We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byColin MacLeod
Modified over 4 years ago
Distribution Technology…Oxymoron or True Competitive Advantage? Steve Weber Program Director
© 2006 Gartner, Inc. All Rights Reserved. 1 Agenda Current Perceptions What we see in 2006 What has worked
© 2006 Gartner, Inc. All Rights Reserved. 2 2006 CIO Survey – Banks and Insurance Top business priority -Attract, retain, grow customer relationships!! Top CIO priority -Deliver projects the enable business growth! Top 3 CIO technologies -Business intelligence, customer sales and service, security enhancement tools
© 2006 Gartner, Inc. All Rights Reserved. 3 Financial Services - CEO Responses Forbes and Gartner, published Jan 2006 -Attract new customers Bank (2), Insurance (1), Investment (1) -Retain existing customers Bank(1), Insurance (2), Investment (4) -Use information as competitive weapon Banks (7), Insurance (6), Investment (2)
© 2006 Gartner, Inc. All Rights Reserved. 4 Current Perception You are doing important, highly visible stuff!!
© 2006 Gartner, Inc. All Rights Reserved. 5 North American Insurance IT Spending Expected to Grow 3% Annually Through 2009
© 2006 Gartner, Inc. All Rights Reserved. 6 Q: What are your top 3 concerns regarding distributor technology? What Are The Challenges of Supporting a Distribution System for Life Insurers? Source: Gartner study of 64 US insurers, December 2004
© 2006 Gartner, Inc. All Rights Reserved. 7 2006 Priorities Distribution technology budgets growing slowly -Shift from build to buy Increased customer facing investments -Both for consumers and producers -Portals to push out account information to drive cross selling
© 2006 Gartner, Inc. All Rights Reserved. 8 2006 Priorities Connected/disconnected access to key applications for producers to maximize productivity Better producer measurement and management -Align comp systems/incentives Increasing efforts to make the process for selling bank and life insurance products more transactional
© 2006 Gartner, Inc. All Rights Reserved. 9 Life Insurance Example Most competitors – start with home office - Use proprietary forms - Trying to automate the existing process – not re-engineer - Use too many systems, particularly for BPM/workflow or underwriting, causing higher cost of integration - Dont integrate illustrations in the process Leaders – start with the field - Use standard forms - Totally paperless process - Includes automated underwriting - Single IT platform - Illustrations integrated
© 2006 Gartner, Inc. All Rights Reserved. 10 Areas of Innovation for 2006 - Annuities CRM, illustration systems allowing wholesalers to more effectively monitor, manage and market to brokers, producers. Linking illustrations into the new business process -Better comparisons to each other and other products Focus on making the appointments process transactional Focus on making commission payments faster/more accurate Electronic signatures and 1035 exchanges
© 2006 Gartner, Inc. All Rights Reserved. 11 Do These Actions Equal Success? NO!
© 2006 Gartner, Inc. All Rights Reserved. 12 What Actually Works Solve six problems at once – not just one or two Act/behave in a true partnership
© 2006 Gartner, Inc. All Rights Reserved. 13 Key to Success – Distribution Technology PeopleProcess Tools What How
© 2006 Gartner, Inc. All Rights Reserved. 14 You Know You Have a Partnership When: You solve the same problems You leverage each others strengths You have the same information You operate as if the glass is half full
© 2006 Gartner, Inc. All Rights Reserved. 15 Partnership (cont) You use the other partys language You provide a safe environment Your commitment to the partnership overrides all else
© 2006 Gartner, Inc. All Rights Reserved. 16 Conclusion What you are doing is very important The opportunities to use customer and other information are endless The technologies exist….dont wait But, success doesnt equal the latest technologies True partnerships do work – if done well
© 2006 Gartner, Inc. All Rights Reserved. 17 Questions?
Investor Conference March 2001, Rio de Janeiro 1 This presentation contains statements that constitute forward-looking statements within the meaning of.
Leveraging an Integrated ERP and CRM System - Featuring Sage MAS 500 ERP and Sage SalesLogix CRM.
Prospecting – The Lifeblood of Selling
Information Systems for Businesses Jack G. Zheng May 22 nd 2008 MIS Chapter 2.
1 The new ESF Investing in your Future -
0 - 0.
Making Your Business Grow
Money, Banking and the Financial System: An Introduction
Proprietary and Company ConfidentialNovember 5, 2009A.M. Bests IMAS THE MARKETING OF ESURANCE AM BEST COMPANYS 2009 INSURANCE MARKETING & ADVERTISING SUMMIT.
Developing and Executing a Global Data Strategy March 16, 2010
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 5 The Voice of the Customer.
Transforming IT Management
Fifth Edition 1 M a n a g e m e n t I n f o r m a t i o n S y s t e m s M a n a g I n g I n f o r m a t i o n T e c h n o l o g y i n t h e E – B u s i.
It is Time to Respond! Progress Software Responsive Process Management Dr. M. A. Ketabchi Chief Strategist Office of CTO, Progress Software.
Replacement (ri-'plas-ment): Noun. The action or process of replacing. Carla Strauch, MBA, AIRC, FLMI Director, Insurance Compliance Thrivent Financial.
© 2011 Forrester Research, Inc. Reproduction Prohibited 1.
© The McGraw-Hill Companies, Inc., All Rights Reserved. Irwin/McGraw-Hill Chapter 3 Money Management Strategy: Financial Statements and Budgeting.
© 2018 SlidePlayer.com Inc. All rights reserved.