web 2.0 in the insurance organization
DESCRIPTION
Can Web 2.0 positively impact Insurance organizations? A recent blogpost on the Buzz Machine says “no”: “I think our relationship with an Insurance company is necessarily adversarial and one of mutual mistrust...I can't see any way that I'm going to see insurance as a social experience." But Ori Fishler, Director of Internet Commerce for Edgewater Technology, will demystify the concept of Web 2.0 as simply a social blog spot by highlighting features that provide tremendous potential for insurance organizations, such as Mashups.TRANSCRIPT
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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?