strategic directions for insurance with oracle crm ... · loukas deligiannakis crm principal sales...
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Strategic Directions for Insurance with Oracle CRM Solutions Bucharest 7 th April Loukas Deligiannakis CRM Principal Sales Consultant EE & CIS
The following is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle’s products remains at the sole discretion of Oracle.
Safe Harbor Statement
The reality
• 50% of the consumers enjoyed the recent interactions with their banks
• 34% of consumers trust banks to treat them fairly and honestly
• 43% of consumers think banks make financial services simple
Perceived match between the
promise an industry puts out and the consumer experience.
US$ Millions
Improving the Customer Experience Drives Loyalty an d Boosts Revenue
*Annual Revenue impact from 10-percentage point swi ng in Customer Experience Index
Source: Forrester Research, Inc. “Customer Experien ce Boosts Revenue”, Bruce Temkin, June 22, 2009. Ba se: US online consumers.
*The increase in revenue include that from Additio nal purchases, Churn reduction and Word-of-mouth ad vocacy
$311 M
$305 M
$306 M
$298 M
$294 M
$260 M
$177 M
$287 M
Indu
strie
s
$0.0 $100.0 $200.0 $300.0
Common Customer Related issues
• Insurers need visibility into – producer contracts with full documentation – Customer contract with full documentation (Document copy,
Claims,....)
• For different products are using different applications • Lack of customer data (360°) • Lack of consolidated data for Risk Management • Integration
Customer’s focus
• Reduce cost by – Improving visibility – Improving efficiencies
• Operations – Single customer view, consistent enterprise view – Straight-thru processing – Document Management – Automated underwriting and claims – Up-skilling technology staff – Infrastructure consolidation – Re-hosting
Example: Distribution Management
Oracle Business Oracle Business IntelligenceIntelligence
• Sales process mgmt
• Rapid product rollout
• Sales/partner credentials
• Book of business
SiebelSiebel MarketingMarketing
Siebel Insurance Siebel Insurance CRM CRM / / PRM PRM
• Customer segmentation
• Program mgmt
• Channel marketing
• Results tracking
• Customer knowledge
• Channel profitability
• Product profitability
• Market insight
• Insurance dashboards
• Caller profiles
• Automated screen pops
• Interaction logging
• Task-based UI
• Manage escalation
• Managed self-service
Siebel Insurance Siebel Insurance ServiceService
Siebel Marketing Analytics Siebel Insurance
Web Services
Siebel Call Center
Comprehensive Distribution Insight and Management Comprehensive Distribution Insight and Management
Key Facts on Claims Management
• 80% of premium income for an Insurer is spent on claims processing
• 80% of all calls to a Call Center is on Claims Inquiry • 90% of all Call Center escalations for a large insurance
company are claims related • More than 40% of the time spent in the claims handling
process is associated with routine overhead functions that have little or no impact on the outcome of the claim.
• Claims settlement costs can be reliably reduced by up to 15% and still comply with good market conduct and quality customer service practices
Example: Enterprise Claims Management
FinancialsFinancials
• First notice of loss
• Process management
• Fraud detection
• Partner integration
• Claims resolution
Financial Financial ServicesServices
Accounting HubAccounting Hub
Oracle Content Oracle Content ManagementManagement
Siebel Insurance Siebel Insurance ClaimsClaims
• Store / manage docs
• Account level retrieval
• Enterprise CM strategy
• Compliance support
• Reserve management
• Detail transactions
• Support legacy claims systems
• Multiple ledger support
• Claims reserve accounting
• Financial reporting
• Claims performance
• Payment & fulfillment
Relationship DrivenRelationship Driven , , Integrated Claims ManagementIntegrated Claims Management
Content Services Financial Services Accounting Hub
Financials & Performance Mgmt Siebel Insurance Claims
Web Services
SOLUTIONS • Oracle Siebel Claims • Implemented in claims center with 250 claims
specialist and managers • Used to manage end-to-end claims process
from FNOL, to adjuster assignment to subrogation and legal
CHALLENGES / OPPORTUNITIES • Information scattered across 28 apps resulting in
lengthy claims resolution • Consolidating data from disparate systems -
including claims, billing, and policy-management systems - would provide claims unit with a single, real-time view of customers’ claims file and enable increase in process automation
CUSTOMER PERSPECTIVE “ We have seen about $1 million in annual expense reduction as a result of Oracle’s Siebel Claims Implementation. Some of the benefits or our implementation are reduce staff, leakage, paper and improve agent’s productivity.”
Dave Kaufman Senior VP and CIO
RESULTS • Realized substantial productivity gains • Reducing process expense (ongoing) • Closed a branch office and reduced
facilities expense
COMPANY OVERVIEW • Headquartered in Ohio; Revenue of US$ 1.5 billion
Motorists Mutual
Siebel CRM Desktop CRM data & process via Microsoft Outlook & Lotus Notes
CRM on iPhone/iPad using Siebel REST APIs
Social Media: What’s Going on There?
•Communication
34% of bloggers post advice and recommendations on products and
brands (Socialnomics 2009)
25% of search results on a brand come from social networks content
(Socialnomics 2009)
Social networks influence 40% of total sales (Harvard Business School 2009)
8% of EU customers fully trust advertisement
34% fully trust peer recommendation (Nielsen 2009)
•Recommendation
•Influence
Social Media Content & Analysis Integrated in Siebe l CRM
increased the percentage of requests closed the same day by 20% in 12 months
improved productivity in the claims area by 25%
reduced costs by an estimated US$15.1 million by automating manual tasks and eliminating redundant processes
enabled agents to secure 1300 incremental appointments each week
What Customers are Achieving…
Irish Life Customer Success Profile
CUSTOMER PERSPECTIVE “Irish Life & Permanent has received a complete return on its Siebel investment within 12 months.”
Aine Cassidy, Senior Manager
COMPANY OVERVIEW • Headquartered in Dublin • Revenue: 3.8B Euro
CHALLENGES/OPPORTUNITIES • Irish Life’s highly competitive market space required
greater cost efficiency and a fierce focus on positive, holistic customer experience. Irish Life needed to create a consolidated customer view and to make personal financial management a rewarding experience for their customers.
SOLUTIONS • Irish Life standardized on Siebel Insurance for their
front office, rolling out among 600 sales, marketing and services professionals.
RESULTS
• Delivered return on investments in 12 months
• Found customer engaged in Siebel point-of-sale system are four times more likely to buy than customers who have not received a proposal
• Enabled agents to secure 1300 incremental appointments each week
• Saw a conversion rate from contact to appointment from between 40 to 80%
• Increased Bancassurance business sale productivity
• Founded in 1997 and listed in Athens Stock Exchange since December 1997
•Sales Network of 2.500 agents in 90 partner offices and 350 sales agencies
• European Reliance is the first Greek Insurance Comp any having
achieved since 2002 ISO 9001:2000 certification fro m TUV NORD,
and an ISO 9001:2008 certification for the whole of its services.
European Reliance: The Company
European Reliance: Challenges
Oracle CRM On Demand was brought in to address the following challenges:
• Big variety of products and services • Customer Service spans across various departments • Need to increase Up-sell and X-sell • Multiple Interaction Channels (Agencies, Web, Call Center) • Need for an efficient cross-channel approach to Mar keting Campaign Management
Business Divisions in Customer Centric project scope
ORACLE
CRM On Demand
Auto Insurance Marketing
Sales (B2C & B2B)
Health Insurance
Customer Service
Personal Life General Ins.
Collections
• Customer 360 View in 1 system
• Improved Customer Service Response Time
• Increased Efficiency of Customer Service agents
• Complete Tracking of Customer Requests and Feedbac k
• Increased Sales initiated from Customer Service
• “Independence” from IT
• Ability to use the same Marketing Budget for a gr eater number of
targeted ‘micro-campaigns’
•Reduced “outsource” costs
• Tracking customer responses across channels
• Improved response rates
Oracle CRM On Demand Project Results
• Investment
• Cost
•Time
European Reliance
Oracle CRMOD for Insurance Project Implementation
Oracle Claims Customers – over 19,000 claims users
Oracle Business Analytics Insurance Customers
