A Personalized Needs Oriented Approach to Insurance Product Sales
Original Publication Date: 2002-Jan-13
Included in the Prior Art Database: 2003-Jun-20
Introduction This article presents a new approach to insurance product composition and sales that has the potential to reduce the cost of sales while also improving the quality of customer service by ensuring that individual customer needs are reflected in the products offered. The approach is suitable for all but the most individually underwritten classes of business, and therefore includes all personal lines (life and non-life) as well as many commercial lines products that are suitable for a ‘packaged’ approach to sales and marketing. The described approach is not only suitable for direct sales to customers via the internet. The system described here can equally be used by a company’s own sales force or call centre agents, or by representatives, agents or brokers, as well as potentially by direct customers seeking offers via the Web. The technology can be deployed within company intranets, among a closed group of partners (an extranet) or publicly across the World Wide Web. Today, most insurers expect a customer, be it the prospective insured or a broker interacting on his or her behalf, to request a quotation by selecting a product configuration (coverage, deductible etc.) and providing all the parameters needed to drive the quotation engine. Many insurers have developed interactive systems to obtain this information, and some have used web technology to allow customers to interact with quotation engines directly over the internet, as illustrated in figure 1.