Insight Consulting:
– Strategic Digital roadmaps
– Implementation services
– Digital ventures