This presentation was presented by Hugh Terry of The Digital Insurer. It covers how to "digitally enable" a life insurance sales force (agents or bancassurance) to take advantage of new technologies

1. Identifying Practical Technological
Investments for Life Insurers:
How to Anticipate and Meet the Digital
Trends that are Changing the Way Sales and
Services can be Delivered
CIO Conference, 9th November 2012, Singapore
www.the-digital-insurer.com

2. The Digital Advisor
www.the-digital-insurer.com

3. Overview
1. Change, Change, Change….
2. A Plan: The Digital Advisor
3. The Power of Tablets
4. Getting Practical : Implementation tips
www.the-digital-insurer.com

4. Digital: the revolution will not be
televised
Digital Big Change Rising Expectations
• Always on • Access to information • Data “on demand”
• Always there (Google)
• Desire for clarity
• Almost free • Access to each other and simplicity
• Universal (Facebook)
• Access through • Easy to promote a
• Location-agnostic product .. and
• Easy access devices (Apple)
• Access to new complain
• Dialogue not
monologue opportunities ? • Customer
behaviour is
changing
Change, Change, Change….
www.the-digital-insurer.com

5. www.the-digital-insurer.com

6. Digital Audit:
Life Insurance in Asia
Low
consumer
focus
Derailed
Legacy
tech
Systems
projects
Digital
Opportunities
Low Tech due to
Tactical not relatively low
Transformative transaction
volumes
www.the-digital-insurer.com

7. Two Digital “ Mega Trends”
1. Technology is cheaper and
easier to implement than
ever – it is the fulcrum to
meet consumer needs and
reduce operating costs
2. Technology is changing
consumer behaviour –
customers will demand a
different experience
www.the-digital-insurer.com

8. www.the-digital-insurer.com

9. 1. Managing the Sales Funnel
• Co-partnership models for lead generation
• Apps to generate leads from the “digital
cafes”
• Lead management systems to manage
multiple leads , measure ROI and promote
better practices
Business outcome:
- More leads
- Better quality leads
www.the-digital-insurer.com

10. New Business Workflow
Case Management
Policy Record Systems
www.the-digital-insurer.com

11. 2. Build a “digital eco-system” around
legacy policy systems
• Advisor portals: customer data and
advisor performance
• Customer portals : an on-line
marketing engine for cross sell and
upsell
• Case management : multi channel
customer support to connect customer
interactions New Business Workflow
• New business workflow : creating Case Management
transparency in policy processing Policy Record Systems
Business outcome:
- Building deeper, richer and better
relationships with customers and
advisors
- Allow “farming” as well as “hunting”
www.the-digital-insurer.com

12. New Business Workflow
Case Management
3. “connecting the Policy Records
eco system”
www.the-digital-insurer.com

13. Tablet Sales Toolkits for Advisors
1. Identify needs
2. Close sales
3. Allow Faster, easier and
more accurate proposal
submission
Key Success factors
• Must be Designed for Advisors
• Easy to use with a “wow” factor that encourages use with
clients
• Great usability is critical www.the-digital-insurer.com

14. Usability : A Key Success Factor
1. Take design very seriously
2. Think “finger” not “mouse”
3. Stop thinking sequentially
– no longer bound by
paper
4. Strive for simplicity –
harder than you think
5. Bringing in external
expertise – unlikely to have
in-house
www.the-digital-insurer.com

15. Tablets : Making the business case
Primary benefit Other Benefits on success
1. Back office productivity from
digital proposals
Improved Sales effectiveness – More efficient
through a better customer – Faster & more accurate (clean
experience policies in a day)
2. Business intelligence
Measured by : – Benchmarking data
– Usage data
– “Bigger” data
- High take-up from Advisors 3. Improved compliance to sales best
- Increased sales productivity practice (& regulatory
per month requirements)
4. Recruitment training tool
5. Platform for more automated
underwriting
www.the-digital-insurer.com

16. Tablet Development : Market activity
AIA Other
• Feb 2012 launches quotes on Companies
iPad - At least 2 MNC
insurers in
• August 2012 Singapore
– Extended to include digital developing iPad
proposals capabilities
– Integrates Protection calculator - Android related
tools developments in
– Reporting 70% take-up emerging
– Intention to rollout in other markets from
markets over 18 month period local insurers
Sources: AIA press releases & AIR article
www.the-digital-insurer.com

17. 9 Practical Implementation
Tips for Tablet Toolkits
1. Whose leading?
– Do they have passion and
commitment?
– Can they operate across all functional
areas?
5. Invest in usability and
2. Organisational readiness design
– Outsourcing
– IT security not a barrier 6. Pilot mentality – with room
– Budgets & buy-in
for evolution
3. Reduce the Functional
7. Vendor selection
Scope
– Fewer product 8. iPad or Android?
– Exclude fact find / financial review
– No offline version
9. Professional Rollout – a
4. Remain focused on sales “launch”
benefits – be flexible www.the-digital-insurer.com

18. www.the-digital-insurer.com
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