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Getting to the future first may empower a company to establish the rules by which other companies will have to compet

IDMF - 07 . John HarrisonInsurance (40 Yrs)P

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Getting to the future first may empower a company to establish the rules by which other companies will have to compet

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    1. “Getting to the future first may empower a company to establish the rules by which other companies will have to compete.” -Gary Hamel “Competing For The Future”

    2. IDMF - 07 John Harrison Insurance (40 Yrs) P&C Life/A&H DMKTG (35Yrs) Public/Private Athlete/Metrics No Job/Mentor 5 GKIDS (7-19)

    3. “Insurance is a Promise” “Digitize the process… improve profitability”

    4. “Insurance is a Promise…” Promise is delivered at claim time It’s intangible Can’t touch, feel, or see it… Digitize the process– “Low cost technology” Use Internet as a platform Leverage it with technology Speed–up/simplify the process Improve Sales/Retention/Profitability Let me set the scene for our discussion

    5. 5 Here’s What We’ll Discuss DM Insurance Basics Healthcare Industry Health Insurance-Retail Revolution On-Line Market Straight Thru-Processing (STP) HBDC

    6. Where $1 of Insurance Premium Goes? Metric Driven-Regulated Fixed Costs Loss/Claims Reserve State Tax Claim Costs Variable Costs (2) Marketing Administrative $Additional Profit

    7. 7 Public Policy Drivers Shift from defined benefit to contribution Employer Based Consumer Directed Uninsured Population 47M People 15.8% of Population Healthcare Reform Federal States

    8. “Retail Revolution” - McKinsey Historically Employer provide Healthcare Wholesale Group Process/Systems Now Individuals make the decisions Retail What, Where, When and How By 2011 fate of $600B of premiums Who will succeed in the “Retail Revolution” 8

    9. “Retail Revolution” - McKinsey Product Innovation Integrated Product Portfolio Effective Productive Management Consumer Channels Direct Response Retail Affinity – Marketing Relationships Financial Service Partners Work Site marketing 9

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    11. 11 IBM-Insurance 2020/Mega-Trends Active and informed multi-demographic consumers reward non-traditional companies Technology virtualizes the value chain lowers barriers to entry Mainstream insurance products are dynamic and provide more consistent performance Regulatory acceptance of affirmed industry standards broaden to global scales

    12. Insurance Value Chain… “Leverage it with technology”

    13. Mega-Trends “Force Industry to Innovate” Old modes of thinking threaten ability to innovate Interlopers will disrupt traditional insurance operations Leadership will require experimentation in operating models, processes, products and customer relationships Strategic investment in innovation critical to success in 2020. Future Transition will take effort and intention 13

    14. Converging Media/Channels Trends Online/Offline/Electronic Wired/Digital Homes Online vs Radio Insurance Ad Spend by Media Consumer Behavior Social Networks 14

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    23. Multiple Channels - Closed Loop Process

    24. Today’s solution Straight through processing (STP) can help direct marketers achieve “All of the above” by…. Automating the quoting and application process to convert more scarce leads Helping call center agents sell more by managing the sales process more effectively and efficiently Creating an electronic data flow that reduces work steps and increases accuracy Creating a cost-effective new business process that supports the sale of lower face value policies at close to fully underwritten premiums STP can help differentiate you by delivering what customers want….

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    32. Underlying “Click-2-Call” Magic 32

    34. Summary: Digital/Integrated Solution Total technology solution Improve productivity-Call center Business processing More sales more often Improved placed and paid rate More sales closed More commissions paid faster Operational costs reduced by up to 75% Reduction in errors and missing requirements Reduction in paper handling, mailing, and storage Increased competitive position Profoundly improves applicant experience Gain market share

    35. Realtime STP - Outsource 35

    36. 36 Atiam (InsPro) Integrated-Modular System

    37. “Digitizing and Integrating the Process”

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