CRM_Financial-Insurance_RFP

Technology Evaluation Centers, Inc. Request for Information CRM for Financial, Insurance, and PSA Industries Functional and Technical Worksheet Hierarchy 1 1.1 1.1.1 1.1.1.1 1.1.1.2 1.1.1.3 1.1.1.4 1.1.1.5 1.1.1.6 1.1.1.7 1.1.1.8 1.1.1.9 1.1.1.10 1.1.1.11 1.1.1.12 1.1.1.13 1.1.1.14 1.1.1.15 1.1.1.16 1.1.1.17 1.1.1.18 1.1.1.19 1.1.1.20 1.1.1.21 1.1.1.22 1.1.1.23 1.1.1.24 1.1.1.25 1.1.1.26 1.1.1.27 1.1.1.28 1.1.1.29 1.1.1.30 Criterion Insurance and Investment Securities Investment Tracking Tracks multiple types of investments individually with their own characteristics Tracks stocks Tracks bonds Tracks mutual funds Tracks variable annuities Tracks fixed annuities Tracks cash and equivalents Tracks direct participation programs Tracks unit investment trusts Tracks real estate investments Tracks bank accounts Tracks notes receivable Tracks personal property Tracks liabilities Tracks miscellaneous investments Add new securities, accounts, and positions Store or retain liquidated positions or holdings Interface for Morningstar Principia Pro and Advisor Workstation Maintain security price history for each security or sub account Automatically propagate price changes on the security master to all positions associated with the security Handle corporate actions such as splits and mergers Global account listing--all accounts Individual account listing--from a contact or business record Household account listing--by household Global position listing--all positions Individual position listing--from a contact or business record Household position listing--by household Unlimited sub accounts with transactions for variable annuities View position histories of each holding Log position-specific letters or documents Priority Mandatory (0-10) (Y/N) SUP MOD 3RD 1.1.1.31 Chronological history of transactions at the holding level with rolling information for share balance, cost, and basis Compute and track multiple types of partial sales Compute and track least gain Compute and track most gain Compute and track LIFO Compute and track FIFO Compute and track average cost Unsecured or secured liability or loan information can be linked to any position or account Liability or loan information can be linked to any contact record Investment reporting provides balance sheets, statements, and reports at the account, household, or consolidated position level Print account or consolidated position based reports by asset class or sector Investment reports with rate of return calculations (requires transactions and historical position/price data) Search capability for positions, accounts, or securities by various criteria Transaction reports by date range for any or all transaction types Investment report subsystem provides balance sheets, statements, and reports at the account, household, or consolidated position level Data Source Interface This category contains 8 criteria below it. Insurance This category contains 75 criteria below it. Agency Management This category contains 51 criteria below it. Data Standard This category contains 2 criteria below it. Marketing Automation 1.1.1.32 1.1.1.33 1.1.1.34 1.1.1.35 1.1.1.36 1.1.1.37 1.1.1.38 1.1.1.39 1.1.1.40 1.1.1.41 1.1.1.42 1.1.1.43 1.1.1.44 1.1.1.45 1.1.2 1.2 1.3 1.4 2 2.1 Campaign Optimization 2.1.1 2.1.1.1 2.1.1.2 2.1.1.3 2.1.1.4 2.1.1.5 2.1.1.6 2.1.1.7 2.1.1.8 2.1.1.9 Campaign Management Permission-based personalized campaigns Multi-tiered marketing campaign event management Targeted lists manager Segmentation listing Record and monitor marketing campaigns and activities Monitor lead source on all incoming enquiries Produce cost per lead and campaign analysis reports ROI calculation and analysis System allows identification of the most probable success combinations based on a pre-determined criteria mix Banner ad management Brochure management Event management (e.g., trade show) Management of special offers Leads assignment A web-enabled lead enrichment system Marketing event budgeting and cost tracking Marketing event task management User can select a simple, single stage campaign User can select a complex, multi-stage campaign User can select an event-triggered campaign User can select and prioritize campaign communications methods Automated repeat campaigns Computer Telephony Integration (CTI) Telemarketing communications campaigns Direct mail communications campaigns E-mail communications campaigns Personal web sites communications campaigns Campaign Planning This category contains 3 criteria below it. Database Connectivity 2.1.1.10 2.1.1.11 2.1.1.12 2.1.1.13 2.1.1.14 2.1.1.15 2.1.1.16 2.1.1.17 2.1.1.18 2.1.1.19 2.1.1.20 2.1.1.21 2.1.1.22 2.1.1.23 2.1.1.24 2.1.1.25 2.1.1.26 2.1.1.27 2.1.2 2.2 2.3 This category contains 16 criteria below it. Customer Profiling This category contains 20 criteria below it. 2.4 Marketing Embedded Reporting 2.5 This category contains 17 criteria below it. Marketing Strategy 3 This category contains 28 criteria below it. Sales Force Automation (SFA) 3.1 3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 3.1.6 3.1.7 3.1.8 3.1.9 3.1.10 3.1.11 3.1.12 3.1.13 3.1.14 3.1.15 3.1.16 3.1.17 3.1.18 3.1.19 3.1.20 3.1.21 3.1.22 3.1.23 3.1.24 3.1.25 3.1.26 3.1.27 3.1.28 3.1.29 3.1.30 3.2 Core Functionality Calendar and scheduler Contact management Inquiry management Quotation management Pipeline management Management of specific sales opportunities Territory management Team-selling support Sales knowledge base Online product catalog Portal organized around sales Automated correspondence Literature fulfillment Single-user scheduling Multi-user scheduling Sales speech scripting Direct mail tools Lead generation tools Forecasting module Order manager Supports OLAP technology Resource allocation tools Activity manager Interacts with product configurator Embedded customer survey module Application window design module Application query design module Interaction with a workflow engine Natural-language (for example, plain English) Graphic design tools Sales Strategy This category contains 3 criteria below it. 3.3 Account Configuration Manager 3.4 This category contains 24 criteria below it. Insurance and Investment Contact Management This category contains 13 criteria below it. General features for contact manager 3.5 3.6 This category contains 8 criteria below it. Pipeline Manager 3.7 This category contains 15 criteria below it. Lead Manager 3.8 3.9 This category contains 12 criteria below it. Lead Tracking and Distribution This category contains 21 criteria below it. Activity Manager 3.1 This category contains 9 criteria below it. Sales Forecasts This category contains 12 criteria below it. Multimedia Encyclopedia This category contains 12 criteria below it. Service and Sales Support Management This category contains 12 criteria below it. Design Customer Solution 3.11 3.12 3.13 3.14 This category contains 92 criteria below it. Quote Management This category contains 19 criteria below it. 3.15 Team Selling This category contains 2 criteria below it. Sales Process Scripting This category contains 3 criteria below it. Sales Territory and Boundary Management 3.16 3.17 3.18 4 This category contains 7 criteria below it. Embedded Reporting This category contains 62 criteria below it. CRM Analytics 4.1 Clickstream Analysis 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 4.1.6 4.1.7 4.1.8 4.1.9 4.1.10 4.1.11 4.1.12 4.1.13 4.1.14 4.1.15 4.1.16 4.1.17 4.1.18 4.1.19 4.1.20 4.1.21 4.1.22 4.1.23 4.1.24 4.1.25 4.1.26 Predictive modeling Text mining capabilities Call data Mail-order addresses Sales histories POS data Web transactions Analysis of variance Forecasting capability of resource demands Webmining Regression analysis Decision analysis and decision tree display Multivariate analysis Psychometric analysis Categorical data analysis Survival analysis Nonparametric analysis Cluster analysis Site selection analysis Drill-down capabilities to find root causes Dashboard view Clickstream analysis Executive-level analytical interface Include generation of customer segmentation data Include generation of customer profiling data Customer Key Performance Indicators (KPI's) 4.1.27 4.1.28 4.1.29 4.1.30 4.1.31 4.1.32 4.1.33 4.1.34 4.1.35 4.1.36 4.2 Ad hoc queries Customer scorecards Allow delivery of near real-time operational data store Graphical display of Gantt charts and networks Predefined queries Promotional analysis Interactive graphic interface An integrated OLAP (on-line analytical processing) engine Built-in customization and programmatic support Forecasts demand for products and services Application-Centered Data Warehouse 4.3 This category contains 3 criteria below it. Mobile Options This category contains 5 criteria below it. Synchronization Technology This category contains 6 criteria below it. Options This category contains 12 criteria below it. Call Center and Customer Service 4.4 4.5 5 5.1 Call center 5.1.1 5.1.2 5.1.3 5.1.4 5.1.5 5.1.6 5.2 Offer full application support Automatic routing of calls based on the call type Multi-lingual support Web-based help pages for end-users Instant messaging with end-users Web-based support Call Center Integration This category contains 2 criteria below it. 5.3 Call Tracking This category contains 9 criteria below it. Customer Service & Support 5.4 6 This category contains 452 criteria below it. Professional Services Automation (PSA) 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 6.1 6.11 6.12 6.13 6.14 6.15 6.16 6.17 7 Project forecasting Proposal management Quotations and sales management tools Planning and deployments Customer management Resource management Skills inventory and matching Document management Time and expense management Billing capabilities Revenue analysis Profitability monitoring Post project services Detailed queries and reports Integrate with other applications Automate approval processing through work-flow technology Contract management tools e-CRM 7.1 7.1.1 Web Services Service request management 7.1.2 7.1.3 7.1.4 7.1.5 7.1.6 7.1.7 7.1.8 7.1.9 7.1.10 7.2 Searchable knowledge base Online intelligent expert Online order tracking Online asset management Online customer satisfaction surveys Online collaboration service Branch locator Authentication services Click'n Talk e-Sales 7.3 This category contains 13 criteria below it. e-Service 7.4 This category contains 8 criteria below it. e-Marketing 7.5 7.6 This category contains 14 criteria below it. e-Catalog This category contains 5 criteria below it. e-Collaboration 7.7 7.8 7.9 This category contains 6 criteria below it. e-Personalization This category contains 18 criteria below it. e-Recommandation This category contains 9 criteria below it. Content Management 7.1 This category contains 27 criteria below it. e-Profiling This category contains 21 criteria below it. 8 E-Mail Response Management 8.1 E-Mail Routing and Categorizing 8.1.1 8.1.2 8.1.3 8.2 Categorize an e-mail based on its contents Category-based routing to different workflows and groups of associates according to experience, skills, and assigned categories Routing based on different business rules Intelligent E-mail Handling This category contains 3 criteria below it. Tiered Servicing 8.3 8.4 This category contains 3 criteria below it. E-Mail and Web Integration 8.5 8.6 This category contains 3 criteria below it. Outbound E-Mail Communication This category contains 2 criteria below it. E-Mail Case Management Integration 8.7 This category contains 3 criteria below it. E-Mail Usability 8.8 This category contains 4 criteria below it. Electronic Reporting This category contains 4 criteria below it. Error Handling This category contains 6 criteria below it. Industry Vertical Module Availability Financial Institutions Retail banking Brokerage Institutional finance 8.9 9 9.1 9.1.1 9.1.2 9.1.3 9.1.4 9.2 9.3 10 Insurance Insurance This category contains 3 criteria below it. Professional services This category contains 7 criteria below it. Product Technology 10.1 Workflow 10.1.1 10.1.1.1 10.1.1.2 10.1.1.3 10.1.1.4 10.1.1.5 10.1.1.6 10.1.1.7 10.1.1.8 10.1.1.9 10.1.1.10 10.1.1.11 10.1.1.12 Process and Activity Definition Represents complex processes that are in turn comprised of sub-processes and activities Graphically portray the business processes and activities allowing the processes to be defined or mapped into the system Reuse an activity already defined in the process without having to define it again; the ability to share activities and sub-processes between processes Define absolute or relative dates when activities or workitems must be completed Schedule tasks to start automatically at a specified time Gracefully terminate a workflow in process based on user privileges security Suspend or resume a workflow in process and possibly specify an inactive period Process to end at any point and have multiple end points Display decision logic using text, the branch concept or a decision icon on the process map Specify note (activity) properties at design time Supply activity and task names View overall status and display active node (activity) 10.1.1.13 10.1.2 10.1.3 10.1.4 10.1.5 10.1.6 10.1.7 10.1.8 10.1.9 10.2 10.3 10.4 10.5 Display the path traveled between activities (color change) Resources and Roles Definition This category contains 6 criteria below it. Rules and Routing Definition This category contains 7 criteria below it. Work Definition This category contains 11 criteria below it. Queue and Work List Definition This category contains 30 criteria below it. Triggers and Scheduling This category contains 16 criteria below it. Monitoring and Reporting This category contains 13 criteria below it. Workflow Components This category contains 24 criteria below it. Supports for dynamic, complex processes This category contains 3 criteria below it. Synchronization and Replication This category contains 17 criteria below it. Implementation and Training This category contains 20 criteria below it. Technical Fit This category contains 179 criteria below it. Technical support This category contains 42 criteria below it. Worksheet CST FUT NS Comment/Description This set of functionality pertains to security, insurance, agency management, and data standards within the insurance and investment fields. Securities management allows the end-user to manage customers' investments by collecting data from a variety of sources. Allows policy tracing and insurance management The agency management module allows tracking agents' activities and managing their commissions. Marketing automation creates a beneficial bind between service and sales organizations. The software should be able to deliver on a range of goals in multiple environments (such as business-to-business and business-to-consumer). Often, the software is expected to be able to identify market segments and target them in as many ways as possible. Marketing automation software should be able to identify customer prospects by name, location, and buying habits. In addition, it must have appropriate analytical components to support reporting and prediction of customer behavior so that it can improve future campaigns. The creation and modification of personalized marketing efforts that not only engage the customer or prospect, but also engage the entire enterprise in the effort and provide a single view of the activity to any department or segment of the company. Specific tools are required to plan and manage marketing campaigns. Marketing automation applications should collect data from single or multiple distributed databases to allow individual levels of customer behavior analysis, which allows a company to effectively target its campaigns. Customer profiling determines specific attributes that can be used to segment customers into groups, such as geography, age, high rollers versus lowballers, etc. Reporting is the creation of customized on-screen or printed views that provide the viewer with information specially in the form he wants and with the content he wants. Many of the reporting tools embedded in CRM applications are third party tools. A system with a marketing strategy capability aids the formulation of strategies for recognizing customer value, based on the analysis of a customer's order. Sales cycle automation links your outside sales, inside sales, technical support, management, and service and customer care. The goal is to increase communication and hence efficiency between sales and support teams. A comprehensive sales force automation (SFA) module will provide a full range of functionality, allowing users to automate their sales activities. Managers rely on field feedback from the CRM application to create and to implement sales strategies, which best fit specific segments. The tool allows users to create and maintain customer profiles with account information and links between the customer and other groups or group members. The tool allows users to create and maintain household profiles with account information as it pertains to Insurance/ Investment business. Contact management is the management of all the tasks and information related to developing and maintaining relationships with the people with whom you do business. The established sales process sequence that is typical for a company. A pipeline manager allows the user to create, maintain, and view sales opportunities as the opportunities refer to the pipeline. Lead management functionality can be seen as a subset of opportunity management. A sales person can import leads from multiple sources and, using criteria established through the sales process, weigh the potential of those leads to become opportunities. These tools support tracking the source of leads and distributing leads to the right individuals Activity manager tools allow users to create, maintain, and share to-do lists. Managers can perform detailed analysis based on their unit activities. Sales forecasting functionality provides users revenue forecasts by collecting information from multiple sources in different format. A multimedia central repository of detailed information regarding a company's products and pricing along with information about the competition. A central and rule-based method to manage and support sales data. Considering the uniqueness of every customer, an SFA module provides you with the capability to design a custom fit solution or product for your customer. Enables salespeople to quickly and accurately quote products to customers, to properly manage a larger volume of quotes and orders, as well as to easily communicate information to managers and back-end systems. Managers can review current and historical sales information to make better-informed decisions. Real-time, company-wide access to detailed account data enables you to facilitate collaboration between sales, customer service, and support. The system provides an effective method of identifying trigger points that indicate to the sales person, via a script the best solution to propose. Territories are the primary way by which an organization directs opportunities and organizes its sales force. With flexible and configurable territory management tools, you can instantly and automatically route opportunities, accounts, contacts, and activities to the right sales team members. Analytics applications use complex rules-based techniques, neural networks, pattern recognition and other profile settings within peer groups to identify certain transactions and set thresholds for what is considered "normal" shopping behavior. Clickstream analysis (data and Web mining) involves specialized software tools that allow users to sift through large amounts of data to uncover relationships between data and content. Data mining uses well-established statistical and machine learning techniques to build models that predict customer behavior. A data warehouse is an implementation of an informational database used to store shareable data that originates in an operational database-of-record and in external market data sources. The application should contain aggregate tables as well as the ability to spawn OLAP-style data marts to support multidimensional analysis. Each data mart should be published, as well as a list of standard queries and reports available against each OLAP cube. Methods used to synchronize beteween users and a central database or between several distributed databases. Methods used to synchronize beteween users and a central database or between several distributed databases. Major functional usage and features for CRM analytic systems. Multi-channel interaction management is the ability to prioritize, route, track, manage and report on all interactions regardless of media type, and provide realtime and historical reporting on each of those interactions. These capabilities help companies understand their customers and business practices, and allow them to adjust accordingly. A multi-channel interaction management solution helps companies derive value from each and every interaction. By managing, synchronizing, and coordinating customer interactions across all channels, a company has the information required to deliver world-class service and generate additional sales. Does the product, or suite of products, support both inbound and outbound communication? Does the product, or suite of products, seamlessly support many channels? Call tracking systems provide clear methods by which calls are automatically tracked to avoid the risk that service and support calls are not completed. Customer relationship management (CRM) applications are front-end tools designed to facilitate the capture, consolidation, analysis, and enterprise-wide dissemination of data from existing and potential customers. This process occurs throughout the marketing, sales, and service stages, with the objective of better understanding one’s customers and anticipating their interest in an enterprise’s products and/or services. Professional services automation (PSA) optimizes and simplifies the complete project life cycle from sales through delivery and closeout. It increases the profitability and performance levels of project-centric organizations-spanning the disciplines of opportunity management, contract management, project management, resource management, project collaboration, project accounting, and business intelligence. CRM versus eCRM--there has been a lot of debate surrounding the differences, or lack of differences, between what is called CRM and what is called eCRM. Is eCRM just web-enabled CRM? Is it merely symptomatic of companies hoping to strengthen their proposition or valuation? Or is eCRM fundamentally different? Clearly the Internet and ebusiness are responsible for the e in eCRM. There are significant differences in the skills one needs and the things one can do with eCRM as opposed to CRM but the fundamental principles are very similar. The combination of all Web services that are available to users. Allows companies to provide self-service CRM to customers, suppliers, and partners. E-Sales applications are web-based applications that support unassisted B2B and B2C selling via the Internet. These applications enable orginizations to rapidly establish an online selling channel. E-Service applications deliver valuable customer information that empowers customer service organizations to proactively track, organize, and analyze all interactions with new and existing customers on an ongoing basis. Companies will be able to identify additional products and services that may be a good cross-sell or up-sell opportunity, assign status and escalations based on the customer's needs, and most importantly determine which customers are most profitable. E-marketing modules allow organizations to deliver highly personalized Web offers and dynamic Web surveys that are fully synchronized with marketing efforts in traditional channels. E-Catalogs enable companies to create hierarchical product catalogs and publish them to the Web. E-Collaboration modules reduce call volume and improve service profitability by offering users the assistance they need at precisely the moment they need it--while on the Web site. E-Personalization provides customers with access to relevant information based on their profiles. Customers are guided through a questionnaire to the most suitable choice of products or services. Content management applications are considered to be part of personalization service tools. In fact, any customization or recommendation to the user is based on suggestive content with regards to products and services best matching a customer's expectations. Profiling or tracking is the collection and the processing of users' raw data, in order to build a user profile. Manages incoming e-mails from customers with automatic guided-through questionnaires and outbound e-mails combined with customer's data. It includes rule-based routing with reporting capabilities. Advanced natural language processing and semantic analysis automation enable faster problem resolution times by analyzing e-mail messages to determine the user's request and then either automatically responding to the message with a personalized answer or intelligently routing the request to an agent. Sending personalized automatic acknowledgment messages to a customer when an e-mail message is received. Provides further personalization by enabling responses to be included with custom messages, depending on the time of day, customer status, or other scenarios. Enables a company to not only access a customer's history from communication channels such as the Web, chat, and telephone, but also to link web pages to e-mails. Automated outbound e-mail confirmations Inbound e-mail messages are automatically associated with the customer who sent them, so a company can build a complete customer communication history To ensure that all customer-facing text communications including e-mail, fax, and SMS messages are professional and free of spelling errors. Enables e-mail management professionals to dynamically visualize information in a variety of online graphical formats. Specialized vertical modules provide out of the box functionalities that match the industry specific processes This criterion defines the technical architecture of the product, and the technological environment in which the product can run successfully. Sub-criteria include product and application architecture, software usability and administration, platform and database support, application standards support, communications and protocol support and integration capabilities. Relative to the other five evaluation criteria, best practice selections place a lower relative importance, on the product technology criterion. However, this apparently lower importance is deceptive, because the product technology criterion usually houses the majority of the selecting organization's mandatory criteria, which usually include server, client, protocol, and database support, application scalability and other architectural capabilities. The definition of mandatory criteria within this set often allows the client to quickly narrow the long list of potential vendors to a short list of applicable solutions that pass muster relative to the most basic mandatory selection criteria. During the process of product selection a great deal of attention is given to the functional capabilities of the software being evaluated. While this aspect is obviously important, ignoring the technical mechanisms by which the software actually Provides the comprehensive BPM capabilities needed to automate the long-lived, multi-step business processes common to all modern companies and their value chains. Technology Evaluation Centers, Inc. Request for Information/Proposal Requirements Research Instructions RFI Rating Legend Format ● The top of the RFI tab contains six response columns. ● TEC analysts developed the RFI based on past experience and research into the widest and deepest range of possible requirements. 3RD CST FUT NS Priority Response Explanation SUP Supported as delivered "out-of-the-box" MOD Supported via modifications (screen configurations, reports, GUI tailoring, etc) Supported via a third party solution Supported via customization (changes to source code) Will be supported in a future release Not supported 0 to 10, where 10 is most important Mandatory Yes, only for "must-have" factors RFI Example Vendor Responses ● Complete the RFI worksheet by placing an X in the appropriate column for each criterion. ● The Xs represent the current state of a product or service. 1 1.1 1.1.1 1.1.1.1 1.1.1.2 1.1.1.3 1.1.1.4 1.1.1.5 1.1.1.6 Hierarchy Module 1 Category of Module 1 Subcategory of Category 1 Criterion 1 Criterion 2 Criterion 3 Criterion 4 Criterion 5 Criterion 6 Criterion 15 User Responses ● Use the Priority column to indicate how important a particular criterion or entire group of criteria (module or category) is for your organization. ● The Mandatory column is useful for indicating absolute requirements. Note that a "Yes" would mean a vendor/provider fails if it does not support that criterion or group of criteria. It is often useful to use "No" as the general default response and only change to a "Yes" for an absolutely critical item. Don't forget to indicate your priorities and mandatory requirements for modules, categories, subcategories, and criteria. RFI Example Priority (0-10) 9 5 10 1 5 5 10 7 9 Mandatory (Y/N) Y Y Y N Y N N N Y X X X X X X SUP MOD 3RD CST FUT NS