Improvement of Renewal Processes and Services for Consumer Business Zurich Insurance Indonesia
Providing exceptional service upon renewals in insurance industry is essential in order to maintain realtionship with customers and to develop more business volume from the existing potential customers. This study aims to analyze and to obtain possibilities to improve the current Renewal processes and its follow-ups services of Non Life Consumer business of Zurich Insurance Indonesia (ZII). nnThis study took process-based approach methodology which cover following actions: problem identification, data collection from the organization and from literatures, mapping the as-is process, analysis, identification of improvement opportunities, cost and benefits analysis and framework implementation plan.nnManual processing, lack of controlling, late processing and follow-up, are some indicators of inefficiency and inneffectiveness of the process, which result in low retention performance. Main weakness of the unfavorable result is the absence of renewal objective. Structure, system and capability are not in place. nnObjective of the renewal management is to build customer retention and loyalty, and to optimize cross-selling opportunities. Improvements can be made in order to achieve the desired objectives, by developing clear structure and capabilities, streamlining process, developing guidelines and benchmark, and implementing performance measurement system and change management.nnWhen the objectives are achieved, insurer can gain benefits from additional premium income from reduction in lapse cases (or increase in retention), higher cross-sell ratio, cost savings from improved efficiency and the intangible benefit like the improved company image as the result of improved service quality. The main cost would be capital investment for the required system. Using NPV rule method, the result of cost and benefit analysis shows that the proposed improvements will give more benefits than its costs.
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