Description
CRM for Insurance Distribution Solution addresses each distribution management process from sales and marketing to application acceptance. The applications are flexible and adaptable, deployable as individual components or as a complete strategic solution.
Or acl e CRM f or Insur ance Di st r i but i on
Copyright © 2010 Oracle. All rights reserved. Oracle, JD Edwards, PeopleSoft, and Siebel are registered trademarks of Oracle Corporation and/or its affiliates.
Other names may be trademarks of their respective owners.
Oracle helps transform insurance distribution from product-
centric to customer-centric processes while maximizing
customer lifetime value and profitability. The Oracle CRM for
Insurance Distribution Solution addresses each distribution
management process from sales and marketing to
application acceptance. The applications are flexible and
adaptable, deployable as individual components or as a
complete strategic solution.
Challenge: Transform Insurance Distribution from Policy-Centric to Customer-Centric
In today’s business environment, insurance carriers face a significant economic challenge: grow the
business while improving profitability. To meet this challenge, carriers must develop a thorough
understanding of customer needs, segment customers based on profitability, reduce customer
acquisition costs, and improve the retention of profitable customers.
This daunting task is further compounded by the fact that a large portion of insurance business is
conducted through indirect distribution channels. Hence, profitable growth starts with profitable
distribution management.
Legacy systems, valuable as they are, limit data flow, collaboration, and shared processes between
distribution channels and carriers. Concurrently, legacy systems and their integrations carry higher
service costs than are possible with the next generation of insurance industry technology.
Oracle’s CRM for Insurance Distribution solution provides insurance carriers with a powerful
means for driving profitable growth across multiple channels and lines of business including
capturing channel partner mind share, successfully leveraging channel competencies, optimizing
marketing investments, providing access to comprehensive channel information, and enhancing
the productivity of channel managers and producers. With Oracle CRM for Insurance
Distribution, insurers can get best-in-class applications and integration technologies that help
them increase producer loyalty while decreasing service costs.
Oracle CRM for Insurance Distribution
Solution Highlights:
• Best-in-class applications for fast
reactions and quick decisions
• Complete view of distribution, sales
pipeline, and partner activities
• Marketing segmentation to
promote best products and offers
• Collaborative marketing program
design for producers and channels
• Incentive and marketing programs
evaluation
• Lead and activity management
• Real-time decisioning, quoting,
rating, and illustrations
• Low monthly subscription cost
Oracle offers a complete
single-provider Insurance
Distribution Solution,
deployable in right-sized
projects via a choice of on
premise software or Software
as a Service (SaaS)
Or acl e CRM f or Insur ance Di st r i but i on
Copyright © 2010 Oracle. All rights reserved. Oracle, JD Edwards, PeopleSoft, and Siebel are registered trademarks of Oracle Corporation and/or its affiliates.
Other names may be trademarks of their respective owners.
Improve channel management
For many insurers, indirect channel sales are the largest proportion of their business. However, most
insurers struggle with maximizing the effectiveness and reach of their distribution channels. This is
because they lack visibility into each channel and channels as a whole. Insurers seek to help producers
grow their business, especially through their own cross-selling and customer retention. Furthermore,
insurers are looking to increase producer retention.
The Oracle CRM for Insurance Distribution solution is designed to improve channel performance. 360
degree visibility into producers helps insurers have a complete view of distribution performance.
Broker profiles enable channel managers to capture broker demographic information in more detail so
they can work with brokers more effectively. Partner profiling features such as credentials, sales
performance, and activities can be used internally and externally to improve channel performance.
Oracle enables channel managers to analyze channel performance, identify strong producers, and help
manage books of business. Additionally, Oracle provides capabilities for channel managers to focus on
high-value tasks such as strategic account management, joint business planning, and co-marketing to
increase channel revenue.
To make it easier for producers to do business and collaborate with insurers, Oracle provides partner
self- management capabilities where producers can download marketing programs and literature, track
sales performance, request marketing funds, and more. The Producer Success Model provides a best
practice process to help producers increase their top line revenue. This model provides automated
support for the entire customer lifecycle, from leads and referrals all the way through to clients who
have purchased multiple products.
Generate More and Better-Qualified Leads
Most insurers do not have adequate tools to design, execute and track marketing campaign. They
do not have means to identify if the marketing dollars are being spent on the best activities to
generate revenue and grow business. Furthermore, once they generate the leads, it is laborious to
assign leads to the right producer. They need solutions to improve marketing productivity, enable
business partners to plan and execute personalized campaigns, collaborate on business leads and
opportunities, and measure results.
The Oracle CRM for Insurance Distribution solution connects best in class marketing capabilities
with best in class sales to generate more sales-ready leads at lower cost. Companies can nurture
inbound leads until they are ready for sales representative interaction. Complete marketing
automation enables firms to segment markets for direct marketing campaigns and monitor product
sales performance. These capabilities enable insurers to offer the right product to the right channel,
thus enhancing the probability of customers purchasing the products. Oracle also enables
collaborative marketing program design with producers and channels. It facilitates the evaluation of
incentive and marketing programs through on-line implementation and performance tracking. Better
marketing program results in better-qualified leads. Finally, once the leads are generated, Oracle
enables more effective lead management. This spans the lead management process from
consolidating leads from various sources including call centers, indirect partners, and the Web,
through qualification to assignment and tracking. It enables insurers to track lead progress, assess
which partners are most responsive to which leads, and successfully convert the leads.
Key CRM Products
• Siebel CRM
• Oracle CRM On Demand Financial
Services Edition Insurance
Solution
• Oracle Insurance Insight
• Oracle Business Intelligence
Enterprise Edition
Related Products
• Oracle Policy Administration Rules
Engine
• Oracle Insurance Data Capture
• Oracle Insbridge Rating and
Underwriting
• Oracle QuickView
• Oracle Documaker
Or acl e CRM f or Insur ance Di st r i but i on
Copyright © 2010 Oracle. All rights reserved. Oracle, JD Edwards, PeopleSoft, and Siebel are registered trademarks of Oracle Corporation and/or its affiliates.
Other names may be trademarks of their respective owners.
Key Benefits:
• Provide 360 degree view into
producers
• Enhance the productivity of
channel managers
• Enhance marketing segmentation
to promote the best products and
offers
• Improve marketing program
collaboration and execution
• Increase visibility into sales
pipeline and activities
• Increase producer efficiency and
productivity
• Reduce cycle times by automating
the quote, application, and
decisioning processes
Convert Prospects to Customer Faster
The number one reason why a producer will choose a carrier is the carrier’s new business and
underwriting support. The faster that prospects converts to customers, the better. The companies
that have invested in new processes and technology to redesign and automate the process from
application through underwriting have seen an increase in producer retention as well as the level
of premiums. The ability to integrate the producer sales tools into a unified agent desktop
environment has led to increased productivity and retention.
Oracle CRM for Insurance Distribution provides a unified agent desktop where agent can get
access to sales tools to manage accounts, contacts and deal information more effectively. The
analytics provides visibility into account activity and pipelines so producer can manage sales
process efficiently. Oracle delivers sales tools that enable producers to spend less time on manual
tasks and more time driving increased revenue. Oracle equips producers with automated tools to
perform forecasting, track account activities, and generate alerts and reminders using business
rules and workflows. Additionally, Oracle automates underwriting to speed the quoting,
application, decisioning, and issuance process, converting prospects into customers faster. The
tools enable producers to respond quickly to changes in account status and key events, resulting in
faster customer conversion. The straight through processing enables insurers to reduce cycle time
and increase producer retention.
Summary
One of the top objectives at most insurance carriers is to drive more premium revenue and grow the
business profitably. There has been a significant focus on "speed to market" programs to reduce the
cycle time in bringing new products to market. However, more attention should be paid to optimizing
existing channels. The Oracle CRM for Insurance Distribution solution provides a complete solution to
transform insurers’ distribution from policy centric to customer centric processes. With Oracle’s
portfolio of best-in-class products, we can help you drive profitable growth across multiple channels
and lines of business. Best of all, Oracle CRM for Insurance applications are flexible and adaptable,
deployable on demand or on premise as individual components or as a complete, strategic single-
provider solution to fit varying functional, financial, and time-to-value needs.
CONTACT US
To learn more, please visithttp://www.oracle.com/insurance or call +1.866.906.7878 to speak to an
Oracle representative.
doc_750531933.pdf
CRM for Insurance Distribution Solution addresses each distribution management process from sales and marketing to application acceptance. The applications are flexible and adaptable, deployable as individual components or as a complete strategic solution.
Or acl e CRM f or Insur ance Di st r i but i on
Copyright © 2010 Oracle. All rights reserved. Oracle, JD Edwards, PeopleSoft, and Siebel are registered trademarks of Oracle Corporation and/or its affiliates.
Other names may be trademarks of their respective owners.
Oracle helps transform insurance distribution from product-
centric to customer-centric processes while maximizing
customer lifetime value and profitability. The Oracle CRM for
Insurance Distribution Solution addresses each distribution
management process from sales and marketing to
application acceptance. The applications are flexible and
adaptable, deployable as individual components or as a
complete strategic solution.
Challenge: Transform Insurance Distribution from Policy-Centric to Customer-Centric
In today’s business environment, insurance carriers face a significant economic challenge: grow the
business while improving profitability. To meet this challenge, carriers must develop a thorough
understanding of customer needs, segment customers based on profitability, reduce customer
acquisition costs, and improve the retention of profitable customers.
This daunting task is further compounded by the fact that a large portion of insurance business is
conducted through indirect distribution channels. Hence, profitable growth starts with profitable
distribution management.
Legacy systems, valuable as they are, limit data flow, collaboration, and shared processes between
distribution channels and carriers. Concurrently, legacy systems and their integrations carry higher
service costs than are possible with the next generation of insurance industry technology.
Oracle’s CRM for Insurance Distribution solution provides insurance carriers with a powerful
means for driving profitable growth across multiple channels and lines of business including
capturing channel partner mind share, successfully leveraging channel competencies, optimizing
marketing investments, providing access to comprehensive channel information, and enhancing
the productivity of channel managers and producers. With Oracle CRM for Insurance
Distribution, insurers can get best-in-class applications and integration technologies that help
them increase producer loyalty while decreasing service costs.
Oracle CRM for Insurance Distribution
Solution Highlights:
• Best-in-class applications for fast
reactions and quick decisions
• Complete view of distribution, sales
pipeline, and partner activities
• Marketing segmentation to
promote best products and offers
• Collaborative marketing program
design for producers and channels
• Incentive and marketing programs
evaluation
• Lead and activity management
• Real-time decisioning, quoting,
rating, and illustrations
• Low monthly subscription cost
Oracle offers a complete
single-provider Insurance
Distribution Solution,
deployable in right-sized
projects via a choice of on
premise software or Software
as a Service (SaaS)
Or acl e CRM f or Insur ance Di st r i but i on
Copyright © 2010 Oracle. All rights reserved. Oracle, JD Edwards, PeopleSoft, and Siebel are registered trademarks of Oracle Corporation and/or its affiliates.
Other names may be trademarks of their respective owners.
Improve channel management
For many insurers, indirect channel sales are the largest proportion of their business. However, most
insurers struggle with maximizing the effectiveness and reach of their distribution channels. This is
because they lack visibility into each channel and channels as a whole. Insurers seek to help producers
grow their business, especially through their own cross-selling and customer retention. Furthermore,
insurers are looking to increase producer retention.
The Oracle CRM for Insurance Distribution solution is designed to improve channel performance. 360
degree visibility into producers helps insurers have a complete view of distribution performance.
Broker profiles enable channel managers to capture broker demographic information in more detail so
they can work with brokers more effectively. Partner profiling features such as credentials, sales
performance, and activities can be used internally and externally to improve channel performance.
Oracle enables channel managers to analyze channel performance, identify strong producers, and help
manage books of business. Additionally, Oracle provides capabilities for channel managers to focus on
high-value tasks such as strategic account management, joint business planning, and co-marketing to
increase channel revenue.
To make it easier for producers to do business and collaborate with insurers, Oracle provides partner
self- management capabilities where producers can download marketing programs and literature, track
sales performance, request marketing funds, and more. The Producer Success Model provides a best
practice process to help producers increase their top line revenue. This model provides automated
support for the entire customer lifecycle, from leads and referrals all the way through to clients who
have purchased multiple products.
Generate More and Better-Qualified Leads
Most insurers do not have adequate tools to design, execute and track marketing campaign. They
do not have means to identify if the marketing dollars are being spent on the best activities to
generate revenue and grow business. Furthermore, once they generate the leads, it is laborious to
assign leads to the right producer. They need solutions to improve marketing productivity, enable
business partners to plan and execute personalized campaigns, collaborate on business leads and
opportunities, and measure results.
The Oracle CRM for Insurance Distribution solution connects best in class marketing capabilities
with best in class sales to generate more sales-ready leads at lower cost. Companies can nurture
inbound leads until they are ready for sales representative interaction. Complete marketing
automation enables firms to segment markets for direct marketing campaigns and monitor product
sales performance. These capabilities enable insurers to offer the right product to the right channel,
thus enhancing the probability of customers purchasing the products. Oracle also enables
collaborative marketing program design with producers and channels. It facilitates the evaluation of
incentive and marketing programs through on-line implementation and performance tracking. Better
marketing program results in better-qualified leads. Finally, once the leads are generated, Oracle
enables more effective lead management. This spans the lead management process from
consolidating leads from various sources including call centers, indirect partners, and the Web,
through qualification to assignment and tracking. It enables insurers to track lead progress, assess
which partners are most responsive to which leads, and successfully convert the leads.
Key CRM Products
• Siebel CRM
• Oracle CRM On Demand Financial
Services Edition Insurance
Solution
• Oracle Insurance Insight
• Oracle Business Intelligence
Enterprise Edition
Related Products
• Oracle Policy Administration Rules
Engine
• Oracle Insurance Data Capture
• Oracle Insbridge Rating and
Underwriting
• Oracle QuickView
• Oracle Documaker
Or acl e CRM f or Insur ance Di st r i but i on
Copyright © 2010 Oracle. All rights reserved. Oracle, JD Edwards, PeopleSoft, and Siebel are registered trademarks of Oracle Corporation and/or its affiliates.
Other names may be trademarks of their respective owners.
Key Benefits:
• Provide 360 degree view into
producers
• Enhance the productivity of
channel managers
• Enhance marketing segmentation
to promote the best products and
offers
• Improve marketing program
collaboration and execution
• Increase visibility into sales
pipeline and activities
• Increase producer efficiency and
productivity
• Reduce cycle times by automating
the quote, application, and
decisioning processes
Convert Prospects to Customer Faster
The number one reason why a producer will choose a carrier is the carrier’s new business and
underwriting support. The faster that prospects converts to customers, the better. The companies
that have invested in new processes and technology to redesign and automate the process from
application through underwriting have seen an increase in producer retention as well as the level
of premiums. The ability to integrate the producer sales tools into a unified agent desktop
environment has led to increased productivity and retention.
Oracle CRM for Insurance Distribution provides a unified agent desktop where agent can get
access to sales tools to manage accounts, contacts and deal information more effectively. The
analytics provides visibility into account activity and pipelines so producer can manage sales
process efficiently. Oracle delivers sales tools that enable producers to spend less time on manual
tasks and more time driving increased revenue. Oracle equips producers with automated tools to
perform forecasting, track account activities, and generate alerts and reminders using business
rules and workflows. Additionally, Oracle automates underwriting to speed the quoting,
application, decisioning, and issuance process, converting prospects into customers faster. The
tools enable producers to respond quickly to changes in account status and key events, resulting in
faster customer conversion. The straight through processing enables insurers to reduce cycle time
and increase producer retention.
Summary
One of the top objectives at most insurance carriers is to drive more premium revenue and grow the
business profitably. There has been a significant focus on "speed to market" programs to reduce the
cycle time in bringing new products to market. However, more attention should be paid to optimizing
existing channels. The Oracle CRM for Insurance Distribution solution provides a complete solution to
transform insurers’ distribution from policy centric to customer centric processes. With Oracle’s
portfolio of best-in-class products, we can help you drive profitable growth across multiple channels
and lines of business. Best of all, Oracle CRM for Insurance applications are flexible and adaptable,
deployable on demand or on premise as individual components or as a complete, strategic single-
provider solution to fit varying functional, financial, and time-to-value needs.
CONTACT US
To learn more, please visithttp://www.oracle.com/insurance or call +1.866.906.7878 to speak to an
Oracle representative.
doc_750531933.pdf