Comments on: Insurance Technology ROI, Part 2 – Association and Affinity Web Sites http://blog.insurance-technologies.com/2009/05/insurance-technology-roi-part-2-association-and-affinity-web-sites/ E-Commerce in Insurance with an emphasis on Social Technology Wed, 28 Jul 2010 15:08:43 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Mike Wise http://blog.insurance-technologies.com/2009/05/insurance-technology-roi-part-2-association-and-affinity-web-sites/comment-page-1/#comment-149 Mike Wise Mon, 01 Jun 2009 14:45:34 +0000 http://blog.insurance-technologies.com/?p=420#comment-149 Catherine, yes, excellent point. Pre-screening applicants can be a good source of ROI as well, not only from a cost-reduction/process improvement stand point, but also revenue gain, especially if you have a process to cross-sell another product that might be a suitable alternative. For example, if someone doesn't qualify for the the term-life, perhaps they would qualify for and appreciate disability product, critical illness, AD&D, etc.. On the health insurance side, of they have medical knock-outs, perhaps a mini-med or discount plan, etc. Web-enabling that process guarantees that at least they get the message. And oh by the way, an intangible ROI - insurance company good will - "Hey, at least they offered me an alternative and didn't just say 'sorry, you don't qualify. See ya.'" Thanks for the comment. Catherine, yes, excellent point. Pre-screening applicants can be a good source of ROI as well, not only from a cost-reduction/process improvement stand point, but also revenue gain, especially if you have a process to cross-sell another product that might be a suitable alternative. For example, if someone doesn’t qualify for the the term-life, perhaps they would qualify for and appreciate disability product, critical illness, AD&D, etc.. On the health insurance side, of they have medical knock-outs, perhaps a mini-med or discount plan, etc. Web-enabling that process guarantees that at least they get the message. And oh by the way, an intangible ROI – insurance company good will – “Hey, at least they offered me an alternative and didn’t just say ‘sorry, you don’t qualify. See ya.’”

Thanks for the comment.

]]> By: Catherine Schneider http://blog.insurance-technologies.com/2009/05/insurance-technology-roi-part-2-association-and-affinity-web-sites/comment-page-1/#comment-148 Catherine Schneider Mon, 01 Jun 2009 13:35:44 +0000 http://blog.insurance-technologies.com/?p=420#comment-148 Hi Mike, One other ROI factor is the underwriting aspect. You save costs depending if the term product is fully underwritten or simplified if the e-app declines person upfront for any medical issues. That way you don't waste the administrative costs in underwriting. Hi Mike,

One other ROI factor is the underwriting aspect. You save costs depending if the term product is fully underwritten or simplified if the e-app declines person upfront for any medical issues. That way you don’t waste the administrative costs in underwriting.

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