monthly report december, 2008. → uw 5 → 6 policy admin 17 → 35 prem. 2 → 8 claim 1 → 2 pos...
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MONTHLY REPORT DECEMBER, 2008
POLICY ADMIN
JESSIE CHOU
→
UW5 → 6Service Center
HCMCHANOI7 → 15
POLICY ADMIN 17 → 35
PREM.2 → 8
Claim1 → 2
POS1 → 2
CS1 → 2
Set up all procedures
Complete all manuals (AG/ staff/ PC)
Test all system functions
Check new product relative provisions
POLICY ADMIN REVIEW OF 2008
UW
CS
PREM
POS
CLAIM
Support & Check
Service Center Agency Unit
INCONVENIENT ISSUE
company
Time(min)
Check app.
Key inCollect money
Cathay VN 10 yes Yes (100%) yes
Cathay CN 5 yes Yes (100%) yes
Prudential 5 yes Yes (20%) yes
Manulife 2 no no yes
AIG 2 no no yes
ACE 2 yes no no (bank)
Time receiving for 1 application form at Service Center
Speed is a crucial factor of service quality. SC will try to reduce the time of receiving app.
SC ACTION PLANS OF 2009
•Cathay product •System •Communication skill
Continuously train CS
• Da nang ( March )• Can Tho
Set up new service centers
NEW BUSINESS IN 2008Company Cathay
VN Manulife Cathay CN
CathayTW
Received 1,966 100% - - -
Issued 1,841 93.6% - - -Decline & Postpone 55 2.8% 3% 1 % 2.7 %
Cancel & closed 59 3.0% - - -
pending 11 0.6% - - -
◎Base on the material of the received cases form 4/7/2008~30/11/2008
Company CathayVN
Prudential
Manulife
Cathay CN
Cathay
TW
Incomplete 450 23%4%
8% 15 % 3 %
Medical Exam 180 9% 12% 2 % 7-9 %
UW DIFFICULTIES IN 2008
High Incomplete
Ratio
High Medical Exam Ratio Low
Confirmation Slip Return Ratio
Half of them are over 5 days
UW ACTION PLAN OF 2009
Reduce incomplete ratio
• Improve agent skill of filling application form• Review and modify application form
Reduce medical exam ratio
• Enhance u/w capability• ME cases periodical analysis will be conducted
Increase confirmation slip return ratio
• Modify confirmation slip management, commission deducted if overdue (> 21 days)
PREMIUM REVIEW OF 2008
TIA checking• TIA checking
to avoid premium encroached
• HCMC: 87 % HN: 38%
Collector System • Home service
for premium collection
• Avoid AG hiding customer’s information
Premium Promotion• Start to utilize
incentive to enhance premium efficiency
Checking ratio still need to increase
PREMIUM COLLECTION EFFICIENCY OF 2008
companyCathay VN(average of Sep.~ Nov.)
Manulife Daichi CathayCN
Cathay TW
Efficiency 64 %50~ 55
%56 %
55~ 65 %
94 %
Average of monthly result:
UnitReceivable Collected
EfficiencyCase Pre Case Pre
Total 195 170,151 156138,65
481 %
Period : form Sep to Nov.
Prem. Unit: 1,000VND
Quarterly efficient result:
PREMIUM UNPAID REASON ANALYSISBase on the call out material of 116 receivable cases in HCM on
Nov. Unpaid Reason Percentage
NO.1CUSTOMER WANT TO USE GRACE PERIOD (16/116)
14%
NO.2Customer want to give up their contract(15/116)
13%
NO.3Cannot contact (11/116)
11%
Total (44/116) 38%How to encourage clients to pay
on time ?
PREMIUM ACTION PLAN OF 2009
• Cash at bank counter• Bank transfer• Direct debit• ATM
Payment Channel
Extension
• Correct address and telephone .
• Set up effective incentives for early payment
Premium Collection Promotion
•Implement TIA checking , tracking to each AS ,to increase checking ratio.
Document Management
POS CANCEL POLICY IN 2008
Company Cathay VN
Prudential Dai-chi Cathay
CNCathay
TW
Ratio 3.91 %(77/196
6)1.15 % 3.00 % 1.80 % 2.00 %
Change Frequency / Term /
SA in free look
Financial condition Personal reasons
32 1.62 % 32 1.62 % 13 0.66 %
Cancel ratio
Cancel reason analysis
◎Base on the material of the cancel cases form 4/7/2008~30/11/2008
POS ACTION PLAN OF 2009
• Set up SOP for advising cancel and surrender cases
• Increase the ratio of reinstatement for lapsed policy
Maintain in-force policy
• Make the periodical survey of insurance company ( permit for policy change in free look period )
DO POS fit in market
•Develop signature image system
POS reality check
CS CONFIRMATION CALL RESULT
Wrong number8% No answer
2%
Can not contact
11%
Implement-ing5%
Succesful73%
CS CALL OUT RESULT
QUESTIONNAIRESFrom 31 Oct to 09 Dec 2008
Yes No
1. CLIENT SELF-SIGN IN THE APPLICATION FORM
94 1
97.92% 1.04%
2. EXPLANATION ON EXCLUSION 93 2
96.88% 2.08%
3. NEEDED DECLARATION WHEN FILLING IN THE APP FORM
94 1
97.92% 1.04%
4. EXPLANATION ON FREELOOK PERIOD
82
85.42%
5. CORRECTION OF CURRENT ADDRESS
92 3
95.83% 3.13%
6. SATISFACTION WITH AGENT’S SERVICE
95 0
98.96% 0.00%
1313.54%
CS STRENGTH & WEAKNESS
STRENGTH WEAKNESS
Contact to client actively
Check Client’s Policy
Understand-ing
Check Telephone/Addr
ess
Only randomly call 20% confirmation letter cases
Lack of Agency Compliance
CS ACTION PLAN OF 2009
Carry out 100% confirmation call
Set up customer complaint procedure
Add Policy Added Value to client
Periodical survey on customer satisfaction
CONTINUE INCREASING CUSTOMER’S SATISFACTION
CLAIM REVIEW OF 2008
Hanoi
Da Nang
Can Tho
Ho Chi Minh
HAI PHOUNG
Sign contract with hospitals in South : 15 hospitals North : 15 hospitals
Ratio(%) Early claim (< 2 years)
Over 2 years
event occurred
Declineevent occurred
Decline
Prudential 1.36 53.1 2.25 28.5
Manulife 1.29 52.5 2.15 21.7
Daiichi 1.41 51.8 2.40 34.5
ACE life 1.16 50.1 1.96 25.7
SURVEY ABOUT DEATH CLAIM RATIO
company
RESEARCH OF CLAIM DECLINE REASON
NO.1 Non-disclosure
NO.2 Exclusion provision•Suicide within 2 years•AIDS•Drugs abuse
NO.3 Pre-existing conditionNO.4 Insured event occurred in
lapsed period
Building Hospital Investigation Network
Claim service enhancement
Training investigation skill for SC
expand to sign contract with 20 investigation hospitals each
quarter
CLAIM ACTION PLAN OF 2009
POLICY ADMIN TARGET & STRATEGY OF 2009
Better ServiceMaking a difference
CARE
speed
ACCURACY