Professional Documents
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Insurance
Introduction
One of the main objectives of Manulife Philippines is not limited to being able to
provide the best and reliable service to all its policyholders but to also be readily
available to its business partners - no less than its distributors or insurance advisers.
After conducting an interview with the insurance agent of the company, we found out
one problem the company is facing is that the clients couldn’t pay their contributions on
due dates. Since Manulife is a company that handles money of different kinds of people,
constant monitoring and follow-ups are needed for the clients to be updated in terms of
its payments. The following are the goals of this research that will help for the system
development of the company:
Life insurance can often be puzzling, if you deal with it for the first time. This can
comprehensively cause you to refrain from applying, which is not a good notion for
something that is done to protect risk. In reality, the procedure in applying for an
insurance, more particularly a life insurance has simple steps to follow. More often than
not, a financial advisor or an insurance agent is needed to assist you in your journey
towards getting insurance, with the following step by step procedure:
1. Getting a proposal. This is the initial step in getting insurance. This is where you
see your plan package with the following inclusions: paying period, contract price,
mode of payment, benefits, beneficiaries, disability program, etc.. This proposal is
always prepared by the financial advisor or an insurance agent for you.
2. The Application. This is where a prospective policy holder discusses details with
the financial advisor and would include personal information such as the customer’s
basic information, health issues and questions, and benefit information.
3. The Medical Exam. In order for Manulife to process insurance policy, the
customer needs to submit his or herself for a medical examination. This is an
important step for the company to determine the eligibility of the customer to avail of
an insurance policy from them. This is where risks often come in at the company’s
end.
4. Underwriting. This is the process where the company reviews the application of
the customer. This is the stage wherein the company determines the risks with the
client by accessing his or her personal information, health history to qualify a client
and to determine the cost or rates of the insurance package. In layman’s term, this is
the assessment portion in the process. The clients must be patient in this stage
because the process may take a few weeks.
5. The Approval/Decision. This is the final stage of the process where the customer
will either be granted an insurance policy better than the agent’s proposal, or worse
rate or package than what your financial advisor qualified for you.
Identified problems
After gathering data from the agent, we have identified that some of the problems
faced by the company is that agents have no access to clients’ profile. The agents are
limited to a system that only generates proposal and amendments to beneficiaries,
change mode form, variable life funds update. Another problem that the company is
facing is is optimizing its contact center performance. The number of of challenges
faced by the contact center are growing. Manulife currently uses the standard hotline
and email channels .However, customers are demanding more from their interactions
and the landscape has changed with the advent of new technologies. The channels
preferred by the customers are evolving, with web chat streaking ahead as the core
channel of choice, followed by phone, social and video. As a result, the contact center is
the logical central port of call for “omnichannel” behavior. This places an increasing
pressure on the contact center to evolve, yet fast first-time resolution of enquiries
remain an important metric to drive customer satisfaction levels. Another problem is that
millennials are hesitant on acquiring insurance especially on the health department. part
of which maybe the cause of limited customer care channels, as well as the trend
among the younger generations in the Philippine society. Part of customer care is
catering to first time clients where some find the process to be complicated.
Case Diagram
Recommendation
● Effective data management gives them a better understanding of customer
behaviour when, how and why they interact with the agency. This means that
they can offer a personalised service, pre-empt problems, and tailor products in
response to changing needs.
● Technology can deliver. Manulife can put data at the heart of the business,
allowing agents to make decisions based on hard-edged analysis rather than
intuition.
● Automated reports - These are tools that will let the company monitor sales and
marketing key-performance indicators (KPIs) such as quote-to-policy
conversions, policies sold, and new inquiries. This will help management of the
company to decide if agents are as effective as they should be, or if marketing
spend is producing a good return on investment or not.
● Chat system- A mix of chatbot and actual customer service agents to provide
efficient and engaging accommodation of both potential and current customers.
Easy to use, accessible anywhere with wifi connection as well as customer
oriented agents.
● Seamless advising - Let the advisers and clients connect the first time they visit
the website. One of the concerns of clients is the multi step process of meeting or
contacting an adviser or agent. With this feature, clients may choose over a list of
advisers near their area. After submitting data, the adviser or agent will contact
the client.
Benefits
One of the benefits of conducting this study is to actually identify the existing
issues or problems that the aforementioned company is currently experiencing. In this
way, we can help the company create ways or possible solutions in order for them to
address it in the best possible way or in other words, in a different perspective. This in
turn won’t just benefit the company but also their insurance holders as well. With our
technology today, we can maximize our resources by possibly putting software
integrated answering machines which would benefit Manulife and the caller or their
clients. This is due to the reason that one of the problems that they are currently
experiencing is taking a long time before an agent answers the call. This will cut that
time off and it will save time for the caller and for Manulife as well. They will also have a
higher chance of garnering more clients that would want to apply or inquire about their
insurance plans and etc.
When planning to further reach out to its potential clients, a more intuitive
customer service system will be implemented. This leads to an increase in sales.
Further improvements on the website would also be added.
Less customer turnover to other insurance companies. The new system will be
built centered around the satisfaction of customers with efficiency. (Net insurance
premiums earned for the year 2017 17,638,168,076 . Insurance premium sales are
expected to increase from the implementation of the new system. Expected increase is
15%. 2,645,725,211.4)
Feasibility
Technical feasibility- The technology to be used is widely available since they’re being
implemented by several companies in the Philippines. Which also means that
availability is not an issue.
Legal feasibility - All data gathered from the clients shall not be disclosed and will be
kept with privacy in compliance with the law.
Operational feasibility - Minimal manpower and operational changes only will be needed
to run the new system. Since the new system implements already existing positions.
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