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Consumer surveys, such as the Harris Poll survey done by Chordiant in January 2008, have pinpointed the fact that the generation of consumers who have grown up with the Web prefer to exert more control over their personal policy comparison and procurement process. The major insurance companies, who have focused a large percentage of their historical IT budgets on the agent channel, are now caught in this rapidly increasing demographic shift.

As Karen Pauli, Practice Director of TowerGroup points out in her recent report: Technology Directions in US P&C Insurance Claims Operations: Transforming a People Business: “Consumers want self-service capabilities like those that they have with their banks, credit card companies, and investment organizations. The demand for 24/7/365 service will continue to grow as the Generation X and younger individuals become a greater proportion of the marketplace. Carriers will have to utilize technology to meet consumers' expectations and demands for frictionless service such as they get from other industries. Carriers that fail to recognize this new imperative will fall behind in the competitive race for differentiation.”

The new Chordiant offering, demonstrated this week at the 2008 ACORD LOMA Insurance Systems Forum in Las Vegas, Nevada, leverages Chordiant’s sixth-generation SOA-based platform, Chordiant’s Enterprise Case Management, and Chordiant’s patented, award-winning Decision Management suite. Together, these Chordiant capabilities enable a truly optimized self-service solution for automobile policy providers. The Chordiant multi-channel solution includes intelligent request routing and optimized product bundling.

Within the demonstration, a life policy consumer opens an auto quote on the Web and receives a decision-based bundled quotation based on an offer “optimized” in real-time for the needs of that unique individual. The consumer then requests assistance and is automatically routed by the Chordiant decision engine matching their request and demographics with the most effective representative qualified to help that consumer. The agent is presented additional options prompted by the system, including a travel insurance bundle with incremental discounts, and receives automated underwriting approval from the same decisioning engine. Once accepted by the consumer, the completed bundle is then automatically routed to fulfillment.

In the solution context, within self-service, Chordiant “takes over” the customer process and automatically optimizes the shopping, quoting, and bundled offering for the customer. The system provides a multi-channel view, the integration with back-end systems, the bundling, the underwriting, the intelligent call routing, all the while “learning” more about that consumer, with an eye toward optimizing the next service or policy sale opportunity.