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February 14, 2011

CRM Solutions For The Finance And Insurance Industries

by William Band for Business Process Professionals

Making Leaders Successful Every Day

For Business Process Professionals

Solutions To Support Key Customer-Facing Business Processes

by William Band with Paul d. Hamerman and Andrew Magarie

CRM Solutions For The Finance And Insurance Industries

February 14, 2011

ExECuT I v E S u M MA Ry

Forrester reviewed 24 CRM suite solutions to understand their strengths and weaknesses to support four key cross-functional processes in the finance and insurance industries: 1) claims management; 2) account origination; 3) lead management distribution and management across channels; and 4) crossselling at sales and service interaction points. We found that Pegasystems, and SAP CRM have strong solutions for the industry-specific business processes of the finance and insurance sectors. NexJ, Oracle CRM On Demand, Oracle PeopleSoft Enterprise CRM, Oracle Siebel CRM, salesforce.com, and Sword Ciboodle also offer strong capabilities. CDC Software, Microsoft Dynamics CRM, and RightNow Technologies provide support for selected finance and insurance processes. In addition to doing deep due diligence about the fit of CRM solutions to meet the unique requirements of the finance and insurance industries, business process professionals must take into account the increased popularity of the software-as-a-service (SaaS) deployment approach, the rise of business process management (BPM) solutions, and the rapid adoption of mobile technologies.

TABl E o F Co nTE nTS

2 CRM Solutions Adoption Continues To Rise 4 Financial Services Companies Require Excellence In Four Key Processes 4 Vendors Offer CRM Solutions Tuned For Finance And Insurance

RECoMMEndATIonS

n oT E S & RE S o u RCE S

Forrester surveyed 24 vendors to understand their capabilities to support key cross-functional customer-facing processes in the finance and insurance industries.

20 Redouble Due Diligence To Find The Right Solutions For Finance And Insurance 21 Supplemental Material

Related Research Documents "The Forrester WaveTM: Business Process Management Suites, Q3 2010" August 24, 2010

"The Forrester WaveTM: CRM Suites For large organizations, Q2 2010" June 16, 2010

© 2011 Forrester Research, Inc. All rights reserved. Forrester, Forrester Wave, RoleView, Technographics, TechRankings, and Total Economic Impact are trademarks of Forrester Research, Inc. All other trademarks are the property of their respective owners. Reproduction or sharing of this content in any form without prior written permission is strictly prohibited. To purchase reprints of this document, please email [email protected] forrester.com. For additional reproduction and usage information, see Forrester's Citation Policy located at www.forrester.com. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.

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CRM SOluTIOnS ADOPTIOn COnTInuES TO RISE Despite a world economy plunged into a severe recession (from which it is now recovering), the fundamental business needs that drive the requirement for effective and efficient customer relationship management have not changed: acquiring new customers; building tighter bonds of loyalty; and reducing the costs of marketing, selling, and servicing.1 To support achievement of these important priorities, CRM technology solutions are widely used by organizations of all sizes. Fiftysix percent of the 455 large organizations we recently surveyed in North America and Europe have already implemented a CRM solution -- and many of these are investing more to upgrade their tool set. And an additional 17% have plans to adopt a CRM solution within the next 12 to 24 months.2 The same pattern is true for midsize organizations. Forty-four percent of 473 midsized organizations have already implemented a CRM solution, and an additional 23% plan to adopt a CRM solution within the next two years. The retail financial services sector has traditionally been a large user of CRM solutions, in particular to support retail branch and call center sales and service scenarios. More recently, we have seen high interest in eBanking and mobile banking solutions to meet the changing demands of the "mobile consumer." Forrester also observes a rising level of inquiries from financial services companies that are revamping their CRM strategies for specific subsectors such as wealth management, asset management, and corporate and investment banking. Insurance companies are also reviewing their customer-facing strategies, searching for ways to orchestrate cross-functional processes to support customer service and claims management and to improve sales and service processes to support their captive or independent distribution networks. In response to an improved economy, information and communications technology (ICT) vendors are increasingly focusing their solutions design and go-to-market strategies on vertical industries, including finance and insurance.3 To make savvy CRM technology investment decisions, business process professionals need to understand which CRM solutions are best tailored to support key critical cross-functional business processes in their industry. Forrester surveyed and evaluated 24 CRM solutions to understand their capability to support key cross-functional customer-facing business processes in eight industries (see Figure 1). For the finance and insurance industries, we found that while a number of vendors do offer products tailored to support key industry business processes, there is wide variation in depth and breadth of capability across the solutions we evaluated.

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Figure 1 Strength of CRM Solutions For Finance And Insurance

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Amdocs Cegedim Dendrite* CDC Software FrontRange Solutions Maximizer Software Microsoft NetSuite NexJ Oracle CRM On Demand Oracle E-Business Suite CRM Oracle PeopleSoft Enterprise CRM Oracle Siebel CRM Pegasystems RightNow Technologies SageCRM Sage SalesLogix salesforce.com SAP StayinFront* SugarCRM Sword Ciboodle Upshot* Veeva* Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services *Life sciences specialty vendors

58155 Source: Forrester Research, Inc.

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FInAnCIAl SERVICES COMPAnIES REquIRE ExCEllEnCE In FOuR KEy PROCESSES As the economy thaws, finance and insurance companies are increasing their investment in software and technology infrastructure support to support a renewed emphasis on growth. Overall ICT spending in the US declined by 5.1% from 2008 to 2009 and rebounded by 5.6% 2009 to 2010. It will further expand by 7.4% in 2011. The pattern is similar in finance and insurance sectors. For financial services, ICT purchases declined by 3.9% in between 2008 and 2009 but increased by 6.4% in 2010. In the insurance industry, ICT purchases declined by 1.6% in the 2008/2009 period and will rise 4.3% in 2010. From a CRM perspective, finance and insurance companies are investing not only in improving their capabilities in the traditional functional areas of sales, marketing, service, and customer intelligence, but they are also working to improve the efficiency and effectiveness of four customerfacing business processes that transcend functional boundaries:

· Claims management. Effective claims management is a core customer-facing cross-functional

process for insurance companies. It requires the synthesis of notification of loss, capture of claims data, claims adjustment, financial reporting, and analytics. And it requires that customers, brokers, and agents have multiple points of access to consistent claims data. As well, solutions must support organizational flexibility to be able to quickly react to changes in claims processes and rules.

· Account origination. Account origination is a core business processes for many types of · Lead management distribution and management across channels. Financial services

financial services organizations. It includes the analysis of customer data and objectives, the creation of customer-specific offers, underwriting, and risk assessment and validation.

organizations need to be able to design, execute, coordinate, and monitor marketing campaigns to communicate with customers across multiple interaction channels. Brand owners need the ability to capture, route, and manage sales leads to ensure that each lead is directed to the bestfit channel and partner.

· Cross-selling at sales and service interaction points. A key goal for financial services companies

is the ability offer additional products to existing customers that are tailored to meet their needs. This requires solutions that support: analysis of customer balances, providing employees with a comprehensive overview of current products and balances; understanding of customer behavior to improve segmentation; and analysis of account transactions to generate sales leads and uncover cross-selling opportunities. Solutions need to support equal and consistent access to information across all channels and for all organizational units in a financial services company.

VEnDORS OFFER CRM SOluTIOnS TunED FOR FInAnCE AnD InSuRAnCE We evaluated CRM vendor products in relation to the strength of their solution to support four important customer-facing business processes in the finance and insurance industries: 1) claims

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management; 2) account origination; 3) lead management distribution and management across channels; and 4) cross-selling at sales and service interaction points. Our evaluation focused on vendors with strong across-the-board capabilities for the finance and insurance industries and those who have some strength in specific areas. These solutions include: CDC Software's Pivotal, Chordiant Cx Solutions Suite (acquired by Pegasystems in April 2010), Microsoft Dynamics CRM, NexJ Contact, Oracle CRM On Demand, Oracle E-Business Suite CRM, Oracle PeopleSoft Enterprise CRM, Oracle Siebel CRM, Pegasystems, RightNow CX Suite, Salesforce, SAP CRM, and Sword Ciboodle. FrontRange Solutions, Maximizer Software, NetSuite, SageCRM, Sage SalesLogix, and SugarCRM offer sound CRM capabilities, but they do not offer solutions specifically tailored for key crossfunctional business processes in the finance and insurance industries.4 Amdocs specializes in the telecommunications industry. Cegedim, StayinFront, Upshot, and Veeva Systems specialize in the life sciences industry. Pegasystems And SAP Have Strong Across-The-Board Industry Capabilities Two vendors offer strong solutions for the finance and insurance sectors:

· Pegasystems Customer Process Manager. Pegasystems also provides strong native support

for the finance and insurance industries' critical capabilities through a combination of CRM and BPM systems. The company recently updated its claims management system using enhanced case management capabilities. Pegasystems' SmartBPM suite provides strong account origination support to eight of the top 10 financial institutions in North America. Customer Process Manager also provides strong support for lead management distribution and management across channels and cross-selling at sales and service interaction points (see Figure 2). Example customers are: Barclays, ING, New York Life Insurance, Prudential Financial, and Wells Fargo. Pegasystems acquired Chordiant in April 2010. The Chordiant Cx Suite solution has been adopted by a number of leading financial services companies. Example customers are: Capital One, Cigna, DAK Industries, Lloyds TSB, and MetLife.

· SAP CRM. SAP CRM provides strong native support for the unique business processes of

the finance and insurance industries. SAP Claims Management allows employees, customers, brokers, and agents access to consistent claims data through multiple access points and enables insurance companies to streamline claims settlement processes. SAP CRM also provides strong native support for account origination, lead management distribution and management across channels, and cross-selling at sales and service interaction points, offering customized products to meet individual customers' needs (see Figure 3). Example customers are: Akbank, Capita, CITIC Securities Company, Lloyds TSB, and Standard Bank of South Africa.

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Figure 2 Business Process Capabilities For Finance And Insurance: Pegasystems

Pegasystems Customer Process Manager Claims management Strong Pegasystems' insurance claims management solution was recently updated, leveraging enhanced case management capabilities. The solution includes: dynamic case management capabilities to correlate content from enterprise sources and bridge operational silos; easy-to-use rules forms that help bring rules-driven automation to claims adjudication to reduce risk and improve straight-through processing; adaptive decisioning that makes for intelligent claims processes designed to reduce claims processing time frames and optimize outcomes; customer experience improvements due to support for customer-intent-driven approach; support sta and sales guided through the optimal claims process during any customer interactions; and self-documenting claims processes that support insurers` detailed audit needs and ensure that insurers maintain compliance with governing regulatory requirements. Pega's claims management solution optimizes the claims process across all phases of the life cycle, from the event through submission, assignment, approval/denial, settlement, subrogation, and recovery. Pegasystems' SmartBPM Suite is used by eight of the top 10 nancial institutions in North America to address a wide range of operational challenges, including new-account opening, loan origination and underwriting, customer service, exceptions processing, fraud and AML investigations, and others. Pegasystems' solution for account opening originations and onboarding optimizes and automates end-to-end processes from the point of sale to the back of ce to increase revenues, improve customer satisfaction, and reduce costs. An integrated process and rules environment provides work ow automation, rules-driven decisioning, intent-driven user interfaces, and the ability to integrate and orchestrate back-end and third-party systems -- enabling the creation of a single platform for account opening, originations, and onboarding across the enterprise. Pegasystems includes both BPM and CRM and enables users to create a lead and manage that lead through the account life cycle: sales, account opening, and onboarding. When creating and managing the lead process, users can: con gure the attributes associated with that lead; con gure (through rules) the process the lead will follow; con gure when noti cations should occur based on attributes of the lead; and con gure dashboards to track leads and their status. Pegasystems' o er management solutions, powered by advanced decisioning, help nancial services institutions leverage customer interactions to improve service, reduce churn, lower credit risk, and increase cross/upsell success. In o er management, Pega combines real-time analytics with dynamic, relevant propositions at the point of customer contact to convert new prospects, increase wallet share, and retain existing customers across channels. Marketing and sales professionals can use the "next-best o er" (NBO) approach to optimize customer interactions and improve response rates, especially during inbound exchanges. Pega delivers these capabilities at very high volumes for some of the world's most customer-centric enterprises.

Account origination

Strong

Lead management distribution and management across channels

Strong

Cross-selling at sales and service interaction points

Strong

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

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Figure 3 Business Process Capabilities For Finance And Insurance: SAP CRM

SAP CRM Claims management

Strong

SAP Claims Management provides noti cation of loss, capture of claims data, claims adjustment, nancial reporting, and analytics. It provides employees, customers, brokers, and agents with multiple points of access to consistent claims data using electronic claims les. Through claims handling and ful llment capabilities, SAP Claims Management enables insurance companies to streamline their claims settlement processes from data capture of all claim-relevant information; policy and claim validation; evaluation of claims; and integration of service providers and suppliers, to reserving and disbursement of claim payments. Through claims recovery, insurers can minimize the total cost of loss. Every transaction is recorded for claims analytics, enabling the management to measure performance and to make informed business decisions. Finally, SAP Claims Management is SOA enabled to achieve organizational exibility to be able to quickly react to changes and to sustain bene ts over time. SAP Account Origination supports the analysis of customer data and objectives, the creation of customer-speci c o ers, underwriting, risk assessment, and validation. The solution includes the creation of customer master data, scoring and rating of this data, the determination of suitable products, the calculation of conditions, and the comparison of di erent variants, as well as the creation of o ers and of credit and collateral contracts. The user can analyze credit-related customer requirements while the system gives a rst credit assessment. The system o ers needs- and risk-oriented compilation of di erent products or product bundles, followed by the creation of a repayment plan. It also records the customer choice of product or product bundle. The system performs a risk analysis. It also generates credit and collateral agreements and further correspondence. The system creates loan data as contracts in the corresponding components and records collateral data in the books.

Account origination

Strong

Lead management distribution and management across channels

Strong

SAP provides strong capabilities that enable nancial services companies to design, execute, coordinate, and monitor marketing campaigns to communicate with customers across multiple interaction channels. With scenario-planning capabilities and on-the- y segmentation, users can build alternative marketing scenarios for di erent target groups, perform what-if analyses to compare scenarios, and determine the marketing program to execute. SAP CRM provides channel management tools that enable brand owners to capture, route, and manage sales leads to ensure that each lead is directed to the best- t channel and best- t partner.

SAP provides strong cross-selling management capabilities enabling nancial services companies to o er additional products to existing customers that are tailored to meet their needs. Providing companies with the ability to: analyze customer balances, providing employees with a comprehensive overview of current products and balances; analyze customer behavior to improve segmentation and cross-selling; analyze account transactions to generate sales leads and uncover cross-selling opportunities; and ensure equal/consistent access to information and the same level of service across all channels and for all organizational units in a nancial services company.

Cross-selling at sales and service interaction points

Strong

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

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Six Other Vendors Are Also Good Options For The Finance And Insurance Industries Six other vendors also offer strong capabilities to support industry processes:

· NexJ Contact. NexJ Contact is an enterprise CRM solution specifically tailored for the financial

services and insurance industries. The solution provides integration capabilities that offer a comprehensive view of all client information across the enterprise and enables direct integration with claims, quoting, and policy management systems. NexJ supports lead management distribution and management across channels out of the box, and it supports multichannel cross-selling including self-service customer portals and mobile (see Figure 4). Example customers are: American Family Insurance, ATB Investor Services, The Blackstone Group, Brockhouse Coopers, Investors Group, Morgan Stanley Smith Barney, and Wells Fargo Advisors.

· Oracle CRM On Demand. Oracle CRM On Demand provides support for the industry-specific

capabilities of the finance and insurance industries, either natively or through integration. It provides strong native support for claims management, and strong support for lead management distribution and management across channels can be supported either natively or through integration. Account origination is supported via integration to Oracle Flexcube (see Figure 5). Example customers are: DundeeWealth, Elavon, and First Niagara Financial Group.

· Oracle PeopleSoft Enterprise CRM. Oracle PeopleSoft Enterprise CRM features native support

for cross-selling at sales and service interaction points through pop-up alerts. It supports account origination and lead management distribution and management across channels through BPEL integration technology. Oracle PeopleSoft Enterprise CRM also supports claims management through integration (see Figure 6). Example customers are: HSBC, Manulife Financial, and Wells Fargo.

· Oracle Siebel CRM. Oracle Siebel CRM provides robust capabilities for the finance and

insurance industries, either natively or through integration with other Oracle products. It provides strong native support for the entire end-to-end claims management process. Siebel features strong lead management distribution and management across channels through Oracle CRM On Demand's Lead Management for Wealth Advisors solution. Siebel also provides account origination capabilities through integration to Oracle Flexcube (see Figure 7). Example customers are: Australian Finance Group, DAB Bank, Farmers Insurance Group, and PNC Financial Services Group.

· Salesforce. Salesforce.com offers customers in the finance and insurance sectors industry-

specific solutions like Salesforce for Wealth Management, Salesforce for Insurance Agency Management, and Salesforce for Venture Capital. The company provides support for claims management and account origination through integration using the Force.com platform or third-party integrations downloaded via the App Exchange. The Salesforce solution also features strong capabilities for lead management distribution and management across channels and

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cross-selling at sales and service interaction points (see Figure 8). Example customers are: Allianz, E-Trade Financial, Prudential Financial, and SunTrust Banks.

· Sword Ciboodle. Sword Ciboodle made the insurance industry a priority in 2009 and currently

supports the financial services and insurance industries with strong product offerings. Sword Ciboodle provide s strong claims management support through its robust case management capabilities and features user-configurable lead management distribution and management capabilities. Sword Ciboodle also provides strong capabilities for cross-selling at sales and service interaction points and moderate capabilities for account origination (see Figure 9). Example customers are: Allied Irish Banks, Browns Gibbons Lang & Company, and Standard Bank of South Africa.

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Figure 4 Business Process Capabilities For Finance And Insurance: nexJ Contact

NexJ Contact Claims management Moderate NexJ Contact integrates with back-of ce claims management applications so users can manage the claims process in a customer-centric way, increase the accuracy of claims reporting, and speed time to claims resolution. In NexJ Contact, agents can view the complete customer pro le, interaction history, policy, and claims information in an integrated agent desktop. NexJ Contact can capture new claims information in a simple form or can leverage the Business Process Wizard to con gure a First Notice of Loss process that guides users and customers through the process, triggering work ows, assigning tasks to the appropriate parties, synchronizing data with essential back-of ce systems, and generating necessary forms and communications. Agents can view the complete history of the claim in the client's journal, or roll up claims information along de ned relationship hierarchies to view claims at an individual, household, or policy level. NexJ Contact supports multiple channels including self-serve customer portals and mobile claims submission. NexJ can be easily con gured to comply with ACORD or other required industry standards. Strong NexJ Contact completely supports the account origination process by providing its New Account Opening Wizard. The wizard leverages existing lead and prospect pro le information to autocomplete account applications, avoiding unnecessary data re-entry. It provides easy-tocon gure business rules that tailor the process according to speci c business requirements and enables companies to orchestrate the necessary front-o ce and back-o ce tasks. The New Account Opening Wizard can leverage information from any integrated system, such as a quoting or policy management system, to speed up and improve the account validation process. Using this integrated information, the wizard can route tasks to appropriate users and send alerts and noti cations to those users to ensure that new accounts are quickly reviewed, approved, and maintained. The entire account origination process can be viewed in the client's journal or in a rollup of account information along de ned relationship hierarchies, which provides advisors with a client-centric view accounts at an individual or household level. NexJ Contact supports the entire sales cycle out of the box. As leads, prospects, and referrals are identi ed from the client base or other sources, they can be viewed, recorded, and tracked. Leads can be automatically imported from other systems through real-time or regular batch processing and cleansed and scored according to con gurable rules. All prospects, leads, and referrals can be segmented using custom elds and categories for targeted campaign and reporting purposes. Rules can be used to automatically assign leads to the appropriate department, agency, or individual based on geography, product specialty, or other criteria. Response rates and lead interaction history can be tracked by individual and rolled up by campaign or lead source to gain insight into lead quality and campaign success.

Account origination

Lead management distribution and management across channels

Strong

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

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Figure 4 Business Process Capabilities For Finance And Insurance: nexJ Contact (Cont.)

Cross-selling at sales and service interaction points Strong NexJ Contact integrates multiple business systems into an customercentric view of your business to support cross-selling at each service interaction point. NexJ collects detailed client pro le data with custom elds and categories and captures key customer relationships so that advisors and agents can segment their customers for cross-sell and upsell campaigns and to drive quality referrals. NexJ Contact supports coverage teams, so customers can be assigned product specialists to provide expert knowledge and support speci c client needs. NexJ Contact provides predictive modeling services to develop next best action models and suggest products and services based on client pro le and interaction history. NexJ Contact supports multiple channels for cross-selling, including self-serve customer portals and mobile clients.

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

58155 Source: Forrester Research, Inc.

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Figure 5 Business Process Capabilities For Finance And Insurance: oracle CRM on demand

Oracle CRM On Demand Claims management Strong Oracle CRM On Demand added new capabilities to support insurance-speci c processes. The new features provide a complete picture of the relationships and interactions related to customers' policies and claims information. The new policy record type is designed to track and view all types of insurance policies that are integrated to insurers' policy systems. It allows insurance professionals to view policy portfolios held by contacts, households, and business accounts. The new claims record type enables insurance professionals to view the claims that have been made by contacts, households, and business accounts. Insurers can also use the claims to quickly record critical information regarding the rst notice of loss (FNOL) and accurately route the claim to the appropriate personnel. It supports all types of FNOL such as auto, property, general liability, etc. Oracle CRM On Demand added 13 new nancial services and insurance record types to extend the CRM On Demand out-of-the-box functionality and business process for bankers, nancial advisors, and insurance. Support for account origination is available via integration to other Oracle assets such as to Oracle's Flexcube and Oracle Insurance Policy Administration. Oracle CRM On Demand Release 18 o ers a complete integrated set of capabilities from early stage prospecting through lead management to closed revenue. New capabilities include: Robust Data Integration Framework captures information about customers and prospects into a common pro le to build a clean, trusted view of customer data. Response Management includes features to build personalized landing pages, microsites, and web forms. Progressive pro ling ensures that you capture valid, clean data while minimizing irrelevant questions. Response management also includes robust tools to process incoming responses rapidly across channels with data quality, veri cation, enhancement, scoring, and assignment. Release 18 also introduces the producer success model, a lead management and sales process tool that guides producers (agents, brokers, and direct channels) through the sales process to help them maximize the sales process and revenue. Oracle Financial Services On Demand provides capabilities to provide cross-sell/upsell and customer treatment execution at point of interaction through branch sales and service, telephony-enabled inbound or outbound call center capabilities or mobile eld execution. On Demand o ers a single customer view displaying the full array of products and services from which an associate can execute embedded o ers that are developed either through campaign development tools or robust BI analytical capabilities. In addition, Oracle CRM On Demand can integrate to its rules-based recommendations or Oracle Real-Time Decisioning predictive solutions.

Account origination

Strong

Lead management distribution and management across channels

Strong

Cross-selling at sales Moderate and service interaction points

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

58155 Source: Forrester Research, Inc.

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Figure 6 Business Process Capabilities For Finance And Insurance: oracle PeopleSoft CRM

Oracle PeopleSoft Enterprise CRM Claims management Moderate PeopleSoft BPM is used to integrate to one or many claims systems with information captured in the rst notice of loss. Messaging back from the claims systems closes the loop by updating the claim module in PeopleSoft CRM. From this module, agents can monitor the claim status as it changes. Additionally, customers can initiate the claims process through self-service. Strong Strong Account origination is provided with a delivered account origination business process with industry-standard integration technology, BPEL. PeopleSoft delivers a referral management business process using industry-standard integration technology, BPEL. This business process closes the loop between lead/referral generation, opportunity conversion, and employee recognition. It supports this capability. PeopleSoft provides upsell and cross-sell capabilities via the Active Analytics Framework. This framework pops upsell alerts to service agents and sales representatives to maximize each customer interaction as an opportunity to sell.

Account origination Lead management distribution and management across channels Cross-selling at sales and service interaction points

Strong

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

58155 Source: Forrester Research, Inc.

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Figure 7 Business Process Capabilities For Finance And Insurance: oracle Siebel CRM

Oracle Siebel CRM Claims management Strong Oracle Siebel Claims supports the entire claim life cycle, from the initial claim report through settlement and analytics. With this single solution, organizations can manage all of the constituencies involved with a claim, capture the necessary data to settle the claim, and ensure that all adjustment activities are assigned and completed. First-notice-of-loss (FNOL) information, such as descriptions, nature of the claim, parties and properties involved, and the nature of damages, can be captured with Oracle Insurance Claims. It supports multiple channels for capture of FNOL, including the call center, Web self-service, standard forms, and electronic transmissions. It is also ACORD-compliant. Oracle Siebel Claims provides exible claim assignment and scheduling capabilities. A claim can be divided into subclaims by coverage, reserve layer, claimants, injury type, or property type.

Account origination

Moderate Siebel CRM supports the full account origination process. Customer information is captured through a task-based user interface that updates the customer/prospect pro le, feeds the integrated needs analysis capabilities, and recommends and consolidates the product requirements through its recently added customer order management capabilities. Siebel provides an order capture solution to expedite and simplify account origination. Oracle Siebel Financial Services Customer Order Management is an enterprise nancial application that helps organizations sell personalized packages and bundles of nancial products as part of account origination. This can be created for a single applicant or a group of applicants generated from an existing household, and the correct account relationship can be captured for each product in the application for every applicant. Siebel Dynamic Catalog supports the ability to assemble, browse, select, and con gure nancial products, within an integrated product selection and con guration user interface. Financial packages and bundles can be o ered across line-of-business product "silos" by e ectively removing the restrictions of multiple core processing systems. Working in parallel with the origination process is full support of fraud and risk management capabilities delivered via Oracle's Mantas and Revelus for fraud monitoring AML and KYC requirements. Strong Oracle Siebel provides design, execution, and management of marketing campaigns across all channels of customer interaction. Responses generated can be quali ed and routed to the appropriate sales rep/producer for follow-up. Siebel Opportunity Manager's opportunity and deal management capabilities include lead generation, managing opportunities, forecasting, and robust business intelligence. Lead pull-through is enhanced via time-based work ow to support proactive pipeline management. Siebel has capabilities to capture responses and leads across channels; cleanse and enrich leads; score and prioritize leads; route leads to the right person for follow-up (employees or channel partners) based on assignment criteria or assign for lead nurturing programs; de ne and enforce lead acceptance policies; track leads throughout the lead management life cycle across channels; and measure lead quality and conversion results across channels.

Lead management distribution and management across channels

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

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Figure 7 Business Process Capabilities For Finance And Insurance: oracle Siebel CRM (Cont.)

Cross-selling at sales and service interaction points Strong Siebel delivers multichannel cross-sell and upsell at all points of interaction via both assisted and unassisted service. These capabilities are delivered via integration of lead/campaign distribution, trigger, and alerting as well as real-time decisioning support. This capability is available to the agents using the Siebel UI or can be delivered in a multichannel model via integrated web services. Oracle Siebel CRM provides Real Time Decisions (Oracle RTD) to solve the challenges faced in trying to optimize business processes using analytical techniques such as business rules, data mining, or statistics.

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

58155 Source: Forrester Research, Inc.

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Figure 8 Business Process Capabilities For Finance And Insurance: Salesforce.com

Salesforce Claims management Moderate The Force.com platform enables salesforce customers to integrate directly with their claims management solutions or download integrations from the AppExchange. Customized claims management applications have been built on Salesforce and Force.com by multiple companies including Sovereign Services in New Zealand. Moderate The Force.com platform enables customers to integrate directly with their account origination systems or download third-party integrations from AppExchange. Strong Salesforce.com has been deployed to support the sales, marketing, service, and lead management in nance and insurance across all channels (direct, indirect, Web, email, chat, contact center, and new social media channels). Customer examples include Bank of America, which is using the new social media capabilities to engage with its customers on Twitter. Salesforce.com works closely with its 1,600-plus nancial service and insurance customers to deliver additional industry solutions, features, and capabilities required for the industry. Salesforce and Force.com are adopted across all major nancial services segments, including banking, brokerage, capital markets, insurance, and lending. Through the AppExchange, vertical partners deliver solutions for privacy, compliance, market data, content services, account opening, and others.. Salesforce.com is well adapted for nance and insurance, and industry solutions are available today: Salesforce for Wealth Management, Salesforce for Insurance Agency Management, and Salesforce for Venture Capital. Salesforce.com works very closely with its more than1,600 nancial service and insurance customers to continuously de ne and deliver additional industry solutions, features, and capabilities required for the industry. Salesforce and Force.com are adopted across all major nancial services segments, including banking, brokerage, capital markets, insurance, and lending. Through the AppExchange, vertical partners deliver solutions for privacy, compliance, market data, content services, account opening, and more.

Account origination Lead management distribution and management across channels

Cross-selling at sales and service interaction points

Strong

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

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Figure 9 Business Process Capabilities For Finance And Insurance: Sword Ciboodle

Sword Ciboodle Claims management Strong Claims management within Sword Ciboodle is managed using the extensive case management capability. This enables users to automate and manage the entire claims process -- from rst noti cation of loss and the capture of claims data to claims adjustment.

Account origination

Moderate Sword Ciboodle's primary target market in 2009 was insurance, and the company achieved a number of new business wins in these markets, including BGL Group and Admiral. The product supports the creation of product o ers, quotation, and application processes using the rules engine to compare o ers and variants of accounts for the purposes of comparison. It also supports binding and issuing and multichannel service ful llment. Strong Lead management (like the overall opportunity management process) is con gurable by the user. This allows for the de nition of all activities and decisions leading to the point at which a lead is either quali ed as a genuine opportunity or dropped. Support for management of these leads and recording of multichannel contacts associated with these leads is provided by Sword Ciboodle. Sword Ciboodle manages associations between product entities to create up- and cross-sell de nitions, substitution, and pricing relationships (e.g., take phone X with call package Y and get product Z -- 300 texts a month -- free) and present them at point of interaction.

Lead management distribution and management across channels Cross-selling at sales and service interaction points

Strong

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

58155 Source: Forrester Research, Inc.

Several Vendors Provide Support For Selected Finance And Insurance Processes Four vendors support some, but not all, of the business processes spotlighted in this report:

· CDC Software's Pivotal. CDC Software supports the finance and insurance industries with

Pivotal, featuring a strong installed base of industry customers. Pivotal's healthcare application offers a claims management solution for the healthcare insurance industry. The application is in use by more than 400 financial service and insurance customers, including 50% of the top 25 global asset management firms. Pivotal also provides strong lead management distribution and management across channels and cross-selling at sales and service interaction points, using rules-based routing criteria. However, Pivotal lacks account origination capabilities (see Figure 10). Example customers are: Allied Capital Mortgage, Farm Credit Services of America, North Shore Credit Union, and Pacific Life Insurance.

· Microsoft Dynamics CRM. Microsoft Dynamics CRM supports the finance and insurance

industries with both native capabilities and integrations provided through their extensive partner network. Lead management distribution and management across channels is provided natively, claims management can be handled either natively or though integration with

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Microsoft partners, and account origination is provided through the partner community. However, Microsoft Dynamics CRM lacks support for cross-selling at sales and service interaction points (see Figure 11). Example customers are: Barclays, H&R Block, ING, and UBS,

· RightNow CX. RightNow CX offers strong support for some of the industry-specific

capabilities of the finance and insurance sectors and has a strong installed base of industry customers. RightNow provides predictive cross-selling at sales and service interaction points, based on customer purchase history and the purchase patterns of similar customers, as well as strong native support for lead management distribution and management across channels. However, RightNow CX lacks native support for account origination and claims management capabilities and requires customization (see Figure 12). Example customers are: Aflac, Allstate, American Express, Experian, and TD Bank.

Figure 10 Business Process Capabilities For Finance And Insurance: CdC Software's Pivotal

CDC Software's Pivotal Claims management Strong The product's healthcare application o ers a claims management solution for healthcare insurance. More than 400 nancial services and insurance providers have deployed the product, including 50% of the top 25 global asset management rms.

Account origination Lead management distribution and management across channels Cross-selling at sales and service interaction points

Limited/no The vendor's customers have used the product's exible platform to build capabilities their own functionality in this area. Strong Leads are routed directly to the appropriate channel in a timely manner, along with complete information about how and where the lead originated. Routing criteria is based on a multitude of factors, including geography, products, and tiers. Partners/brokers are able to manage their leads through the Broker portal. The product directly routes all leads to the appropriate channel based on rules created by the marketing team. Cold and warm leads can be routed automatically to a nurturing program set up in the product.

Strong

Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

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Figure 11 Business Process Capabilities For Finance And Insurance: Microsoft dynamics CRM

Microsoft Dynamics CRM Claims management Strong Through the native customer service capabilities in Microsoft Dynamics CRM, organizations can create, track, and manage customer service issues, cases, or claims. Additionally, organizations can also use the native knowledge base capabilities in Microsoft Dynamics CRM to better resolve customer questions or issues, including claims. The product supports pre-integration with Clips.

Account origination

Moderate Microsoft Dynamics CRM supports policy quote, original, and renewals management work ows and has extensive intellectual property and experience to support the insurance market within Microsoft and partner community. Strong Microsoft Dynamics CRM provides the ability to create, track, and distribute leads across channel partners. Leads can be assigned to channel partners based on business rules or as part of a work ow. Lead noti cation can be performed through a channel portal site or simple email noti cation.

Lead management distribution and management across channels

Cross-selling at sales Limited/no There are no built-in cross-sell/upsell analytics in Microsoft Dynamics and service interaction capabilities CRM, but rms can use SQL Server Analysis Services for analysis and points predictive capabilities, including classi cation and regression algorithms for use in predictive modeling of both discrete and continuous attributes (e.g., to predict which customers are most likely to buy what products), clustering, and sequence clustering (to nd other less apparent attributes about typical buyers, etc.). SQL Server Analysis Services also provides an association algorithm that helps predict cross-sell/upsell success rates based on other customers with similar attributes who also bought similar products. Strong: Robust native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

58155 Source: Forrester Research, Inc.

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Figure 12 Business Process Capabilities For Finance And Insurance: Rightnow Cx

RightNow CX Claims management Limited/no RightNow provides nance and insurance companies with a full customer capabilities management solution and provides the ability to leverage best practices to provide multichannel customer management. With dynamic agent desktops and con gurable work ow, companies can implement incident and case management. RightNow has many notable customers in nance and insurance, including Allstate, A ac, First Data, Sovereign Bank, TD Bank, Navy Federal Credit Union, American Express, Experian, and many more. Limited/no This is not a native feature in the solution. RightNow has been deployed capabilities as part of the online origination process to prevent prospects from abandoning the site. RightNow has many notable customers in nance and insurance, including Allstate, A ac, First Data, Sovereign Bank, TD Bank, Navy Federal Credit Union, American Express, Experian, and others. Strong RightNow o ers distributed lead management and has many notable customers in nance and insurance, including Allstate, A ac, First Data, Sovereign Bank, TD Bank, Navy Federal Credit Union, American Express, and Experian. RightNow o ers nance and insurance companies a full customer management solution and provides the ability to leverage best practices to provide multichannel customer management. The solution includes a predictive upsell/cross-sell solution that service and sales employees can use to identify the best-suited o ers to present. The o ers can be input manually or they can be tied to purchased-product history, at which point they are predictive suggestions based on past transactions and transactions of similar consumers.

Account origination

Lead management distribution and management across channels Cross-selling at sales and service interaction points

Strong

Strong: Robust, native capabilities Moderate: Basic, generic capabilities, or supported through integrations with other solutions Limited/no capabilities: Not a native feature, requires customization and/or professional services

58155 Source: Forrester Research, Inc.

R E C o M M E n d AT I o n S

REDOuBlE DuE DIlIGEnCE TO FInD THE RIGHT SOluTIOnS FOR FInAnCE AnD InSuRAnCE

The fundamental business needs that drive the requirement for effective and efficient customer management processes remain unchanging: acquiring new customers, building tighter bonds of loyalty, and reducing the costs of marketing, selling, and servicing. But defining an effective CRM strategy and choosing and implementing the best solution for the finance and insurance industries remains a challenge. To leap this hurdle, follow these guidelines:

· understand the vendor landscape to support your unique industry processes. Make sure

to dive deep to understand how vendor CRM solutions fit your specific industry requirements. Read the Forrester WaveTM report that compares and evaluates 18 CRM suite solutions against more than 500 criteria, which includes a review of solutions by industry sector.5

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· Consider alternate deployment models. Although the integrations necessary to support

cross-functional business processes favor traditional on-premises solutions, software-asa-service (SaaS) solutions are evolving rapidly and developing higher levels of integration capabilities.6 other options include: hosted/managed (Cloud IaaS) and private cloud (which is on premises, but uses cloud virtualization technology). The growing popularity of these deployment approaches means you should give them serious consideration.

· Take look at business process management solutions. orchestrating cross-functional

business processes can be challenging using traditional packaged business applications. Take at look at the offerings from business process management suite (BPMS) suite vendors (such as Appian, IBM's lombardi, Pegasystems, Savvion, and Software AG), as an alternative way to solve the problem.7

· understand the impact of mobile computing on your requirements. Mobile phones,

smartphones, and tablets are seeing massive worldwide adoption for an increasing variety of uses. your plan should incorporate the requirement to support mobile sales and fieldbased customer service agents.8 Customer self-service via mobile devices is also of growing importance in the finance and insurance industries as consumers increasingly demand the ability to complete sales and service interactions through all channels.

· Define the right CRM strategy. use Forrester's self-diagnostic tools to assess your CRM

capabilities against nearly 175 best practices compared with more than 260 other B2B and B2C organizations.9

SuPPlEMEnTAl MATERIAl Methodology Forrester used a combination of two data sources to assess the strengths and weaknesses of CRM solutions for specific industries:

· Vendor surveys. While conducting our research in support of "The Forrester Wave: CRM

Suites For Large Organizations, Q2 2010," and "The Forrester Wave: CRM Suites For Midsized Organizations, Q2 2010," Forrester surveyed vendors about their capabilities to support key cross-functional customer-facing processes in eight industries: general manufacturing; hightech manufacturing; automotive manufacturing and distribution; retail and wholesale trade; media, entertainment, and leisure; utilities and communications; finance and insurance; and nonprofit and public sector.10 Once we analyzed the completed vendor surveys, we conducted vendor calls where necessary to gather details of vendor qualifications. For vendors not included in the Forrester Wave evaluations of CRM suites, we conducted telephone interviews and reviewed publicly available information about the vendors' offerings.

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· Vendor strategy briefings. Forrester conducted briefings with each vendor to learn about

its strategy for participating in the market, its espoused key differentiators, and its product development road map for the future. During some briefings, Forrester also received demonstrations of the vendor's product functionality to validate details of product capabilities.

EnDnOTES

1

US economic growth is falling short of our already modest expectations and will expand at a snail's pace of less than 2.5% for real GDP in 2010, avoiding a double-dip recession. As a result, we have trimmed our forecasts for the year to a still-robust 8.1% IT market growth for the US (down from our 9.9% forecast in July), with 7.4% growth in 2011. See the October 15, 2010, "US And Global IT Market Outlook: Q3 2010" report. Source: Enterprise And SMB Software Survey, North America And Europe, Q4 2009. Information and communications technology (ICT) vendors are increasingly focusing their solutions design and go-to-market strategies on vertical industries. This trend will only accelerate with the advent of Smart Computing, which will drive even greater demand for vertically specialized systems. But which industries are the best ones for a vendor strategist to target? See the September 22, 2010, "Which Verticals Are Most Attractive For ICT Vendors?" report. For more detailed information about these vendors, please see the June 16, 2010, "The Forrester WaveTM: CRM Suites For Large Organizations, Q2 2010" report, and see the June 16, 2010, "The Forrester WaveTM: CRM Suites For Midsized Organizations, Q2 2010" report. We found that heavyweight Leaders Oracle Siebel and SAP still offer the most complete solutions, with better usability and improved total cost of ownership (TCO) to persuade customers to upgrade. Other vendors in the Leader category, such as CDC Software, Microsoft, Oracle CRM On Demand, RightNow Technologies, and salesforce.com are gaining ground with flexible, quick-to-implement solutions. The Leaders are challenged by a pack of Strong Performers. Oracle E-Business Suite (EBS) CRM and Oracle PeopleSoft Enterprise CRM remain good options for enterprise resource planning (ERP) customers. Chordiant Software, Pegasystems, and Sword Ciboodle offer business process management (BPM) strengths to orchestrate complex customer-facing processes. Maximizer Software, NetSuite, SageCRM, Sage SalesLogix, and SugarCRM offer sound solutions but are best suited for midsized organizations. FrontRange Solutions, a Contender vendor, offers a solution to meet basic needs. See the June 16, 2010, "Forrester WaveTM: CRM Suites For Large Organizations, Q2 2010" report. Forrester recently interviewed more than 1,000 enterprise software decision-makers to find out their investment strategy for 2010. The growing maturity of software-as-a-service (SaaS) combined with buyers' desire for solutions that allow them to conserve cash, deploy quickly, and avoid long-term lock-in, means that SaaS continues to gain popularity. While SaaS and cloud offer many benefits and have made significant progress from earlier days where customization and integration options were minimal, they also create new risks and challenges -- in areas such as security, integration, and governance. See the May 19, 2010, "SaaS Adoption 2010: Buyers See More Options But Must Balance TCO, Security, And Integration" report.

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Forrester evaluated 11 leading business process management (BPM) suite vendors against 148 criteria reflecting the requirements of business process professionals running large-scale BPM programs. See the August 24, 2010, "Forrester WaveTM: Business Process Management Suites, Q3 2010" report. Mobile applications for business use are receiving a great deal of attention from packaged application software vendors and considerable interest from business process professionals. See the September 30, 2010, "Mobile Applications Will Empower Enterprise Business Processes" report. To help understand how your organization stacks up against these best practices and to identify where you can best achieve quick wins, we created the Forrester FastForward self-assessment for CRM. Use the framework and self-assessment to improve your current CRM initiative or to jump-start new projects. See the November 5, 2010, "Update 2010: Forrester's Best Practices Framework For CRM" report. To assess the CRM market and see how well the vendors stack up against each other, Forrester evaluated the strengths and weaknesses of top CRM vendors suitable to meeting the needs of large and midsize organizations across 516 criteria. We then applied two sets of criteria weightings: one appropriate for large enterprise-class organizations and another reflecting the priorities of midsized organizations. See the June 16, 2010, "The Forrester WaveTM: CRM Suites For Large Organizations, Q2 2010" report, and see the June 16, 2010, "The Forrester WaveTM: CRM Suites For Midsized Organizations, Q2 2010" report.

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