In this series, we look at where digital investments can have the greatest impact on insurers. As we mentioned in our latest post, Accenture research indicates that for North American insurance companies, customer experience and distribution innovations provide the best return. As agents play an extra large role in the customer experience and expand distribution, we recommend insurance companies to focus on innovations that will empower agents throughout the customer journey.
What does it mean for an agent to be a partner?
The most successful insurance agent integrates four dimensions into the work ̵
To build long-term relationships, agents must prove their commitment to their customers, especially in times when the customer is facing a challenge. Claim management is one such event that can test the relationship. Agents with the right tools and skills have the power to turn the most undesirable and unhappy situation into a situation that provides comfort despite the accident.
What do agents need as partners to succeed?
As the customer's partner, an agent needs a thorough understanding of the customer's 'existing' condition. More than just acknowledging that each customer is unique, agents need a more complete picture of what surrounds the customer, their connections and priorities.
Agents need at least a complete and up-to-date database of the customer – a 360-degree view of the customer's profile and their current products, networks and coverage. They also need structured guidance to help them be proactive in offering the right help at the right time.
Where Digital Innovations Can Provide Partner Agents
When it comes to investing in digital innovations that help agents do their best, we recommend insurers to focus on the following:
- Provide an effective "needs analysis" feature that does this enable agents to see progress and suggest the next best products based on the data collected.
- Offer a complete picture of the customer, including their network and second best actions.
- Mark problematic customers and recommend measures to mitigate.
- Enables transparent and remedial tracking of claims.
- Provide updates on products, promotions and news and suggest actionable measures.
Investing in these features will make it easier for agents to build meaningful and lasting relationships with customers – which will benefit customers and insurance companies.
If you want t AlK on how Accenture can help your organization support and empower agents during the COVID-19 pandemic and beyond, while making the most of your digital investment spending, do not hesitate to reach out to Jim directly.
To learn more about our research on digital innovation, read our report: Where is the reimbursement of digital innovation in insurance?
Disclaimer: This content is provided for general information only and is not intended to be used in consultation with our professional advisors.