Automate the sales automation process for insurance industry

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Hello, everybody! My name is Erik Somssich. I am a Key Account Manager and Business Consultant at msg life. In this video I would like to show you how to address the modern customer and sell insurance products in a digitized world. And also, I will show you an end-to-end demo of our software solution. So, before starting that, maybe a short introduction: Let's assume I am interested in a term life product. And just the other day, I did some research on Google, typed 'term life', got some information. But then I stopped, because I've had enough or I didn't have the time - I don't know. And a few days later, I log into Facebook. And of course, there are some target marketing systems which read my cookies and see: "Oh, there is somebody interested in a term life insurance." And at the same time an advertising banner of the insurance company ABC or so appears, with a big slogan "the best, cheapest term life product". And since I'm still interested in this product, I click on this banner, I get to the insurance's Facebook site and then the Facebook Messenger appears. And that's what we're mimicking now. We are in the Facebook Messenger of - in this case - 'Sigma Insurance' and there's the chatbot waiting for me. I say just "hi" and get an answer from Clara, Sigma Insurance's chatbot. We will shorten this a bit. Usually, we'd now experience a consulting process before we'd be guided to a product, but to have a shorter demo, we pre-defined that I would like to have an offer for a term life. So now Clara asks me some questions which are required for the calculation. The first one is about how old I am. For the system, we have created a kind of dummy customer who is 47. Now Clara asks about the nature of my work: If I work in an office or do physical labour. I'm in an office. Now she asks for the amount to be covered; the insured sum. Here, you can see some bubbles. This is an example, but of course I'm also able to type something in. Let's say 230,000 is my preferred insured sum. And what is happening now? It's that Clara fires the calculation engine - this is a real-time environment - by transmitting the information I just typed in to the backend system. And so she gets some quotes. And what we also see here is a tool called 'multiple offers'. In our sales process we use the component msg.Sales for the interaction with the backend. And msg.Sales offers the function of multiple offers which means: making a business user able to create so-called 'combined offers' or 'bundle offers' based on the company's product portfolio. We can see here three different options 'basic', 'premium' and 'exclusive'. To me as a customer it looks like three different tariffs, but in reality it's just one product and one tariff. It's just a very common, very easy term life product in the backend system. For the purpose of having a more comprehensible and a more appealing offer, we have created three different versions of that. The first one is 'basic'. It's just the term life product without any other features. Costs me between 65 and 88 EUR per month. 'Premium' is the term life plus a premium waiver in case of occupational disability, so just a supplementary that is added. And the 'exclusive' one is another supplementary with an annuity in case of occupational disability that amounts to 12,000 EUR per year. But to me as a customer it's three different versions. The idea is to have so-called 'special offers' for different sales channels, so that it's also possible to have different multiple offers for different sales channels; it's highly individual. And it would even be possible to have funnelled products like these within multiple lines of business. We could also integrate, let's say, a P&C, health and a life insurance. And in that case, we would be able to have three different versions in which we maybe have a family package with a term life plus dental care plus household insurance or something else. And this can be can be used by a normal business user based on the product definition data in the background. Okay, but let's proceed with this process: We have now two options: the chatbot offers to apply for it directly within this chatbox or we could click on 'consulting'. In case I select 'consulting', a lead for an agent or broker would be created - it depends on how the process of the individual insurance would work. And then Clara would tell me: "Thanks a lot. Somebody will contact you. Please give me your name, maybe a telephone number and e-mail address." And then the process ends. But: A lead was created and, when I click on 'apply' - I will do that now for the 'exclusive' one - we will then directly proceed to the medical underwriting. So, we also have a medical underwriting behind that. We now perform checks if it's possible to issue this policy directly without any medical underwriting having to look at that. She now asks me how tall I am and what my weight is. And then Clara calculates the BMI. If it's too low or too high, then the process will also end, because a medical underwriter will have to assess that. In this case I would get the information: "Alright, thanks a lot. We will come back to you." In my case, the BMI is fine. Alright. I'm approved by the medical underwriting and we get to the next question asking about former diseases within the last five years. This is - again - kind of simplified. A real case would maybe be a bit more complex, depending on the conditions of the insurers. We're very flexible in adapting that. Same here: I say it don't have any diseases, so medical underwriting says: "Perfect, we are ready to issue.", now asking for my name and... I'm 'Harry Potter'. Born in '71. It now asks for my e-mail address. I will give it my real address so we can see what is happening afterwards. And my address. And last, but not least: my ZIP code. That's it! The application process has ended. And what do we see here? "Thank you for the information." We will wait a second. There it is: "Welcome to Sigma!" And what just happened in the background is that this contract was indeed issued in the backend, in the life insurance policy administration system. I will show you this later. And we already have a policy number. Now we'll check if I got an e-mail... And yes, I do. The e-mail reads "Harry Potter, welcome to Sigma. Here is your policy number. You can access your contract in our customer portal; the credentials are as follows." But before doing that, I would like to show you the other side. We have seen the customer's perspective, sitting on his couch with a tablet, Facebook on, applying for the term life insurance. Let's jump to the insurance company's perspective. To this end, I will just start Life Factory, our life insurance policy administration system. Now, let's have a look if this policy was actually created. We'll take the number from the chatbot and simply click on 'information'. And... Yes, we found it! We see today's date, the application date and if policy issuing is completed. If we dig a bit deeper into it, we also find the person's, i.e. my Harry Potter's data. We also find the coverages and we can see how this multiple offer is actually created. We have the name, the insured sum I typed in, 230,000 EUR. We have the premium waiver in case of occupational disability and we also have the annuity in case of occupational disability. It's 12,000 - like I told you. In this case, we didn't ask the customer in order to have a simpler process. Of course, in a real case you would maybe ask the customer what amount he wishes to insure. The same applies to the duration. We didn't ask for that. Instead, we pre-defined everything to have a duration of 10 years. Yeah, as I told you earlier: This is just for the purpose of showcasing. But these are all things we would obviously integrate into the chat. What you can see here is that it really works to not only create an offer within the Facebook Messenger chatbot, but also to issue the policy in a policy administration system with automatical medical underwriting afterwards. We can see here the insurer and, of course, if we had the subsystems next to it, then the collection disbursement system would receive the info to collect the premium etc. So, now we'll go back to the customer perspective. Let's have a look at the portal. We have the credentials here... "Harry"... And we'll click on "Log in here". I already saw "Your new life insurance product" in my inbox and if I click on ''My policies", I should actually be able to find it... Okay, yes, the guy has a lot of insurance policies... Maybe it's not working like that... But, no, here it is. So, here's the new policy with the corresponding number. If we wanted, we now could have a look at it and all the data coming from the backend system. So... Thanks a lot for listening and do contact me afterwards if you have questions. If you would like to discuss this topic, I will be pleased to talk to you. Especially if you already have a specific case in mind and our solutions may help you. Just come up with the information you have, let me know what you need and we will discuss that. If you would like to have a demo of our systems via conference call, webinar or at your premises, just call us. We will try to help you. Okay, we're coming to an end. Thanks a lot for listening, for watching, and please feel free to contact me afterwards.