Description
CRM On Demand Insurance provides a cost effective solution for your channel managers and producers to become more productive. It provides new ways of winning and maintaining the loyalty of your channel partners, while growing the business and improving your profitability.
ORACLE DATA SHEET
1
ORACLE CRM ON DEMAND
INSURANCE – DISTRIBUTION
MANAGEMENT SOLUTION
THE WORLD’S MOST
COMPREHENSIVE CRM ON
DEMAND SOLUTION
•
Easy to use
•
Fast to deploy
•
Powerful analytics
•
Built-in contact center
•
Prebuilt insurance solutions
•
Embedded marketing, sales,
and service best practices
•
Role and process-based
solution
•
Automate repetitive tasks
•
Increase visibility across
Channels
•
Improve Producer
effectiveness and retention
For many insurance carriers, sales through indirect channels form
the largest proportion of their business. However, most carriers do
not have tools to help them optimize indirect channel relationships.
As competition increases, the need to attract, retain, and effectively
manage superior producers is becoming more and more important.
Oracle CRM On Demand Insurance provides a cost effective
solution for your channel managers and producers to become more
productive. It provides new ways of winning and maintaining the
loyalty of your channel partners, while growing the business and
improving your profitability.
Solution for Channel Managers
Many carriers do not have a single place where channel managers can find
channel and partner information. So many channel managers are spending 50%
of their time putting out fires and looking for information rather than focusing
on high-value-tasks that increase channel performance. Oracle CRM On
Demand provides partner profiling features that capture all information related
to partners in a common location. It equips the channel manager to perform
joint business planning and analyze partner versus channel performance,
allowing a carrier to understand its channel better and increase sales and profits
through and across channels.
Broker Profiling
Oracle CRM On Demand provides producer profiling features that capture a
wide array of information related to producers such as demographics, revenue,
book of business, account penetration, and other valuable information that can
be used internally and externally to improve channel performance. The producer
profile features allows channel manager to get a 360-degree view of producer
information. It enables the channel manager to collaborate effectively with
producers and increase company revenues.
Business Planning
Business plans and objectives help ensure the channel manager and partners
agree on the strategies they will pursue for a given time period. Multiple plans
can be created for different time periods, products, or marketing campaigns that
can be run simultaneously. Each plan contains detailed objectives that are
assigned to specific producer(s) to ensure everyone is aligned and accountable
ORACLE DATA SHEET
2
for achieving their goals for the period. Real-time Business Planning Analytics
allow channel managers to analyze and determine how plans can be
supplemented or adjusted for maximum future performance or developing
business environments. This is especially important to help businesses respond
quickly to unexpected market conditions.
Marketing Campaign
Oracle CRM On Demand enables channel managers to gather, analyze and act
upon information about their customers gathered through partners, existing
book of business information, existing client or market information plus
external information imported into the system. Coupled with partners’
knowledge in local markets, channel managers can develop joint marketing
programs that are targeted to specific customers’ requirements. Oracle CRM On
Demand allows you to manage the allocation of Co-Operative and Marketing
Development Fund spend, and to facilitate joint sales and marketing
collaboration with the partners. Historical analytics allow detailed analysis of
marketing spend, such as by partner, purpose, timeframe, or type of event, to
ensure efficient allocation and gain insight into ROI metrics.
Oracle CRM On Demand offers the Channel Manager the ability to design and
implement marketing campaigns both to the general public and to the Insurer’s
producers. Marketing to producers can include new product releases; product,
pricing or underwriting updates; special incentives or impending changes. This
enables insurers to stay fresh in the mind of producers and position products or
programs as effectively as possible, developing a well qualified application
pipeline. Additionally, campaign capabilities can be extended to producers
themselves. Using this tool, producers can create their own marketing
campaigns to their existing or prospective customers. This not only improves
their effectiveness but improves their relationship with the insurer, increasing
producer retention
.
KEY FEATURES
CHANNEL MANAGER
SOLUTIONS
•
Partner profiling and
management
•
Partner recruitment and
lifecycle management
•
Lead distribution and
management
•
Sales tools management –
literature fulfillment, sales
training, proposal generation
•
Sales and marketing program
management
•
Forecast management
•
Business plan management
•
Information management –
price changes, product
update, bulletin, etc.
•
Partner analytics
ORACLE DATA SHEET
3
Partner Portal
Oracle CRM On Demand allows carriers to configure fully branded partner
portals that utilize their choice of logos and color schemes at the click of a
mouse. Different themes and layouts can be created for each partner type.
Content shared with partners via the Solutions tab gives partners access to the
latest sales collateral and best practices, while the training and certifications
module helps keep partners’ knowledge current, ensuring they understand and
can articulate the value and messaging of carriers’ products.
Lead Management
Oracle CRM On Demand allows carriers to route leads to direct sales reps,
independent producers, or brokerages/agencies as rules of engagement dictate.
Leads routed to agencies/brokerages can be sent to a single or named user, an
entire organization, or to a lead pool consisting of agency/brokerage users from
multiple agencies that claim leads on a first-come, first-served basis. Once
claimed by a user, the insurer can monitor that those leads are being followed
up in a timely manner and managed all the way through to opportunity closure.
How well leads are managed and executed over by producers can be tracked
with analytics and be used to determine how future allocations are made or what
level of participation will be extended to producers.
Channel Analytics
Incorporating Oracle's industry-leading business intelligence capabilities,
Oracle CRM On Demand delivers “analytics everywhere” that gives visibility to
channel manager into the channels’ sales, marketing and operational
performance metrics. It helps channel managers to make decisions to close more
business and improve margins across all sales channels. It comes with out of the
box dashboards, reports, KPIs, and a hosted data warehouse to help channel
managers make the right decisions on distribution strategy and unlock the full
value of the channels.
Solution for Producers
Competing for producer mind share is critical given the influence that producers
have in the customers’ buying decisions. In almost 70% of cases, a producer is
predisposed to recommend a specific brand. In 96% of cases, the customer
accepts the recommendation. Given a level playing field in the price and
product components, being easier to do business with than competitors and
equipping the producers with the right tools to do business with carriers are key
steps towards winning producer mind share. Oracle CRM On Demand provides
a unified producer desktop where producers can get access to sales tools to
manage accounts, contacts, and deal information more effectively. The On
Demand analytics also provides visibility into account activity and pipelines so
producers can maximize sales performance. It allows producers to do business
more efficiently with a carrier and to build their loyalty toward carrier’s brand.
KEY FEATURES
PRODUCER SOLUTIONS
•
Contact management
•
Household/Account
management
•
Activity & calendar
management
•
Lead management
•
Opportunity management
•
Forecast management
•
Email management –
integration to Outlook and
Lotus Notes
•
Policy and Claims
management
•
Producer Success Model
Framework
ORACLE DATA SHEET
4
Producer Success Model
The Producer Success Model (PSM) is a framework that can be used to make
producers becoming more successful. There are two keys activities that
successful producers do: they follow up their leads and stay in touch with their
client regularly; and they review their sales activities on a regular basis. At first
glance, those two key activities may seem simple enough. The problem is that
they must maintain relationships with hundreds of people. Without a system to
manage all of those contacts and sales activities, the mind cannot possibly keep
track of them all. This is where the Producer Success Model comes in.
The PSM built in Oracle CRM On Demand automates the creation of activities
to help the producers make regular contacts. It will generate a daily call list to
call leads and clients. Depending on the result of the call, Oracle CRM On
Demand will automatically generate future follow up calls. These automatic
contacts are important in working a healthy pipeline and sustaining the
relationship that leads to a loyal clientele, resulting in higher retention, repeat
sales, and ongoing referrals. The Oracle CRM On Demand solution also keeps
track all sales activities and provides analytics reports to make it easier for
producers to review those activities and make adjustment.
Most importantly, the Producer Success Model will help producers reach their
targets by setting, along with either sales or channel management, realistic
working goals that are tracked – and producers can monitor their own progress.
With this self-guided process, producers can set sales, income, bonus, or reward
targets and lay out the activities they need to accomplish to reach these goals.
Throughout the year, producers can track their sales activities against their
performance to see how close they are coming to plans and reaching their goals.
Comprehensive Customer Relationship Management
Oracle CRM On Demand provides an integrated sales, marketing, and service
solution for the producer. It allows producers to have a 360 degree view of their
customer relationships. It captures not only customer profiles but also
household/account information, clients’ interests, and clients’ portfolios and
policies. The sales features include lead management, opportunity management
KEY BENEFITS
•
Improve closing ratios
•
Decrease the cost of sales
•
Improve ROI on marketing
campaigns
•
Reduce attrition and churn
•
Increase persistency
•
Lower expenses
•
Improve producer loyalty
ORACLE DATA SHEET
5
and sales forecast. The best-in-class marketing capabilities enable companies to
nurture inbound leads acquired from the internet or other sources until they are
ready for producer follow up. The service features allow producers to submit
service requests for themselves or on behalf of customers, or to take ownership
of service requests and work them to completion.
Producer Analytics
Oracle CRM On Demand provides real-time, actionable business intelligence
for producers through interactive dashboards, custom reports, and historical
trending. Built-in advanced analytics include sales pipelines, where producers
can monitor the opportunities they are pursuing and diagnose problems in the
pipeline. Producers can proactively resolve pipeline concerns early in the
process and maintain high close rates. Additionally, there are other built in
analysis such as lead flow, conversion rates, cost per lead, and many other
related areas with prebuilt dashboards and analytics that can help producers
become more productive and close more business.
Bottom Line
Oracle CRM On Demand delivers capabilities to optimize your channel enabling
you to grow your business profitably. It provides solutions for channel managers to
access partner information centrally and analyze channel, regional and book
performance. It also allows channel managers to manage leads more effectively by
tracking leads through the entire sales process. Using Oracle CRM On Demand will
eliminate many paper-based transactions with partners, freeing up time to work on
revenue-generating activities such as business planning and joint marketing
campaigns. You can also equip your producers with Oracle CRM On Demand. With
the productivity tools provided in Oracle CRM On Demand, your producer can
become more efficient, resulting in increased revenues and improved loyalty.
For more information on how the Oracle CRM On Demand Insurance Solution can
address your specific needs, please visit oracle.com/crm or call +1.866.906.7878 to
speak with an Oracle representative.
Copyright © 2011, Oracle and/or its affiliates. All rights reserved.
This document is provided for information purposes only and the contents hereof are subject to change without notice. This
document is not warranted to be error?free, nor subject to any other warranties or conditions, whether expressed orally or
implied in law, including implied warranties and conditions of merchantability or fitness for a particular purpose. We specifically
disclaim any liability with respect to this document and no contractual obligations are formed either directly or indirectly by this
document. This document may not be reproduced or transmitted in any form or by any means, electronic or mechanical, for any
purpose, without our prior written permission.
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective
owners. Ltd. 0111.
doc_309289742.pdf
CRM On Demand Insurance provides a cost effective solution for your channel managers and producers to become more productive. It provides new ways of winning and maintaining the loyalty of your channel partners, while growing the business and improving your profitability.
ORACLE DATA SHEET
1
ORACLE CRM ON DEMAND
INSURANCE – DISTRIBUTION
MANAGEMENT SOLUTION
THE WORLD’S MOST
COMPREHENSIVE CRM ON
DEMAND SOLUTION
•
Easy to use
•
Fast to deploy
•
Powerful analytics
•
Built-in contact center
•
Prebuilt insurance solutions
•
Embedded marketing, sales,
and service best practices
•
Role and process-based
solution
•
Automate repetitive tasks
•
Increase visibility across
Channels
•
Improve Producer
effectiveness and retention
For many insurance carriers, sales through indirect channels form
the largest proportion of their business. However, most carriers do
not have tools to help them optimize indirect channel relationships.
As competition increases, the need to attract, retain, and effectively
manage superior producers is becoming more and more important.
Oracle CRM On Demand Insurance provides a cost effective
solution for your channel managers and producers to become more
productive. It provides new ways of winning and maintaining the
loyalty of your channel partners, while growing the business and
improving your profitability.
Solution for Channel Managers
Many carriers do not have a single place where channel managers can find
channel and partner information. So many channel managers are spending 50%
of their time putting out fires and looking for information rather than focusing
on high-value-tasks that increase channel performance. Oracle CRM On
Demand provides partner profiling features that capture all information related
to partners in a common location. It equips the channel manager to perform
joint business planning and analyze partner versus channel performance,
allowing a carrier to understand its channel better and increase sales and profits
through and across channels.
Broker Profiling
Oracle CRM On Demand provides producer profiling features that capture a
wide array of information related to producers such as demographics, revenue,
book of business, account penetration, and other valuable information that can
be used internally and externally to improve channel performance. The producer
profile features allows channel manager to get a 360-degree view of producer
information. It enables the channel manager to collaborate effectively with
producers and increase company revenues.
Business Planning
Business plans and objectives help ensure the channel manager and partners
agree on the strategies they will pursue for a given time period. Multiple plans
can be created for different time periods, products, or marketing campaigns that
can be run simultaneously. Each plan contains detailed objectives that are
assigned to specific producer(s) to ensure everyone is aligned and accountable
ORACLE DATA SHEET
2
for achieving their goals for the period. Real-time Business Planning Analytics
allow channel managers to analyze and determine how plans can be
supplemented or adjusted for maximum future performance or developing
business environments. This is especially important to help businesses respond
quickly to unexpected market conditions.
Marketing Campaign
Oracle CRM On Demand enables channel managers to gather, analyze and act
upon information about their customers gathered through partners, existing
book of business information, existing client or market information plus
external information imported into the system. Coupled with partners’
knowledge in local markets, channel managers can develop joint marketing
programs that are targeted to specific customers’ requirements. Oracle CRM On
Demand allows you to manage the allocation of Co-Operative and Marketing
Development Fund spend, and to facilitate joint sales and marketing
collaboration with the partners. Historical analytics allow detailed analysis of
marketing spend, such as by partner, purpose, timeframe, or type of event, to
ensure efficient allocation and gain insight into ROI metrics.
Oracle CRM On Demand offers the Channel Manager the ability to design and
implement marketing campaigns both to the general public and to the Insurer’s
producers. Marketing to producers can include new product releases; product,
pricing or underwriting updates; special incentives or impending changes. This
enables insurers to stay fresh in the mind of producers and position products or
programs as effectively as possible, developing a well qualified application
pipeline. Additionally, campaign capabilities can be extended to producers
themselves. Using this tool, producers can create their own marketing
campaigns to their existing or prospective customers. This not only improves
their effectiveness but improves their relationship with the insurer, increasing
producer retention
.
KEY FEATURES
CHANNEL MANAGER
SOLUTIONS
•
Partner profiling and
management
•
Partner recruitment and
lifecycle management
•
Lead distribution and
management
•
Sales tools management –
literature fulfillment, sales
training, proposal generation
•
Sales and marketing program
management
•
Forecast management
•
Business plan management
•
Information management –
price changes, product
update, bulletin, etc.
•
Partner analytics
ORACLE DATA SHEET
3
Partner Portal
Oracle CRM On Demand allows carriers to configure fully branded partner
portals that utilize their choice of logos and color schemes at the click of a
mouse. Different themes and layouts can be created for each partner type.
Content shared with partners via the Solutions tab gives partners access to the
latest sales collateral and best practices, while the training and certifications
module helps keep partners’ knowledge current, ensuring they understand and
can articulate the value and messaging of carriers’ products.
Lead Management
Oracle CRM On Demand allows carriers to route leads to direct sales reps,
independent producers, or brokerages/agencies as rules of engagement dictate.
Leads routed to agencies/brokerages can be sent to a single or named user, an
entire organization, or to a lead pool consisting of agency/brokerage users from
multiple agencies that claim leads on a first-come, first-served basis. Once
claimed by a user, the insurer can monitor that those leads are being followed
up in a timely manner and managed all the way through to opportunity closure.
How well leads are managed and executed over by producers can be tracked
with analytics and be used to determine how future allocations are made or what
level of participation will be extended to producers.
Channel Analytics
Incorporating Oracle's industry-leading business intelligence capabilities,
Oracle CRM On Demand delivers “analytics everywhere” that gives visibility to
channel manager into the channels’ sales, marketing and operational
performance metrics. It helps channel managers to make decisions to close more
business and improve margins across all sales channels. It comes with out of the
box dashboards, reports, KPIs, and a hosted data warehouse to help channel
managers make the right decisions on distribution strategy and unlock the full
value of the channels.
Solution for Producers
Competing for producer mind share is critical given the influence that producers
have in the customers’ buying decisions. In almost 70% of cases, a producer is
predisposed to recommend a specific brand. In 96% of cases, the customer
accepts the recommendation. Given a level playing field in the price and
product components, being easier to do business with than competitors and
equipping the producers with the right tools to do business with carriers are key
steps towards winning producer mind share. Oracle CRM On Demand provides
a unified producer desktop where producers can get access to sales tools to
manage accounts, contacts, and deal information more effectively. The On
Demand analytics also provides visibility into account activity and pipelines so
producers can maximize sales performance. It allows producers to do business
more efficiently with a carrier and to build their loyalty toward carrier’s brand.
KEY FEATURES
PRODUCER SOLUTIONS
•
Contact management
•
Household/Account
management
•
Activity & calendar
management
•
Lead management
•
Opportunity management
•
Forecast management
•
Email management –
integration to Outlook and
Lotus Notes
•
Policy and Claims
management
•
Producer Success Model
Framework
ORACLE DATA SHEET
4
Producer Success Model
The Producer Success Model (PSM) is a framework that can be used to make
producers becoming more successful. There are two keys activities that
successful producers do: they follow up their leads and stay in touch with their
client regularly; and they review their sales activities on a regular basis. At first
glance, those two key activities may seem simple enough. The problem is that
they must maintain relationships with hundreds of people. Without a system to
manage all of those contacts and sales activities, the mind cannot possibly keep
track of them all. This is where the Producer Success Model comes in.
The PSM built in Oracle CRM On Demand automates the creation of activities
to help the producers make regular contacts. It will generate a daily call list to
call leads and clients. Depending on the result of the call, Oracle CRM On
Demand will automatically generate future follow up calls. These automatic
contacts are important in working a healthy pipeline and sustaining the
relationship that leads to a loyal clientele, resulting in higher retention, repeat
sales, and ongoing referrals. The Oracle CRM On Demand solution also keeps
track all sales activities and provides analytics reports to make it easier for
producers to review those activities and make adjustment.
Most importantly, the Producer Success Model will help producers reach their
targets by setting, along with either sales or channel management, realistic
working goals that are tracked – and producers can monitor their own progress.
With this self-guided process, producers can set sales, income, bonus, or reward
targets and lay out the activities they need to accomplish to reach these goals.
Throughout the year, producers can track their sales activities against their
performance to see how close they are coming to plans and reaching their goals.
Comprehensive Customer Relationship Management
Oracle CRM On Demand provides an integrated sales, marketing, and service
solution for the producer. It allows producers to have a 360 degree view of their
customer relationships. It captures not only customer profiles but also
household/account information, clients’ interests, and clients’ portfolios and
policies. The sales features include lead management, opportunity management
KEY BENEFITS
•
Improve closing ratios
•
Decrease the cost of sales
•
Improve ROI on marketing
campaigns
•
Reduce attrition and churn
•
Increase persistency
•
Lower expenses
•
Improve producer loyalty
ORACLE DATA SHEET
5
and sales forecast. The best-in-class marketing capabilities enable companies to
nurture inbound leads acquired from the internet or other sources until they are
ready for producer follow up. The service features allow producers to submit
service requests for themselves or on behalf of customers, or to take ownership
of service requests and work them to completion.
Producer Analytics
Oracle CRM On Demand provides real-time, actionable business intelligence
for producers through interactive dashboards, custom reports, and historical
trending. Built-in advanced analytics include sales pipelines, where producers
can monitor the opportunities they are pursuing and diagnose problems in the
pipeline. Producers can proactively resolve pipeline concerns early in the
process and maintain high close rates. Additionally, there are other built in
analysis such as lead flow, conversion rates, cost per lead, and many other
related areas with prebuilt dashboards and analytics that can help producers
become more productive and close more business.
Bottom Line
Oracle CRM On Demand delivers capabilities to optimize your channel enabling
you to grow your business profitably. It provides solutions for channel managers to
access partner information centrally and analyze channel, regional and book
performance. It also allows channel managers to manage leads more effectively by
tracking leads through the entire sales process. Using Oracle CRM On Demand will
eliminate many paper-based transactions with partners, freeing up time to work on
revenue-generating activities such as business planning and joint marketing
campaigns. You can also equip your producers with Oracle CRM On Demand. With
the productivity tools provided in Oracle CRM On Demand, your producer can
become more efficient, resulting in increased revenues and improved loyalty.
For more information on how the Oracle CRM On Demand Insurance Solution can
address your specific needs, please visit oracle.com/crm or call +1.866.906.7878 to
speak with an Oracle representative.
Copyright © 2011, Oracle and/or its affiliates. All rights reserved.
This document is provided for information purposes only and the contents hereof are subject to change without notice. This
document is not warranted to be error?free, nor subject to any other warranties or conditions, whether expressed orally or
implied in law, including implied warranties and conditions of merchantability or fitness for a particular purpose. We specifically
disclaim any liability with respect to this document and no contractual obligations are formed either directly or indirectly by this
document. This document may not be reproduced or transmitted in any form or by any means, electronic or mechanical, for any
purpose, without our prior written permission.
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective
owners. Ltd. 0111.
doc_309289742.pdf