Insurance 2.0 : Enabling Multi-Channel Sales & Services - Insurance Application Architecture

Private & Confidential | Copyright 2011 @ 121advisor

21 July 2011

Insurance Application

Architecture

Insurance 2.0 : Multi-Channel Sales & Servicing

By Kevin Steer, CEO ofAETINS Sdn. Bhd.

& 121advisor


Multi-Channel Sales & Service :Insurance Application Architecture

21 July 2011

Social Web Technology Challenges

Integrating Social Web Solutions with Existing Back Ends

Social CRM – managing relationships

24x7 Insurance Application Architecture for the Social Web

Example : Integrating AETINS ISF with the Social Web

Critical Success Factors



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24x7 Online Access• Customer Support• Multi-Channel Support

Security & Identity• Know Your Customers• Secured Access

Online Sales• E-Payment• User Experience

Campaign & Contests• Privacy Act• Monitoring Success

Customer Self-Service• Interactive Service Chat• Multi-Platforms Availability

Time-to-Market• Fast Product Release

Back-End Integration• Straight Through Process



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Integrating Social Web Solutionswith Existing Back-ends

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• User Ids: Agent & Customer sync – issue user Id, suspension• Handling anonymous user interactionSecurity

• Email, SMS, Chat, TelephoneCommunication

• Java, .Net, Open Source (PHP)Web Language

Support

• Back Ends, 3rd parties – point to point or central control?• Data standards – ACORD ? Who follows who?• XML Web Services, MQ Messaging, Direct Database access• EAI gateways

Connectivity

• Oracle, DB2, MS SQL Server, My SQLDatabase Support

• PCs, Tablets, Smart phones, Hand Phones (SMS)Device Support



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Social CRMManaging Relationships in the Social Web

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Plenty of Tools on the Market Portal frameworks provide Social

APIs to enable you to track Social interactions and tie them back to your customers and prospects

CRM vendors are enhancing their solutions to include tracking of Social Web Interactions

Google provides Google Analytics

Building & Using Social Profiles Friend Referrals Social Profiling: Lifestyle, Key

Events, Needs, Buying Patterns Risk Profiling: Underwriting Check Suspicious Claims Verification



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Hype Cycle for Life Insurance: Gartner Report (July 2009)

Social Web Systems readiness

Assessing your Technology Readinessfor the Social Web

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Social Web Technology Functionalities

Straight Through Processing (STP) Technology ComponentsGartner Report (December 2007)

Social WebReadiness?

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Time to Market – product configuration, testing and launch

24 x 7 Social Web Services

Security & Identity

Sales Automation

Enterprise Service Bus - SOA integration

Risk Management – identification & auto underwriting

Self-Service

Interactive Help

Customer Notification

Regulatory Compliance – privacy, security, risk

24x7 Insurance Application Architecturefor the Social Web

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Distribution & 3rd Party Partner Portals

Agent BrokerALC

Bancassurance

DirectTM

3rd PartyPortals

Internal Intranet Portals

BranchPortal

DepartmentalPortals

Head OfficePortal

Analytical Mgmt Dashboards

Front-End Services (24x7) via secure role based Web 2.0 Portal & Content Management Services

Business Services (24x7) exposed via Secure Enterprise Service Bus

Back-End Transaction & Audit Services + Data Warehouse Analytics

Lead Generation Customer ServicingSales Automation Contract Servicing Reporting Portal Admin

Business Rules Engines

Contract Admin Life Health General Takaful Family Health General Accounting System

Banking Integration

Business Intelligence

3rd Party Systems

BPM Workflow & Notification Social CRM 360° Client View Multi-Channel Management

Customer

Social WebSelf-Service

Product Configurator Contests Document MgmteAcademy & eLearning

Consumer Microsites

Social Media Marketing Sites

Direct Campaign

Marketing Sites

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24x7 Insurance Application Architecturefor the Social Web


Distribution & 3rd Party Partner Portals

Agent BrokerALC

Bancassurance

DirectTM

3rd PartyPortals

Internal Intranet Portals

BranchPortal

DepartmentalPortals

Head OfficePortal

Analytical Mgmt Dashboards

Front-End Services (24x7) via secure role based Web 2.0 Portal & Content Management Services (Mobile/Tablet/PC)

Business Services (24x7) exposed via Secure Enterprise Service Bus (XML Web Services /Messaging /SMS /email)

Back-End Transaction & Audit Services + Data Warehouse Analytics (real time & day-end/month-end batch processing)

Lead GenerationCampaigns &

Social Contests

Customer ServicingPayment / Receipt

Member Admin

Sales AutomationNeeds, Quote, SIS

eProposal, ePayment

Contract ServicingPolicy Servicing,

Funds, Claims

Reporting Dashboards& Analytics

Portal Admin Account RolesContent Mgmt

Business Rules Engines Ratings, Illustrations,

Auto-underwriting, Funds, Policy Services, Claims, RI

Contract Admin Life Health General Takaful Family Health General

Individual / Group Retail / Commercial Contract admin, Funds Management, Claims

Financials, Valuation, Reinsurance

Accounting System

Banking Integration

Business Intelligence Data WarehouseMIS Reporting &

Business Analytics

3rd Party Systems

BPM Workflow & Notification

Forms, Messaging

(Email, SMS, chat)

Social CRM 360° Client ViewCustomer & Partner role based accessConsumer Experience Mgmt Services

Campaign Data Mining - Social Profiling

Multi-Channel ManagementRecruiting, Agent Movement

Goal Setting, KPIsPerformance, Compensation

Customer

Social WebSelf-Service

Product Configurator Contests for consumers & channels Document MgmteAcademy & eLearning

Consumer Microsites

Social Media Marketing Sites

Direct Campaign

Marketing Sites

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24x7 Insurance Application Architecturefor the Social Web (in more detail)



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Example: Integrating AETINS ISFwith the Social Web


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Example: Applying AETINS ISFto the Social Web

Separation of Back-Office & Front-Office• SOA Integration via XML Web Services• Reuse XML Web Services for Social Media Integration

Single Product Configuration for Front & Back Office Applications• Single test for back-end and online• Deploy to production and sync to Web Server• Simultaneous launch in back end and online

24x7 Online Sales Capability• Sync product rules run independently of Back-End

XML Web Services exposes product rules to web server• Social Web campaigns can use same web services as Banca and Agency channel

Web Applications (ISFBanca, ISFAgent)

XML Web Services used for • Sales Automation - Quotation, Illustration, eProposal• Policy & Customer Enquiry



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Be ready to react fast, if things do no

go according to plan• Consumers• Partners• Competitors

Speed


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Know what you want to achieve before

engaging

Objectives

Time to Market “whatever you are thinking,

most likely has already been thought of or already applied

on the Social Web somewhere in the world”

You can be sure one of your competitors is thinking the

same

Time

Continuously monitor you Online Brand Reputation

Reputation

Ensure you have adequate resources to

manage your Social Consumers

They are Demanding and VocalWhen all else fails – use social media

Resources


An Experiment on the Social Web :Customer Service Works – Albeit It Slowly in Malaysia

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5th May 2011 posted on TM Facebook Wall – no response for months

5th May 2011 Tweeted Complaint @TMCorp – responded within hour

But Still… Service Delivered 5th July 2011 (2 months later)


CLOSINGREMARKS

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Example: Respond fast to Competitorsusing Social Media effectively

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An example of speed of response how using social media marketing impacts branding

vs

Watch First Video at http://www.youtube.com/watch?v=bVO8o_PKvVg

Watch Second Video at http://www.youtube.com/watch?v=J-Q6NBp8bCA

http://www.youtube.com/watch?v=bVO8o_PKvVg

http://www.youtube.com/watch?v=J-Q6NBp8bCA

http://www.youtube.com/watch?v=J-Q6NBp8bCA


Know Your Competitor Before Responding – Making Your Own ‘Truth’ on the Social Web

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THANK YOUWeb : www.121advisor.com | Email : [email protected] Tel: +60-3-7498-5212 | Fax: +60-3-7955-6363Follow Us : Facebook | Twitter | LinkedIn | YouTube | Webassurance.org BlogAddress : Suite 1208, Level 12 Amcorp Tower, Amcorp Trade Centre, No. 18, Persiaran Barat, 46050 Petaling Jaya, Selangor

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http://www.121advisor.com/

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Insurance 2.0 : Enabling Multi-Channel Sales & Services - Insurance Application Architecture

Technology

Transcript of Insurance 2.0 : Enabling Multi-Channel Sales & Services - Insurance Application Architecture