IBM Exceptional Digital Experiences for Industry

Insurance

Insurance of the Future

In today's competitive insurance industry, the challenges are many and there is much uncertainty. Better-informed and more demanding customers. Complex regulations. Economic, geopolitical and ecological considerations. New competition. Multiple channels. Inevitable disasters and potential pandemics. To survive and thrive, insurers must seek new models of operational and strategic success that enable innovation and increase profitability.

Insurance carriers not satisfied with merely keeping up can arm themselves with knowledge. To help them meet their goals, IBM offers insurance web portal software to address key strategic business issues like being more responsive to the market, quickly identifying and acting on opportunities and managing resources better.

Agent/Producer Portal

Whether working with captive or independent agents, insurance companies are finding it critical to provide agents with the latest technology tools. Agents must have access to the latest product information, be able to quickly create quotes under multiple coverage scenarios and be able to communicate and collaborate with customers, underwriters, claims processors and others to provide timely and accurate responses.

Multi Channel Sales Delivery

Traditional agent sales channels do not meet the needs of many new and younger insurance customers. These customers are requiring sales information in a variety of new channels such as mobile devices, web sites and kiosks. Successfully meeting the needs and expectations of these customers will require insurance to successfully develop a multi channel strategy that will allow for the delivery of consistent product information regardless of the channel the customer selects.

Insurance Self Service

Starting a claim, requesting a quote – these are activities that have traditionally required a phone call or a visit to an agent or call center. Increasingly, customers are expecting to initiate, and in some cases manage, the entire activity themselves. Providing customers with the self service capability to initiate common activities is increasingly becoming key to customer acquisition, as well as ongoing customer satisfaction.

Standards-Based Process Improvement

ACORD has published and maintains insurance industry standards. The two most complete and often used standards are ACORD eForms and ACORD messaging. ACORD eForms includes hundreds of electronic forms, which can be used as-is with the IBM Lotus® Forms Viewer or modified slightly for use with the Lotus Forms Server to support straight-through processing scenarios. ACORD messaging formats can be tailored to the needs of individual insurance companies by using industry supplied tools.

Agent Producer Portal

Whether working with captive or independent agents, insurance companies are finding it critical to provide agents with the latest technology tools. Agents must have access to the latest product information, be able to quickly create quotes under multiple coverage scenarios and be able to communicate and collaborate with customers, underwriters, claims processors and others to provide timely and accurate responses.

Insurance Self Service

Starting a claim, requesting a quote – these are activities that have traditionally required a phone call or a visit to an agent or call center. Increasingly, customers are expecting to initiate, and in some cases manage, the entire activity themselves. Providing customers with the self service capability to initiate common activities is increasingly becoming key to customer acquisition, as well as ongoing customer satisfaction.

Standards-Based Process Improvement

Insurance is an industry with requirements and needs uniquely synergistic to the WebSphere Portal family of products. These products enable role-based access to the specific applications and information a insurance customer, employee or partner needs.

In addition, WebSphere Portal products include the enterprise security and availability features insurance businesses require, deliver the flexibility and choice unique to open standards-based software, and provide the following benefits for the insurance industry:

Insurance is a knowledge-intensive industry. It requires continuously improving productivity to sustain its competitive advantage. One area where this is especially important is for new employees. A new agent, for example, must become knowledgeable on a number of products to become productive.

The portal flattens this learning curve by supplying a single point of access to all those systems and information. This allows an insurance business to more quickly make use of new employees.

Agent/Producer Portals

Whether working with captive or independent agents, insurance companies are finding it critical to provide agents with the latest technology tools. Agents must have access to the latest product information, be able to quickly create quotes under multiple coverage scenarios and be able to communicate and collaborate with customers, underwriters, claims processors and others to provide timely and accurate responses.

Agent/Producer Portals provide a single platform to allow the agent to manage all aspects of the agency.

Insurance Self-Service

Starting a claim, requesting a quote - these are activities that have traditionally required a phone call or a visit to an agent or call center. Increasingly, customers are expecting to initiate, and in some cases manage, the entire activity themselves. Providing customers with the self service capability to initiate common activities is increasingly becoming key to customer acquisition, as well as ongoing customer satisfaction.

Agent/Producer Portal

Whether working with captive agents or independent agents, insurance companies are finding it is critical to provide agents with the latest technology tools. Agents must have access to the latest product information, be able to quickly create quotes under multiple coverage scenarios and be able to communicate and collaborate with customers, underwriters, claims processors and others to provide timely and accurate responses.

Multi Channel Sales Delivery

Traditional agent sales channels do not meet the needs of many new and younger insurance customers. These customers are requiring sales information in a variety of new channels such as mobile devices, web sites and kiosks. Successful meeting the needs and expectations of these customers will require insurance to successfully develop a multi channel strategy that will allow for the deliver of consistent product and out information regardless of the channel the customer selects.

Insurance Self Service

Starting a claim, requesting a quote – these are activities that have traditionally required a phone call or a visit to an agent or a call center. Increasingly customers are expecting that they should be able to initiate and in some cases manage the entire activity themselves. Providing customers with self service capability to initiate common activities is increasing becoming key to customer acquisition, as well as ongoing customer satisfaction.

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Banking Government Healthcare Industrial Sector Insurance Retail Telecommunications Travel & Transportation

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Insurance customer quote

"There was ample scope for us to be more proactive in the way we serviced our clients. Plus, growing profit in a mature business such as insurance requires reducing costs." David Kennington, VP of IS, Prudential