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New Technology in Operations

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New Technology in Operations. Session 39: February 28, 2006. Session Producer: ... New Technologies in Operations. Utilizing eSignature for LTC. The Future of ... – PowerPoint PPT presentation

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Title: New Technology in Operations


1
New Technology in Operations
Session 39 February 28, 2006 Session
Producer Gray Miller, Vice President Geriatric
Care Services Long Term Care Group, Inc.
2
Agenda
  • Speaker introductions
  • Marketplace trends
  • End consumer topics
  • Customer Service on the Internet
  • Cross product billing and collection
  • On Line Apps
  • Internet Illustrations
  • E Intent to Buy
  • Carrier/Home office topics
  • E Underwriting
  • Data management

3
PANEL
  • Pete Petersen, Director DI/LTC, Northwestern
    Mutual Life Insurance Company
  • Robert Bocompani, Director Business Technology,
    Met Life
  • Bruce Baude, CEO, Long Term Care Group , Inc.

4
Trends in the LTC Marketplace
  • Younger buyer
  • Distribution shifting
  • Fewer kitchen table sales
  • Workplace offerings on the rise
  • Buyer more internet savvy
  • Requirement on ease of doing business

5
Technology Offerings are Broad
  • IVR
  • e-signature
  • Internet quoting
  • On line quote comparisons
  • On line agent servicing

6
Pete Petersen Director, DI/LTCI Northwestern
Mutual
7
Customer Service on the Internet
  • Business Driver
  • Easy access to info 24x7 for the customer
  • Routine service off-loaded from Agent
  • CSI at Northwestern Mutual
  • View policy info (values, loans, billing info)
  • Agent contact info website link
  • Automated and immediate enrollment

8
Customer Service on the Internet (contd)
  • Designed as a complement to the agents service
    to his/her client
  • Fits our corporate strategy
  • How does this compare to what we understand other
    companies are doing?

9
Billing and Collection across products
(Insurance Service Account)
  • Business Driver
  • Consolidated billing is convenient for customer
  • Agents sales process enabled by money
    management services
  • Rich functionality available under the ISA
    umbrella of services

10
Billing and Collection across products
(Insurance Service Account) (contd)
  • Integration with other administrative functions
    beyond pure billing and collection.
  • Future of money management at Northwestern Mutual
  • Strategic point of differentiation for our
    company (and our agents)

11
Agent customer data management (The Network
Connection)
  • Business Driver
  • Easy for agent to manage existing clients and
    cross-sell to them
  • Built upon time-tested prospecting, needs
    analysis, and sales processes of Northwestern
    agents.

12
Agent customer data management (The Network
Connection) (contd)
  • Ties together all field systems that provide
    client information or support an agents client
    interaction.
  • In progress system that still has some challenges
    to overcome…
  • Matches our value proposition in the markets
    where we compete

13
  • Rob Bocompani
  • Director, Business Technology

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14
New Technologies in Operations
  • Utilizing eSignature for LTC
  • The Future of eSignature
  • Overview of MetLifes Illustration Systems
  • Pros and Cons of Desktop vs. Online
  • The Future of Illustration Systems

15
Utilizing eSignature for LTC
  • Employer Group Channel
  • eSignature in group marketplace
  • Drive to online channel
  • High percentage enroll online (guaranteed issue)
  • eSignature Pilot
  • Full underwritten apps online with eSignature
  • Real-time authentication
  • 100 electronic
  • Drive to online channel
  • Back Office Transformation at MetLife
  • Shift from paper to electronic
  • Streamline back office processes

16
Utilizing eSignature for LTC (contd)
  • Business Drivers
  • Increase participation
  • Leverage existing technology
  • Reduce expenses
  • Reduce cycle time
  • Make easier for consumer

17
The Future of eSignature
  • Leverage Technology in Individual Marketplace
  • Intent to buy systems
  • Multi-Life enrollments
  • Mixture of online/offline tools to help make sale
  • Challenges Ahead
  • Authentication of individuals
  • Adoption of eSignatures by medical community

18
Overview of MetLifes Illustration Systems
  • Overview of Current Technology
  • MetWins
  • Online Illustrations
  • Decision support tools
  • Pros and Cons of Desktop vs. Online
  • The Future of Illustrations Systems

19
Pros and Cons of Desktop vs. Online
  • Desktop Software
  • Pros
  • Can be used off-line
  • Faster processing of files
  • Will run as fast as PC speed
  • Cons
  • Software loading restrictions
  • Installation issues
  • Dissemination of updates is slower, not as
    controlled
  • Version control
  • Online Quoting
  • Pros
  • Takes advantage of the latest web features
  • Immediate version control
  • No special software to install
  • Cons
  • Must have internet connectivity
  • Speed of connection will dictate speed of
    generating illustrations

20
The Future of Illustration Systems
  • Single rules-based quoting engine supporting
    desktop and online illustration systems
  • Thin client vs. thick
  • Improved version control (compliance, bug fixes,
    enhancements, new product release, etc.)
  • Enhanced decision support tools
  • Intent to buy with eSignature

21
Electronic Underwriting Promise Pitfalls
  • Bruce Baude
  • CEO
  • Long Term Care Group

22
Electronic Underwriting Potential Scope
  • Automation of some or all aspects of the
    underwriting process, beginning with applicant
    data capture and continuing through decision
    notification

23
Electronic Underwriting Why Pursue
  • Underwriting operations are typically manually
    intensive. By automating, providers seek to
  • Improve Quality consistency accuracy
  • Improve Efficiency reduced turnaround time
  • Enhance Management metrics reporting
  • Reduce Costs resulting from improved quality and
    efficiency

24
Electronic Underwriting Baseline Analysis
  • Analyze historical underwriting data and current
    processes
  • Examine frequency, cost and complexity of
    decision types, including
  • Approve vs. Decline
  • Application-only
  • Face-to-face assessment
  • Telephonic assessment
  • Attending physician statement

Impact
Low High
Low High
Ease
25
Electronic Underwriting Identify Automation
Candidates
  • Define threshold minimums for automating
    processes (minimum cost and quality gains)
  • Focus on high frequency, high cost processes
  • Validate feasibility of process automation
  • Required data is available in appropriate format
  • Systems can support or be modified to support
  • Quality/turnaround times significantly improve

26
Electronic Underwriting Identify Automation
Candidates (contd)
  • Determine current process costs
  • Estimate automated process costs
  • Estimate costs to implement automation
    capabilities
  • Prioritize process automation candidates that
    meet threshold minimums

27
Electronic Underwriting Most Likely Candidates
  • Ordering Risk Management Information (RMI)
    requests
  • System capture of RMI data in standardized code
    formats
  • Approve/Decline of less complex decisions
  • Routing of applications for review/approval by
    appropriately skilled staff
  • Generating decision notification letters to
    agents and/or applicants

28
Electronic Underwriting Risk Management
  • Conservatively estimate automated process costs
  • Start with less complex processes
  • Determine if a process automation requires other
    processes to be automated first
  • Carefully introduce a newly automated process and
    institute stringent ongoing QA and Audit
    capabilities
  • Avoid over-automating complex processes
    automate the simple tasks to make the required
    human decisions more efficient

29
Electronic Underwriting Summary
  • Develop an accurate baseline for current process
    performance and costs
  • Many automation opportunities will require
    process re-engineering
  • Systems changes may be broad
  • Automating complex decision-making may result in
    higher costs and lower quality

30
QA
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