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Lidma- This is Now! 2006

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Progress is an Amazing thing. :)

I created the PowerPoint "This is Now! 2006" almost a decade ago. As the Chairman of Process Improvement, I was presenting to our fledgling membership at one of the first LIDMA conferences. Wow, time flies...

10 years have passed and so much (and so little) has changed in our industry.

The Good- We introduced and executed on E-signature, E-Delivery and on-going Credit Card payments.

The Bad- Processing time and the Customer Experience still massively lag other financial services.

The Ugly- Conversion rates (Leads-Paid percentages), particularly Placement Ratios, have actually gotten worse.

The Opportunity- Greater than ever!!

Our Future is bright...Here's hoping the next 10 years produce radical innovation, improvement and growth.
This is Now!

Todd Ewing
2016

Publié dans : Business
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Lidma- This is Now! 2006

  1. 1. LIDMALIDMA This is Now!This is Now! Todd Ewing Chairman, LIDMA Process Improvement Committee
  2. 2. 2LIDMA 2006 This is Now. . . Today, customers demand instant gratification Faster Cheaper Better
  3. 3. 3LIDMA 2006 Here are our challenges:Here are our challenges:  Consumers Are Still Confused  Marketing Costs Have Skyrocketed  More Compliance, Regulations & Paperwork  More AOTA Decisions  Slimmer Margins  Difficult to find great Agents  Too many Pipes and different Process flows
  4. 4. 4LIDMA 2006 Multiple client touches are needed before a case gets to the carrier Lead Delivery 0 auto-DW email Lead Delivery 0-1 Agent phone Lead Delivery 1-2 Agent phone Lead Delivery 2 auto-DW email Lead Delivery 3 auto-DW email Lead Delivery 4-5 Agent phone Lead Delivery 7 outreach phone Lead Delivery 14 outreach phone Lead Delivery 28 auto-DW Aged Lead #1 email Lead Delivery 42 auto-DW Aged Lead #2 email Lead Delivery 56 auto-DW Aged Lead Final email CRI 0 Agent Confirmatio n email CRI 0-1 Fulfillment App Pkg letter CRI 1 auto-DW CRI - Day 1_sig.doc letter CRI 0-5 Examiner phone App to PI 7 auto-AW CRI + 7 email CRI 7 auto-DW CRI - Day 7_sig.doc letter CRI 10 CM phone CRI 17 auto-DW CRI - Day 17_sig.doc letter CRI 21 CM phone App to PI 21 auto-AW CRI + 21 email CRI 31 CM phone App to PI 31 auto-AW CRI + 31 email App to PI 45 auto-AW CRI + 45 email Exam Date -1 outreach Exam Rmdr phone Exam Complete 1 QAS Script #1 phone Exam Complete 8 QAS Script #2 phone Exam Complete 8 QAS Exam + 8 email Exam Complete 10 auto-DW Exam - Day 10.doc letter Exam Complete 21 QAS Script #3 phone Exam Complete 21 QAS Exam + 21 email Exam Complete 28 auto-DW Exam _ Day 28.doc letter Exam Complete 31 QAS Script Final phone Exam Complete 31 QAS Exam + 31 email Exam Complete TBD auto-DW Exam_Final email ARH-On 0 Fulfillment phone ARH-On 0-3 CM phone ARH-On weekly CM phone ARH-On 0-21 CM ARH - Missing Info email ARH-On 14 Fulfillment ARH - Critical - Return $ email ARX-On 0 Fulfillment phone ARX-On 0-21 Agent phoneARX New CRI/Paramed Incomplete CRI/Paramed Complete ARH/ARM 43 Touches in Total!
  5. 5. 5LIDMA 2006 Even more touches are required to place a policy inforce ARS Submitted 0 auto-AW ARS + 0 email Submitted 0 Fulfillment Rtn Prem - TIA ineligible letter Submitted 0 Fulfillment Rtn Prem - Payee error letter Submitted 0-x CM ARS - No O/S Reqs email Submitted 0-x CM ARS - O/S APS email Submitted 0-x CM ARS - O/S Info Reqd email Submitted 0-x CM ARS - Call Me email Submitted 17 auto-AW ARS + 17 email Submitted 21 CM phone Submitted 31 CM phone Submitted 41 CM phone Submitted weekly CM phone Approved Approved 0 auto-AW Approved + 0 email AOTA AOTA 0 Agent AOTA Contact #1 email AOTA 5 Agent AOTA Contact #2 email AOTA 10 Agent AOTA Contact #3 email AOTA 21 Agent AOTA Contact Final email AOTA 0-x Agent AOTA - Confirm Accepted email AOTA 0-x Agent AOTA - Confirm Rejected email Closed/Declined Declined 0 Carrier letter Declined TBD Agent telephone DEL Policy Mailed 0 auto-AW email Policy Mailed 0 FulfillmentDEL - No Reqs ("inforce") letter Policy Mailed 0 Fulfillment DEL - Forms Only letter Policy Mailed 0 Fulfillment DEL - Money Only letter Policy Mailed 0 Fulfillment DEL - Money & Forms letter Policy Mailed 4 auto-DW DEL - Day 4_sig.doc letter Policy Mailed 7 CM telephone Policy Mailed 7 auto-AW email Policy Mailed 11 auto-DW DEL - Day 11_sig.doc letter Policy Mailed weekly CM telephone Policy Mailed 21 auto-DW DEL - Day 21_sig.doc letter INF Inforce 0-x CM Inforce Confirmation email Inforce 21 letter Inforce 90 email Inforce 365 email Cancelled Cancelled 0 system letter 0 auto-AW email 38 Touches in Total!
  6. 6. 6LIDMA 2006 Conversion Measurement Success Ratios  Leads – App Out % 40% - 75%  App Out – Exam Done % 45% - 70%  Exam Done – App Back % 85% - 95%  App Back – App to Carrier % 90% - 95%  App to Carrier – Policy Approved % 80% - 90%  Policy Approved – Policy Delivered % 85% - 95%  Policy Delivered – Policy Paid % 80% - 93%  Total Net Conversion: 7% - 33% Breakage!Breakage! 7 Critical Conversion Drop-off Metrics7 Critical Conversion Drop-off Metrics
  7. 7. 7LIDMA 2006 Numbers Don’t Lie  1,000 people go online every hour looking for life insurance . . . approximately 100 actually submit a lead  Of these 100 who appear ready to get a policy … between 7 and 33 people actually procure coverage  Deduction: Of the 1,000 people who “thought” about life insurance . . . between 967 – 993 individuals potentially never get a policy!
  8. 8. 8LIDMA 2006 QuizQuiz A. Wahoo! We’ve got serious upside! B. Get me off this planet! We have major problems! C. If it weren’t for the customers and employees, this would be a great business! D. All of the above! Pick from the answers below What do these numbers tell us?What do these numbers tell us?
  9. 9. 9LIDMA 2006 The $40 Million Question…The $40 Million Question…  How do we get all of these different Direct Marketers, Carriers and Exam Companies to make the incremental improvements necessary to achieve our Return Rate and Placement Ratio goals?  Answer: Grab the low-hanging fruit and maintain laser focus on the 3 “Big Ticket” opportunities.
  10. 10. 10LIDMA 2006 Direct Marketers Potential Increase  Get commitment from customer 5% - 20%  Use credit card for all binders 3% - 15%  Set better expectations of next steps 2% - 10%  Handle objections upfront (particularly exams) 5% - 15%  Contact customer before exam 2% - 10%  Employ strong touch-points strategy 5% - 15%  Better, simpler app instruction & packaging 2% - 5%  Segment leads by agent specialty and data mining 3% - 10%  Monitor, audit and coach agent presentations 5% - 20%  Follow-up with Cancels -- not dead yet 3% - 8% Get Better with the BasicsGet Better with the Basics Practical Improvements for Direct Marketers, Carriers and Exam Companies to Increase App Return Rate
  11. 11. 11LIDMA 2006 Exam Companies Potential Increase  Give agents ability to instantly schedule exam 3% - 15%  Use zip code locator for local offices 3% - 5%  Immediate notification when customer cancels 2% - 10%  Provide deeper disposition for cancel reasons 2% - 10%  State the name of agent/agency when calling 4% - 10%  Ongoing monitoring/coaching of examiner calls 5% - 10%  Call the customer sooner and more often 3% - 10%  Incentive for examiner to increase app pick-up rate 5% - 10%  Bring extra copy of application 2% - 4%  Better/more consistent reporting and analysis 2% - 5% Better with the Basics, II A Deeper Partnership to Increase App Return Rate
  12. 12. 12LIDMA 2006 Carriers Potential Increase  Marketing material specific to DM model 3% - 10%  Co-branding upfront to cement relationship 4% - 10%  Endorsement follow-up letter 3% - 10%  Accept credit cards for initial and ongoing premiums 5% - 15%  Ongoing underwriting seminars (real case studies) 2% - 6%  Electronic signature/voice signature 10% - 25%  Easier, shorter applications 10% - 15%  Promotional CD explaining the app and process 2% - 5% Better with the Basics, III Increased Focus on the Top of the Funnel Results in More Applications Submitted
  13. 13. 13LIDMA 2006 Carriers Potential Increase  Create a customer website for status updates 2% - 4%  Dramatically reduce DEL REQ with policy 4% - 10%  Offer guaranteed issue for all Declinations 2% - 4%  Better policy packaging and DEL REQ letter 2% - 4%  Electronic policy delivery 4% - 10%  Accept/charge credit card at DEL REQ 3% - 6%  Reduce cycle time; true “jet issue” 2% - 5%  Better reporting/data mining for APS, AOTA, DEL 2% - 4%  Automatic policy up-sell and anniversary year offers More Premium! Help Us Help You Practical Improvements for Direct Marketers and Carriers to Increase Placement Ratio
  14. 14. 14LIDMA 2006 Direct Marketers Potential Increase  Write clean business/right carrier to reduce AOTAs 3% - 5%  Employ touch-points strategy throughout process 2% - 4%  Train/coach case managers for better sales support 2% - 5%  Monitor and coach AOTA calls by agent 2% - 5%  Establish concierge team for high premium cases 2% - 5%  Detailed metrics, reporting and data mining 2% - 5%  Vigilant DEL REQ follow-up (no $ vs. $) 3% - 10%  Aggressive case management: older and APS cases 2% - 6%  Commitment to reduce cycle time! 3% - 5% Issued Ain’t Paid: Increase Placement Ratio “You don’t punt at the opponent’s 1-yard line!” ~TRE
  15. 15. 15LIDMA 2006 Changing the Paradigm Need to Accomplish these 3 Key Initiatives: 1. Electronic Signature/Voice Signature 2. Credit Cards: Acceptance up-front, at policy delivery and on-going 3. Electronic Policy Delivery, including Delivery Requirements
  16. 16. 16LIDMA 2006 Here are the 6 next steps: Define an “owner” for each of the Big 3 initiatives Each owner will develop a small advisory panel that represents DM’s, Exam Co’s and Carriers Create an on-going forum to discuss objectives, strategies, implementation and standardization Document solutions and submit recommendations to all LIDMA members Test, measure, report and adjust Provide resources for universal implementation
  17. 17. 17LIDMA 2006 Make it Happen…Make a Difference…Make More Money  OWNERS/ADVISORS: Need passionate, committed members who are willing to share, dedicate time and resources, and GET STUFF DONE!  LIDMA Leadership: We will work to have a standardized reporting system in place and available to all members by the end of this year.  LIDMA Members: Improving cycle time, return rates and placement ratios help everyone. Got answers? Share the love…

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