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Technology Futures In Life Insurance
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Transcript of Technology Futures In Life Insurance
Technology Futures inLife Insurance
BOARD PRESENTATION TO A LARGEUK LIFE INSURANCE FIRM
2
Major Trends
Socioeconomic Change
(De)regulation
Technology Evolution
3
Industry Vision
4
Strategic Vision: The Evolution of IT
5
IT/Business Alignment
Key Initiatives
• CRM• Single View of Customer• Customer Service Improvement• New products & service development• Channel Consolidations• Online & Wireless initiatives• External Portal• xxxxxxx
• Business Process Improvements• IT Cost-Take Outs• Workflow and Collaborations• Procurement• Asset Management• Internal Portal, Knowledge Mngt.• Employee Self Service, Training• Shared Services • Regulatory Compliance• xxxxxxxx
• Business Process Re-engineering• Decision Support• xxxxxxx
Metrics
• Revenue/customer• Customer Retention Rate• Avg. Products/Cust.• Market Penetration• Revenue/Channel• Revenue/employee• Revenue growth rate• xxxxxxx
• Process Cost• Cost to acquire customers• Cost/employee• Employee Retention• SG&A as% of Sale• Operating income/Net Sale• Productivity/Employee• Efficiency Ratios• IT cost / Revenue• IT cost/ employee• xxxxxxxxx
• Cash to Cash Cycle• Infrastructure improvement• Time to Service & Develop• Maintenance Reduction• xxxxxxx
Customer AcquisitionCustomer Retention
Cross-Sell
Products & Services
Market ShareGeographical ReachDelivery Channels
Distribution & Delivery
Information Technology
Sales and Marketing
Staffing
General Administration
Capital Lockup
Infrastructure Related
Process Improvement
Research& Development
Business Drivers
Revenue Increase
Cost Reduction
Working Capital Reduction
Inc
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me
nt
Ba
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Sh
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Shareholder Value
Annual Benefit
• ROI• IRR• P/E
EPS Impact
One Time Benefit
6
Customer Management
7
Enterprise Architecture
8
Information
9
Channels
Aggregators(i.e. banks)
Aggregators(i.e. banks) PolicyholdersPolicyholders
AgentsAgents
10
Conclusions
Establish a clear achievable vision that includes clear steps.
Be realistic about what capabilities and resources need to be in place.
Develop a culture of follow-through on a long-term basis.
Overcome organizational inertia, structurally harness innovation.
Learn to cut losses when necessary.