Insurer Uses iPad App to Transform Field Data into Actionable Information
Novarica Research Council Impact Award Nominee of the DayQuick Hit Category: Oregon Mutual Insurances tablet-based interactive reports leverage the value of marketing information and quantify field information for increased productivity and retention.
Insurance Networking News, October 19, 2012
Below is the sixth of 13 Novarica Research Council Impact Award nominee case studies that INN is presenting, in no particular order. The awards, which will be presented at the research and advisory firm’s October 30th event in New York, honor best practices in insurance industry IT initiatives and strategy.
Oregon Mutual Insurance (OMI), a mid-size multiline P&C insurer, deployed an iPad and cloud-based agency relationship-management tool that provides detailed, interactive reports of agency performance with the goal of transforming agency visits into action-oriented business sessions.
The interactive reports increase the strategic and operational value of the company’s marketing information and help turn field information into quantitative information that can be analyzed for better managing agencies, territories, products and marketing reps. The reports also are intended to benefit the company’s more than 650 independent agents and counter the common agent complaint about the low business value of the marketing rep/agent relationship.
The iPad application and management portal are connected to a cloud service, both supplied by Millbrook on a subscription basis. A separate web portal enables OMI to configure the application for specific needs and push messages and other information to field reps. From implementation to the go-live date, the project took 90 days, and the involvement of six IT employees and three Millbrook staff.
Success metrics include account retention, revenue growth, the ability to monitor what the customer thinks in real time, and cost savings in collecting/presenting key data. Management now obtains real-time feedback and analytics from unstructured data, driving better relationships, increased account retention and revenue growth. OMI is now able to offer early warning information on components of agents’ books of business, such as large loss information, renewals, new business/renewal ratios, production alerts on all line of business and detailed information on lost business.
To see coverage of the other Novarica's Impact Award nominees, click here.
Check back Monday to find out how a large multiline P&C insurer undertook a three year project to replace legacy policy administration systems with a modern configurable system.
About the awards: Novarica’s first annual Research Council Impact Awards honor best practices in insurance industry IT initiatives and strategy. Nominees were selected across four categories—Practice, Quick Hit, Transformation and Expansion—with three nominees chosen for each (a tie in the Expansion category meant four nominees were selected). The nominees were selected by a committee from a collection of case studies drafted by Novarica from submissions by insurers.
The nominating committee included CIOs Andy Wood (Wilton Re), Dan Simpson (Trustmark), Eric Bulis (SBLI USA), Larry Fortin (Millers Mutual Group), Mark Berthiaume (Chubb), Pete Moreau (Amica), Piyush Singh (Great American Insurance Company), Reuben Broadfoot (LifeMap), Sal Abano (Tower Insurance), Stuart Tainsky (PURE) and Tim Billow (ING).
Winners will be determined by votes from the more-than-300 members of the Novarica Research Council, a moderated knowledge-sharing community of insurer CIOs and senior IT executives.
The nominees and winners will be recognized at the Novarica Research Council Impact Awards Event in New York City now on November 14th.
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