Simon Field, ACII Chartered Insurance Practitioner IBM Zurich Research Lab, Switzerland

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Emmeline Montgomery
8 years ago
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2 Business Issues Reduce the cost of selling insurance using automation technology, even for complex products Improve customer service bridging the language gap between customer needs and product features using mass customization technology to personalize offers Address a wider range of customer needs dynamically composing offers from product components Improve portfolio management using tools for customer and product information modeling integrating the sales & marketing system with the back office

personalize offers Address a wider range of customer needs dynamically composing offers from product components Improve

3 Typical solution to automate quotations User (sales person, agent, broker, direct customer) talks to quotation engine Quotation Engine Rates

4 Problems User needs to talk the language of the product Many products are too complex for automation with a quotation engine Quotation Engine Rates No help in mapping customer needs to product options Many input parameters means many questions

engine Quotation Engine Rates No help in mapping customer

5 Symmetric Product specific requirements (optional) Product features Customer Rules and Properties Product Properties and Rules Customer description, and customer needs Matching Products Rules mapping customer profiles to product configurations Underwriting rules Addressing micro market segments Dialogue about needs, not product features Product configurations (one product, many configurations)

mapping customer profiles to product configurations Underwriting rules Addressing micro market

6 Dynamic Properties Customer Rules and Properties Product Properties and Rules Matching Products Use to set premium, deductible, coverage etc. for each individual customer Rules Dynamic Call Data Programs Addressing a market of one

7 Solution Scenarios

8 Complex product, simple pricing Needs oriented dialogue Dynamic pricing Customer Rules and Properties Matching Products Product Properties and Rules Advertising Tool Personalized offers Portfolio management Examples include Travel, Personal Accident

Products Product Properties and Rules Advertising Tool

9 Complex product, complex pricing Customer Rules and Properties Feedback & Refinement Prepared Offers Config. Properties and Rules Matching Configurations Advertising Tool Quotation Engine Examples include Car and Life products

Properties and Rules Matching Configurations Advertising

10 Product Components Component rules and properties Customer Rules and Properties Cross-component meta rules and properties Assembled Products Examples include Commercial Lines, Wealth Management

11 IBM s can automate the quotation process, even for complex insurance products can bridge the gap between customer needs and produce features offers mass customization via dynamic personalization of any product feature can dynamically compose offers from components can draw together complementary components from partner organizations has a suite of tools for modeling the information exchange between customers and product providers facilitates the integration of the sales and marketing system with the back office

from components can draw together complementary components from partner organizations has a suite of tools for modeling the

12 Potential end-users Sales, call center and underwriting staff sales agents independent agents and brokers direct customers

13 IBM Client interfaces available: standard browser-basedbased client Portal Commerce Web Services (SOAP, XML) for integration with existing applications Integration with third party systems Customer databases and other CRM systems Quotation engines 3rd party information providers Key features symmetric multi-attribute matchmaking progressive revelation of information dynamic offers multi-attribute decision support distributed architecture

CRM systems Quotation engines 3rd party information providers Key features symmetric multi-attribute

14 Need more information?

Improving customer satisfaction and operational efficiencies with a proven portal solution.

Portal solutions for the insurance industry Executive brief November 2005 Improving customer satisfaction and operational efficiencies with a proven portal solution. Page 2 Contents 2 Executive summary