2 8 ba 590 guest speaker john jolliff “inside” development of service- oriented products ...
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8BA 590BA 590
Guest Speaker John Jolliff
“Inside” development of Service-Oriented Products
Presentation (20-30 minutes)
Q & A Session (45-60 Minutes)
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The Delta Center Devils (Grand Ledge, Michigan Little League Champs 1968)
The Delta Center Devils (Grand Ledge, Michigan Little League Champs 1968)
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8John Jolliff Presentation OverviewJohn Jolliff Presentation Overview
Background
COUNTRY Insurance & Financial Services
Identifying Customer’s Needs
Testing and Screening
Regulation/Laws
Environmental
Implementation/Launch
Best Skills
Q & A
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8John Jolliff BackgroundJohn Jolliff Background
OSU Grad – Business Major
Three different companies during career
Positions in insurance industry
• Claims
• Research
• Underwriting (bulk of career)
• Agency and
• Operations
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8COUNTRY Financial OverviewCOUNTRY Financial Overview
Providing Financial Security… Property/Casualty
Life/Disability
Mutual Funds/Investments/Managed Accounts
Our Stats (Size/Companies) $2 billion in P/C premium (company)
607 in Fortune 1000
Top 10 low net cost life company
Operate directly or indirectly in 40+ states
Our Region $330 million in P/C premium
Six states (OR, WA, NV, AZ, AK, ID)
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8Identifying Customer NeedsIdentifying Customer Needs
Product
Service
Distribution Number of agents Location of agents
Internal Sources of information Agents Customers Employees
• Underwriters/Claims Adjusters
External Sources of information Focus Groups Competitor offerings Industry publications Demographic/Census data
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8Identifying Customer NeedsIdentifying Customer Needs
Examples - Product
Identity Theft
College Graduate Discount
Special Tenant Endorsement
Long Term Care Rider on Life Policy
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8Identifying Customer NeedsIdentifying Customer Needs
Examples - Service
Customer Service Center 24x7
Billing Call Center
COUNTRY Helpline
Credit card payment option
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8Identifying Customer NeedsIdentifying Customer Needs
Examples - Distribution
Now entering Idaho
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Concept Testing and ScreeningProduct and/or Service
Concept Testing and ScreeningProduct and/or Service
How Do We Know That it is Going to Work?
For product and/or service, often
–WE DON’T!!!
We discuss primarily with agents National Advisory Group
Front line sales-contact with customers
Seek feedback from employees
Evaluate competitive offerings
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Concept Testing and ScreeningProduct and/or Service
Concept Testing and ScreeningProduct and/or Service
How Do We Test It?
Generally, we will pilot a concept
Smaller local area or state-by-state
Measure and monitor results
Work out any bugs
Enhance or expand offering
Full rollout
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Concept Testing and ScreeningProduct and/or Service
Concept Testing and ScreeningProduct and/or Service
What Are Our Biggest Challenges?
Insurance is viewed as a commodity Many coverages are mandated
Hard to differentiate on product
Speed to market
ITS time to develop
Antiquated legacy systems
Consensus driven organization
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Concept Testing and ScreeningDistribution
Concept Testing and ScreeningDistribution
Where do we add more agents or
Where do we add new locations?
Much larger decision for us
Multi-line exclusive agents
Heavy financing costs
Vested interest in agent success
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Concept Testing and ScreeningDistribution
Concept Testing and ScreeningDistribution
Challenges to adding agents or agencies
Existing competitive market
Loss experience in area (if already there)
Hiring quality agents
Size and type of demographics
Location
Availability of leads
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8Challenges Due to Regulation/LawsChallenges Due to Regulation/Laws
Insurance/Financial is Different because…
Heavily regulated industry
All products and rates must be approved by state
“Adequate, not excessive and not unfairly discriminatory” is the criteria
Market conduct examinations
Notification to customers (FCRA)
Legislative or Statutory changes
Occasional ballot initiatives Prop 42 to ban used of credit-based insurance scores
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8Environmental IssuesEnvironmental Issues
Very competitive market
Competing with much larger players Resource disadvantage
How Do We Deal with Change? Investigate, evaluate and react “Fast followers” rather than “bleeding edge”
How Do We Get Info on Change? Industry publications Agents, Customers, Employees, Other external sources State Department of Insurance
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8Implementing and LaunchImplementing and Launch
How Do We Train
Internal training resources
Training for all who need it
• Employees
• Agents,
• etc.
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8Implementing and LaunchImplementing and Launch
How Do We Get the Message Out…
In Our Company
• Internal website
• Company meetings
Outside Our Company
• Advertising/Brochures/Press Releases
• Materials sent to customers with billings
• Agents/Employees
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8Implementing and LaunchImplementing and Launch
Challenges in Implementation?
Did we hit the mark?
Getting agents excited about opportunity
• So many things to know and remember
Measuring and monitoring
Making changes
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8Implementing and LaunchImplementing and Launch
Best Launch and Why?
Customer Service Center 24x7
• Met customer and agent needs
• Well tested
• Revised as necessary
• Responsive
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8Implementing and LaunchImplementing and Launch
Worst Launch and Why?
Special Tenant endorsement
• Not understood by agents or customers
• Met a narrow market need
• No incentives for agents
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8Best Skills for New Product SuccessBest Skills for New Product Success
What Employees Need to Have… Know your business
Know your customers
Know and anticipate needs
Be creative
Act and react quickly
Be willing to abandon mistakes
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Questions?Questions?