For Banks and Credit Unions

Transcription

1 For Banks and Credit Unions Proven in Practice P r o d u c t O v e r v i e w > The #1 solution for helping banks reap the profits of in-house insurance sales

2 Are you driving insurance and investments opportunities into the hands of your competition? G E T S M A R T Bank insurance fee income continues to rise. In 2002, banks earned a record $3.49 billion in insurance fee income, an increase of more than half a billion dollars versus SmartOffice can help you get your share. Regulatory changes have opened the door for banks to market insurance products to their customers. Is your institution making the most of this opportunity? To reap the potential profits from this new revenue channel, your team of financial advisors needs the knowledge and skills to earn your customers trust. Customers are looking for guidance on everything from banking to insurance to securities. Can you deliver? At the same time, the bank agency must manage a completely new set of compliance requirements, security issues, and pending case management activities. To do it all, you need SmartOffice from E-Z Data. Leveraging nearly two decades of successful use in the insurance industry, SmartOffice combines the power of relationship management and transaction management to help your institution capitalize on the hottest trend in banking. The result: Real profit from new revenue opportunities

3 SmartOffice can boost your insurance revenue SmartOffice brings together the powerful transaction management functionality needed by the agency and industry-specific relationship management capabilities to help today s banking institutions: Transaction Management New Business Tracking Carrier Download Commission Tracking Reporting Plan/Fund Management Relationship Management Sales Marketing Advisor Collaboration Consolidation Reports Practice Management > Cross-sell new products to existing customers > Easily write new multi-carrier business > Track licensing and educational requirements for platform reps, agents, and advisors > Tighten the communication loop with carriers for pending cases, commissions, forms, and plan data > Collect and distribute customer referrals/leads F o r B a n k s & C r e d i t U n i o n s

4 SmartOffice for Banks and Credit Unions Helps banking institutions effectively manage the insurance sales process. Leveraging mature, proven software, SmartOffice helps streamline the entire agency management process to drive operational efficiencies. NEW BUSINESS PROCESSING Everything you need to close business fast New Business/Pending Case Management Save time and boost customer service. SmartOffice can help you streamline the processing of new business by automating the tracking of pending case status. You can easily order requirements, get status updates, and create comprehensive case management reports. Electronic pending case feeds from leading Life and Annuity carriers can significantly reduce the time your staff spends on data entry, and avoid costly phone inquiries by giving advisors 24x7 access to pending case status via the web. Pending Case Downloads. Eliminate manual pending case tracking. Pending case status downloads are powered by E-Z Data s DataXchange. Carrier status updates are downloaded directly into SmartOffice. Case Managers can accept updates automatically or use side-by-side processing to manually validate new data DataXchange continually refreshes carrier data feeds, ensuring that you have the most accurate and up-to-date information. Commission Accounting Track carrier commissions with ease. Whether you use standard or custom commission structures, SmartOffice helps you track commissions due and paid, as well as supplemental payments and override splits even when dealing with complex hierarchies and multiple distribution channels. The solution can also be integrated with your existing legacy accounting systems to simplify the tracking process. License & Contract Tracking/Compliance Effectively manage compliance requirements. You can automatically check each case submitted for advisor license and appointment status, contracting, and NASD registration. You can log and track issues and their resolution, and easily produce compliance reports. Carrier Forms Simplify multi-carrier applications. SmartOffice includes a complete index of plan and state-specific forms for participating carriers. Hotlinks to web pages let you view, print, or the actual form to help ensure you re using the most current version. Types of forms supported include everything you need to process multi-carrier new business, from application to inforce status. Carrier and Plan Data Put the data you need at your fingertips. To provide you with current, accurate carrier and plan data, electronic feeds are integrated right into the SmartOffice desktop. General information about each participating carrier is updated daily, including NAILBA code, legal name, issue age calculations, NAIC ID, states the carrier is approved to do business in, modal factors, and more. Product/plan data is provided for term, annuity, and long-term care products. For carrier plans, underwriting requirements are provided, including banding information by state and risk class, policy fee data, state approval lists, and modal factors. Manage pending cases, including underwriting requirements and activity. Integrated electronic updates from leading carriers increase the efficiency of agency operations. * Some SmartOffice features are available as optional modules. Your sales representative can help you configure a solution that s right for you.

5 Profile your ideal marketing targets. Initiate marketing campaigns to drive more business. MARKETING Helping you build a stronger book of business Marketing Profiles & List Management Create marketing impact with tailored messages. Cross-reference client information to easily generate targeted lists for your marketing messages. Conduct campaigns via mail, , or telemarketing to drive future business for your firm. Campaign Management Measure the impact of your marketing efforts. You can easily track each marketing campaign to judge its effectiveness. SmartOffice tracks the number of leads, who they were assigned to, where they are in the sales cycle, and how much business has been generated. Mass /Direct Marketing Simplify your mass marketing efforts. Using existing contact information, you can generate and print mail merge letters or broadcast /fax blasts. A messaging queue automatically handles requests and feeds them to your printer, server, or fax server. Seminar Management Deliver seminars that build your practice. Many professionals swear by seminars as one of their best lead-development techniques. SmartOffice can help you plan and manage seminars to ensure results. Coordinate resources, issue invitations and reminders, maintain RSVP and waiting lists, and report customer acquisition by seminar. Management Reporting Make more informed business decisions. Use standard and custom management reports to better understand where you need to focus your attention. From sales activity to pending cases to marketing results and client satisfaction, you can see what s working and what isn t, and take appropriate action to keep your business on track. Telesales/Telemarketing Call Scripts Ensure consistent sales messaging and processes. As a tool for developing agents and advisors, you can arm them with intelligent marketing scripts and clear next-steps for each call. SmartOffice tracks call activity, distributes leads, and produces management reports to help measure the effectiveness of your telemarketing efforts. C o n v e r t i n g P l a t f o r m I n t e r a c t i o n s I n t o S a l e s A key to growth of insurance and investment product sales is taking advantage of customers interaction with the banking platform. Whether interactions happen in the branch, at the ATM, or online, opportunities to cross-sell must be taken and followed through to convert customer interest into revenue. Platform Cross-Selling Increase the value of your banking clients. A host of customer-specific information can now be accessed to identify cross-selling opportunities. From household income and family profiles to the investments and insurance products a customer already owns, platform employees and IT systems can leverage this data to make intelligent and relevant offers of new products and services. Lead/Referral Management Make every lead count. Track leads/referrals made by platform applications and employees, and distribute them to your financial consultants and insurance specialists. SmartOffice identifies where your best leads are coming from, allowing you to focus marketing and incentive programs where the return is highest. F o r B a n k s & C r e d i t U n i o n s

6 CONTACT MANAGEMENT/SALES Establish and maintain your role as the trusted advisor Client and Account Tracking Build trusted relationships with your clients. You can manage and utilize valuable information such as personal, family, business, key relations, and household policy information. The integrated SmartPad helps you track each activity and interaction by capturing notes, text, appointments, phone calls, and more. Calendar, Activity Tracking & History Get more organized. Get more done. Track your appointments, phone calls, projects, and associated follow-ups. You can manage your own time and that of your staff, viewing the complete history of activities for a client in SmartPad. Microsoft Outlook Integration Easily move between your favorite applications. If you use Outlook to send , manage your schedule, or track contacts, no problem. SmartLink for Outlook synchronizes these items with ease. A complete history of Outlook activity is tracked in the SmartOffice SmartPad, without the hassle of double entry. Sales Opportunities & Forecasting Drive the success of your sales team. With the ability to manage your pipeline of sales opportunities, you can increase the effectiveness of sales activity and eliminate the burden of forecast reporting. Map your team s best practices and track the progress of each opportunity by sales stage. Managers can view activities, plan sales strategies, and coach the techniques that close sales. Needs Analysis, Planning & Illustrations Provide trusted financial advice. To better understand your clients needs and to more effectively sell your recommendations, SmartOffice lets you take advantage of today s leading needs analysis, financial planning, and illustration tools. SmartOffice comes pre-integrated to a variety of third-party solutions. Recruit Tracking Increase your odds of hiring top producers. SmartOffice can help your team standardize its recruiting process for each type of position, including tracking and recording pre-contracting and licensing preparation information, and all recruiting correspondence. Integration with the SmartOffice calendar makes scheduling interviews a cinch, and reports provide visibility into recruiting activity versus goals. Integrated contact management provides a complete history of each relationship, enabling your firm to deliver consistent, superior service to every agent and advisor.

7 CUSTOMER SERVICE Superior service starts with knowing your customer Household Tracking Get a client view that really works for you. Household tracking is fundamental to financial services. With SmartOffice, you get a consolidated view of policies, investments, accounts, letters, and policy claims from people who are associated as a family or group of beneficiaries. It also provides visibility to household income, assets, net worth, and financial goals such as retirement, educational savings, etc. Policy Tracking Use your knowledge to make informed recommendations. Use SmartOffice to track Life, DI, Medical, LTC, Annuity, Group, Auto, Homeowner, and Umbrella policies. You can view policy information globally or by individual, group, or household, as well as track the purchase or sale of subaccount shares for variable life. Track Investments Understand your client s whole financial picture. With SmartOffice, you can track cash accounts, stocks, bonds, mutual funds, variable annuities, UITs, DPPs, real estate, personal property, and other investments. Positions can be listed globally, individually, by household, or by security master, and security prices are automatically updated via pricing services. Pending Case Management Save time and boost customer service. Eliminate manual pending case tracking using E-Z Data's DataXchange to download carrier pending case updates directly into SmartOffice. Agents and advisors can accept updates through their broker to see the status of their new business. Group Benefits Tracking Get a consolidated view of each client s coverage. SmartOffice provides a summary view of all coverage for one or multiple clients. Using this information, you can create comprehensive reports on group medical benefits, policy renewal, census, and much more. G e t t i n g t o k n o w y o u r b a n k i n g c u s t o m e r... a g a i n For the past two decades, banking institutions have led the way in using technology to service their customers. The introduction of the ATM has transformed the banking process entirely. Websites that provide full-service banking offer fantastic benefits from simplified bill pay to online brokerage services to fully automated loan processing. And while automation has done wonders for operations, it has steadily chipped away at the relationships once existing between consumers and their bank. Many banks have completely lost touch with their customers. Their products are now a mere commodity. But the banking industry is responding. With recent regulatory changes that allow institutions to offer higher-margin financial products and fee-based planning services, they are refocused on strengthening customer relationships in hopes of establishing their role as the trusted advisor for all financial product needs. SmartOffice plays a key role in helping your organization get to know your customer and in reinforcing the best practices that can re-establish that trust. SmartView for Clients Increase the value of your client relationships. As part of your exclusive service offerings, give your clients the power to view their financial portfolio right from your website. You choose the level of client access to holdings, pending case status, and other important client information. F o r B a n k s & C r e d i t U n i o n s

8 Mobile Commuting E-Z Data s systems SmartOffice Mobile Take SmartOffice on the road are uniquely qualified to support our needs at Wachovia Insurance Services, Inc. Their technology is state-of- the-art and their service and follow through has been absolutely consistent. When they promise that a capability will work, it always does, and they deliver it on time. Ken Shore Vice President, Insurance Services Wachovia Insurance Services, Inc. Setup and Data Services Your office is the picture of automation. Your whole staff is connected. You have customer information at your fingertips. So why is it you end up hitting print in preparation for every meeting outside the office? It s time to take your office on the road with SmartOffice Mobile. Using your laptop or Personal Digital Assistant (PDA), you can view, add, and modify information away from the office, and then quickly and easily synchronize changes when you get back to your desk, or use the Internet or a wireless connection to update your files remotely. Besides basic client contact information and appointments, SmartOffice Mobile provides access to your clients investment and policy information, so you re totally prepared in every meeting. You can even flag correspondence to be automatically sent when you return to the office. SmartOffice is fully compatible with both Palm and PocketPC devices. And while the laptop solution is a Microsoft Windows -based application, it shares a common user interface with the SmartOffice you use everyday.

9 Getting the most from SmartOffice SmartOffice is designed with flexible options for data transfer, expert technical support from people that understand your business, and training options to meet the needs of your busy schedule. SETUP AND DATA SERVICES Data Conversion Services Fast, accurate data conversion from your existing software is part of this packaged services offering. Standard conversions are available for Client Data System (CDS ), ACT, Advisor s Assistant, AgencyWorks, Contact Partner, GBS, Goldmine, IIT/Zebu, and Microsoft Outlook. We can also convert your data from most any other database system. Data Import/Export Utilities Import features allow users to easily import Contact, Group Census, and Lead records. SmartOffice automatically adds entries and contacts, creates call activities linked to specific contacts, and assigns new contacts. Exports are available from any generated list. TRAINING SERVICES On-Site Training Customized training programs from our professional instructors on the features most important to you and your firm. Single or multiple-day courses can be designed from our standard curriculum library, tailored with your unique scenarios and business practices. Instructors are available to work with your staff individually and ensure classroom concepts are put to into action. On-Demand Online Training Library Get many of the benefits of live, instructor-led training without the cost of a personalized session. Pre-recorded courses are available on-demand from our online training library. Sessions range from introductory topics on SmartOffice to advanced concepts with business scenarios designed to drive the success of your business. and Fax Support For support issues that don t require immediate attention, E-Z Data offers both and fax options. Simply send us information describing your problem and we will forward the resources you need to solve it. If phone follow-up is required, we will be happy to schedule a time that is convenient for you. TECHNICAL SUPPORT SERVICES Instructor-Led Online Training A hybrid solution that provides a tailored, interactive training experience using distance-learning tools. Students follow along with the instructor from the comfort of their desk or as a group. Ideal for periodic refresher courses or as a follow-up to on-site training. Telephone Support E-Z Data support technicians are both helpful and knowledgeable. Our team has been serving the financial services marketplace for over a dozen years. They speak your language, go the extra mile, and solve issues fast. And unlike many software providers, you have unlimited access to telephone support. Just another way that E-Z Data shows its commitment to you, the customer. F o r B a n k s & C r e d i t U n i o n s

10 CRM: A Holistic Approach to Financial Services Product Sales and Service While customer relationship management (CRM) is often viewed as a solution designed for customer-facing personnel, the fact is that a rich, financial services CRM solution has the power to drive benefits throughout your entire organization. It can provide your banking institution with the tools to administer your insurance business and meet related recruiting and compliance requirements. It also enables collaboration among various roles, provides sales and marketing a stronger base of customer information, and delivers organizational efficiencies that directly impact your bottom line. SmartOffice provides both front-office solutions for the branch, and the back-office solutions needed to run the agency. Combined with DataXchange for movement of data between the agency and carriers, E-Z Data outfits your banking institution with the solutions that open the door to selling high-touch, high-margin financial products. Customers Tellers Platform Users Loan Officers Advisor Users Y o u r C o m p e t i t i v e A d v a n t a g e Leads/Referrals Lead Case Submissions Banking institutions from large, nationwide organizations to small, community-focused credit unions hold a competitive advantage when it comes to selling financial products. Their long term banking relationships are a solid foundation to build a more profitable bond as the customer s trusted advisor. Bank Agency Application Forms Pending Case Status, License & Appointment Submissions Insurance Carriers Personal Bankers Insurance Specialists Financial Consultants Leads, Pending Case Studies, Policy Status, Commissions

11 DataXchange Online Service DataXchange Online Service provides secure, Internet-based connectivity for data transfer between carriers, distributors, and third-party information providers. Available as a fully inte- grated service within SmartOffice, DataXchange minimizes time spent on administrative activities calls to general agents and new business processing staff, culling through various carrier websites, extraneous paperwork, follow-ups, etc. and maximizes time spent with clients, resulting in: > Increased team productivity > Lowered new business processing costs > Better understanding of customer needs > Enhanced customer service quality > Improved customer loyalty and retention A variety of data services are available from DataXchange, including: > Pending Case Status > Commissions > Plan Descriptions > Electronic Forms > Underwriting Guidelines > Commission Base Schedules Participating carriers include AIG Life Brokerage American General Life American Mayflower Banner Life CNA/Valley Forge Empire General First Penn Pacific First Colony Life GE Financial Assurance MONY Life Mutual of Omaha NACOLAH Nationwide Financial For Banking Institutions Principal Financial F o r B a n k s & C r e d i t U n i o n s

12 SmartOffice is offered both as a software solution installed in your environment or as an online solution managed in our world-class hosting facility. Either way, your business will benefit from the most comprehensive system available to address the unique needs of your financial services organization. To learn more about how SmartOffice can help you take your business to new heights of success, visit or call us at SmartOffice Online offers all the benefits of a web-based, enterpriseclass CRM solution without the burden or cost of managing software and servers. SmartOffice combines relationship management, transaction management, and the power and flexibility of webbased, enterprise-class CRM to deliver an integrated solution for your business. The industry-standard CRM solution for Insurance and Financial Services, SmartOffice Enterprise drives the effectiveness of all distribution channels, enabling career agents and advisors, wholesalers, and brokerage to orchestrate their efforts using a single, integrated platform E-Z Data, Inc. SmartOffice and Client Data System are registered trademarks, and DataXchange and SmartPad are trademarks of E-Z Data, Inc. All other product names may be trademarks of their respective manufacturers or organizations. Functional and technical specifications herein are subject to change without notice.