Finance, Management, & Operations LTC Automation: Gains, Glitches, Going Forward Finance, Management & Operations
Session Objective Industry experts consisting of a panel of carriers and distributors discuss how technologies has been used within LTC operations and provide success stories and opportunities for growth. Learn about LTC operational uses of technology to date Gains from broker and carrier perspectives Glitches and the road to insight. Session 18 - LTC Automation: Gains, Glitches, Going Forward 2
Introduction of Speakers Ken Leibow - Genworth, Director Operations Bob Stellato - Transamerica, VP, Sales & Marketing Operations Nathan Sanow - MasterCare Solutions, New Business Manager Pamela Schmidt - SIA, Chief Operating Officer Session 18 - LTC Automation: Gains, Glitches, Going Forward 3
Carrier Historical Viewpoint Session 18 - LTC Automation: Gains, Glitches, Going Forward 4
Sales & New Business Automation 1999-2004 Limited automation for Distribution Partners Manual workflow in the New Business process Limited Web functionality Session 18 - LTC Automation: Gains, Glitches, Going Forward 5
Historical Who is Buying? Individual Buyers Worksite Buyers The average buyer age is 60 The average buyer age is 52 49% are ages 55-64 Buyers are more female 61% The average income is roughly $73K with 53% having an income over $75K. 91% are homeowners 74% are married 67% are ages 45-64 Buyers are more male 57% The average income is roughly $73K with 50% having an income over $75K. 87% are homeowners 68% are married Session 18 - LTC Automation: Gains, Glitches, Going Forward 6
Communication Evolution Session 18 - LTC Automation: Gains, Glitches, Going Forward 7
Technology changes expectations Banking ATM vs Teller e Online vs branch Travel Kayak vs Travel Agent Self check-in vs gate agent Retail Amazon vs brick and mortar Craigslist vs newspaper Session 18 - LTC Automation: Gains, Glitches, Going Forward 8
Gains Session 18 - LTC Automation: Gains, Glitches, Going Forward 9
Technological Advancements for LTC Learn Sell Submit Manage my pending cases Manage my inforce business Compensation Contract Analyze Me- Reports Manage my profile Education on Products or Services Consumer Media/ Presentations Needs Analysis (Saved) Alerts ( shows on home page) Alerts View Commission Statement Electronic contracting Incentive Reporting Text Alerts Education on Sales Methods Illustration/ Quote ( save) Illustration/ Quote (Saved) View Pending Status Inforce Data and Coorespondance View Commission Schedules Forms for C&L Performance Reporting Email Alerts Continuing Education Needs Analysis ( save) Drop Ticket Take Action Inforce activity Reports Communicate with support Status How do I compare? How can I improve? Reporting Language Request Training or Chat with Sales Support Product Information and Underwriting Guides Eapp - Esign Communicate with Case Mgr. ( could be 3 rd party) Lapse Notices Reporting Support Reporting - What does my BOB look like Contact info/ Email Forms Printable forms Communicate with UW Analyze Market View current EFT changes Request Advanced Case Support Order Para med Forms Changes- Forms Chat with Sales Desk Integrate data with my CRM or AMS systems Claims Forms Create a Virtual Sales room for Consumers Support Refer Clients Inforce activity Reports Session 18 - LTC Automation: Gains, Glitches, Going Forward 10
LTC Automation Distributors as Tech Liaisons Advocates for Producers, Clients, Carriers Trouble-shooters Investing in technology for the greater good Gains, Glitches, Going Forward Session 18 - LTC Automation: Gains, Glitches, Going Forward 11
LTC Automation Applications E-app Fillable pdf Status Data feeds Website update Status email updates to Producers Material\Quoting ti Web based tools Session 18 - LTC Automation: Gains, Glitches, Going Forward 12
LTC Agency automation Applications E-app All non e-apps are scanned not mailed Status Data feeds in agent status portal Website update Tools Cloud based CRM Terminal Server Session 18 - LTC Automation: Gains, Glitches, Going Forward 13
Technological Advancements for LTC Automated New Business workflow Drop Ticket process (Voice Signature) Auto-Pending Status data feeds (Carrier website and AMS) Commission Data feeds Auto-Licensing Checks Session 18 - LTC Automation: Gains, Glitches, Going Forward 14
Straight Through Process Sales & Quoting Client Interview Paramed Exam LTC Ticket Underwriting Policy Delivery Pay Commissions Session 18 - LTC Automation: Gains, Glitches, Going Forward 15
Reasons for Changes Product Technology Sales Process Session 18 - LTC Automation: Gains, Glitches, Going Forward 16
Glitches Session 18 - LTC Automation: Gains, Glitches, Going Forward 17
Challenges Low adoption rates on new features Challenges making the business case Lack of standardization Compliance & Regulations Legacy System H.E. Double Hockey Sticks Session 18 - LTC Automation: Gains, Glitches, Going Forward 18
Going Forward!! Session 18 - LTC Automation: Gains, Glitches, Going Forward 19
LTC Automation the Future Applications i E-apps completed with social media integration Use Big Data for underwriting riting Status Text updates Electronic medical records create real-time underwriting Industry standardized Status and UW Material\Quoting Mobile based tools Session 18 - LTC Automation: Gains, Glitches, Going Forward 20
Going Forward Continue to innovate Attract and source new talent from outside Improve agility and collaboration between the business and IT Improve analytics for better decision making Figure out how to leverage the digital transformation and mobile ecosystem Example: Paramed or claims examiner wears Google Glasses for onsite visits to capture audio and video that t uploads in real time Session 18 - LTC Automation: Gains, Glitches, Going Forward 21
Future is more Self Service Mobile Devices (eapp & esignature) epolicy Delivery Quoting & UW Rating Advances in Communication Marketing (Content Management) Session 18 - LTC Automation: Gains, Glitches, Going Forward 22
LTC Automation the Future Gains Glitches Going Forward Together For A Stronger Industry Session 18 - LTC Automation: Gains, Glitches, Going Forward 23