©  2014  Vlocity,  Inc.    

Three  Strategies  to  Maximize  Performance  of    Your  Insurance  Distribution  Channels  

WEBINAR  

©  2014  Vlocity,  Inc.    

Webinar  Agenda  

Jamie  Bisker  Senior  Insurance  Analyst,    

AITE  Group  

Brent  Rineck  CIO,  ABD  Insurance  &  Financial  Services  

Ron  Young  VP/GM  Vlocity  Insurance  

Build  the  insurance  distribution  system  and  workforce  of  the  future  

Gain  a  single  view  into  your  customers'  insurance  product  portfolios  

Enable  carriers,  agents  and  brokers  to  manage  policies,  quotes,  renewals  and  claims  across  their  clients  and  producer  networks  

©  2014  Vlocity,  Inc.    ©  2014  Aite  Group  

Introduction:  The  need  to  transform  

•  While  some  in  the  industry  are  leveraging    technology,  many  others  are  running  out  of  excuses  not  to  do  so.    

•  Digitization  is  becoming  ubiquitous.  

•  The  goal  is  not  to  displace  or  replace  people,  it’s  all  about  empowering  and  enabling  stakeholders  with  tools.  

•  Changing  demographics  are  causing  larger  flux  in  other  industries  and  we  need  to  be  paying  attention.  

•  Managing  customer  expectations  is  a  crucial  task  with  both  consumers  and  all  your  other  customers-­‐your  staff  and  field  professionals.  

©  2014  Vlocity,  Inc.    ©  2014  Aite  Group  

•  Big  Data:  Volume,  Variety,  Velocity  and  Veracity  •  IoT  –  The  Internet  of  Things  

(or  why  you  should  stop  yelling  at  your  TV)  •  Managing  customer  experience    •  Mobile  First  •  Cognitive  Computing      

Insurance  transformation:  Digitization  leads  the  way  

 Sources:  A.M.  Best,  Aite  Group  analysis  

©  2014  Vlocity,  Inc.    ©  2014  Aite  Group  

 Sources:  Aite  Group  “Auto  Insurers  Digital  Presence”,  June  2014    

•  Digitization  is  more  of  a  cultural  destination  than  a  specific  thing,  so  be  careful  of  IT  shops  bearing  gifts…  

•  Dynamic  infrastructure  via  cloud  delivery  is  impacting    insurers  from  their  IT  shops  to  their  Actuarial  departments  

Digitization:  It’s  not  just  an  IT  thing,  but  that’s  where  it  shows…  

Rank   Company   Digital  presence  

1   Allstate  (2)   Strong  digital  presence:    Includes  90%    or  more  standard  features,  almost  50%  or  more  of  the  differentiating  features,  with  some  innovation  toward  what's  next  

2   Progressive  (4)  

3   State  Farm  (1)  

4   Geico  (3)  

5   Farmers  (5)  

6   The  Hartford  (11)   Needs  improvement  digital  presence:      Insurers  with  a  range  of  68%  to  95%  of  the  standard  features  and  only  about  25%  to  about  50%  of  the  differentiating  features    

7   Liberty  Mutual  (7)  

8   Nationwide  (8)  

9   Travelers  (9)  

10   Amica  (22)  

11   American  Family  (10)  

12   MetLife  (14)  

13   Erie  Insurance  Group  (15)   Weak  digital  presence:    Insurers  with  less  than  two-­‐thirds  the  standard  features  of  a  digital  presence  and  no  more  than  27%  of  the  differentiating  features  

14   California  State  Auto  Group  (16)  

15   National  General  (20)  

16   Mercury  General  (13)  

17   Mapfre  (18)  

18   Auto-­‐Owners  (17)  

19   Kemper  (23)  

©  2014  Vlocity,  Inc.    ©  2014  Aite  Group  

What  changing  demographics  means  for  marketing  to  consumers  

•  Gen  Z  and  Gen  Y  •  Interactions  with  

Seniors  and  Boomers  

Sources:  Aite  Group,  McKinsey  “Agents  of  the  Future”  June  2013  

©  2014  Vlocity,  Inc.    ©  2014  Aite  Group  

What  changing  demographics  means  for  insurance  distribution  •  Graying  for  distribution  =  

loss  of  crucial  knowledge  &  experience    

•  How  to  attract  ‘high  skill  /  high-­‐will’  individuals  to  the  insurance  industry  ?  

•  How  can  a  digital  insurance  industry  adapt  to  these  changes?  

Sources:  Aite  Group,  McKinsey  “Agents  of  the  Future”  June  2013  

©  2014  Vlocity,  Inc.    ©  2014  Aite  Group  

Making  it  real,  incorporating  digitization  into  your  systems    Commissions  and  incentives    

Pending  new  business  

In-­‐force    business  info  

Producer    credential    service  

                                 Producer  data  warehouse  

Performance    Reporting  and    modeling  

Insurer  CRM,    pipeline  management  

Agent  CRM/  self-­‐service  portal    

Regulatory    reporting   Agent    new  business  activities  

Onboarding      Quotes  Contacts      Illustrations  Campaigns          Needs    Leads                              E-­‐app  

1.  Understand  performance  2.  Understand  activities  3.  Model  and  change  plans  4.  Monitor  compliance  

     

Most  relevant  to  life  and  annuity  and  specialty  lines  P&C  

Sources:  Aite  Group  “Next  Generation  of  Producer  Management  :  The  Race  is  On”,  Sept.  2014  

©  2014  Vlocity,  Inc.    ©  2014  Aite  Group  

Managing  data  quality  is  key  to  high  performance  for  carriers      •  Clean,  accessible,  and  agreed  upon  data  is  a  critical  source  of  truth  &  

knowledge  for  any  insurer.  •  Insurance  data  is  the  only  natural  resource  

available.  •  The  quality  of  data  

is  more  important  than  ever  as  the  precision  of  our  decisions  increasingly  relies  on  it.  

•  Investing  in  data  management  with  an  emphasis  on  the  data  that  impacts  claims  is  crucial.  

©  2014  Vlocity,  Inc.    ©  2014  Aite  Group  

Successful  carriers  who  adapt  and  leverage  modern  technology  will  be  the  leaders  of  tomorrow  

•  Understanding  the  pragmatic  use  of  digital  technology,  and  mobile  devices,  dynamic  infrastructures.    •  Finding  and  using  the  information  and  knowledge  currently  trapped  in  the  unstructured  text  fields.  •  Routing  information  to  the  right  stakeholder  and  alerting  management  as  early  as  the  situation  calls  for.    •  Engaging    potential  distribution  professionals  with  new  technology,  and  not  using  it  to  confront  established  producers.    

 

   

 .  

Using Technology for Good

Brent Rineck, CLU, CPCU, ChFC

Chief Information Officer

ABD Insurance & Financial Services

11

Using Technology for Good Internal efficiencies lead to better customer service

World class back office and agency management systems •  Seamless integration and workflow from proposals to

service to claims

•  Integrated platform •  Salesforce/Vlocity •  BenefitPoint

•  AMS360

•  WorkSmart

•  Client Portal

•  Client Satisfaction (SatMetrix)

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ABD: Integrated Platform

13

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Mobile App for Producers Capture leads, prospects, and

activities

Client Portal View policies and

initiate claims

Reference Library Quickly access risk surveys, industry

codes, and checklists

Reporting Improve

decision-making with data insights

Carrier Uploads/ Downloads Connect with

insurance carrier systems

Comparative Rating Get real-time quotes

from national and regional carrier

inventory

Sales Authorization

Expedite licensing and renewals

Workflow and Content Mgmt.

Improve efficiency; increase agency

capacity

Benefits Management Manage clients, plans, policies

Sales Automation Manage leads, opportunities,

accounts, x-dates

Agency Management

System Clients, policies, and accounting

Data Flow to Vlocity

14

Using Technology for Good Innovative, client-centric use of technology

Be in the know •  LinkedIn Premium

•  Vlocity cloud and mobile apps

•  Advisen

Be better •  Best of breed partnerships •  DocuSign •  PlanSource •  Maxwell Health •  SmartBen

•  Custom applications •  Foreign Clinical Trials Map

•  Client dashboards

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Using Technology for Good Ahead of the curve

A blueprint for future applications • Nimble and responsive

•  Always proactive

•  Extremely secure

•  Always available

Turning potential into practical •  Social networks

•  Zero footprint, zero client

• Data analytics

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ABD & Vlocity Access •  Real-time client, policy and contact information in Salesforce

One and done •  No duplicate entry between Salesforce and back office management systems

Client relationships •  Vlocity’s insurance vertical brings a new view into our client data through customer

relationships, profiles, stories and tags

Mobility •  Vlocity’s mobile platform makes it easy for producers to stay connected on the run

Future •  Vlocity’s plans for future product features will help us meet many of our long-term goals for

growth

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Advantages and differentiators

VLOCITY  INSURANCE  

©  2014  Vlocity,  Inc.    

Vlocity  Insurance  •  Extends  value  of  Salesforce  Customer  

Success  Platform    

•  Out-­‐of-­‐the-­‐box  functionality  for  insurers,  brokers,  agents,  channel  managers,  wholesalers  

•  Core  insurance:    policies,  annuities,  benefit  plans,  claims,  and  distribution  

•  Insurance  Relationships:    Robust  Party  Model,  Householding,  Profiling,  and  Visualization  

•  Mobile  First  iOS  Apps  

•  Additive  to  Sales  Cloud,  Service  Cloud,  and  Marketing  Cloud  

©  2014  Vlocity,  Inc.    

Vlocity  Insurance  /  Salesforce  Industry  Solution  

Policy  /  Benefits  Administration   Claims  Administration   Billing   Underwriting   Accounting  /  GL   Agency  Management  

Insurance  Enterprise  Systems  

Vlocity  Insurance  Single  View  of  Products  and  Services  

Vlocity  Mobile  Insurance  Advisor  

Vlocity  Insurance  Enterprise  Integration  

Individual  Life,  Health,  &  Annuities  

Personal  Lines  P&C  

Commercial  Lines  P&C   Employee  Benefits  

©  2014  Vlocity,  Inc.    

Salesforce/Vlocity  Users  

Vlocity  Insurance  Single  View  

•  Understand  full  multi-­‐line  relationship  

•  View  customer  touch  points  •  Handling  high-­‐priority  tasks  

Tom Smith, Agency Territory Manager Bill Adams, Multi-Line Producer

Vlocity  Mobile  Insurance  Advisor  

•  Understand  producer  relationship  •  Flexible  profiling  

•  Easily  create  call  reports  and  create  relevant  outreach  to  producers  

Q&A  www.vlocity.com  844-­‐VLOCITY  @vlocityinc