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2. Agenda. Speaker introductionsMarketplace trendsEnd consumer topicsCustomer Service on the InternetCross product billing and collectionOn Line AppsInternet IllustrationsE
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1. New Technology in Operations
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3 PANEL Pete Petersen, Director – DI/LTC, Northwestern Mutual Life Insurance Company
Robert Bocompani, Director – Business Technology, Met Life
Bruce Baude, CEO, Long Term Care Group , Inc.
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4 Trends in the LTC Marketplace Younger buyer
Distribution shifting
Fewer kitchen table sales
Workplace offerings on the rise
Buyer more internet savvy
Requirement on “ease of doing business”
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5 Technology Offerings are Broad IVR
e-signature
Internet quoting
On line quote comparisons
On line agent servicing
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6 Pete PetersenDirector, DI/LTCINorthwestern Mutual
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7 Customer Service on the Internet Business Driver
Easy access to info 24x7 for the customer
Routine service off-loaded from Agent
CSI at Northwestern Mutual
View policy info (values, loans, billing info)
Agent contact info & website link
Automated and immediate enrollment
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8 Customer Service on the Internet (cont’d) Designed as a complement to the agent’s service to his/her client
Fits our corporate strategy
How does this compare to what we understand other companies are doing?
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9 Billing and Collection across products (“Insurance Service Account”) Business Driver
Consolidated billing is convenient for customer
Agent’s sales process enabled by “money management” services
Rich functionality available under the ISA umbrella of services
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10 Billing and Collection across products (“Insurance Service Account”) (cont’d) Integration with other administrative functions beyond pure billing and collection.
Future of money management at Northwestern Mutual
Strategic point of differentiation for our company (and our agents)
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11 Agent customer data management (“The Network Connection”) Business Driver
Easy for agent to manage existing clients and cross-sell to them
Built upon time-tested prospecting, needs analysis, and sales processes of Northwestern agents.
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12 Agent customer data management (“The Network Connection”) (cont’d) Ties together all field systems that provide client information or support an agent’s client interaction.
In progress system that still has some challenges to overcome…
Matches our value proposition in the markets where we compete
13. Rob Bocompani
Director, Business Technology
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14 New Technologies in Operations Utilizing eSignature for LTC
The Future of eSignature
Overview of MetLife’s Illustration Systems
Pros and Cons of Desktop vs. Online
The Future of Illustration Systems
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15 Utilizing eSignature for LTC Employer Group Channel
eSignature in group marketplace
Drive to online channel
High percentage enroll online (guaranteed issue)
eSignature Pilot
Full underwritten apps online with eSignature
Real-time authentication
100% electronic
Drive to online channel
Back Office Transformation at MetLife
Shift from paper to electronic
Streamline back office processes
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16 Utilizing eSignature for LTC (cont’d) Business Drivers
Increase participation
Leverage existing technology
Reduce expenses
Reduce cycle time
Make easier for consumer
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17 The Future of eSignature Leverage Technology in Individual Marketplace
Intent to buy systems
Multi-Life enrollments
Mixture of online/offline tools to help make sale
Challenges Ahead
Authentication of individuals
Adoption of eSignatures by medical community
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18 Overview of MetLife’s Illustration Systems Overview of Current Technology
MetWins
Online Illustrations
Decision support tools
Pros and Cons of Desktop vs. Online
The Future of Illustrations Systems
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19 Pros and Cons of Desktop vs. Online Desktop Software
Pros:
Can be used off-line
Faster processing of files
Will run as fast as PC speed
Cons:
Software loading restrictions
Installation issues
Dissemination of updates is slower, not as controlled
Version control
Online Quoting
Pros:
Takes advantage of the latest web features
Immediate version control
No special software to install
Cons:
Must have internet connectivity
Speed of connection will dictate speed of generating illustrations
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20 The Future of Illustration Systems Single rules-based quoting engine supporting desktop and online illustration systems
Thin client vs. thick
Improved version control (compliance, bug fixes, enhancements, new product release, etc.)
Enhanced decision support tools
Intent to buy with eSignature
21. Electronic Underwriting Promise & Pitfalls Bruce Baude
CEO
Long Term Care Group
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22 Electronic Underwriting Potential Scope Automation of some or all aspects of the underwriting process, beginning with applicant data capture and continuing through decision notification
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23 Electronic Underwriting Why Pursue Underwriting operations are typically manually intensive. By automating, providers seek to:
Improve Quality: consistency & accuracy
Improve Efficiency: reduced turnaround time
Enhance Management: metrics & reporting
Reduce Costs: resulting from improved quality and efficiency
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24 Electronic Underwriting Baseline Analysis Analyze historical underwriting data and current processes
Examine frequency, cost and complexity of decision types, including:
Approve vs. Decline
Application-only
Face-to-face assessment
Telephonic assessment
Attending physician statement
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25 Electronic Underwriting Identify Automation Candidates Define threshold minimums for automating processes (minimum cost and quality gains)
Focus on high frequency, high cost processes
Validate feasibility of process automation:
Required data is available in appropriate format
Systems can support or be modified to support
Quality/turnaround times significantly improve
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26 Electronic Underwriting Identify Automation Candidates (cont’d) Determine current process costs
Estimate automated process costs
Estimate costs to implement automation capabilities
Prioritize process automation candidates that meet threshold minimums
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27 Electronic Underwriting Most Likely Candidates Ordering Risk Management Information (RMI) requests
System capture of RMI data in standardized code formats
Approve/Decline of less complex decisions
Routing of applications for review/approval by appropriately skilled staff
Generating decision notification letters to agents and/or applicants
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28 Electronic Underwriting Risk Management Conservatively estimate automated process costs
Start with less complex processes
Determine if a process automation requires other processes to be automated first
Carefully introduce a newly automated process and institute stringent ongoing QA and Audit capabilities
Avoid over-automating complex processes – automate the simple tasks to make the required human decisions more efficient
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29 Electronic Underwriting Summary Develop an accurate baseline for current process performance and costs
Many automation opportunities will require process re-engineering
Systems changes may be broad
Automating complex decision-making may result in higher costs and lower quality
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30 Q&A