Strategic Directions for Insurance with Oracle CRM Solutions. Bucharest 7 th April Loukas Deligiannakis CRM Principal Sales Consultant EE & CIS

Transcription

1 Strategic Directions for Insurance with Oracle CRM Solutions Bucharest 7 th April Loukas Deligiannakis CRM Principal Sales Consultant EE & CIS

2 Safe Harbor Statement The following is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle s products remains at the sole discretion of Oracle.

3 The reality 50% of the consumers enjoyed the recent interactions with their banks 34% of consumers trust banks to treat them fairly and honestly 43% of consumers think banks make financial services simple Perceived match between the promise an industry puts out and the consumer experience.

4 Improving the Customer Experience Drives Loyalty and Boosts Revenue *Annual Revenue impact from 10-percentage point swing in Customer Experience Index $311 M $306 M $305 M Industries $298 M $294 M $287 M $260 M US$ Millions $177 M $0.0 $100.0 $200.0 $300.0 Source: Forrester Research, Inc. Customer Experience Boosts Revenue, Bruce Temkin, June 22, Base: US online consumers. *The increase in revenue include that from Additional purchases, Churn reduction and Word-of-mouth advocacy

5 Common Customer Related issues Insurers need visibility into producer contracts with full documentation Customer contract with full documentation (Document copy, Claims,...) For different products are using different applications Lack of customer data (360 ) Lack of consolidated data for Risk Management Integration

6 Customer s focus Reduce cost by Improving visibility Improving efficiencies Operations Single customer view, consistent enterprise view Straight-thru processing Document Management Automated underwriting and claims Up-skilling technology staff Infrastructure consolidation Re-hosting

7 Example: Distribution Management Siebel Insurance Siebel Call Center Siebel Marketing Analytics Web Services Comprehensive Distribution Insight and Management Siebel Insurance CRM / PRM Siebel Marketing Siebel Insurance Service Oracle Business Intelligence Sales process mgmt Rapid product rollout Sales/partner credentials Book of business Customer segmentation Program mgmt Channel marketing Results tracking Caller profiles Automated screen pops Interaction logging Task-based UI Manage escalation Managed self-service Customer knowledge Channel profitability Product profitability Market insight Insurance dashboards

8 Key Facts on Claims Management 80% of premium income for an Insurer is spent on claims processing 80% of all calls to a Call Center is on Claims Inquiry 90% of all Call Center escalations for a large insurance company are claims related More than 40% of the time spent in the claims handling process is associated with routine overhead functions that have little or no impact on the outcome of the claim. Claims settlement costs can be reliably reduced by up to 15% and still comply with good market conduct and quality customer service practices

9 Example: Enterprise Claims Management Siebel Insurance Claims Content Services Financial Services Accounting Hub Financials & Performance Mgmt Web Services Relationship Driven, Integrated Claims Management Siebel Insurance Claims Financials Financial Services Accounting Hub Oracle Content Management First notice of loss Process management Fraud detection Partner integration Claims resolution Claims reserve accounting Financial reporting Claims performance Payment & fulfillment Reserve management Detail transactions Support legacy claims systems Multiple ledger support Store / manage docs Account level retrieval Enterprise CM strategy Compliance support

10 Motorists Mutual COMPANY OVERVIEW Headquartered in Ohio; Revenue of US$ 1.5 billion CHALLENGES / OPPORTUNITIES Information scattered across 28 apps resulting in lengthy claims resolution Consolidating data from disparate systems - including claims, billing, and policy-management systems - would provide claims unit with a single, real-time view of customers claims file and enable increase in process automation SOLUTIONS Oracle Siebel Claims Implemented in claims center with 250 claims specialist and managers Used to manage end-to-end claims process from FNOL, to adjuster assignment to subrogation and legal CUSTOMER PERSPECTIVE We have seen about $1 million in annual expense reduction as a result of Oracle s Siebel Claims Implementation. Some of the benefits or our implementation are reduce staff, leakage, paper and improve agent s productivity. Dave Kaufman Senior VP and CIO RESULTS Realized substantial productivity gains Reducing process expense (ongoing) Closed a branch office and reduced facilities expense

11 Siebel CRM Desktop CRM data & process via Microsoft Outlook & Lotus Notes

12 CRM on iphone/ipad using Siebel REST APIs

13 Social Media: What s Going on There? Communication Recommendation Influence 34% of bloggers post advice and recommendations on products and brands (Socialnomics 2009) 25% of search results on a brand come from social networks content (Socialnomics 2009) Social networks influence 40% of total sales (Harvard Business School 2009) 8% of EU customers fully trust advertisement 34% fully trust peer recommendation (Nielsen 2009)

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15 Social Media Content & Analysis Integrated in Siebel CRM

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17 What Customers are Achieving enabled agents to secure 1300 incremental appointments each week increased the percentage of requests closed the same day by 20% in 12 months improved productivity in the claims area by 25% reduced costs by an estimated US$15.1 million by automating manual tasks and eliminating redundant processes

18 Irish Life Customer Success Profile COMPANY OVERVIEW Headquartered in Dublin Revenue: 3.8B Euro CHALLENGES/OPPORTUNITIES Irish Life s highly competitive market space required greater cost efficiency and a fierce focus on positive, holistic customer experience. Irish Life needed to create a consolidated customer view and to make personal financial management a rewarding experience for their customers. SOLUTIONS Irish Life standardized on Siebel Insurance for their front office, rolling out among 600 sales, marketing and services professionals. CUSTOMER PERSPECTIVE Irish Life & Permanent has received a complete return on its Siebel investment within 12 months. Aine Cassidy, Senior Manager RESULTS Delivered return on investments in 12 months Found customer engaged in Siebel point-of-sale system are four times more likely to buy than customers who have not received a proposal Enabled agents to secure 1300 incremental appointments each week Saw a conversion rate from contact to appointment from between 40 to 80% Increased Bancassurance business sale productivity

19 European Reliance: The Company Founded in 1997 and listed in Athens Stock Exchange since December 1997 Sales Network of agents in 90 partner offices and 350 sales agencies European Reliance is the first Greek Insurance Company having achieved since 2002 ISO 9001:2000 certification from TUV NORD, and an ISO 9001:2008 certification for the whole of its services.

20 European Reliance: Challenges Oracle CRM On Demand was brought in to address the following challenges: Big variety of products and services Customer Service spans across various departments Need to increase Up-sell and X-sell Multiple Interaction Channels (Agencies, Web, Call Center) Need for an efficient cross-channel approach to Marketing Campaign Management

21 Business Divisions in Customer Centric project scope Collections Auto Insurance Marketing Sales (B2C & B2B) ORACLE CRM On Demand Customer Service Health Insurance Personal Life General Ins.

22 Oracle CRM On Demand Project Results Customer 360 View in 1 system Improved Customer Service Response Time Increased Efficiency of Customer Service agents Complete Tracking of Customer Requests and Feedback Increased Sales initiated from Customer Service Independence from IT Ability to use the same Marketing Budget for a greater number of targeted micro-campaigns Reduced outsource costs Tracking customer responses across channels Improved response rates

23 European Reliance Oracle CRMOD for Insurance Project Implementation Investment Cost Time

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39 Oracle Claims Customers over 19,000 claims users

40 Oracle Business Analytics Insurance Customers

41 Thank You Loukas Deligiannakis CRM Principal Sales Consultant EE&CIS

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