This month SAP expanded our portfolio of customer engagement solutions by introducing SAP Cloud for Customer for Insurance, a cloud solution designed to specifically to address the needs of companies in the property and casualty (P&C) insurance business. Building on top of the acclaimed SAP Cloud for Customer solution, this initial release is focused on process of selling home insurance policies, and is the first step towards offering a solution that enables all aspects of customer engagement from demand to after-sales service.
SAP Cloud for Customer for Insurance delivers next generation “Lead-to-Policy” sales solution for P&C insurers to engage with homeowners to capture insights, build better relationships, and book more business. The key benefits that customers will experience are:
- Increased Productivity – With robust pre-call planning tools, captive agents will spend less time preparing for customer conversations and more time selling.
- Increased Efficiency – Simple and effective post-call capture and collaboration tools empower captive agents to quickly capture call notes and coordinate follow-up actions during or after the call.
- Shorter Sales Cycles – Powerful quotation management functionality enables captive agents to quickly convert customer interest into a policy quote, anywhere, anytime.
Built on the robust and flexible SAP HANA Cloud Platform, this solution can support every type of home insurance sales process from the simple to the most complex. The solution includes core CRM features such as Account and Contact Management, Lead Management, and Activity Management.
With a beautiful user experience across devices, and integration with email, calendar, and productivity tools like Microsoft Outlook and Excel, agents can work with contacts and data in the tools that they are comfortable with. And built-in social collaboration encourages instant, efficient communication among team members and the extended sales community to solve complex problems or get quick answers.
- Quick Quoting allows agents to provide a high-level, non-binding premium quotes (generated by packaged integration with SAP Insurance Product Configurator) to the customer for an anticipated home insurance policy, and then quickly mature the Quick Quote into a Binding Quote.
- Quote Management captures the completed policy application, and tracks one or more Binding Quotes through the sales process, finalizing one quote and issuing a policy.
- Policy Management allows agents to track and store competitor policies, as well as trigger, track, and send policy documents that have been generated by the SAP Policy Management solution (via packaged integration).
- Account Management provides the agent a consolidated view of all customer related data – including contact details, social media profile and demographic information – along with all relevant sales data such as purchased policies, competitor policies, and potential cross-sell and up-sell products.
- Commission Simulations that let agents easily calculates the probable commission at Quick Quote/Quote stage.
Additionally, this enterprise-class cloud solution provides the framework for customers to create business specific analytics to help captive agents understand their pipelines and the profitability of their business. These analytics come in the form of easily configurable interactive reports, contextual sales insights based on real-time customer information, and embedded reports that track sales cycles, wins and losses, and revenue trends.
To learn more about this and other SAP solutions for insurance companies, visit SAP on the web at: http://www.sap.com/solution/industry/insurance.html