Optimizing Insurance Distribution Through a Hybrid Model – Wipro
Article Synopsis :
Agent-based distribution models have essentially built the industry into what it is today. In “Optimizing Insurance Distribution Through a Hybrid Model”, Wipro looks at the digital enhancement of traditional agent channels and digital distribution options for the direct selling of insurance products to customers. The report articulates a ‘hybrid’ approach to distribution, the key components of which are:
- Automation of insight gathering
- 360-degree view of the customer
- Automation of personalized customer communications
- Straight-through processing and simplified crisis guidance
- Enhanced remote experience
- Seamless multi-channel and omni-channel experience
- Creation of new customer interest
The report presents a high-level framework for adapting to new hybrid purchasing behaviours, including insights on the:
- Implementation of digital tools, i.e., web chat, video chat, co-browsing, to connect and collaborate on all insurance-related needs
- Creation of platforms to communicate a “your insurer cares” message through personalized product tips and insights, risks associated with products, and guidance on claims and other submissions
- Creation of intuitive customer experiences across all mobile devices
- Implementation of better strategies to measure and incentivize agents
- Extraction of intelligence from unstructured social interactions, customer transactions, and product histories integrated to create a 360-degree view of the customer
- Generation of personalized, relevant and targeted campaign communications
- Implementation of a strategy to communicate market trends to agents, with deep-dives on related product information and prospective customer leads
- Specialized training of agents on new products (or changes to existing products), especially those complex in nature
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Digital Insurer's CommentsWho owns the customer?
The effectiveness of any hybrid distribution model is highly dependent on the delivery of a unified customer experience, which can often mean the management of conflict between digital and agent channels.
Key to success is transparency, i.e., the seamless flow of information between new and traditional channels, with each owning the ability to retain and reproduce data captured in the other.
Transparency engenders trust among all client-facing stakeholders toward a winning spirit of customer service.
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