Mobile technology for Insurance Sales force

1. Mobile technology for Insurance Sales force

2. Agenda
Insurance Market: Insights & Opportunities
Mobile Technology opportunities
• Mobile CRM
• Mobile Claim
• Mobile Content Manager
• Mobile Scheduler
Way Forward

3. P&C Industry at glance
Revenue 9-10 Profit 9-10
$471.1bn $33.4bn
Annual Sales Growth 05-10
- 3.3%
Annual Sales Growth 10-15
3%
*Source: IBISworld.com

4. P&C Industry at glance
Motor vehicle registrations declining
Home ownership rate declining

5. Distribution Channel Mix
Channel Mix FY07 for General Insurance
Referral Other/Internet
6% 2%
Corporate Agency
15%
Broker Agents
17% 60%
*Channel mix based on commission paid to each channel
Source Ernst & Young Insurance trend 09
Agent channel is critical (60%).
Cost saving in this have huge impact in profits

6. Distribution Channel
Largest element of insurer cost
Strongly influence product design in insurance
Direct impact on marketing image of insurer
Integrity of distribution channel key concern of regulatory
mechanism

7. Mobile Technology Opportunities
US Insurance Industry Spending on MobileTechnology
In Millions
$ 40
$ 35
$ 30
$ 25
$ 20
$ 15
$ 10
$5
$0
2001 2003 2005 2007 2009
Annual spending increasing at CAGR 17.8%
Mobile solutions can drive channel efficiency gain of up to
30%
*Source: Tower Group Research

8. MOBILE TECHNOLOGY
APPLICATIONS

9. Mobile CRM
Transform host applications and
packaged enterprise applications into
Web-based mobile applications
• Provide agents access to the information- any
time, any place
• Deliver mobile access to time-critical applications
and resources (Customer data, Policy
information, claim file information, estimating
tools, preferred vendor networks, claim experts
and supervisors)
• Nurturing customer relationships
• Acquiring or maintaining customers
• Support marketing, sales or services processes

10. Mobile CRM Advantage
Mobile CRM will be 20% of total CRM market by 2011
Increase in New Business in first year - 20%
Increase usage of CRM – 82%
Improved relationship with customer
• Order management
• Sales information for customer
• Competitive intelligence
• Customer intelligence
Help agents make faster, more accurate decisions
• Agent serve customer better
*Source: IBISworld.com

11. Mobile Claim
1. Claim
2. Call Customer care 1
3. GPRS search nearest 6
2
available Claim Assessor
4. Assessor check policy
details (Mobile CRM)
3
5. Inspection/
Adjudication 5
6. Payment
4

12. Mobile Claim Advantage
Claim represent largest cost for Insurer - Detecting and preventing
fraud claims due to fast claim processing
Increased claim capacity by 40% without adding staff
Improve customer satisfaction – faster claim settlement
Enable agents to be more productive
Better work load balancing

13. Mobile Content Management
Multi-channel content delivery
capabilities
Allow users to manage a central
content repository
Content delivery to desktop web
browsers, mobile phones and
other devices.
Location-based content delivery

14. Mobile Content Management Advantage
40% increase in activities recorded to contact management system
400% improvement in efficiency
Response to 95% of customer inquiries on the first call
Reduced decision-making time from 7 days to 7 minutes
Enhanced examiner productivity from 15 – 30%
*Source: Survey done by Hartford

15. Mobile Scheduler Application
• Customer call “Call-center” to book appointment
• Call center forward request to nearest available agent
• Agent check his schedule and book appointment
• Confirmation given to customer
• For existing customer request forward to initial agent to
maintain relationships
• Agent may receive a lead form generated from Web site.
Agent book appointment directly with customer.

16. Mobile Scheduler Advantage
Improved relationship with customer
• Schedule appointments at customer convenience
• Helps to cross sell
• Agent can obtain new accounts through referrals
Agent can cover wider area
Gives agent more control over their time and schedules

17. WAY FORWARD & CONCLUSION
CAPITALIZE ON THE
OPPORTUNITY

18. Way forward.. monetize NOW!
IMMEDIATE GOAL: Monetize
the Mobile Technology
opportunity
Evolve with
market
Further build • Continuous
• Enhance for Enhancements
other Mobile
Enhance Devices
• Mobile CRM
• Mobile Claim
• Mobile
Content
Launch with: Manager
• Mobile
Scheduler
• Mobile Mail
• Global
Positioning
3- 6 months 6-9 months 9-12 months

19. Thank you