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Future Guarantee, Part 1: Omnichannel Distribution




It has become an insurance tradition: every year, people declare that artificial intelligence (AI) and analysis will replace all ten-year warranty. Maybe one day it will be true. But what is true today – and what will be true for a long time – is that the best results for insurance do not come from replacing insurers but reconsidering and reworking the relationship between insurers, data and the rest of the organization.

In this series we will look at the leading edge of the guarantee today and discuss how proven technical solutions can transform the process to make it more efficient, more consistent and more accurate in evaluating risk ̵

1; not in ten years but right now. You may be surprised at how some modest changes can improve insurance for everyone – from customers to distribution partners to the insurers themselves. Let us explore five important parts along the insurance journey and how data, design and technology can build a brighter future for insurance. Ultimately, this can lead to profitable growth and cost savings.

The five key parts are:

  • Omnichannel Distribution: Create a distribution network that finds the right customers and moves them to the right channel for you and them.
  • Intelligent intake: Mixture of robotics, data and redesign to change how we take in and prepare submissions.
  • Activated Warranty: Focuses on how the intersection of humans and machines can become more intelligent and efficiently control data-driven decisions.
  • Collaboration Proposals: Attempts to move delivery of proposals from inseparable emails to collaborative experiences of sharing, learning and adapting winning solutions. a "wow" experience when the purchase was completed, rather than worrying that they were just making the wrong decision.

Part 1: Omnichannel Distribution

Today we have to take the bus iness how our customers and partners want. For most deals from our agents and brokers, there will still be email; but email alone is not enough. We must be ready to conduct business through portals, eBrokers, OEMs, partners and directly to customers via calls, apps and chat. And we must be ready to bring in new business anywhere. Within P&C commercial and group benefit insurance, we see the ongoing consolidation of agent and broker channels. As these channels grow in power and influence, it puts carriers under pressure in terms of cost, price and access to new business. In the end, commoditizing these forces insurance.

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Carriers respond to commoditization

Carriers push back against commoditization in two ways. First, some carriers try to differentiate themselves by making it easier for their distribution partners to work with. This is not a new trend – airlines have been using broker portals for several years. But it is pushing to new frontiers with direct connections to brokerage solutions via application programming interfaces (APIs), as well as the creation of apps, AI chat and other innovative models for certain service requests.

Other operators are investigating alternative models. to find new customers in addition to traditional agents and brokers:

What all this means is that the first step in changing the insurance experience is to be open to better and new ways to connect with our distribution partners and customers. It's not just about new channels such as apps, chat and portals. Real leaders here will think about the key needs of their partners and customers and then design sales experiences to meet their needs. It's time to make sure you learn design.

To do this well, we recommend five important steps:

  1. Define your target customers (agents or end customers) and do detailed research to understand their specific insurance, purchasing experience, and service needs.
  2. Define a clear approach to how customers will find out about your offer and the latest relevant changes you have made. with a few customers.
  3. Design the technology, partners and systems that can create your design. Build the budget and plan needed to implement it and determine the target return.
  4. Develop and run a pilot quickly, where you can learn and adjust your design before expanding it.

If you are interested in learning more about this process, I would love to hear from you.

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