The Leaky Pipe for Insurance - what's preventing you from increasing revenues, improving margins and...
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Copyright © 2014, Oracle and/or its affiliates. All rights reserved. The Leaky Pipe for Insurance 1 Margin & revenue erosion Potentia l Margin Realiz ed Margin “According to the 2015 Gartner CIO study, conducted with 152 CIOs from global P&C and life insurance companies, insurance CIOs reported that 13% of today’s revenue is attributed to digital sales, with growth expected to rise 25% in two years and 47% in five years.” Slow underwriting turnaround times Limited visibility into broker business Non compliant process across sales channels Slow onboarding of new sales reps Inefficient, unautomated and unstreamlined processes High IT costs due to complex processes with disparate syste Limited staff mobility Limited leverage with distribution partners Expensive, risky and lengthy IT upgrades IT systems unable to cope with consumer driven market 0+% of orders are missing up ell/cross-sell opportunities Error-prone pricing and discounting due to multiple system integrations 62% order failure rate due to missing/incorrect items
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Transcript of The Leaky Pipe for Insurance - what's preventing you from increasing revenues, improving margins and...
Copyright © 2014, Oracle and/or its affiliates. All rights reserved. 1
The Leaky Pipe for InsuranceMargin & revenue erosion
Potential Margin
RealizedMargin
“According to the 2015 Gartner CIO study, conducted with 152 CIOs from global P&C and life insurance companies, insurance CIOs reported that 13% of today’s revenue is
attributed to digital sales, with growth expected to rise 25% in two years and 47% in five years.”
Slow underwriting turnaround times
Limited visibility intobroker business
Non compliant processacross sales channels
Slow onboarding of new sales reps
Inefficient, unautomated andunstreamlined processes
High IT costs due to complex processes with disparate systems
Limited staff mobility
Limited leverage with distribution partners
Expensive, risky and lengthy IT upgrades
IT systems unable to cope with consumer driven market
90+% of orders are missing upsell/cross-sell opportunities
Error-prone pricing and discounting due to multiple system integrations
62% order failure rate due to missing/incorrect items
