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White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to Customers7 ways to get closer to your customersWhite PaperWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 2 of 22ContentsIntroduction: Whatever your business strategy focuses on, make sure it is customer-centric 31. Create a platform for engagement that fuels dialog with your customers 5 Dont be a stranger 5 Two critical factors for engagement 52. Improve customer satisfaction by optimizing your claims processes 8 Your customers moment of truth 8 How to balance fraud management with prompt claims settlement 83. Give your front-line people the information they need to get more out of customer interactions 11 Why your customers think you dont really care 11 A 360 customer view helps you score business goals 114. Get a clear view of individual risks and profitability in order to offer more benefits to the customers 13 An offer they cant refuse 135. Meet the customer where the customer is (different channels for different steps in the Insurance Value Chain) 15 Your customers do business digitally, do you? 15 How do you meet your customers where they are? 156. Offer the customer the right product configuration quickly 17 One eye on the customer and one on the competition 17 From months to days 17 An example: When products become differentiators 177. Give your customers a role in your pricing strategy 19 Put your customers to work for you 19 An active role 19 An innovative example: Name your price 19 About the authors 21 About Tia Technology 22TIA Technology A/S Bredevej 2DK-2830 Virum T +45 7022 7620 F +45 7022 7621 W tiatechnology.comE marketing@tia.dkWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 3 of 22Introduction: Whatever your business strategy focuses on, make sure it is customer-centricWhy you need a customer-centric strategyMaintaining good relationships with an insurance customer is like raising a baby. Their behavior changes rapidly. You simply cannot ignore their needs, and the way you deal with them affects the health of the entire family or in the case of your business the health of its bottom line. The insurance industry has the highest new customer acquisition costs of any industry.1 Whats more, customers buying behavior is changing, and they are not necessarily loyal. Today, 53% will compare offers (often using social media to shop around and purchase via the web or a mobile phone). There is no doubt that this lack of loyalty is expensive. Insurers lose around 20 percent of their customers each year, resulting for example, in over 4 billion euro of losses in the private motor and home insurance markets.2 On the other hand, a 1% increase in customer retention can increase annual premiums by close to 800,000 euro.3Your interactions with customers are critical to meeting your business objectives. Regardless of whether your strategy focuses on distribution and customer service, operational excellence or product optimization, your customers need to be in focus. 1 Rough Notes magazine, 20122 Accenture survey, 20113 Insurancetech.com, 2012Sales/CustomerServiceOperational ExcellenceProduct OptimizationCustomersWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 4 of 22In this whitepaper, we take you through seven ways to get closer to customers. Each section covers the challenges you face, the changes you need to make in your organization and the benefits you will derive. We also link those benefits to overall business objectives. In some cases, we draw your attention to how an insurance solution can support these changes. Examples and screenshots from the TIA solution are used. This is to make it more clear and concrete for you. Yes, we work for TIA, and we believe that our solution has some unique benefits, especially when it comes to customer-centricity. Nevertheless, the principles in this white paper can be used independent of any given technology or solution.We hope you get a lot out of it, and wed love to hear from you with feedback or questions. You can write us at marketing@tia.dkSteen Vingaard Larsen, Business Advisory Director at TIA Phone: +45 24943605Martin J. Ernst, Business Consulting Director at TIA Phone: +45 29911122White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 5 of 221. Create a platform for engagement that fuels dialog with your customersDont be a strangerIf your company is like most insurance companies, you do not have many points of contact with your customers. In fact, you may only engage in dialog in a claims situation or in connection with annual or renewal payments and those interactions do not relate to the needs of the customer. So, if you are communicating with your customer infrequently (and often in situations the customer per-ceives as negative), how can you anticipate their needs and keep them satisfied? The answer is to engage in a much more frequent and relevant dialog with your customers in order to learn their needs and respond promptly. That is all very well and fine, you say, but how do I in-crease the number of opportunities to engage in dialog? Two critical factors for engagementThere are two key actions you can take to create contact points and engage with your customers: customer milestones and incentives. A prerequisite to these two actions is accurate and accessible customer data. Customer data is used to identify milestones, trigger an action and offer the cus-tomer an incentive for engaging in dialog. 1. MilestonesIf you have the right customer data in your system, you can identify critical points in the customer lifecycle. These are milestones where a need may present itself a need that can be answered in the way of information, advice, and ultimately, a concrete offer. Examples of these critical points are when the customer moves away from his or her childhood home, gets a driving license, moves or travels abroad for a longer period, marries or moves in with a partner, has children, gets divorced or loses a spouse. Each of these milestones represents an opportunity to engage. A similar lifecycle approach can be applied to commercial customers by identifying company milestones that trigger different insurance needs and advice.2. IncentivesThe dialog you initiate must offer the customer a clear benefit. Otherwise, you can attempt to en-gage all you want, but you wont get a response. On the simplest level, this benefit could be nothing more than advice. It will, however, only be perceived as a benefit if the customers feel that they are getting impartial advice. Naturally, they are aware that the person they are talking to represents an insurance company and, at the end of the day, wants to sell them something. Nevertheless, the tone of the conversation can be crucial. If your people recognize that this is an early point in the sales cycle, and the customer feels that they are getting help rather than being sold to, it could make a big difference in the ultimate outcome. White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 6 of 22A prerequisite: Customer dataIn order to engage, an insurance solution that stores the relevant data and makes it accessible when required is needed. This solution should make it possible to store the right customer data across functional areas and to set up certain actions that will be triggered by the system. For example, when the customers child approaches the age when they begin to learn how to drive (a milestone), you could engage in dialog regarding their car insurance policy. This could be in the form of an email, letter or telephone call. Whats more, when the initial contact is personalized based on the data in your system, it has a greater chance for success.A customer-centric solution makes it easier to handle the entire customer lifecycle and the entire value chain. It provides insight that frees resources to focus on business development.Innovation: An interesting example of how to encourage ongoing dialogThe benefit you offer when a customer has a milestone can be much more than giving advice. It could come in the form of the offer itself. This could be a traditional time-limited offer, for example. It could, however, also be of a more innovative nature one which promotes ongoing dialog. For example, the Ingenie insurance company offers a product for drivers in the age group of 17-25. They install what they call the Telematics box in the customers car (at no extra cost). The Telemat-ics box automatically assesses the customers driving trends. The customer goes about their normal driving habits with no special rules or restrictions, and they receive regular feedback. The cost of insurance is reviewed every three months, thus opening up for ongoing dialog. The incentive is that if they drive well, customers could pay less. CustomerTask ManagementRisk & InvestmentCustomer & Policy ServicingClaims ManagementCollection & DisbursementMarketing/ SegmentationSales & UnderwritingProduct Definition (product variants) Business Process ManagementSales & MarketingBusiness Utilities Performance ManagementWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 7 of 22The Ingenie car insurance product offers an incentive that promotes continuous dialog.SUMMARY Challenge: Few points of customer contact make it difficult to anticipate and meet customer needs Enabler: Set up milestones in your insurance solution that trigger certain customer-engagement actions based on their behavior Necessary change: Engage in a much more frequent and relevant (for the customer) dialog in order to identify needs and respond promptly Benefits: Increase customer retention and revenue by way of proactive dialogs that enable cross-selling and up-selling Business objective: The business objective focuses on sales and customer service, thus having a positive effect on the top lineWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 8 of 222. Improve customer satisfaction by optimizing your claims processes Your customers moment of truthThere is no contest. Claims settlement is not only the largest cost-driver for an insurance company, it is a critical factor in your customers perception of, and level of satisfaction with, your company. Recent research from Celent underlines a fact that probably wont surprise you: customers who reg-ister a claim are much more likely to change insurance providers.5Another interesting finding has to do with the balance between fraud management and prompt payments. Customer satisfaction is clearly linked to the speed and value of settlement. However, in order to settle quickly (or flag as fraud), each case must be processed at the right level of detail. Naturally, an accurate claim paid quickly is best for all parties in theory. Your customers feel posi-tive about your brand and as long as the claim is accurate your organization benefits by getting it taken care of as quickly as possible, as well. Yet as you well know, it is not possible to process every claim quickly and still maintain a viable business. Your customers may not like negotiating the value of the claim or having it disputed, but the fact is that for whatever reason, some of them feel the need to inflate its value. How to balance fraud management with prompt claims settlementA customer-centric framework allows you to reduce resources while still feeling confident about your decisions. It uses customer data and a scorecard system to balance fraud management with 5 Celent survey 2012LowLowHighHighLikelihood of fraudSpeed of settlementCustomersatisfactionWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 9 of 22prompt settlements. The majority of your claims are handled by the system automatically and promptly via direct processing, while others require human interaction.The rules set up in your insurance solution allow you to automate some claims and flag others based on a solid foundation of customer data. You use the data to set up a process for fully automating straightforward claims and marking others for possible fraud. The faster you settle, the more satisfied your customer will be. Whats more, satisfied customers have less of a tendency to make additional claims. Even more importantly, you can capitalize on this expected satisfaction by carrying out a courtesy call. What is more, as the caller has naturally prepared for the call by doing a white space analysis or even been given a next-best product suggestion by the system, this is a golden opportunity to up-sell or cross-sell to this customer. 1. Customer dataA framework based on the customers own input of data facilitates a system for balancing fraud management with prompt claims settlement. This allows for the possibility of the customer entering their claim via a self-service area on your website. It is, however, important to note that some cus-tomers do prefer to initiate their claim via personal contact on the phone. So, they should also have that option. Whether the initiation of the claim process is completely automated or involves human contact at the start, however, the actual processing can be automated. This saves time and reduces the amount of resources used on this task.2. Scorecard systemWhereas the input of customer data represents one part of the framework, the other part is based on your own professional guidelines. A scorecard system is used for flagging possible fraud when a certain threshold is reached. This scorecard system can be a simple rules-based system where a number of rules are defined. If these rules are violated, the claim pops up as a referral. The rules are typically defined based on a combination of statistics and the expert input of very experienced claims handlers. The other solution is a scorecard that uses historical claims data to predict the likelihood that a given claim case is fraudulent. Here you set the threshold values for when a claim is acceptable (in this case, straight-through processing for automatic claims settlement can potentially be used), when it should be referred for further investigation/information, or when it is a potential case of fraud. White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 10 of 22SUMMARY Challenge: Customer satisfaction is closely linked to how fast and how correctly their claims are settled, but business considerations require that prompt settlement is balanced with effective fraud management Enabler: A policy administration platform accessed by customer service representatives via an intuitive web user interface provides real-time case management Necessary change: Establish system based on customer input and business rules, which automates handling of most claims while flagging those that reach a certain threshold Benefits: Improve customer satisfaction, increase retention while reducing operational costs spent on handling claims and managing fraud Business objective: The business objective focuses on operational excellence, thus resulting in the reduction of fraud and an improved bottom line Customer contactFNOL Claims rating Claims thresholdAutomatic settlementFull compensationStraight-through processingManualHighMediumLowRouted to claims handlerPartial compensation Claim closedClaim settlementFraud RejectionWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 11 of 223. Give your front-line people the information they need to get more out of customer interactions Why your customers think you dont really careWhen your customer service or other front-line people dont have the customer information they need, they cant make the right offer. They cant help customers in the right way. It is as if they are telling the customer that they dont care. Of course, they really do care, but if they do not have a 360 customer view, the person theyre interacting with may not get that impression. Still, it can be difficult, if not impossible, to get that full view of the customer and their history when you have one system for Policy Administration System (PAS) another for Claims and a third for Life & Pension (L&P). Yet, it is exactly at that customer-facing moment that you have an opportunity to score a business win. What does it require?A 360 customer view helps you score business goalsA 360 customer view across functional areas (PAS, Claims, L&P) arms your frontline with the arse-nal of information they need to respond, interact and take advantage of opportunities to sell a new product to up-sell, cross-sell, or even just keep the customer extremely satisfied. A 360 customer view is provided by a customer-centric system. In order to be regarded as such, the system must store customer data independently of the functional areas, and users must be able to access the rel-evant data according to their given role and tasks.1. The right information for the right personYour front-line people need information from across functional areas. However, too much informa-tion can be just as damaging as not enough information. People in customer service need different types of information than people in underwriting, claims and finance. If they are bombarded with customer information, they wont be able to find what they need at the moment of contact. 2. How a role-based solution helps make interactions more profitableThis is where a role-based system comes into play. Each person in your organization works via an interface that matches the functions they are responsible for and the way they work. This makes it easier for them to prioritize tasks, carry them out efficiently and to interact with the customer in a way that both keeps them satisfied and promotes business goals.Lets look at an example. The customer calls the contact center with a question regarding the status of a claim he just made on his car. The customer rep opens the claim in the expanded view and im-mediately sees that the claim has actually been settled and a payout has been made directly to the callers bank account. The good news is told to the customer. Whats more, in the same screen, the White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 12 of 22rep can also see the policies held by this person. So, as discussed in the previous chapter, this is a golden opportunity to cross-sell or up-sell as we most likely have a very satisfied customer. In this situation, it is paramount that the customer representative has a complete view of the customer engagement and preferably a recommendation of next best product to offer. In addition, he should be empowered to propose the product and deliver a quote.SUMMARY Challenge: The potential of front-line interaction with customers is not fully realized Enabler: Empower users (via role-specific and personalized homepage) to take direct action and handle customer interactions in real-time; Streamline customer engagement processes with task-oriented and process-driven work spaces Necessary change: Get the front-line to understand the customer data and how it can be used to create value; Grow a culture that understands the value of information and seeks to improve the customer-centric database Benefits: Increase customer satisfaction with value-adding dialog and increase employee satisfaction by providing them with enablers that enhance customer dialog Business objective: The business objective focuses on sales and customer service, and the main result is an improved top line (increased sales) as well as an improved bottom line (increased retention)White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 13 of 224. Get a clear view of individual risks and profitability in order to offer more benefits to the customers An offer they cant refuseInsurance customers have become increasingly reluctant to share risks within a large group, even if the group is fairly homogeneous. They want a more personalized insurance product and a premium that fully reflects their individual risk, rather than the risk of the entire group. Why should I pay for someone elses risk, they wonder.If you want this type of customer to be happy and profitable for your company, this leaves you with two options. You can either make a more personalized offering using micro-tariffing, or you can offer the customer a benefit for purchasing as part of a group. Either way, a customer-centric ap-proach is necessary.1. Micro-tariffingIndividualized offers are dependent on customer insight. They require an insurance solution that al-lows you to examine the individual customers risk in terms of geographic, statistical and behavioral data at a micro-level (with detailed data on areas such as title, driving behavior and hobbies). In this way, you get a better overview of the risks on the micro-level, and you can turn that information into a customer proposition that is favorable for the individual customer. 2. Profit-sharingAn alternative to micro-tariffing is to encourage the customer to share the risks in traditional group insurance by offering them an incentive. Customers who already belong to a particular group such as a union, automobile association or sports or hobby club are grouped together. They receive re-wards via payback bonuses based on performance.In this way, they share the risks, but they also share the profits when applicable. In order to make this work, however, you need to be very clear about the risks and potential profits. Many companies arent able to calculate profitability for individual products. Your system should be able to have all the information in one data model in order to calculate the payback-bonus. White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 14 of 22SUMMARY Challenge: Data is often stored in various best-of-breed applications that are linked together in an SOA structure - thus leaving customer-centric data spread out across systems Enabler: An enterprise-wide, end-to-end solution (with integrated technology platform) offers a single, non-redundant and consistent view of customers data for the full lifecycle management of general insurance products Necessary change: Customer centric data needs to be linked to customer risk and profitability data as opposed to the products Benefits: More customer satisfaction, increased customer retention Business objective: The business objective focuses on product optmization, and the main results are increased lifetime value and an improved bottom lineWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 15 of 225.Meet the customer where the customer is (different channels for different steps in the Insurance Value Chain)Your customers do business digitally, do you?One of our clients told us that when he tried to set up a meeting with a potential insurance customer recently, the woman asked, Why? He replied that he would like to explain how their different of-ferings could help the womans family. Cant I just read about them online, the woman asked.The marketplace for Insurance and other financial products is moving into the online world, includ-ing mobile devices. Over 40% of consumers consider the ability to access products and services via multiple channels as important or very important.6 What is important to your customers, is of course, important to your business.How do you meet your customers where they are? There are two critical factors for capitalizing on opportunities via multiple interaction platforms. First, it is vital to use different channels for different customers and situations in the Insurance Value Chain. Second, the information generated must be transferable across channels.1. Multiple channelsRecent research has shown that customers prefer different channels in different situations (personal contact primarily by phone in the claims situation, and online in the buying process).7 For ex-ample, many customers feel a negative sense of pressure when confronted with a salesperson. The Liberty Direct insurance company took actions to respond to this negative perception. They have made it possible for customers to answer questions online and then be presented with a rec-ommended offer that they then can immediately purchase. Their customers perceive this as conve-nient and walk away with positive brand associations. On the other hand, when a customer has a complaint or needs support, they tend to want to have human interaction with a specific individual, usually by phone. Automation can save resources and increase customer satisfaction, but it must be in the right place and time. It must be on the cus-tomers terms.2. Information across channelsIt is important to meet the customer on different channels throughout the value chain. If, however, the information generated in each link of the chain is not carried forward, there will be negative consequences. For example, lets say some clients have been discussing insurance with their bank advisor in relation to a car loan, and all the relevant information has been captured. Perhaps a quote 6 Source: TIA analysis; Accenture Customer Multi-Channel Distribution Survey, 20107 Source: (Accenture together with TIA (2010) and most recently Celent (2012)) White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 16 of 22was even emailed to the client. Then later that evening, the clients want to look at the quote and change something. Regardless of whether they go on the insurers website and request a new quote based on the new criteria or they call the insurance company, all the relevant information should be available. In this way, the clients arent subjected to the same questions again, and a new quote can be issued immediately while still recognizing that the original request came from the bank. The customer gets a superb experience as they can choose the channel and the time most convenient to them and they receive the same excellent service as their data travels along. Thus, it is critical for an insurance company to handle multi-channel customer Interaction without losing information in the process. This ensures a positive customer experience where all customer-facing contact points have all the correct information at hand.SUMMARY Challenge: The current application landscapes are typically supported by different applications where the business functionality is duplicated causing synchronization issues Enabler: A solution that gives a full customer view across all channels and all lines of business Necessary change: Instead of having business functionality in the user layer of the applications, the business functionality is applied into services that are shared by multiple channels Benefits: Lower TCO and less risk when applying different business functions; Customers perceive all the various channels as a single offering Business objective: The business objective focuses on sales and customer service, and the results are increased customer satisfaction and an improved top line via increased salesWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 17 of 226.Offer the customer the right product configuration quicklyOne eye on the customer and one on the competitionAccording to Ernst & Young, 24 percent of insurance customers change providers because their needs have changed, indicating that insurers are missing a key opportunity to anticipate and address these changing needs.8 Reduced time-to-market is essential, especially in a world where customers demand more and more tailored and individual products and services. Furthermore, if you do not reduce your time-to-market, your competitors will be in a better position to respond to new business opportunities fast. How do you speed up your time-to-market? You can remove a potential IT bottleneck by empowering the people whose job it is to develop new prod-ucts. If you give the right tools (in this case, a product configurator), to the people on the business side, you are no longer dealing with an IT project. You empower your users to do it themselves. The Canal Insurance company, for example, used this method to leverage technology and decrease product implementation time by 75% and product implementation costs by 85 percent.9 A prerequisite to empowering product people to develop complex commercial products fast, how-ever, is the ability to put customer-centric data at their disposal. This customer data needs to be mapped to product data and it needs to be easily accessible across the organization. Otherwise you will face logistical problems, compliance issues and cannibalization of other products.From months to daysAccelerating time-to-market requires the focus of an experienced product development team. Yet, regardless of the talent and experience at your disposal, your people require the right tools at their disposal in order to succeed. They have to be able to configure new products without being depen-dent on large IT resources. 1. An advanced, yet easy-to-use product editorThe key to this agility is an insurance solution with an advanced, yet easy-to-configure, product edi-tor. One of the key capabilities of a product editor is to help you respond quickly to market trends by creating product variants based on existing products. For example, you offer an auto insurance product sold through a car dealer (this could be under a white label). The tariff and coverage details for that specific insurance product may be different, but all other product settings are the same as the main automobile insurance product. Whats more, you can have a great variety of these differ-ent products in order to keep development as well as maintenance costs to a minimum (When you change a setting in the main product, these settings are automatically inherited in the sub-versions). You must be able to create a new product with a minimum of resources. 8 Global Consumer Insurance Survey, 2012 Ernst & Young9 Celent Model Insurer 2012White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 18 of 22The diagram below illustrates how a product development process can be accelerated by 50 percent by using the right tools for product editing and configuration. An investment in this area is necessary in order to keep up with the fast pace of the market and leverage new business opportunities.2. Speedy calculation of risks and ratesTools for configuring products efficiently are one part of the equation. It must, however, also be possible to calculate risk and rates very quickly. In order to do this, its critical to have all relevant information about customers, claims and public statistics available in a form that does not require costly and time-consuming integration of data between several source systems. SUMMARY Challenge: Application landscapes typically do not support rapid implementation of new products Enabler: Customized products aligned with customer preferences and competitive dynamics; Promote more accurate analytics-driven pricing Necessary change: Establish a solution where time-to-market is a key process Benefits: Fast time-to-market helps you either hold your current market position or improve it and increase revenue Business objective: The business objective focuses on product optimization, and the key result is a reduced time-to-market that improves the top line via increased sales StrategyStrategyPlanning/ requirementsPlanning/ requirementsGo liveGo liveDesignDesignBuild/testBuild/testTIA Product EditorProduct variantsProduct multi versioningDynamic object screenSaving account setupActuary formulariesInherited existing underwriting rulesProduct verificationProduct setup process supportDeployment processOpen data exchangeStandard productsSimulation of product changesSTANDARDACCELERATED50% faster speed-to-marketWhite Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 19 of 227.Give your customers a role in your pricing strategyPut your customers to work for youIf a cynic, as Oscar Wilde famously said, is someone who knows the price of everything and the value of nothing, does that make insurance customers cynics? No. Todays insurance customers compare prices, but they dont base their decisions on price alone. They do, however, want to feel that they are getting value for their money. In short, insurance customers like to feel that they are in control. Yet it can be difficult to match the price with the perceived value in the marketplace. How can one determine how much the market is willing to pay without risking missing the mark? Many trees and forests have been sacrificed in the form of business books and papers dealing with this challenge. But what if there were a way to sidestep it? What if there were a way to have the customer take an active part in the product strategy and product design? An active roleInstead of guessing how much the market is willing to pay for a given product, it is possible to allow the customer to set the price and then to build the product around this in real time? This solves two problems. First, it takes the guessing out of the equation. Second, it gives the customer a sense of control. Based on the price they enter, they can get a number of different configurations to choose from.Customers may not end up with the optimal level of protection from a claims perspective, but as long as the coverage is high and the customer is well informed of the limitations, they will be more likely to accept them. After all, the customer has designed the price and product themselves. An innovative example: Name your priceThe US-based insurer, Progressive.com, has developed a clever new system that involves the cus-tomer in the pricing and configuration process. Their online tool, Name Your Price, allows custom-ers to suggest how much they want to pay for an insurance policy. The customer then adjusts the coverage in order to optimize the product according to their given price.White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 20 of 22SUMMARY Challenge: Insurance systems do not support CRM and customer empowerment Enabler: A flexible quotation system that can handle backwards quotations makes it possible to offer products based on predefined parameters that have price as the starting point Necessary change: Change the business and supporting application to make this service available to customers Benefits: Greater customer retention; increased number of new customers Business objective: The business objective focuses on product optimization and is flexible regarding tariffs; the main results are increased customer satisfaction and a tailor-made, customized sales process that improves both the top and bottom lines (higher margins and more customers)White Paper 7 Ways to get closer to your customersCloser to CustomersCloser to CustomersPage 21 of 22About the authorsSteen V. Larsen, Business Advisory Director at TIA For more than 20 years, Steen has been speaking at events, publishing articles and working with customers on many different aspects of customer centricity. He has helped a number of companies establish customer-centric plans that close the gap between current operational challenges and strategic business objectives. In the role of business consultant, Steen has helped companies optimize the value of their IT investments in ERP and information systems.Martin J. Ernst, Business Consulting Director at TIAMartin is an expert within the area of business cases with a focus on the realization of benefits. He has delivered a series of lectures, articles and webcasts on this and other subjects. He is also an external lecturer at the IT University in Copenhagen where he is responsible for the Master level Business Case course. Like Steen, he also has many years of intensive experience with the implementation of ERP and standard framework systems.About Tia TechnologyTIAs position as a software solutions provider with deep roots in the insurance industry works in your favor. We pass the value of our industry expertise and knowledge on to our partners and customers. Our product development team and platform are capable of supporting any conceivable customer offering you have. Between our global support and the local support of an expert TIA partner wherever you are located, we meet all your needs. Our proven solu-tions and organization mean you can count on a safe investment. In fact, we have the largest installed base on the market with a 100 percent success rate. For more information, contact marketing@tia.dk.DenmarkTIA Technology A/S Bredevej 2 DK-2830 Virum Denmark Phone: +45 7022 7620Fax: +45 7022 7621tia@tia.dk www.tiatechnology.com OfficesUnited Kingdom: +44 (0)20 3102 4355 Germany: +49 711 222 54 490 Lithuania: + 370 5 205 2467TIA, the TIA Solution is a trademark of TIA Technology A/SCopyright 1986-2012 TIA Technology A/S. All copyrights, trademarks, and registered trademarks are the property of their respective owners. Head officeCloser to CustomersCloser to CustomersWhite Paper