comarch competence map for insurance
DESCRIPTION
Comarch competence map for insurance industryTRANSCRIPT
Copyright Comarch 2010
Comarch competence map
Insurance
Jakub Lewandowski
Managing Director
Comarch competence map for Insurance
2 Copyright Comarch 2010
Comarch overview:
• International software house
and IT service provider
• 17 years of experience
• End-to-end products and services
for insurance, banking
and asset management
• Strong focus on process-driven
solutions
• Extensive investments in R&D:
15% of revenue
Comarch competence map for Insurance
3 Copyright Comarch 2010
We deliver:
Comarch competence map for Insurance
4 Copyright Comarch 2010
We deliver:
Comarch competence map for Insurance
5 Copyright Comarch 2010
We deliver:
Comarch competence map for Insurance
6 Copyright Comarch 2010
We deliver:
Comarch competence map for Insurance
7 Copyright Comarch 2010
• The challenge:
– Insurance is sold, not bought
– Better informed customers require
more know-how from sales and
intermediaries
– Product offer gets more and more
complex
– No coherent source of information
on customers
– To service a client sales forces
must use multiple, not integrated
applications
• The opportunity:
– Customer data presented and
managed in a single, web-based
solution
– Sales forces spend less time and
effort to perform most common
operations
– Modern technology reduces the
maintenance cost and guarantees
the future-friendly framework
– Customer service scripts and the
intranet knowledge base speed up
sales force training and new
product launch• Related products:
– Comarch Front End platform (CAFE)
– Comarch CRM Sales Management
– Comarch Contact Center
– Comarch CMS
Focus on the front-end
Comarch competence map for Insurance
8 Copyright Comarch 2010
Front-end support for sales force
• The challenge:
– Agents are key factor of insurer
success
– Role of the insurance sales force
changes to advisory one
– Intermediaries need efficient
support from insurers to succeed
– Need of education and training for
sales force
– Technology affects agents loyalty
• The opportunity:
– Build knowledge base useful for
your sales force
– Give salesmen web access to
information, trainings, workshops
– Provide contact scheduler and
data of customers portfolio
– Provide useful tools for sales
processing – from simulation,
offer, proposal to issued policy
– Provide daily information about
sales goal performance, points
gained and money earned
• Related products:– Comarch Commission & Incentive
– Comarch CRM Sales Management
– Comarch Insurance Net
– Comarch Business Process Management (BPM)
– Comarch e-Learning
– Comarch CMS
Comarch competence map for Insurance
9 Copyright Comarch 2010
Direct insurance and self service
• The challenge:
– The internet is no longer just a
source of information
– Customers need new channels of
contact
– Other financial services offer
Internet accounts and services
– Market demands constant
progress in functionality and
usability
• The opportunity:
– Reduction of operational cost
thanks to self-service for policy
holders
– Access to policies and claims
anytime, anywhere
– All client contracts in a single
Insurance Portal
– Cutting-edge technology gives
more integration capabilities and
security
• Related products:– Comarch Internet Insurance
– Comarch Contact Center
– Comarch CMS
Comarch competence map for Insurance
10 Copyright Comarch 2010
Policy and underwriting automation
• The challenge:
– Highly competitive insurance market
– Constantly evolving market demands
– Centralization of business
(and product) development
– Fragmented and dispersed policy data
– Manual and rigid processes
– Many silos of various information
• The opportunity:
– One product and business repository
– Accelerate time to market
– Whole lifecycle of policy managed
in one single solution
– Comprehensive business administration
– Workflow engine for management
of business processes
– Underwriting and actuarial controlling
• Related products:– Comarch Life Insurance
– Comarch NonLife Insurance
– Comarch Health Insurance
– Comarch Insurance Scoring
– Comarch Business Process Management (BPM)
Comarch competence map for Insurance
11 Copyright Comarch 2010
Claims service makes the difference
• The challenge:
– Insurance companies lack efficient
service and quick benefit payments
– Poor claim service is a major factor
for loss of market share
– Market moves away from price
competition, towards customer
orientation strategy
– Fragmented and dispersed policy
and claim data
– Demand for process-driven solutions
• The opportunity:
– High-performance, low-cost claims
administration
– Improvement of the speed and
accuracy of claim payments
– Smooth flow of information
– Automation of business processes
– Modern and safe Web-based
solution
• Related products:– Comarch Life Insurance
– Comarch NonLife Insurance
– Comarch Health Insurance
– Comarch Business Process Management (BPM)
– Comarch Insurance Claims
Comarch competence map for Insurance
12 Copyright Comarch 2010
Business processes re-defined
• The challenge:
– Most of BPM implementations are
business-area specific
– Separate “inboxes” generate risk
of overlooking an item
– Lack of flexibility and integration
capabilities leads to most of BPM
implementation failures
– Event origination is usually
separated from the active contract
and customer monitoring
• The opportunity:
– Integrated “inbox” for all workflow
based tasks
– Complete lifecycle of insurance
policy defined in a single tool
– Separation of workflow engine
allows the insurer to develop the
system in unlimited directions
– Document imaging accelerates
the workflow while paper originals
are kept in a safe and certified
archive
• Related products:– Comarch Business Process Management
– Comarch Document Management System
Comarch competence map for Insurance
13 Copyright Comarch 2010
Product management and actuary
• The challenge:
– Lack of tools to manage products
throughout their life cycle
– Hard-coded product definitions
– Definitions stored in many systems
supporting particular product
– Launching of new products takes
too much time
– Similar launch time regardless if
product is a clone or a completely
new one
• The opportunity:
– Single centralized process for
product development
– Greater repeatability and
consistency in product definition
– Easy definition: new products
personalized and bundled
– Accelerated time to market
– Product definitions, rules and rates
created by business users
• Related products:– Comarch Life Insurance
– Comarch NonLife Insurance
– Comarch Health Insurance
– Comarch Insurance DataWarehouse
– Comarch Business Intelligence
Comarch competence map for Insurance
14 Copyright Comarch 2010
Knowledge-based marketing
• The challenge:
– Insurers are data rich,
but information poor
– Marketing campaigns involve
more and more media types - new
ones emerging every year
– Cost-effective marketing requires
precise planning and monitoring
– Average insurer customer loyalty
decreases easily
• The opportunity:
– Turning data into practical
information
– Create dynamic marketing and
segmentation analysis for
improved profitability
– Precisely targeted marketing
campaigns and product offers
based on analytical tools
– Churn lowered with properly
packaged products and services,
dynamic pricing and monitoring of
the customer behaviour
– Tracking all campaigns from the
idea to effectiveness analysis• Related products:– Comarch aCRM
– Comarch CRM Campaign Management
– Comarch Loyalty
Comarch competence map for Insurance
15 Copyright Comarch 2010
Tools for back-office sales support
• The challenge:
– Handling and controlling huge
multi-channel sales network
– Need for effective communication
and coordination among business
units involved in the process
– Agents need constant education,
trainings and technical support
• The opportunity:
– Effective distribution of knowledge
amongst sale forces
– Build multidimensional sales force
structure using a flexible tool
– Keep control of agents - from
recruiting process to the end of
cooperation
– Report efficiency of sales
channels and optimize structures
– Organize internal coaching
meetings, trainings and events
• Related products:– Comarch Commission & Incentive
– Comarch CRM Sales Management
Comarch competence map for Insurance
16 Copyright Comarch 2010
Motivation and remuneration
• The challenge:
– Growing market competition covers
also competition for the best agents
– Ensure satisfaction and loyalty of the
best agents and sales managers
– Increase influence on salesmen
actions
– Show clear connection between
sales fact and related bonus
– Focus agents on their sales goals
achievement
– Keep control corrections and frauds
• The opportunity:
– Motivate and control sales force
by daily sales goals performance
reports
– Optimize incentive packages
– Configure all rules of
compensation programs using
one flexible tool
– Automate all calculation and
booking processes
– Distribute commission reports via
agent portal
– Speed up settlement process
including acceptations and claims
• Related products:– Comarch Commission & Incentive
– Comarch CRM Sales Management
Comarch competence map for Insurance
17 Copyright Comarch 2010
Investing premiums
• The challenge:
– Markets are more volatile while
instruments get more sophisticated
– New risk and compliance
regulations coming soon
– More complex instruments on the
market
– Not enough focus on the middle-
office generates too much risk
• The opportunity:
– Fully automated deal routing
between the customer, dealer and
risk controller
– Comprehensive valuation and risk
assessment for all treasury
operations
– All (instruments)-in-one, what-if and
stress-testing to keep the risk limits
safe
• Related products:– Comarch Asset Management
– Comarch Risk Management
– Comarch Performance Measurement and
Attribution
– Comarch Fund Valuation
Comarch competence map for Insurance
18 Copyright Comarch 2010
Individual investment accounts
• The challenge:
– Financial instruments bundled with
insurance became more and more
sophisticated
– Increasing popularity of investment
insurance
– Process inefficiencies can rapidly
generate a negative asset / liability
difference, which increases the
investment risk for insurer
• The opportunity:
– Increased effectiveness in
consolidated investment account
management
– Ability to create new products with
advanced investment option
– Control fund transactions
– Up-to-date investment account state
– Managing a variety of individual
investment accounts
• Related products:– Comarch Life Insurance – Fund management module
Comarch competence map for Insurance
19 Copyright Comarch 2010
Business and accounting records
• The challenge:
– Decrease number of booking errors
– Simultaneous booking in two
systems – production and general
ledger
– Achieve corporate and local
compliance with the financial
management
– Deploy country-specific capabilities
to operate anywhere in the world
• The opportunity:
– Flexible definition of chart of
accounts
– Automate insurance accounting
operations
– Integrate individual account with
general ledger
– Improve financial management
and oversight
– Easy adjustment to regulatory
changes
• Related products:– Comarch Life Insurance
– Comarch NonLife Insurance
– Comarch Health Insurance
Comarch competence map for Insurance
20 Copyright Comarch 2010
Automation of debt management
• The challenge:
– An increase of outstanding liabilities
– Growing number of defaults
(failures) on contractors’ accounts
– Local law system can impose debt-
related legal obligations on insurers
– Overloaded employees do not keep
up with complicated processes
and tasks
– Huge processes are too complex to
be effective and manageable
• The opportunity:
– Dedicated, flexible solution for debt
management process
– Huge processes divided into short
workflow actions
– Pre-defined processes for soft
collection and legal procedures
– Improvement of recovery efficiency
– Cutting the collection’s costs
• Related products:– Comarch Debt Management
Comarch competence map for Insurance
21 Copyright Comarch 2010
Reports and regulatory compliance
• The challenge:
– Staying up to date with changes in
regulations and reporting
requirements
– More and more data to use
– Reporting needs grow fast
– New risk and compliance
regulations coming soon
– Growing need of risk and
exposure control
– Many hard to use silos of various
information
• The opportunity:
– Automation the process of
preparation and arrangement of
mandatory reporting
– Centralized risk control solution
– Quick information access to
current and archival reports for the
Insurance Commission with
access to the source data
– Easy data integrations for reports
for supervisory institutions
• Related products:– Comarch Insurance DataWarehouse
– Comarch Business Intelligence
– Comarch Fraud Detection
Comarch competence map for Insurance
22 Copyright Comarch 2010
Day to day business reports
• The challenge:
– Fast growing business reporting
needs
– Operational reporting is often
inefficient and dispersed
– Many hard to use silos of various
information
– Management lacks of tools for
providing stakeholder value of its
management vision
– Risk and exposure control becomes
critical issue
• The opportunity:
– Get operational visibility
throughout your enterprise
– Quick information access to
business reports
– Assess channel performance,
process bottlenecks and customer
behaviour and interaction
– Improved decision management
systems and customer care
– Risk and business control center
by establishing a reliable one
source of information and
empowerment
• Related products:– Comarch Insurance DataWarehouse
– Comarch Business Intelligence
Comarch competence map for Insurance
23 Copyright Comarch 2010
Technology and IT expertise
• The challenge:
– Numerous applications use
different user catalogs and access
management tools
– Internet insurance users are
vulnerable to hacker attacks
– Changing market conditions mean
changing demands for the IT staff
• The opportunity:
– Centralized user management
meeting the highest industry
standards
– State-of-the-art payment
authorization with one-time SMS
codes
– Additional security to prevent e.g.
man-in-the-browser attacks
– Lower IT infrastructure costs
– Additional & highly skilled workforce
with a broad range of IT skills
• Related products:– Comarch Security Access Management (DRACO)
– Comarch PKI
– Comarch Security Services
– Comarch Data Center
– Outsourcing services
– Disaster Recovery Center
Copyright Comarch 2010
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