web 2.0 in the insurance organization

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2008

Issues in Web 2.0 in the Insurance Organization

Ori Fishler, Director, Internet CommerceEdgewater Technology

Web 2.0 Relevance and Impact for Insurers

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About Edgewater TechnologyAbout Edgewater Technology

Technology Management Consulting Firm

- Focus on middle and Global 2000 market

Founded in 1992- Headquartered in Wakefield,

MA- Publicly Traded (NASDAQ:

EDGW)- + 330 Employees- Represented in over 33

states- +1800 projects completed to

date

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Insurance Industry PracticeInsurance Industry Practice

Industry Segment

- P&C Insurance Companies

- Life and Annuity Insurers

- Disability Insurers

- Brokers and Agencies

- Insurance Marketplace Software Products & Services

Trade Associations

Insurance Clients

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What is Web 2.0?What is Web 2.0?

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The Challenge: Can it work for Insurance? The Challenge: Can it work for Insurance?

“I can’t see any way that I’m going to see insurance as a social experience”

“I think our relationship with an insurance company is necessarily adversarial and one of mutual mistrust. Therefore it is impervious to social tools”Jeff Jarvis, his blog, 4/26/08

Overall, without surprise, the insurance industry has not adopted social tools. Jeremiah Owiang, on his blog. 4/26/08

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This is NOT Web 2.0 for insuranceThis is NOT Web 2.0 for insurance

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Web 2.0 is an attitude, not a technology. It’s about enabling and encouraging participation through open applications and services.

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Web 2.0 Primary ComponentsWeb 2.0 Primary Components

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Spheres of Web 2.0 Activities and BenefitsSpheres of Web 2.0 Activities and Benefits

Self Service

Collaboration and Engagement

Social Activity and Interaction

Ease of doing Business, Anytime, Anywhere.

Customer Satisfaction, Loyalty, reduced costs Build Relationships,

get immediate feedback and gain Loyalty

Visibility into Trends, opinions and problems. A chance to influence.

Better Service and understanding of products and options

Outlet to opinions,Risk Prevention advice and self expression

For Customers

For Insurers

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Insurance Web Communication and Collaboration LandscapeInsurance Web Communication and Collaboration Landscape

Public Website

Agent White Label Client Self Service

Agent Portal

Client Self Service

Employee Portal

Insurance Related Public Forums

Agent Collaboration: blogs, forums

Employee Collaboration

Client Collaboration

Public Collaboration

Agent - Client Collaboration

Agent Blogs and Forums

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Insurance Web 2.0 Trends and

Opportunities

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Agent Engagement & Collaboration Agent Engagement & Collaboration

Solicit Ideas and innovations

Enhance portals with collaboration features

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Our Mortal Enemy – Information SilosOur Mortal Enemy – Information Silos

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What is a Mashup?What is a Mashup?

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Enterprise MashupEnterprise Mashup

Source: Visual Fusion

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Insurance MashupsInsurance Mashups

Risk Management

Risk Management

CaseManagement

CaseManagement

BillingBilling PolicyManagement

PolicyManagement

RatingRating

CollectionsCollections

Front OfficeFront Office

Insurance Mashup

AgentClient

InsurerExternal Players

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Social, Mobile and Location based applicationsSocial, Mobile and Location based applications

Closest Hospital with directions

Closest garage or towing service

Iphone / Android Facebook / MySpace

Be where your users are

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Alternative Business ModelsAlternative Business Models

Peer to Peer lending is here

Peer to Peer Insurance is coming

- P2P

- B2B

http://www.peertopeerinsurance.com/

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Lessons LearnedLessons Learned

High User Expectations

Agile approach and methodologies

Biggest Challenges: - Access to data

- LOB data consolidation

- Organizational rigidness

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Web 3.0 – The Semantic Web?Web 3.0 – The Semantic Web?