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ValMark Securities
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Services Firm Boosts Productivity and Customer Satisfaction with New System
ValMark Securities' insurance business was handicapped by an inflexible third-party Agency Management System (AMS). Managers were forced to use a report database populated with day-old data to run the business. When customers contacted the company expecting the reps to have the most up-to-date information, the data lag sometimes frustrated customers. Also, the system was tedious to use, requiring employees to copy and paste data between systems. Managers used the Microsoft Dynamics® CRM platform to develop their own AMS operational business system to run their insurance business. As a result, they quickly and economically fielded an application built upon the same platform as their existing CRM system. IT managers simplified their data architecture to deliver real-time data to users. Moreover, they achieved a productivity increase through automated workflows.
Situation
ValMark Securities provides insurance and securities brokerage services to high net worth individuals through a member sales network of 300 insurance agents and financial advisors. These agents and advisors rely upon the Akron, Ohio–based company to help them prepare investment and insurance packages for their clients. In this capacity, the company provides sales, underwriting, and administrative support.
What Is xRM?
xRM is a Microsoft® application platform layer that underpins Microsoft Dynamics® CRM. It accelerates the development of relational line-of-business applications through point-and-click configurations or customizations. The platform is built upon integration-friendly Microsoft technologies, such as Windows Server®, Microsoft SQL Server®, and the Microsoft .NET Framework. The platform's flexibility ventures beyond traditional CRM usage, giving rise to the term xRM. The “x” in this case, stands for "any" relational management application IT managers care to develop.
ValMark Securities works with 35 partner insurance carriers to sign policies typically valued at three times the national average. Because each applicant is unique and because each partner insurance carrier has its own policies and procedures, the process to complete a policy is complex.
ValMark Securities provides insurance and securities brokerage services to high net worth individuals through a member sales network of 300 insurance agents and financial advisors. These agents and advisors rely upon the Akron, Ohio–based company to help them prepare investment and insurance packages for their clients. In this capacity, the company provides sales, underwriting, and administrative support.
What Is xRM?
xRM is a Microsoft® application platform layer that underpins Microsoft Dynamics® CRM. It accelerates the development of relational line-of-business applications through point-and-click configurations or customizations. The platform is built upon integration-friendly Microsoft technologies, such as Windows Server®, Microsoft SQL Server®, and the Microsoft .NET Framework. The platform's flexibility ventures beyond traditional CRM usage, giving rise to the term xRM. The “x” in this case, stands for "any" relational management application IT managers care to develop.
ValMark Securities works with 35 partner insurance carriers to sign policies typically valued at three times the national average. Because each applicant is unique and because each partner insurance carrier has its own policies and procedures, the process to complete a policy is complex.
Existing System Not Related to the Business
Unfortunately, the third-party Agency Management System (AMS) that the firm used to administer this process was not up to the task. "We weren't able to customize the AMS or easily adapt its workflows to support the way we run the agency side of our business," recalls Mike Hauck, Chief Information Officer for ValMark.
Hauck notes that while the vendor made functionality upgrades twice a year, "the enhancements they chose to develop didn't relate to our business so we didn't benefit from the effort. We even offered to pay them to develop changes we could use but they declined. We never would have gotten what we needed that way."
Inability to Access Their Own Data
Another drawback of the Software-as-a-Service (SaaS) application was its data architecture. "I couldn't access our own data," recalls Hauck. "I had to load batch data feeds every day into a local data base and play with it to get the reporting results we needed. I was handicapped by working with day-old data. I shouldn't have to run a business like that."
The use of batch data feeds made it difficult to integrate the AMS data with the company's other applications. Data had to be entered multiple times in different systems, which increased the risk of errors. "Our goal is to reduce and eliminate data silos, not build upon them," states Hauck.
The AMS application was so tedious to operate that users never warmed to it. "Our user base is very skilled at what they do, but they're not computer savvy," recalls Hauck. "We needed a solution that was very easy to use and could work well with [Microsoft Office] Outlook—an application they use all day."
Solution
Hauck weighed buying versus building a better solution. "We weren't impressed with off-the-shelf applications so we decided to build our own solution." Soon after, Hauck attended a Microsoft Convergence conference, where one of the sessions featured companies that used the xRM platform to quickly develop custom, line-of-business applications. "That gave me the idea that maybe we didn't need to build an AMS system from the ground up."
The best of both worlds. Following the Convergence conference, Hauck consulted with Microsoft® Gold Certified Partner Customer Effective to determine how xRM could be used to develop an AMS system.
"The development went quickly and we used junior-level developers to do the bulk of the work," says Hauck. "For the more complex work, we leveraged Customer Effective's experience.”
In only a few months, the xRM-based ValMark Back Office Support System (VBOSS) application was launched. There are 113 total users and 48 heavy users across four departments using the application.
Unfortunately, the third-party Agency Management System (AMS) that the firm used to administer this process was not up to the task. "We weren't able to customize the AMS or easily adapt its workflows to support the way we run the agency side of our business," recalls Mike Hauck, Chief Information Officer for ValMark.
Hauck notes that while the vendor made functionality upgrades twice a year, "the enhancements they chose to develop didn't relate to our business so we didn't benefit from the effort. We even offered to pay them to develop changes we could use but they declined. We never would have gotten what we needed that way."
Inability to Access Their Own Data
Another drawback of the Software-as-a-Service (SaaS) application was its data architecture. "I couldn't access our own data," recalls Hauck. "I had to load batch data feeds every day into a local data base and play with it to get the reporting results we needed. I was handicapped by working with day-old data. I shouldn't have to run a business like that."
The use of batch data feeds made it difficult to integrate the AMS data with the company's other applications. Data had to be entered multiple times in different systems, which increased the risk of errors. "Our goal is to reduce and eliminate data silos, not build upon them," states Hauck.
The AMS application was so tedious to operate that users never warmed to it. "Our user base is very skilled at what they do, but they're not computer savvy," recalls Hauck. "We needed a solution that was very easy to use and could work well with [Microsoft Office] Outlook—an application they use all day."
Solution
Hauck weighed buying versus building a better solution. "We weren't impressed with off-the-shelf applications so we decided to build our own solution." Soon after, Hauck attended a Microsoft Convergence conference, where one of the sessions featured companies that used the xRM platform to quickly develop custom, line-of-business applications. "That gave me the idea that maybe we didn't need to build an AMS system from the ground up."
The best of both worlds. Following the Convergence conference, Hauck consulted with Microsoft® Gold Certified Partner Customer Effective to determine how xRM could be used to develop an AMS system.
"The development went quickly and we used junior-level developers to do the bulk of the work," says Hauck. "For the more complex work, we leveraged Customer Effective's experience.”
In only a few months, the xRM-based ValMark Back Office Support System (VBOSS) application was launched. There are 113 total users and 48 heavy users across four departments using the application.
- The Underwriting Department uses VBOSS to track policy applications and ensure that they are properly completed in a timely manner.
- The Insurance Marketing Department consists of insurance partner relationship managers and subject matter experts (SMEs). Both groups utilize VBOSS to address the intricacies of prospective clients' conditions. The responsiveness of insurance partners, their application criteria, and policy benefits are all noted in VBOSS to identify the best insurance provider(s) to match with a client based on their situation. Other SMEs access prospect data to evaluate the tax and legal entity (estates, trusts, and so on) implications of proposed insurance products.
- The Licensing and Registration Department uses VBOSS to oversee the licenses and appointments of insurance agents and the registrations of financial brokers while helping to ensure that agents’ and brokers’ certifications remain current.
- The Member Development and Onboarding Department provides highly personalized care to new clients. This department serves as a single point of contact for new customers. Staff members use VBOSS extensively to document interactions and update clients on their policies. As a result, clients know whom they are to call and when to complete specified activities.
Benefits
"[Microsoft Dynamics®] CRM is the Swiss army knife I use to solve my company's business problems. I look to it first to develop business-line applications," says Hauck. "In fact, it is such a powerful development platform that it is my third most important system behind phones and e-mail."
The xRM platform allowed the IT team to cost-effectively develop the first release of a custom solution (VBOSS) within five months. The solution utilizes a common Microsoft SQL Server® database to ensure data integrity and the straightforward sharing of real-time information among systems. Moreover, VBOSS interoperates well with the Microsoft solution stack, including the Microsoft Office Outlook® messaging and collaboration client. And by utilizing the inherent workflow and automation capabilities in xRM, managers boosted employee productivity.
xRM platform delivers business benefits to IT. "The reason I get so excited about xRM is that I now have a system that can create applications that allow us to run our business the way we want to and in a way that promotes customer satisfaction," states Hauck.
Efficient integration with the firm's Microsoft application stack enhances the business value of all systems. Because xRM takes advantage of familiar Microsoft technology as building blocks, VBOSS users can easily access a data repository constantly updated with the latest data. Moreover, customer data is entered once for use across systems, so employees no longer need to copy and paste data between applications, thus streamlining customer communications across all channels.
VBOSS integrates with the corporate imaging system. This integration allows employees to access archived documents with the click of a button.
Rapid application updates and changes help ValMark adapt to changing market conditions. Drawing upon point-and-click configuration changes and common development tools, the development team can rapidly make changes to the xRM-based VBOSS application. Thus the IT team can be responsive and agile in adapting VBOSS to the needs of the business. For example, the second release of VBOSS was completed within four months.
xRM platform delivers technological benefits to IT. "Having our insurance line of business on a single SQL database server makes it very easy for me to integrate that data with our other systems," explains Hauck.
xRM speeds economical application developments. Junior developers with knowledge of the Microsoft .NET Framework and Microsoft SQL Server databases completed the majority of the first release of the VBOSS application within five months, thanks to standard protocols, development tools, and skill sets.
xRM solution improves architecture. Using xRM to develop the VBOSS application resulted in a number of data architecture benefits, primarily eliminating distinct data silos, multiple applications, and multiple steps needed to use the old system. (See Figure 1.)
"[Microsoft Dynamics®] CRM is the Swiss army knife I use to solve my company's business problems. I look to it first to develop business-line applications," says Hauck. "In fact, it is such a powerful development platform that it is my third most important system behind phones and e-mail."
The xRM platform allowed the IT team to cost-effectively develop the first release of a custom solution (VBOSS) within five months. The solution utilizes a common Microsoft SQL Server® database to ensure data integrity and the straightforward sharing of real-time information among systems. Moreover, VBOSS interoperates well with the Microsoft solution stack, including the Microsoft Office Outlook® messaging and collaboration client. And by utilizing the inherent workflow and automation capabilities in xRM, managers boosted employee productivity.
xRM platform delivers business benefits to IT. "The reason I get so excited about xRM is that I now have a system that can create applications that allow us to run our business the way we want to and in a way that promotes customer satisfaction," states Hauck.
Efficient integration with the firm's Microsoft application stack enhances the business value of all systems. Because xRM takes advantage of familiar Microsoft technology as building blocks, VBOSS users can easily access a data repository constantly updated with the latest data. Moreover, customer data is entered once for use across systems, so employees no longer need to copy and paste data between applications, thus streamlining customer communications across all channels.
VBOSS integrates with the corporate imaging system. This integration allows employees to access archived documents with the click of a button.
Rapid application updates and changes help ValMark adapt to changing market conditions. Drawing upon point-and-click configuration changes and common development tools, the development team can rapidly make changes to the xRM-based VBOSS application. Thus the IT team can be responsive and agile in adapting VBOSS to the needs of the business. For example, the second release of VBOSS was completed within four months.
xRM platform delivers technological benefits to IT. "Having our insurance line of business on a single SQL database server makes it very easy for me to integrate that data with our other systems," explains Hauck.
xRM speeds economical application developments. Junior developers with knowledge of the Microsoft .NET Framework and Microsoft SQL Server databases completed the majority of the first release of the VBOSS application within five months, thanks to standard protocols, development tools, and skill sets.
xRM solution improves architecture. Using xRM to develop the VBOSS application resulted in a number of data architecture benefits, primarily eliminating distinct data silos, multiple applications, and multiple steps needed to use the old system. (See Figure 1.)
xRM consolidates operational systems to markedly improve data sharing and use. By building VBOSS on xRM, IT managers established a common architecture for multiple solutions. As a result:
Contributed to an 89 percent improvement in customer satisfaction. Managers used xRM to tailor the VBOSS application to their service best practices. The platform allowed them to integrate these systems with other mission-critical applications including Microsoft Office Outlook.
Increased staff productivity allowed Underwriting Department to reallocate 22 percent of staff elsewhere.
Previously, many processes were based on time-consuming manual activities. The xRM VBOSS solution automated many processes and captures key metrics. Consequently, fewer employees are needed to manage complex processes and managers can monitor, analyze, and improve workflows, allowing staff to spend more time on other projects.
Common architecture promotes integrated business intelligence to optimize value to the firm. Managers plan to create an integrated business intelligence (BI) program to utilize data across xRM applications. (See Figure 1, Future State.) When completed, they'll be able to access, search, and compile data from a common Microsoft SQL Server database. This will reduce the need to create complex and integrated ETLs (extract, transform, loads). Consequently, the cost and time to turn up BI initiatives will be reduced and managers will realize a faster time-to-value.
- The platform utilizes a common Microsoft SQL Server data store to provide consolidated, real-time data to users. (See Figure 1, Current State.) This eliminated asynchrony and reliance on dated third-party data outside the firm's firewall.
- The single platform simplified identity and security management. (See Figure 1, Current State.) Privileges and permissions are managed in Active Directory®, which eliminated the need to manage security across two systems.
- The universal xRM platform requires simple infrastructure to support it. ValMark managers find it easy to staff and support.
Contributed to an 89 percent improvement in customer satisfaction. Managers used xRM to tailor the VBOSS application to their service best practices. The platform allowed them to integrate these systems with other mission-critical applications including Microsoft Office Outlook.
- The xRM platform delivers real-time access to customer data so that employees communicate accurate and complete information to prospects and customers.
- VBOSS allows managers to assign accounts and responsibilities to employees and monitor their performance. The tracking of activities and tasks enables the analysis of key performance indicators so that managers can make improvements.
Increased staff productivity allowed Underwriting Department to reallocate 22 percent of staff elsewhere.
Previously, many processes were based on time-consuming manual activities. The xRM VBOSS solution automated many processes and captures key metrics. Consequently, fewer employees are needed to manage complex processes and managers can monitor, analyze, and improve workflows, allowing staff to spend more time on other projects.
Common architecture promotes integrated business intelligence to optimize value to the firm. Managers plan to create an integrated business intelligence (BI) program to utilize data across xRM applications. (See Figure 1, Future State.) When completed, they'll be able to access, search, and compile data from a common Microsoft SQL Server database. This will reduce the need to create complex and integrated ETLs (extract, transform, loads). Consequently, the cost and time to turn up BI initiatives will be reduced and managers will realize a faster time-to-value.
