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New Technology in Operations

2. Agenda. Speaker introductionsMarketplace trendsEnd consumer topicsCustomer Service on the InternetCross product billing and collectionOn Line AppsInternet IllustrationsE

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New Technology in Operations

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    1. New Technology in Operations

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    3. 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. 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. 5 Technology Offerings are Broad IVR e-signature Internet quoting On line quote comparisons On line agent servicing

    6. 6 Pete Petersen Director, DI/LTCI Northwestern Mutual

    7. 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. 8 Customer Service on the Internet (cont’d) Designed as a complement to the agent’s service to his/her client Fits our corporate strategy How does this compare to what we understand other companies are doing?

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

    10. 10 Billing and Collection across products (“Insurance Service Account”) (cont’d) 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. 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. 12 Agent customer data management (“The Network Connection”) (cont’d) Ties together all field systems that provide client information or support an agent’s 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

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

    15. 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. 16 Utilizing eSignature for LTC (cont’d) Business Drivers Increase participation Leverage existing technology Reduce expenses Reduce cycle time Make easier for consumer

    17. 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. 18 Overview of MetLife’s 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. 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. 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. 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. 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. 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

    25. 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. 26 Electronic Underwriting Identify Automation Candidates (cont’d) Determine current process costs Estimate automated process costs Estimate costs to implement automation capabilities Prioritize process automation candidates that meet threshold minimums

    27. 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. 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. 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. 30 Q&A

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