technology investment for mutual insurance companies
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TRANSCRIPT
TechnologyInvestment
Chris Reynolds
President of Business DevelopmentIntuitive Web Solutions
Springfield, Missouri
What Are Your Goals?
What is your market?Examples: High risk exposures / Large agencies with many CSRs
What are your competitive advantages?Examples: Lowest rates / Least Hassle
What are your competitive weaknesses?Examples: Confusion over manuals / Lack of integration
Where are you heading?Examples: Growth / Improve Ratios
Is Your Team Prepared?
Does your staff embrace new ideas?Resistance to change results from fear of the unknown.
Do you have the support of your board?Flexibility is always required in a large implementation.
Are your employees computer literate?Computers are only as capable as their users.
Do all stakeholders have high-speed internet access?Services are increasingly moving to the web.
Who Do You Trust?
Things will go wrong.Good communication is invaluable.
Contracts do not define good work.Be realistic about the work required to implement a new system.
Referrals are priceless.The most reliable consultants are free.
Trust your gut.Find good people to work with.
Improve Quality Enhanced Services
Online Information Electronic Payments Agency Upload / Download
Increased Accuracy Online Quoting Intelligent Underwriting
Increase Efficiency
Automation Renewals Billing / Payments Printing / Mailing
Reduce Paper / Increase Speed Imaging Electronic Mortgagee Notification
Specialization (Focus on your business) Outsourced Printing Quoting Hosting
Decrease Risk Enhanced Security
Paper vs. Digital Padlocks vs. Encryption Onsite Data vs. Offsite Data
Disaster Recovery Backups Web-based Software
Distributed Risk Local Systems > Online Backups Online Systems > Local Backups
Expand Reach Website
Agents Section Resources Portal to Quoting, Payments, Policyholder Info News and Updates
Online Quoting and Applications Expected by Independent Agents Expanded to the Public
Digital Marketing Email Search Engine Optimization (SEO) Social Media
Imaging
Insurance Processing
Mortgagee Notification
Home Valuation
Agency Download
Electronic Marketing
Training Enhancement
Survey of Technologies
Website
Payment Processing
Webmail
Quoting
Risk Assessment
Backups
IP Phones
Website Goals
Improved Visibility Increased Access to Information and Services Inexpensive Marketing
Considerations Vendor / Template Hosting Content and Usability
Vendors NAMIC Web Services Local Web Company www.templatemonster.com
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Online Payments Goals
Easier Access to Payment Automatic Withdrawal Expand Customer Base
Considerations Cost Structure Payment Processor / Merchant Account Integration
Vendors Authorize.net ReliaFund Simply Easier Payments
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Webmail Goals
Reduce Costs Better Filtering / Search Unlimited Access
Considerations Administrator Access IMAP / POP Address Spoof
Vendors Gmail / Google Apps. Hotmail Yahoo Mail
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Quoting Goals
Expand Business Improve Underwriting Increase Efficiency
Considerations Usability Underwriting Vendor Integration / Post-Through
Vendors IWS - BriteQuote AISUS Rural - MIPS
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Risk Assessment Goals
Improved Underwriting Improved Rating Reduced Claims
Considerations Personal Risk / Property Risk Combined Score / Split Scores Hard Enforcement / Soft Enforcement
Vendors ISO - (A-Plus / iiX) Risk Meter - (Criminal Reports, Flood Plains) Pictometry - (Aerial Photos, Adjacent Risks)
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Backups Goals
Disaster Recovery Data Integrity Failover
Considerations Web / Drive / Tape Restore Speed Security
Vendors Sugar Sync Barracuda Mozy
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IP Phones Goals
Dependable Service Managed System Message History
Considerations Onsite / Hosted Volume Internet Speed
Vendors Vonage Aptela Ring Central
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Imaging Goals
Paper Reduction Efficiency Redundancy
Considerations Onsite / Offsite Indexing Flexibility OCR
Vendors DocFinity ImageRight FileBound
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Processing System
Goals Foundation Efficiency Automation
Considerations Local / Remote Automation Integrations
Vendors IWS - BriteCore Garvin-Allen TCCS - InsPro
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Mortgagee Notification
Goals Print Savings Efficiency Quicker Payment
Considerations High Return On Investment Processing System Integration
Vendors InsVista Lexis-Nexis ISO CV-Exchange
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Property Valuation
Goals Improved Underwriting / Rating Reduce Fraud Efficiency
Considerations Accuracy Usability Integration
Vendors E2Value ISO HomeValue MSB
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Agency Interface Goals
Integrate with Agency Management Systems Increase “Ease of Doing Business” Increase Business
Considerations Integration with Processing System Hardware Requirements Upload / Download Realtime
Vendors NxTech Connective Technologies
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E-Marketing Goals
Inexpensive Production Interactive Dialogue Raise Visibility
Considerations Overhead Content Conversation
Vendors Constant Contact Google AdWords Facebook / Twitter / LinkedIn
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Training Enhancement Goals
Train Remotely Efficiency
Considerations Network Speed Quality / Latency
Vendors GoToMeeting (Citrix) WebEx Jing
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