Presentation is loading. Please wait.

Presentation is loading. Please wait.

About UsAbout You The Brand Win/Win/WinThe Competition About You The Insurance Company The insLogic.com Process Financial The eInsurance Market Place.

Similar presentations


Presentation on theme: "About UsAbout You The Brand Win/Win/WinThe Competition About You The Insurance Company The insLogic.com Process Financial The eInsurance Market Place."— Presentation transcript:

1 About UsAbout You The Brand Win/Win/WinThe Competition About You The Insurance Company The insLogic.com Process Financial The eInsurance Market Place

2 Home Financial Insurance is one of the largest consumer expenses – Larger portion of the average household budget than any other consumable* – Avg. US household spends $4,250 which represents 45% of financial service expenditures** * Source: US Bureau of Census, Consumer Expenditure Survey ** For households between $50,000 and $100,000 income. Comprised of Homeowners $456, Personal Auto $1,826 and Ordinary Life $1,970 (Source: A.M. Best, Bernstein Research, Federal Reserve flow-of-funds data, ICI, Survey of Consumer Finance, BCG Analysis 1999) *** Forrester Research est.

3 Home Financial Insurance is at an earlier stage of Internet migration… – Highest growth segment on-line is property and casualty markets On-line transaction expected to be $18 Billion by 2005 or 10% of total market Additionally sales influenced by on-line will $27 Billion or an additional 15% of total market In total 10 Million households will be researching and or buying their insurance on-line by 2005*** * Source: US Bureau of Census, Consumer Expenditure Survey ** For households between $50,000 and $100,000 income. Comprised of Homeowners $456, Personal Auto $1,826 and Ordinary Life $1,970 (Source: A.M. Best, Bernstein Research, Federal Reserve flow-of-funds data, ICI, Survey of Consumer Finance, BCG Analysis 1999) *** Forrester Research est.

4 Home Net Insurance Sales Will Grow Dramatically… But Winners Will Be Multi-channel ( Source: Forrester, Best BCG analysis ) Influenced Online Sold Online $ Billions Financial

5 Home Technology Adoption & Speed to Market mil (Source: US Consumer Survey 1996) Radio 75 Years TV 50 Years Cable 25 Years Cellular 15 Years Internet 5 Years Key Take Away Speed to market is critical and accelerating About You The Brand # of Users

6 Home Online = Lower Transaction cost for Insurance Transactions (Source: Meridien Research Analysis) Transaction Cost Estimate for P/C Policy Origination Transaction Cost Estimate for P/C Policy Service Financial

7 Home Difficult or Complex High Cost Simple Low Cost Invest Plan for Unexpected (Peace of Mind) AD&D Annuity Term Life Home Auto LTC Health Whole Life Estate Planning Home / Life / Auto suitable for Web and Call Center Same time thinking about investment products Key Take Away Financial

8 Home The POWER is shifting The Wholesaler The Manufacturer The Retailer The Consumer Key Take Away (Early 20 th Century) (Mid-20 Th Century) (Late 20 th Century) (Today) Consumers Will Determine Which Model Will Prevail About You The Brand There Is A Newly Empowered Consumer

9 Home i.e. % Customer citing reasons for insurance purchases at financial institutions Convenience And Trust… Cited As Primary Reasons For Buying Insurance Where They do Convenient Location Deal with people they know Direct deduction of premium from account Bank will lower premium Convenience Trust Convenience Price Banks deal only with financially sound insurers Trust Life InsuranceAuto-Homeowners Insurance (Source: Synergistics Consumer Study, 1997 ABI Fact Book) About You The Brand Consumers See You As Their Trusted Advisor Key Take Away Convenience = Being Available At The Point Of Need Trust = Your Brand Providing Choice

10 Home Enhance the Trusted Advisor Role Problems  Buying insurance requires revealing personal information. 69% 51% 42% 38% 27% 16% 12% Financial Planners Registered Investment Advisors Stock Brokers Accountants Bankers Lawyers Other Your Brand as the trusted source of information (Source: US Consumer Survey 1996) Solutions  “White-label” solution is perfect for selling insurance % confidence by consumers as trusted advisor Key Take Away About You The Brand

11 About UsAbout You The Brand Win/Win/WinThe Competition About You The Insurance Company The insLogic.com Process Financial Evolving eInsurance Models

12 Home B to B B to B to C ASP (Application Solution Provider) Cyber Intermediary Web Insurance Broker Internet Infrastructure Player Platform Financial B to B to B to C

13 Home Recognize Need Learn Products Needs Assessment Get QuotesCompareBuy Service & Renewal Claim Branded navigators who Assist consumers through search Transaction referred to an agent for fulfillment Quotation Referral Systems Fulfillment Systems Non-branded brokers Consumers enter buy process through “trusted” group Transaction fulfilled offline or online B2B Provide engineered existing communication between brokers, underwriters and customers Enable greater accuracy, speed and analysis of complex insurance products Focus on Different Elements of Consumer Experience End-to-end search and fulfillment Business model designed to avoid carrier integration challenges Risk reinsured Reconstructors 4 Models are Emerging…

14 About UsAbout You The Brand Win/Win/WinThe Competition About You The Insurance Company The insLogic.com Process Financial

15 Home Key Take Away The Best Practices of a Traditional Agent/Broker… The Best Practices of a Traditional Agent/Broker… The Cost Structure of a Direct Dial/Writer… …Enabled on the Web insLogic.com – Fulfillment Model About Us

16 Home The Evolution of Insurance Distribution Complexity and Value Pre 90’s 1990’s Traditional Broker Access to Information Provides Choice Commoditization Price Pressure Lack of actual results Trusted brands Direct Writers Lead Referrals Fulfillment What’s next in insurance. About Us Key Take Away

17 Home Aggregation & Fulfillment For Insurance Distribution The Intelligent Middleware Between Consumers And Ins. Co’s  Aggregate information  Analysis of customer needs  Multi-channel gateway  Multi-product fulfillment Insurance Company Insurance Company Insurance Company Insurance Company Insurance Company Insurance Company Internet / Mail / Fax / Phone / Walk in Work Place Home Branch Auto Clerk Retail Kiosk Home TV AEFCDB Key Take Away Intelligent Middleware About Us

18 Home Insurance Company WINS Uniquely Positioned! Brand WINS Consumer WINS About Us Sustainable Relationships Allow Everyone To Win Key Take Away

19 Home Flawless Consumer Experience Choice Intuitive, transparent navigation Unbiased needs assessment and advice Execution of a binding policy in a single session Superior Systems and Capabilities Fully integrated e-commerce solution High performance call center Operational excellence CPT, COPC 3 Key Factors… Drive insLogic The insLogic value proposition About Us The Best Economic Model Will Win Key Take Away Enhanced Economics Higher cross-sell rates to increase retention Better retention to increase profits Lower acquisition and retention cost Increased lifetime value of customers

20 Home vencap ONEX Airline Catering Phoenix Pictures Lantic Electronics Manufacturing “Service engine of the new economy” “Service engine for insurance in the new economy” Infrastructure and e-fulfillment designed specifically for a white-label, multi-channel, multi-carrier insurance offering. Proven Experience & The Resources To Execute Automotive Parts The Onex Family - Proven Infrastructure Player Key Take Away About Us

21 Home LAS VEGAS TORONTO (3) BUFFALO (2) WATFORD CLIFTON, NJ ALBUQUERQUE DUBLIN LIN (2) DOVER, DE DALLAS OAK RIDGE HUNTINGTON COLUMBIA, MD NASHVILLE, TN COLUMBUS DAVIE, FL Europe: 9 Countries 10 Call Centers 3 Distribution Facilities insLogic / ClientLogic Facilities Details: Service engine of the new economy. End-to-end customer management solutions, focused on specific vertical markets. Focus on high-end, long-term client engagements. 32 Locations world wide, 7,800+ employees About Us Global Infrastructure ( insLogic.com / ClientLogic ) Key Take Away

22 Home insLogic. Adoption & Speed to Market  insLogic.com has continually migrated towards cost effective delivery of insurance & towards the way that customers want to do business On-line Offering Pre Call Center Only Form Based Web Quote On-line Quotes Off-line Sales & Service On-line Sales & Service About Us insLogic. Solution Enables A True On-line Offering Key Take Away

23 Home TIGRES  Totally Integrated Graphical Real-time E-commerce Solution Flow-Through Processing Global Contact Management & Campaign Management Database Insurance Contact Management & Campaign Management Database Integrated Services Link Data Mapping APT ACORD CSIO AL3 Flat File MSMQ MQSeries Applied FTP Delphi FiMail STMP XML Insurance Company Insurance Company Insurance Company Data Warehouse Logic Engine Rating System Internet / Mail / Fax / Phone / Walk in About You The Insurance Company Insurance Company

24 Home The Connector Supports Any Format  Examples of Insurance Specific Formats Implemented... AL3 (over 50,000 active implementations)* Applied (over 24,000 active implementations)* AMS (over 15,000 active implementations)* APT (over 1,300 active upload users)* CSIO Delphi Formlink TRA  Examples of Industry Standard Formats Implemented... Flat File FTP MQ Series MSMQ Simple Mail API SQL XML *Source – ACORD Status Report, Spring 1999 There Is No Standard

25 Home Marketing Needs Analysis & Learn Quote & Compare Select Underwrite & Pay Policy Change, Inquiry & Renewal Claims RecognizeBuyService Recognize The insLogic.com Process

26 Home Smart Marketing Solutions  Integration at the time of need, magic moments marketing  Permission-based follow-ups and scheduled interactions Problems  Customers unaware of their needs  Mass Marketing or Branded Marketing (Source: One-to-One Marketing) Event Car loan/Car Purchase Marriage Change in Residence Home Purchase Birth of a Child Product Need Auto Insurance Life Insurance Home Insurance Life Insurance Key Take Away Time of Purchase Insurance Shoppers At Any Given Time Brand Market Approach Mass Recognize 1 : 1 Marketing The insLogic.com Process

27 Home Problems Too much information creates confusion Not organized around customer’s needs Solutions Brand becomes the information source Online intuitive tools available No pressure or bias (intermediary) The Brand is the Trusted Advisor Recognize Needs Analysis And Learning Brand Traffic Customer Understanding Empowerment Quotation Time Speed & Accuracy of Quote Key Take Away The insLogic.com Process

28 Home Problems Multi-Insurance Company solutions have lengthy (form-based) question set (Time consuming to complete) Solutions Fast and intuitive question and response session Access to live licensed agents Increase Completed Quote Sessions Buy Quote and Compare Fast, Intuitive Quotation Process STAGE 1 STAGE 2 STAGE 3 Thin Risk Profile Refined Quote Rating Complete Quote Range Compare Complete % Customers Engaged in On-line Session (Source: Forrester, Best, BCG Analysis) # of Minutes Key Take Away The insLogic.com Process

29 Home Problems Single Insurance Co. means no choice or price matching risk profile Solutions Multi-Ins. Co. to compare/contrast/empower/trust Multi-Ins. Co to match risk profiles Reduce selection confusion Risk No One Insurance Company Will Write All Risks Consumers Want Choice Buy Quote and Compare (Source: U.S. Consumer Survey, 1994) % of consumers rejected, not meeting their needs, or consumer rejection due to price competitiveness 62.1% Agents offering policies from multiple insurance companies 28.8% Agents offering policies from single insurance company 9.1% Don’t Know or No answer Key Take Away The insLogic.com Process

30 Home Problems Time consuming Single channel Multiple separate sessions required Solutions Able to buy in a single session Multi-channel (online or call center). Live contact with a licensed agent increases consumer confidence Close Ratio Rises With The Ability To Buy In A Single Session 12 Hours24 Hours (Source: Forrester, Best, BCG Analysis) Buy Select Underwrite and Pay Key Take Away The insLogic.com Process

31 Home Problems No access to policy & billing status Policy change or inquiry is time consuming/inconvenient Access To Information Leads To Customer Satisfaction Service Policy Change – Inquiry & Renewal % Policy Holders Expresses Dissatisfaction (Source: Forrester) 100% 50% Move to Unassisted Service Solutions Electronic filing cabinet for all policy information  Policy declaration pages  Application forms  Photographs  Mortgage documents Key Take Away The insLogic.com Process

32 Home Service Policy Change – Inquiry & Renewal The insLogic.com Process Traditional Insurance Provider InsLogic Today Traditional Insurance Provider InsLogic Today Improved Bundling… Leads to Increased Retention… And Increased Profit… Average Profit per Customer (Indexed) Bundling To Increase Retention To Increase Profit Bundling Retention Admin Key Take Away Bundling = 9% Increase in retention 9% Increase in retention = 150% increase in profitability 66% of customers today are sold another product

33 Home Billing Fulfillment Sales & Orders Customer Support Technical Support What happened? What worked? What did not work? How do we improve Acquisition, Retention or LTV? High Low Time Customer Value Multiple products sold Other needs 1 st Transaction Accountable Marketing & A Focus On LTV Of Customers Key Take Away Learning more about your customers is your only sustainable competitive advantage Service Learning About Customers The insLogic.com Process

34 About UsAbout You The Brand Win/Win/WinThe Competition About You The Insurance Company The insLogic.com Process Financial Win / Win / Win

35 Home Brands WINS : Leverage Brand Value New / On-going Revenue Improved Customer Retention Improve Customer LTV Increased Learning About Customers Key Take Away The BEST Economical Model WINS Win / Win / Win

36 Home Insurance Company WINS : Increase production of business that they are interested in Lower marketing cost Lower data processing costs Increased retention Learn/exploit together - the Internet channel Better Economics for Everyone Key Take Away The BEST Economical Model WINS Win / Win / Win

37 Home Consumer WINS : Fast (intuitive) Shopping experience (choice) Convenient (at the time of need) Competitively priced Familiar, Consistent, (Brand) Educational One Stop Shop (sales & service) Choice of channel C onsumers Value Trust & Convenience Key Take Away The BEST Economical Model WINS Win / Win / Win

38 Home The Economics – Avoiding Drop-Off Brand Visitors Move to insurance provider’s site Completed Application Compare accurate quotes Get support Lead referral time-lag BUY! Service Cross sell additional insurance products Cross sell non-insurance products Visitors insLogic.com Lead Referral The Competition

39 Home insLogic OFFERS the most COMPLETE SOLUTION Category/Criteria Multi-Company Multi-Product Multi-Channel Single Session Scaleable / Controlled EDI Learn About Customers Better Economic Model The Competition


Download ppt "About UsAbout You The Brand Win/Win/WinThe Competition About You The Insurance Company The insLogic.com Process Financial The eInsurance Market Place."

Similar presentations


Ads by Google