Insurers need to relook at the very foundations of their business and digital transformation programs. We’ve identified key areas across the customer journey where having a customer first mentality, strong data analytics and flexible technology architecture can drive tangible results and listed actionable next steps, which could be used as a playbook to replicate across the business.
In this paper, we deep dive into these areas with practical recommendations that get insurers to tangible and real outcomes.
With coronavirus (COVID-19), voice, data and digital platforms have seen increased usage as customers rush towards them to manage their needs. Insurers have a unique opportunity to capitalize on this shift by developing new business models with platform providers, expanding their reach and delivering value to the platform customer.
Our report outlines why insurers will need a COVID-19 crisis war room to manage real-time decision-making as the pandemic continues. Whilst many companies have created a crisis war room focused on near-term operational issues, as these immediate issues settle the room should pivot to helping the business navigate through the coming months and years.
The inforce book contributes a relatively large share of the profit, revenue and operating cost but in the race for new business, has not received adequate scrutiny. Our piece outlines three broad categories of actions that APAC insurers can take to maximize the value of their inforce portfolio, unlocking a $10 billion opportunity in the process.
Mainstream distribution channel partners for life insurance sales have traditionally relied on high-touch physical client interactions for generating leads and closing sales.
But due to the COVID-19 pandemic, distribution is undergoing change as the forced reality of virtual engagement encourages the adoption of digital, with distributors are willing to adopt to new ways of working. Our report is focuses on best practices for insurers to drive sales force effectiveness in the agency channel.