about usabout you the brand win/win/winthe competition about you the insurance company the...
TRANSCRIPT
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About Us About YouThe Brand
Win/Win/Win The Competition
About YouThe
InsuranceCompany
The insLogic.com
Process
Financial
The eInsuranceMarket Place
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Home
Financial
• Insurance is one of the largest consumer expenses– Larger portion of the average household budget
than any other consumable*– Avg. US household spends $4,250 which
represents 45% of financial service expenditures**
* Source: US Bureau of Census, Consumer Expenditure Survey** For households between $50,000 and $100,000 income. Comprised of Homeowners $456, Personal Auto $1,826 and Ordinary Life $1,970 (Source: A.M. Best, Bernstein Research, Federal Reserve flow-of-funds data, ICI, Survey of Consumer Finance, BCG Analysis 1999)*** Forrester Research est.
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Financial
• Insurance is at an earlier stage of Internet migration…– Highest growth segment on-line is property and casualty
markets• On-line transaction expected to be $18 Billion by 2005 or
10% of total market• Additionally sales influenced by on-line will $27 Billion or an
additional 15% of total market• In total 10 Million households will be researching and or
buying their insurance on-line by 2005**** Source: US Bureau of Census, Consumer Expenditure Survey** For households between $50,000 and $100,000 income. Comprised of Homeowners $456, Personal Auto $1,826 and Ordinary Life $1,970 (Source: A.M. Best, Bernstein Research, Federal Reserve flow-of-funds data, ICI, Survey of Consumer Finance, BCG Analysis 1999)*** Forrester Research est.
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Net Insurance Sales Will Grow Dramatically…But Winners Will Be Multi-channel
( Source: Forrester,Best BCG analysis )
0.0
10.0
20.0
30.0
40.0
50.0
60.0
1998 1999 2000 2001 2002 2003 2004 2005
Influenced Online
Sold Online
1.3
0.2
1.7
0.2
1.9
0.4
2.7
0.8
3.9
1.8 7.0
4.1
14.6
9.8
27
18
$ B
illio
ns
Financial
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Technology Adoption & Speed to Market
1922 1930 1938 1946 1954 1962 1970 1978 1986 1994 1999
100 mil
(Source: US Consumer Survey 1996)
Radio 75 Years
TV 50 Years
Cabl
e 25
Yea
rs
Cellu
lar 1
5 Ye
ars
Inte
rnet
5 Y
ears
Key Take Away
Speed to market is critical and accelerating
About You The Brand
# of Users
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Home
Online = Lower Transaction cost forInsurance Transactions
$19
$8
$0.45$0
$5
$10
$15
$20
$25
$30
$35
$40
Agency Call Center Internet
$37
$22
$1.20$0
$5
$10
$15
$20
$25
$30
$35
$40
Agency Call Center Internet
(Source: Meridien Research Analysis)
Transaction Cost Estimatefor P/C Policy Origination
Transaction Cost Estimatefor P/C Policy Service
Financial
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Difficult or ComplexHigh Cost
SimpleLow Cost
InvestPlan for Unexpected
(Peace of Mind)
AD&D
Annuity
Term Life
Home
Auto
LTCHealth
Whole LifeEstate Planning
Home / Life / Auto suitable for Web and Call CenterSame time thinking about investment products
Key Take Away
Financial
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The POWER is shiftingThe POWER is shifting
The Wholesaler
The Manufacturer
The Retailer
The Consumer
Key Take Away
(Early 20th Century)
(Mid-20Th Century)
(Late 20th Century)
(Today)
Consumers Will Determine Which Model Will Prevail
About You The Brand There Is A Newly Empowered Consumer
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i.e. % Customer citing reasons for insurance purchases at financial institutions
Convenience And Trust… Cited As Primary ReasonsFor Buying Insurance Where They do
Convenient Location
Deal with people they know
Direct deduction of premium from account
Bank will lower premium
Convenience
Trust
Convenience
Price
Banks deal only with financially sound insurers
Trust
0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
Life Insurance Auto-Homeowners Insurance
(Source: Synergistics Consumer Study, 1997 ABI Fact Book)
About You The Brand Consumers See You As Their Trusted Advisor
Key Take Away Convenience = Being Available At The Point Of NeedTrust = Your Brand Providing Choice
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Enhance the Trusted Advisor Role
Problems Buying insurance requires revealing
personal information.
0% 10% 20% 30% 40% 50% 60% 70% 80%
69%
51%
42%
38%
27%
16%
12%
Financial Planners
Registered Investment Advisors
Stock Brokers
Accountants
Bankers
Lawyers
Other
Your Brand as the trusted source of information
(Source: US Consumer Survey 1996)
Solutions “White-label” solution is perfect for selling insurance
% confidence by consumers as trusted advisor
Key Take Away
About You The Brand
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About Us About YouThe Brand
Win/Win/Win The Competition
About YouThe
InsuranceCompany
The insLogic.com
Process
Financial
Evolving eInsurance
Models
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Home
B to B
B to B to C
ASP
(Applicatio
n Solution
Provider)
Cyber Intermediary
Web
Insu
ranc
e
Bro
ker
Internet
Infrastru
cture Player
Platform
Financial
B to B to B to C
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Home
RecognizeNeed
Learn Products
Needs Assessment Get Quotes Compare Buy Service &
Renewal Claim
• Branded navigators who • Assist consumers through search• Transaction referred to an agent for fulfillment
Quotation Referral Systems
Fulfillment Systems • Non-branded brokers• Consumers enter buy process through “trusted” group• Transaction fulfilled offline or online
B2B• Provide engineered existing communication
between brokers, underwriters and customers• Enable greater accuracy, speed and analysis
of complex insurance products
Focus on Different Elements of Consumer Experience
• End-to-end search and fulfillment • Business model designed to avoid carrier integration challenges • Risk reinsured
Reconstructors
4 Models are Emerging…
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About Us About YouThe Brand
Win/Win/Win The Competition
About YouThe
InsuranceCompany
The insLogic.com
Process
Financial
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HomeKey Take Away
The Best Practices of aTraditional Agent/Broker…The Best Practices of aTraditional Agent/Broker…
The Cost Structure of a Direct Dial/Writer…The Cost Structure of a Direct Dial/Writer…
…Enabled on the Web…Enabled on the Web
insLogic.com – Fulfillment ModelAbout Us
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The Evolution of Insurance DistributionC
ompl
exity
and
Val
ue
Pre 90’s 1990’s 1999 2000
Traditional Broker
• Access to Information Provides Choice
• Commoditization• Price Pressure
•Lack of actual results•Trusted brands
Direct Writers
Lead Referrals
Fulfillment
What’s next in insurance.
About Us
Key Take Away
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Aggregation & Fulfillment For Insurance Distribution
The Intelligent Middleware Between Consumers And Ins. Co’s
Aggregate information Analysis of customer needs Multi-channel gateway Multi-product fulfillment
InsuranceCompany
InsuranceCompany
InsuranceCompany
InsuranceCompany
InsuranceCompany
InsuranceCompany
Internet / Mail / Fax / Phone / Walk in
WorkPlace Home Branch
Auto ClerkRetailKiosk
HomeTV
A E FC DB
Key Take Away
IntelligentMiddleware
About Us
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Insurance Company WINS
Uniquely Positioned!
BrandWINS
ConsumerWINS
About Us
Sustainable Relationships Allow Everyone To Win Key Take Away
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Flawless Consumer Experience
Choice
Intuitive, transparent navigation
Unbiased needs assessment and advice
Execution of a binding policy in a single session
Superior Systems and Capabilities
Fully integrated e-commerce solution
High performance call center
Operational excellence CPT, COPC
3 Key Factors… Drive insLogic
The insLogic value propositionAbout Us
The Best Economic Model Will Win
Key Take Away
Enhanced Economics
Higher cross-sell rates to increase retention
Better retention to increase profits
Lower acquisition and retention cost
Increased lifetime value of customers
Increased lifetime value of customers
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vencapONEX
Airline Catering
Phoenix Pictures
LanticElectronics
Manufacturing
“Service engine of the new economy”
“Service engine for insurance in the new economy”
Infrastructure and e-fulfillment designed specifically for a white-label, multi-channel, multi-carrier
insurance offering.
Proven Experience & The Resources To Execute
Automotive Parts
The Onex Family - Proven Infrastructure Player
Key Take Away
About Us
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LAS VEGAS
TORONTO (3)BUFFALO (2)
WATFORD
CLIFTON, NJ
ALBUQUERQUE
DUBLIN LIN (2)
DOVER, DE
DALLAS
OAK RIDGE
HUNTINGTONCOLUMBIA, MD
NASHVILLE, TN
COLUMBUS
DAVIE, FL
Europe:• 9 Countries
• 10 Call Centers
• 3 Distribution Facilities
insLogic / ClientLogic Facilities
Details:Service engine of the new economy. End-to-end customer management solutions, focused on specific vertical markets.
• Focus on high-end, long-term client engagements.
• 32 Locations world wide, 7,800+ employees
About Us
Global Infrastructure ( insLogic.com / ClientLogic )Key Take Away
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insLogic. Adoption & Speed to Market
insLogic.com has continually migrated towards cost effective delivery of insurance & towards the way that customers want to do business
On-
line
Offe
ring
Pre 1997 1998 1999 2000
Call CenterOnly
Form BasedWeb Quote
On-line QuotesOff-line Sales
& Service
On-line Sales& Service
About Us
insLogic. Solution Enables A True On-line Offering Key Take Away
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TIGRES Totally Integrated Graphical Real-time E-commerce Solution
Flow-ThroughProcessing
GlobalContact
Management&
CampaignManagement
Database
InsuranceContact
Management&
CampaignManagement
Database
IntegratedServices
Link
DataMapping
APTACORD
CSIOAL3
Flat FileMSMQ
MQSeriesApplied
FTPDelphiFiMailSTMPXML
InsuranceCompany
InsuranceCompany
InsuranceCompany
DataWarehouse
LogicEngine
RatingSystem
Internet / Mail / Fax / Phone / W
alk in
About You The Insurance Company
InsuranceCompany
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The Connector Supports Any Format Examples of Insurance Specific
Formats Implemented. . . AL3 (over 50,000 active implementations)*
Applied (over 24,000 active implementations)*
AMS (over 15,000 active implementations)*
APT (over 1,300 active upload users)*
CSIO
Delphi
Formlink TRA
Examples of Industry Standard Formats Implemented. . . Flat File
FTP
MQ Series
MSMQ
Simple Mail API
SQL
XML
*Source – ACORD Status Report, Spring 1999
There Is No Standard
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Marketing Needs Analysis& Learn
Quote &Compare
Select Underwrite & Pay
Policy Change, Inquiry& Renewal
Claims
Recognize Buy Service
Recognize
The insLogic.comProcess
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HomeSmart Marketing
Solutions Integration at the time of need, magic moments marketing Permission-based follow-ups and scheduled interactions
Problems Customers unaware of their needs Mass Marketing or Branded Marketing
(Source: One-to-One Marketing)
Event
Car loan/Car Purchase
Marriage
Change in ResidenceHome Purchase
Birth of a Child
Product Need
Auto Insurance
Life Insurance
Home Insurance
Life Insurance
Key Take Away
Time ofPurchase
InsuranceShoppers
At AnyGiven Time
BrandMarket
Approach
Mass
8%2% 1%
90%
0%
50%
100%
% R
esp
onse
To M
ark
eting
Recognize 1 : 1 MarketingThe insLogic.comProcess
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Problems• Too much information creates confusion• Not organized around customer’s needs
Solutions• Brand becomes the information source• Online intuitive tools available• No pressure or bias (intermediary)
The Brand is the Trusted Advisor
Recognize Needs AnalysisAnd Learning
BrandTraffic
CustomerUnderstandingEmpowerment
QuotationTime
Speed &Accuracyof Quote
Key Take Away
The insLogic.comProcess
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Problems• Multi-Insurance Company solutions have lengthy (form-based) question set
(Time consuming to complete)
Solutions• Fast and intuitive question and response session• Access to live licensed agents
Increase Completed Quote Sessions
Buy Quote and Compare
Fast, Intuitive Quotation Process
STAGE 1
STAGE 2
STAGE 3
Thin Risk Profile
Refined Quote
Rating Complete
Quote Range
Compare
Complete
% C
usto
mer
s En
gage
d in
On-
line
Sess
ion
(Source: Forrester, Best, BCG Analysis)
0%
50%
100%
0 5 10 15 20 25 30 35 40 45
# of Minutes
Key Take Away
The insLogic.comProcess
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Problems• Single Insurance Co. means no choice
or price matching risk profile
Solutions• Multi-Ins. Co. to compare/contrast/empower/trust• Multi-Ins. Co to match risk profiles • Reduce selection confusion
Risk No One Insurance Company Will Write All RisksConsumers Want Choice
Buy Quote and Compare
50%
20%10%
2%0%
50%
100%
SingleInsurance
Co.
2Insurance
Co's
3Insurance
Co's
4Insurance
Co's
(Source: U.S. Consumer Survey, 1994)
% o
f con
sum
ers
reje
cted
, not
mee
ting
thei
r nee
ds,
or c
onsu
mer
reje
ctio
n du
e to
pric
e co
mpe
titiv
enes
s
62.1%Agents offering
policies frommultiple insurance
companies
28.8%Agents offering
policies fromsingle insurance
company
9.1%Don’t Know
or No answer
Key Take Away
The insLogic.comProcess
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0%
50%
100%
0 2 4 6 8 10 14 16 18 20 22
Problems• Time consuming• Single channel• Multiple separate sessions required
Solutions• Able to buy in a single session• Multi-channel (online or call center). Live contact
with a licensed agent increases consumer confidence
Close Ratio Rises With The Ability To Buy In A Single Session
12 Hours 24 Hours
(Source: Forrester, Best, BCG Analysis)
Buy Select Underwrite and Pay
Key Take Away
0
10
20
30
40
1999 2000 2001 2002 2003 2004 2005
Influenced Online
Sold Online
Share of Total Market %Sold Online 0.1 0.3 0.4 0.9 2.0 4.4 10.1
Influenced or Sold Online 1.0 1.4 2.0 2.8 5.3 11.0 24.2
0.2 0.4 0.8 1.84.1 9.8 23.5
1.7 1.9 2.7 3.9
7.0 14.6
32.9
The insLogic.comProcess
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Problems• No access to policy & billing
status• Policy change or inquiry is time
consuming/inconvenient
Access To Information Leads To Customer Satisfaction
Service Policy Change – Inquiry & Renewal
55%
10%
0%
50%
100%
Access to BillingStatus
Price
% P
olic
y H
olde
rs E
xpre
sses
Dis
satis
fact
ion
(Source: Forrester)
0%
100%
100%
50%
1999 2000 2001 2002 2003 2004
Move to Unassisted
Service
Solutions• Electronic filing cabinet for all policy information
Policy declaration pages Application forms
Photographs Mortgage documents
Key Take Away
The insLogic.comProcess
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Service Policy Change – Inquiry & Renewal
The insLogic.comProcess
TraditionalInsuranceProvider
InsLogicToday
17
66
0
10
20
30
40
50
60
70
Product Line 1989 1994 1995
Auto monoline 80.4 80.5 80.9
Homeowners monoline 84.1 81.4 83.0
Other monoline 74.1 79.1 80.4
Total monoline 81.1 80.8 81.9
Bundle 88.8 90.0 90.8
Total personal accounts 81.8 84.6 85.60
50
100
150
200
250
300
TraditionalInsuranceProvider
InsLogicToday
Improved Bundling… Leads to Increased Retention… And Increased Profit…
Average Profit per Customer (Indexed)
Bundling To Increase Retention To Increase Profit
Bundling
Retention
Admin
Key Take Away
Bundling = 9% Increase in retention 9% Increase in retention = 150% increase in profitability
66% of customers todayare sold another product
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Billing
Fulfillm
ent
Sale
s &
Ord
ers
CustomerSupport
Technical
Support
What happened?
What worked?
What did not work?
How do we improve Acquisition,
Retention or LTV?
High
Low Time
Cus
tom
er V
alue Multiple products sold
Other needs
1st Transaction
Accountable Marketing & A Focus On LTV Of CustomersKey Take Away
Learning more about your customers is your only sustainable competitive advantage
Service Learning About Customers
The insLogic.comProcess
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About Us About YouThe Brand
Win/Win/Win The Competition
About YouThe
InsuranceCompany
The insLogic.com
Process
Financial
Win / Win / Win
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Brands WINS:
Leverage Brand ValueNew / On-going Revenue Improved Customer Retention Improve Customer LTV Increased Learning About
Customers
Key Take Away
The BEST Economical Model WINSWin / Win / Win
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Insurance Company WINS:
Increase production of business
that they are interested in
Lower marketing cost
Lower data processing costs
Increased retention
Learn/exploit together - the
Internet channel
Better Economics for EveryoneKey Take Away
The BEST Economical Model WINSWin / Win / Win
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Consumer WINS:
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The Economics – Avoiding Drop-Off
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Lead Referral
The Competition
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