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TECHNOLOGY TO SUPPORT CHANNEL DISTRIBUTION IN INSURANCE BUSINESS PowerPoint Presentation
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TECHNOLOGY TO SUPPORT CHANNEL DISTRIBUTION IN INSURANCE BUSINESS

TECHNOLOGY TO SUPPORT CHANNEL DISTRIBUTION IN INSURANCE BUSINESS

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TECHNOLOGY TO SUPPORT CHANNEL DISTRIBUTION IN INSURANCE BUSINESS

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  1. VIETNAM ITC IN FINANCE IN 2006 TECHNOLOGY TO SUPPORT CHANNEL DISTRIBUTION IN INSURANCE BUSINESS PhD. Dinh Quang Nuong, General Manager Operations & IT – Prudential Vietnam

  2. Contents • Background • Key concerns • IT Infrastructure • Systems Architecture • Technology to Support Channel Distribution in Insurance Business • Challenges • Sales Channels • Summary • Q & A

  3. Background • Key concerns • Standardize and stabilize backbone network infrastructure • Evaluate and quantify ROI for IT investments • Centralization and distribution in manage and use of customer information • Proactively prevent security and information risks

  4. Background • Network and Communication Infrastructure • Communication between Head Offices and Branches in various geographies • Efficient communication • Support sales and customer services

  5. Application Servers SMS Core Insurance System Accounting System Background • Systems Architecture Quotation System Customer Services System Dispatching Management System Support Agent System Document Storage System

  6. II. Technology to Support Channel Distribution in Insurance Business • Sale channels: • Tired agent ( main sales channel) • Bank assurance • Direct marketing and Telemarketing • Independent agent

  7. II. Technology to Support Channel Distribution in Insurance Business • Challenges • More players • Push instead of Pull sales approaches • Support a large number of agent with tools and IT services • Higher customer’s expectations • Faster Time-to-market

  8. III. Sharing - Systems to Support Channel Distribution • Quotation System • Provide quotation at everywhere and anytime  Increase agent satisfaction • Reduce number of PCs at  Save cost of operation and time consuming • New insurance product applied at the same time to all branches  Reduce Time-To-Market for launching new products • Avoid any inconsistent quotations  Protect company’s reputation

  9. III. Sharing - Systems to Support Channel Distribution • Agent Support System • Provide important client’s information at any time any where better customer management • Provide agent’s performance information  better self-performance management • Is one of major communications line between Company and Agent  cost and time saving

  10. III. Sharing - Systems to Support Channel Distribution • Customer Support System • Centralize customer’s issue @ one point from different communication channels  Reduce response time • Automated escalation  Easy to monitor and increase customer expectations

  11. Front Office Contract Proposals/docs Convert to E-Docs Process & Issue contract Back Office Document signature validation III. Sharing - Systems to Support Channel Distribution • Document storage system • Reduce time to process & issue contract  Increase productivity • Retrieve documents faster as electronic forms  saving time to search documents • Become paperless office  cost saving

  12. Sharing - Systems to Support Channel Distribution • E-Office System • Reduce Turn-Around-Time of business processes  Increase operation efficiency • Switch to E-Office model and paperless office  reduce operation cost • Centralize user’s requisitions  easy to monitor and control

  13. Summary • Standardization IT systems competencies and capabilities are a competitive imperative. • IT value-added rather cost center • Able to quantify ROI of IT investments • Shared service centers if possible

  14. Q & A