Employing Analytics to Optimize Insurance Distribution – Cognizant
Article Synopsis :
An evolving distribution landscape creates the opportunity for carriers to use advanced analytics tools and methodologies to capitalize on their data and extend their reach to digitally-connected consumers.
In “Employing Analytics to Automate and Optimize Insurance Distribution”, Cognizant sheds light on how insurers can apply advanced analytics to distribution operations, helping enhance competitiveness, profitability and consumer centricity, with a focus on:
- Product design
- Multi-channel distribution
- Profitability management
Advanced analytic capabilities hold enormous potential for leaders to evaluate their business and allow it to thrive. Specifically an integrated analytics strategy should provide carriers and distribution channels with fresh insights enabling them to:
- Better serve the client
- Provide systematic guidance and a roadmap for sales and distribution
- Create well planned, informative sales and marketing campaigns
- Tackle the challenges of field management and producing agents
By employing advanced analytics to both pre-existing and real-time data carriers can gain deeper insights into customer preferences, better informing their overall business and distribution strategies.
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Digital Insurer's CommentsAn insurer’s ability to align distribution channels with the company’s sales objectives in a landscape dominated by web, mobile and social, forms a key competitive advantage.
Most carriers want to designing their distribution strategies around a multi-channel approach to meet customer expectations, but multi-channel is easier said than done. Siloed legacy systems (limiting data flow), data complexities, technological intricacies and enhanced distribution costs all get in the way. Insurers require a holistic view of their distribution architecture to help visualise volume, speed and variety of customer interactions happening across channels and markets.
We believe the integration of analytics in distribution channel management is the key to visualising customer interactions in real-time, leading to superior customer engagement and optimal sales efficiency.
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