Lions Insurance Case Study Essay

Why does Lions Insurance need the Marketing module of the ERP system? Systems are expensive, require training and take a time and professional guidance to implement. Make no mistake, a well-designed Marketing front office system, although expensive, will provide the capability to grow exponentially with less human resources and time. The growth will be solid growth that is sustainable by the ability to know your customers immediate needs, anticipate those needs through the use of historical statistics and projections and ultimately provide the solution to meet those needs.

In addition management should verify that the AIS that looks best on paper is actually the best in practice: by test driving the software, contact other users for references, evaluate vendor personnel and confirm the details of the proposal. (L. Ducharme 22010 Foster Business School, AC320) A possible real life example to consider, would be if Lions may have a customer that is 30 years old, has worked with a specific agent, single, owns one vehicle and currently has automobile insurance through Lions. This information is critical to have on screen when the customer calls in to add a vehicle to his policy.

Given the age, this usually means marriage, maybe a family within one to two years, therefore a need for home insurance, life insurance, a college education savings plan for the children, supplemental investment vehicles and retirement investment will be needed. In this one call our People Soft marketing software can instantly send this customer to an agent they know and trust, provide the current customer information on screen, provide prompts to inquire about cross selling on other items that fit an algorithm for the age and gender.

The system can also collect more information on the customer giving a prompt to reach out to the customer to make other inquires about the anticipated needs. In this one example you are building on existing relationships and increasing business without spending money on advertising, paid call list, cold calling, or other forms of customer gathering. This is true solid company growth as opposed to switching customers from another company. The management team also benefits from this module.

At any time, any place managers have access to reports designed specifically to your needs and enable managers to drive a profitable and growing business. The number of incoming calls, the amount of time spent on each call, the average number of discussions needed to sell a product, satisfaction surveys, agent productivity and the ability to enhance reports and projections as Lions needs dictate are an invaluable asset that can easily grow as the company does.

Not only does this module produce a direct marketing benefit but through the ERP system the marketing module can share information with Finance, Accounting, Human Resources and other module to provide companywide efficiencies. Our module will benefit two marketing areas. The traditional marketing area will see an increase in your conversion rates and drive revenue with every customer contact. (http://www. oracle. com/us/products/applications/ peoplesoft-enterprise/crm/053190. html) The relationship marketing solution, customer-centric organizations can drive awareness, demand, loyalty, and revenue. http:// www. oracle. com/us/products/applications/peoplesoftenterprise/crm/053190. html)

As stated on Oracle’s website specific traditional marketing will see: • Increase marketing return on investment • Identifying the best customers and opportunities • Real-time analytics • What-if analysis. • Better response rates • Increase Conversion rates • Automate prospect qualification • More qualified sales leads • Increase customer loyalty • Real time customer responses creating a better customer experience • Provide managers the ability to manage people, team, tasks, documents, and budgets

The Online Marketing will see benefits such as: • Organizational consistent branding • Ability to manage communication across a company spectrum. • Provide dialogs to salespeople for specific products • Provide offers to large specific audiences with a lower cost. Track hits to specific products • Provide sales persons with guidance on customers’ needs based on their interaction with the system. • Test markets before sending mass information • Real time measures to make strategic moves as needed Why is this ERP needed now?

Lion’s being a $500m company needs to adapt a system that handles the current volume of business and can be designed to handle the future growth and potential exponential growth. We at PeopleSoft are a recognized ERP provider capable of handling the volume of Fortune 1000 firms. Regulations and legislation will continue to alter reporting requirement and thus companies must be able to adapt to continue to meet internal objective and external demands. Human Resources Management The greatest investment is the investment in human capital.

PeopleSoft’s Human Resources Management (HRM) module focuses on the five major aspects of HRM: Human Resources Planning, Talent Management, Time Management, Compensation Management, and Training Management. Capabilities of HRM module includes the ability to track employees from application to retirement. The Human Resources Planning submodules consolidates employee demographic information in a central database so that the data is accurate and secure. Users at all levels are able to access and update information based on their credentials.

Employee relations is managed within the database and events, such as birthdays, anniversaries, and holidays are documented and used as a morale building tool. The HR Planning submodules includes a compliance feature that allows Lions Group Corporation to remain up to date on the latest compliance regulations, such as, Vets 100, AAP, and US EEO. The HR planning also has a job processing function that aides with job development including providing functional job descriptions and wage analysis based on industry standards.

The Talent Management submodule is vital to the Human Resources Manager. The Recruitment function has the ability to track and connect with potential employees. Managers can create profiles with the ability to sync with top level industry recruiters and colleges. A Diversity function is also available so that Lions Group Corporation can incorporate people with a variety of backgrounds and skill sets. The Selection function aides in finding the candidates that best fits Lions’ culture.

The Goals Management function coincides with the Performance function as employees are empowered to set personal and professional goals that are evaluated and balanced by actual performance The Promotion function offers clear guidance and criteria for advancement. The Time Management submodules will definitely be the most utilized submodule. The Payroll and Attendance function are user driven software that are controlled at access points that require qualified credentials. The goal of the Time Management submodules is to reduce absenteeism and high employee turnover.

The Compensation Management submodule is designed to attract great talent with great benefits. The greatest feature of the Compensation Management submodule is that it complies with the Affordable Care Act and all regulatory laws. Compensation Management encompasses all forms of benefits to include life insurance, health insurance, paid vacation, and sick days. The Training and Development submodule offers in depth training for all employees including Employee Orientation, New Employee Training, and Compliance Training. Remedial training sessions are available for underperforming employees.

Development and Leadership sessions are at the core of the Training submodule to nourish talent internally. Sales Without an effective way to track and manage your sales enquiries and customers, your business could lose opportunities left and right. A sales module is the best way to effectively transform enquiries about your insurance into actual revenue. With Lion’s Insurance Company being so large and having customers in multiple countries in the world, it can seem a daunting task to handle all of the leads you get, and keep it organized enough to follow-up on those leads.

Without being thorough and organized you could lose potential customers. That’s what makes adding the sales module to the ERP system you are implementing necessary. So you’ve got the marketing out of the way, and you have customers contacting you. The sales module is an efficient way to track the potential customers who contact your company through creating lists and providing information quickly to your sales representatives. It is the tool that will allow those leads to be followed up on in a timely manner. There is also quote processing included and the ability to add your price list for easy access.

When a sales representative provides a quote it will upload the quote into the ERP service. The sales module will also be able to track the incoming inquiries you are receiving versus the sales that actually become revenue. It will also be able to keep track of the amount of inquiries you get and what time of year you get them in as well as providing forecasts for the future. This will help you be able to prepare your marketing as well as prepare your human capital for busy season. The information will prove useful and essential to the continuing progress of your insurance business.