www.actuariesindia.org 1 26th India Fellowship
Description: www.actuariesindia.org 1 26th India Fellowship Seminar (IFS) Institute of Actuaries of India Digitalisation of the Sales and Servicing Process of an Insurance Company a challenge and opportunity Prepared by: Harvinder Kaur Siddharth Kumar
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slide1. www.actuariesindia.org 1 26th India Fellowship Seminar (IFS)
Institute of Actuaries of India
Digitalisation of the Sales and Servicing
Process of an Insurance Company
– a challenge and opportunity
Prepared by:
Harvinder Kaur
Siddharth Kumar Goel
Devesh Khatri
Reviewed by:
Malvika Nath<br>
slide2. Agenda Introduction
Digital Sales: Opportunities
Digital Sales: Challenges and Possible solutions
Digital Servicing: Opportunities
Digital Servicing: Challenges and Possible Solutions
Standards/Professional and Ethical Requirements
Way Forward
QnA www.actuariesindia.org 2<br>
slide3. Introduction Digitalisation – A need for today
What we intend to cover? – Sales and servicing
Current practice and Limitations in the Indian Insurance industry
Customer need analysis and advice process
Informational Asymmetry (Policyholders and Sales Persons)
Processing time, costs and resolution
Some Data Facts www.actuariesindia.org 3 Personal Banking
Online Merchants
Media Retail Electronics
Retail
Apparel Retail
Airlines Real Estate
Â
Telco & Cable Supermarkets
Â
Electricity, Gas, Water
Automobiles
Â
Government Services
Health Care Providers Hotels Investments Insurance Source: BCG digital satisfaction survey March 2013, Morgan Stanley Research 15.2 Insurance online experience lags behind 0 20 40 60 80 100 Feb-05 Apr-09 Feb-12 May-13 Source: Pew Research Internet Project, BCG Analysis, Morgan Stanley Research Percentage of internet users in each age group who use social networking sites, over time<br>
slide4. Digital Sales: Opportunities Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling
More focused marketing strategies and better persistency www.actuariesindia.org 4<br>
slide5. Digital Sales: Opportunities (Continued) www.actuariesindia.org 5<br>
slide6. Digital Sales: Challenges and Possible Solutions Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information www.actuariesindia.org 6<br>
slide7. Digital Sales: Challenges and Possible Solutions (Continued) Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling www.actuariesindia.org 7<br>
slide8. Digital Servicing: Opportunities Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling
More focused marketing strategies and better persistency www.actuariesindia.org 8<br>
slide9. Digital Servicing: Opportunities (Continued) Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling
More focused marketing strategies and better persistency www.actuariesindia.org 9<br>
slide10. Digital Servicing: Challenges and Possible Solutions Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling www.actuariesindia.org 10<br>
slide11. Digital Servicing: Challenges and Possible Solutions (Continued) Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling
More focused marketing strategies and better persistency www.actuariesindia.org 11<br>
slide12. Standards/Professional and Ethical Requirements Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling www.actuariesindia.org 12<br>
slide13. Standards/Professional and Ethical Requirements (Continued) Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling www.actuariesindia.org 13<br>
slide14. Way Forward Data Security
Robo Advisors
Machine learning
Wearable Technology www.actuariesindia.org 14<br>
slide15. Any Questions? QnA
Quiz Time www.actuariesindia.org 15<br>
Institute of Actuaries of India
Digitalisation of the Sales and Servicing
Process of an Insurance Company
– a challenge and opportunity
Prepared by:
Harvinder Kaur
Siddharth Kumar Goel
Devesh Khatri
Reviewed by:
Malvika Nath<br>
slide2. Agenda Introduction
Digital Sales: Opportunities
Digital Sales: Challenges and Possible solutions
Digital Servicing: Opportunities
Digital Servicing: Challenges and Possible Solutions
Standards/Professional and Ethical Requirements
Way Forward
QnA www.actuariesindia.org 2<br>
slide3. Introduction Digitalisation – A need for today
What we intend to cover? – Sales and servicing
Current practice and Limitations in the Indian Insurance industry
Customer need analysis and advice process
Informational Asymmetry (Policyholders and Sales Persons)
Processing time, costs and resolution
Some Data Facts www.actuariesindia.org 3 Personal Banking
Online Merchants
Media Retail Electronics
Retail
Apparel Retail
Airlines Real Estate
Â
Telco & Cable Supermarkets
Â
Electricity, Gas, Water
Automobiles
Â
Government Services
Health Care Providers Hotels Investments Insurance Source: BCG digital satisfaction survey March 2013, Morgan Stanley Research 15.2 Insurance online experience lags behind 0 20 40 60 80 100 Feb-05 Apr-09 Feb-12 May-13 Source: Pew Research Internet Project, BCG Analysis, Morgan Stanley Research Percentage of internet users in each age group who use social networking sites, over time<br>
slide4. Digital Sales: Opportunities Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling
More focused marketing strategies and better persistency www.actuariesindia.org 4<br>
slide5. Digital Sales: Opportunities (Continued) www.actuariesindia.org 5<br>
slide6. Digital Sales: Challenges and Possible Solutions Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information www.actuariesindia.org 6<br>
slide7. Digital Sales: Challenges and Possible Solutions (Continued) Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling www.actuariesindia.org 7<br>
slide8. Digital Servicing: Opportunities Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling
More focused marketing strategies and better persistency www.actuariesindia.org 8<br>
slide9. Digital Servicing: Opportunities (Continued) Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling
More focused marketing strategies and better persistency www.actuariesindia.org 9<br>
slide10. Digital Servicing: Challenges and Possible Solutions Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling www.actuariesindia.org 10<br>
slide11. Digital Servicing: Challenges and Possible Solutions (Continued) Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling
More focused marketing strategies and better persistency www.actuariesindia.org 11<br>
slide12. Standards/Professional and Ethical Requirements Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling www.actuariesindia.org 12<br>
slide13. Standards/Professional and Ethical Requirements (Continued) Digitally assisted sales on tablets – Meeting today’s customer’s expectations
Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process
Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time
E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing
Digital application process – Increase transparency as status of the proposal completely trackable
Easier performance appraisal of the process and bottlenecks through real time information
Reduced Fraud and mis-selling www.actuariesindia.org 13<br>
slide14. Way Forward Data Security
Robo Advisors
Machine learning
Wearable Technology www.actuariesindia.org 14<br>
slide15. Any Questions? QnA
Quiz Time www.actuariesindia.org 15<br>