SALES GUIDE: INSURANCE INDUSTRY

Transcription

1 SALES GUIDE: INSURANCE INDUSTRY How to successfully sell in the Insurance Industry

2 TABLE OF CONTENTS THE INSURANCE MARKET 04 MARKET OVERVIEW CULTURAL BACKGROUND TECHNOLOGICAL BACKGROUND WORKFLOW SWOT ANALYSIS THE BENEFITS 12 THE PROPOSITION 14 THE SOLUTION 16

3 THE INSURANCE MARKET To get work done effi ciently and accurately, the insurance industry is relying more than any other industry on a well-functioning speech-totext workfl ow. Adjusters often need to record statements from witnesses, policy holders and injured parties while on the road. Sometimes these interviews take place at an accident site, and at other times, investigators travel to homes, offices or job sites. When back at home or the offi ce, recorded statements need to be transcribed and put into forms often by hand, making it a very tedious and time-consuming task. With Philips dictation solutions this process can be streamlined and simplifi ed down to a minimum, helping professionals work in the easiest, most reliable and effi cient manner every day. From the no. 1 in professional dictation 4

4 MARKET OVERVIEW UNDERSTANDING THE MARKET AND ITS REQUIREMENTS CULTURAL BACKGROUND INNOVATIVE VOICE PROCESSING In many companies, rapid changes are occurring in the area of mobility. Studies have shown that a third of working hours now occur outside of the workplace. We have designed our dictation products and solutions in line with this trend. Enjoy your freedom, even when dictating. THE CHALLENGE: HIGH DOCUMENTATION VOLUMES The claims group within an insurance company typically spends 40-50% of their time on the administrative aspects of their jobs. Proper documentation is essential to take key decisions and if and how fast claims can be handled for the insurance customers. Field adjusters are also fi nding it increasingly diffi cult to meet the claims quota. They often have no choice but to complete insurance reports in the evening, a practice that eats into precious personal and family time. Over time, this leads to low employee morale and high turnover rates. High employee turnover rates represent a major cost burden for insurance companies. Recruiting, hiring and training new adjusters a process that can take up to fi ve months not only impacts the bottom line, but it disrupts the quality and continuity of customer service. REDUCE ADMINISTRATIVE WORKLOAD By integrating speech-to-text solutions, administrative demands for overburdened adjusters can be signifi cantly reduced thereby helping to alleviate administrative overload, leading to increased retention and better client service. Furthermore, cutting documentation time in half results in several hours of time-savings per day for adjusters. By turning formerly idle driving time into productive work time used to dictate, notes can be captured while details are still fresh in the adjuster s mind. Streamlining traditional workfl ow and eliminating time-consuming keyboard input enable adjusters to focus more time and energy on the more interesting and challenging aspects of their jobs. TECHNOLOGICAL BACKGROUND THE CHALLENGE: CLAIMS PROCESSING WORKFLOW Effi ciently researching, creating, managing, sharing and archiving data is crucial to any department involved in the claims processing workfl ow. Insurance companies invest signifi cant amounts of money in client or web-based software for backend claims management systems to standardize and support claims reporting. Lengthy manual input of information into forms to generate reports slows down the response to customer claims and compromises the quality and thoroughness of required documentation. CREATE DOCUMENTS 3 TIMES FASTER The document creation workfl ow should be integrated with the existing electronic claims management system because claims documentation ineffi ciencies are causing rapid cost escalation for insurance carriers of all types and sizes. Digital dictation dramatically reduces the time it takes to complete documentation, speeding claims processing and saving agents several hours per work day. Field agents and adjusters can dictate documents three times faster than typing. They can use a digital voice recorder to capture notes in the fi eld and then automatically download the audio fi les when they connect to their PC. It s a proven, eff ective way to increase agent productivity and satisfaction for improved customer service. 6 7

5 MARKET OVERVIEW Customer calls to report claim. THE WORKFLOW Adjuster is at the site inspecting the damage and recording the facts on his voice recorder. DIGITAL RECORDING SUPPORTS AUTOMATION Busy agents and fi eld adjusters make several visits and calls a day. By using digital dictation, they can signifi cantly speed up documentation turnaround times and automate repetitive processes because of the simple fact that people can talk faster than they can type. Since most agents spend a signifi cant amount of time traveling from location to location, dictating notes anytime, anywhere with a handheld digital recorder while they are still fresh in their minds will result in more detailed claim reports. SMARTPHONE DICTATION The dictation is sent directly from the smartphone via a secure connection to the PC of the offi ce administrator who starts the transcription of the recording into the claims management system. OFFLINE DICTATION Adjuster downloads dictation from voice recorder to PC and sends the recordings to the offi ce administrator to transcribe them into the claims management system. SPEEDING UP DOCUMENT CREATION After dictating fi eld notes and returning to a laptop or desktop PC, the agent simply transfers the audio fi les from the recorder to his PC. Alternatively using a smartphone App for quick notes enables them to send the voice fi les right away via for further processing. Dictation software will then automatically route the voice fi le to the transcription workfl ow or speech recognition engine. This saves time from manual reporting (handwritten notes) or typing the information into forms of a claims management system. IMPROVED CLIENT SERVICE These productivity tools ensure that time spent on the road or off site does not mean even later nights at the offi ce catching up on work. Agents can use in-vehicle and other formerly unproductive time to dictate notes, reports, and other documents safely and accurately. As a result, they are able to turn around documents quickly for improved client service and increased focus on creating more thorough and accurate content for each report. Faster document turn around time also results in fewer claims disputes and increased accurate billing. When adjuster arrives back in the offi ce he can review the claims reports. 8 9

6 MARKET OVERVIEW SWOT ANALYSIS Purchasing decisions are primarily taken by the claims director of the department and possibly a senior manager to obtain funding. The claims management team is often involved in a pilot. The IT department will evaluate the software and hardware requirements to ensure all necessary functionalities are covered. INTERNAL FACTS STRENGTHS Time savings due to no more handwritten notes Improved response time on customer claims Increased report accuracy capturing all notes on a digital voice recorder while in the fi eld Structured backoffice processes and distribution of workload as dictations come in throughout the day for processing WEAKNESS Unfamiliar with the dictation process as they have not dealt with voice technology before Concern to have to change their way of working Lack of backoffice structure and poor engagement in project rollouts might lead to rejections of the technology EXTERNAL FACTS OPPORTUNITIES Insurance companies are typically large with signifi cant budgets Although dictation is not completely new to them, it is still an untouched market segment with large potential New options due to smartphone dictation make it easier to enter the market Insurance companies try to go paperless and incorporating voice fi les is the fi rst step instead of typing reports THREATS Learning a new product might keep especially older claims agents from switching to a new technology Long and extended purchasing decision processes can slow down sales cycles signifi cantly Financial restrictions with smaller insurance agencies need to be kept in mind when offering a solution I didn t know much about digital recording, so I didn t really know what I was looking for. I was also concerned it would be difficult to learn a new system, but I had nothing to worry about. Our office equipment / IT partner asked me what we needed and recommended the right solution. There has been no disruption to our workfl ow, and it is much easier to manage and share recordings. Steve Fasano, owner Criterion Claims Inc. 10

7 THE BENEFITS KEY SELLING MESSAGES EMPOWER CLAIMS AGENTS TO MEET CLAIMS QUOTAS MORE EASILY The use of voice technology: cuts documentation time by up to 50% so agents can complete more claims each day increases mobile productivity by dictating into a digital voice recorder or smartphone app speeds claims processing for improved customer service and better retention rates curbs agent burnout by enabling faster completion of claims documentation SMARTPHONE DICTATION Thanks to modern telecommunications and the new SpeechExec Enterprise software for the iphone and BlackBerry, you can record your dictations wherever you want and send them immediately to your office. Just imagine: you are sitting on an airplane, dictating and sending, and by the time you arrive, you have already received your fi nished text document by . IMPROVE REPORT QUALITY Replacing the frustrating process of typing with the ability to complete reports by voice encourages claims agents to capture more detail while in the fi eld. Enabling agents to dictate notes while they are still fresh in their minds helps improve the quality and accuracy of the descriptive information within the reports. STREAMLINE THE CLAIMS PROCESSING WORKFLOW Recording claims reports and documentation is three times faster than typing, saving each claims agent several hours per day - which doesn t even factor in the time savings of automating certain tasks within the process. As a result, claims are processed more quickly for improved customer service. Plus, adjusters are able to handle a higher volume of claims and do so with greater thoroughness and higher quality. INCREASE PRODUCTIVITY ON THE GO Enable claims adjusters and agents to be more productive on the go by dictating fi eld notes into a handheld digital recorder or smartphone. Agents can use in-vehicle and other formerly unproductive time to dictate notes, reports, and other documents - safely and accurately. The solution will pay for itself often in as little as one year. REDUCE BURNOUT The use of voice technology: Helps claims agents and adjusters achieve better work/life balance dramatically Addresses costly turnover by giving employees the tools they need to handle more claims in a given day Reduces tedious administrative tasks to help increase job satisfaction MANAGE LARGE USER NETWORKS Dictation workfl ow management software integrated in claims management systems offers the IT department all administrative tools to manage large user populations. Robust security and central confi guration options enable IT administrators to control the proper usage across the fi rm

8 THE PROPOSITION KEY OBJECTIONS AND CONCERNS HOW TO OVERCOME THEM I send in recordings from the road or my home and don t have to wait until I get back to the offi ce. If one of our insurance carriers or an attorney wants to hear an interview, I can simply attach the voice fi le to an - no more copying tapes. Steve Fasano, owner Criterion Claims Inc. WE DON T HAVE THE BUDGET TO INVEST IN ADDITIONAL SOFTWARE AND HARDWARE. The Philips solution is fully customizable and expandable. Start small, try it in a test pilot with only a few team members. Stay with your fi rst choice or decide any time later on to expand Philips software and hardware is modular and made exactly that way to fi t any company size and any budget. DICTATION AND VOICE RECORDING IS NEW TO US. ADJUSTERS DO NOT WANT TO LEARN ANOTHER NEW PRODUCT. We would recommend starting with a small pilot and a dedicated group in your company to test out all options. You would typically start with different hardware options for recording a mobile recorder or a smartphone app to transcription options including speech recognition. Customized setups will help each individual to mimic their current workfl ow using the support of voice technology. When voice technology is used in a daily workfl ow they will see and believe the benefi ts. Our support during the test period will also give them the option to ask any questions and tweak the system so it becomes a perfect fi t for the company. Digital dictation is very intuitive and needs very little training so the benefi ts will be seen immediately. WE ARE CONCERNED THAT IT S ADD-ON SOFTWARE THAT DOES NOT WORK WITH OUR SPECIALIZED INSURANCE CLAIMS SYSTEMS. Philips SpeechExec is a modular fi le based workfl ow software no database is necessary. It can be easily integrated into many existing workfl ow systems and if you plan to add speech recognition to your workfl ow it will bridge the whole document creation process. We offer software and hardware development kits to ensure Philips products work in any IT environment as well as thin clients. I DON T UNDERSTAND HOW THIS BENEFITS MY DEPARTMENT AND MY REPORTING ROUTINE. Creating voice fi les has various advantages. First they can be easily archived, fi led and kept for years without quality loss for any review purposes. Having the ability to not only rely on handwritten notes that are typed into the claims management tool afterwards will increase the details in a report, therefore making the processing of claims faster. The more information is captured the easier it is to evaluate the case. Not spending so much time on typing also saves signifi cant time in a day to process more claims

9 THE SOLUTION THE SOLUTION SPEECHEXEC DICTATION RECORDER FOR SMARTPHONES The SpeechExec dictation recorder for Smartphones turns your smartphone into a wireless digital dictation recorder. Record dictation fi les at home, in the offi ce, on a plane, or anywhere you need to record and send voice fi les. The ability to send dictation fi les through wireless transfer decreases turnaround time and dramatically increases personal productivity. Your benefi ts: Our solutions are available on all major mobile platforms such as ios, Android and BlackBerry Offer seamless integration into our SpeechExec workfl ow software Offering End-to-End encryption and highest security standards Only solution providing the highly optimized DSS standard for best sound quality and small fi le sizes Supports photo attachments for versatile use cases SPEECHEXEC WORKFLOW SOLUTIONS The SpeechExec workfl ow software can be perfectly tailored to your company s needs. With its sophisticated features it enhances workfl ows signifi cantly: SpeechExec software can be tailored to every dictation requirement SpeechExec seamlessly integrates transcription and speech recognition Archives and organizes documents Sends documents back to the predefi ned targets Provides application interfaces with document and claims management systems Supports all major platforms Windows & Mac AVAILABLE VERSIONS iphone APPLICATION LFH7430 BLACKBERRY APPLICATION LFH7455, LFH0753 ANDROID APPLICATION LFH7455, LFH

10 FOR MORE THAN 50 YEARS From the beginning, Philips was a driving force in the development and production of innovative dictation and voice technologies. Digital dictation and efficient document creation help companies save time and money. Philips is the number one in professional dictation worldwide for good reason. THE SOLUTION COMFORTABLE ONE-THUMB OPERATION OF ALL DICTATION FEATURES FAST KEYWORD ASSIGNMENT AND INDEX VIA SMART BUTTONS EASY NAVIGATION AND DIRECT FILE ACCESS POCKET MEMO DIGITAL DICTATION RECORDER AVAILABLE VERSIONS SLIDE SWITCH: RECORD, STOP, PLAY, REWIND LFH9600/9610 SLIDE SWITCH: FAST-FORWARD, PLAY/RECORD, STOP, REWIND LFH9620/9630 OPTIONAL ACCESSORIES BAR CODE MODULE LFH9294 Tailored to a professional s needs, the Pocket Memo dictation recorders ensure crystal-clear sound quality and unparalleled ease of use. Its ergonomically shaped light-weight metal body is ideal for working over longer periods of time, and the intuitive one-thumb operation offers outstanding user-friendliness. Coupled with SpeechExec software for effi cient data management and a docking station for uploading your fi les, going from your voice to your text document has never been quicker. Comfortable one-thumb operation of all dictation features for blind operation Offers easy navigation and direct fi le access Fast keyword assignment and index via smart buttons Is packed into a robust, full metal casing and includes long lasting batteries Offers outstanding security features Records in the highly optimized DSS Pro standard for best sound quality and small fi le sizes Delivers best-in-class speech recognition accuracy 18 19

11 Speech Processing Solutions GmbH. All rights reserved. Philips and the Philips shield emblem are registered trademarks of Koninklijke Philips Electronics N.V. and are used by Speech Processing Solutions GmbH under license from Koninklijke Philips Electronics N.V. All trademarks are the property of their respective owners.