Complete, objective & consistent risk assessments Minimising Underwriting Costs Maximising immediate acceptance, reducing need for medical evidence Philosophy contains over 10,000 Rules and 40,000 Assessments Improving the Customer Experience Configurable process allowing continual improvement through experience Configured for each distribution channel Maximising Business Opportunities & Conversion Rates Immediate acceptance at POS maximised at ordinary rates, rated or with exclusions Intelligence gathered used to help Up-Sell, Cross-Sell, Alternative Terms, Buy-Now Enhanced Management Information Full real time data analysis by distribution channel Day to day portfolio management
said they would return 14 0 20 40 60 80 100 Immediate Delay percent who actually did return EMERGING TECHNOLOGIES AND THE FUTURE OF INSURANCE DISTRIBUTION
Revision of Terms at Point of Sale POS Acceptance levels 70% + for Life 70% + for Critical Illness 45% - 55% for Income Protection Product Development Rapid Product development through Configuration Deployment Customer Website, Broker Website, Call Centre, Traditional Back Office Branding Ability to white label within hours (through style sheets) and configuration Ability to configure process and products rules according to channel/brand Copernicus SS/G - Business Acquisition Summary
Products Launch - speed of product launch Rates - rapid re-pricing Control of Proposition Access to Distribution – multi channel Ability to Flex - to suit the way your customers want to do business Control of Process Deployment - Self Serve, Call Centre or Back Office Processing - data capture, screen sequencing, process sequencing Underwriting Approach - POS U/W, Tele U/W, Back Office U/W Copernicus SS/G Business Control By Configuration – not Customisation
more underwriting knowledge at point of sale • distributor presenting underwritten cases to insurance co.s 31 EMERGING TECHNOLOGIES AND THE FUTURE OF INSURANCE DISTRIBUTION
• Kevin has written several articles and is co-author of “The Analysis of Insurance Earnings” (2008). • He has served on three SOA section councils and Microsoft’s Partner Advisory Council for 5 years. • Kevin qualified as a Fellow of the Institute of Actuaries (UK) in 1992 and a Fellow of the Society of Actuaries (US) in 2004. [email protected] 905 475 3282 x 224 @kevinpledge http://ca.linkedin.com/in/kevinpledge KEVIN PLEDGE 32