The Digital Insurer - Enhancing the Agency Network - The Digital Advisor
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The Digital Insurer - Enhancing the Agency Network - The Digital Advisor






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    The Digital Insurer - Enhancing the Agency Network - The Digital Advisor The Digital Insurer - Enhancing the Agency Network - The Digital Advisor Presentation Transcript

    • Enhancing the Agency Network – The Digital Advisor Hugh Terry Editor & Principal The Digital Insurer
    • Think Digital: Transform your Agency insurance business Presentation is online
    • Four Discussion Objectives Life Insurance as focus For today’s discussion 1. Digital – it is a revolution 2. Digital will transform face-to-face advisory channels 3. Tablets point of sales toolkits are pivotal 4. How to Transform? If there is time… 3
    • The Digital Revolution: it will not be televised Digital Convenience • • • • Always on Always there Universal Almost free Digital Connectivity • Access to information (Google) • Access to each other (Facebook) • Access through devices (Apple) • Location-agnostic (cloud services) Digital Expectations • Data “on demand” • Desire for clarity & simplicity • Dialogue not monologue • Easy to promote a product .. and complain Change, Change, Change…. 4
    • Two digital “Mega” trends : forces beyond anyone’s control 1. Technology is cheaper and easier to implement than ever – it is the fulcrum to meet consumer needs, reduce operating costs and to change your culture 2. Changing consumer behaviour – they are demanding and seeking a different experience 5
    • 4 digital Insurance business opportunities (& threats) Focus for Today Create New Models 1. Pilot New Digital models : Partner with companies with digital assets to create new models 2. Digital Worksite Marketing: unlocking the hidden value in your employee benefits business Transform Existing Models 3. Transform Life insurance Advisory Businesses : The Digital Advisor 4. Digital Cross Selling: personal lines, asset management, banking 6
    • Welcome to Digital Customers : they are “Hybrid” Online The Hybrid Customer Face To Face The hybrid customer is… • Better informed • More demanding • “Multi-channel” for both sales & services • Will jump channels at any point – catch them if you can! Phone Myth #1: Digital is a new distribution channel Reality : Digital enables customer engagement 7
    • Anchored to basics : Digital Advisor strategies need to leverage insurance fundamentals Digital impacts Trust is at the heart of insurance Great insurance advisors always in demand Customer service matters As customer research on-line trust will need to be developed and leveraged on-line Trust must be earned and reinforced in every interaction When customers research online they will research their advisors as well…. Less time face-to-face – but no less important Insurance advisors need to be more mobile (digitally & physically) Mobile technology provides opportunities for cost effective customer service differentiation. Customers will expect this – a hygiene factor very soon Cannot transform customer service with current “back “office 8
    • /App 9
    • 1. LEADS 1. Managing the Sales Funnel • • • • • Co-partnership models for lead generation Apps to generate leads from the “digital cafes” Analytics has a big role to play Get the lead to the right person Lead management systems to manage multiple leads , measure ROI and promote better practices Business outcome: - More leads - Better quality leads 10
    • 2. Build a “digital eco-system” around legacy policy system to treat customers like customers • • • Customer portals/apps : an on-line marketing capability for customer engagement leading to cross sell / upsell opportunities Customer experience centre : multi channel customer support to connect customer interactions – a digitally assisted customer service revolution (the engine room for converting “big” data into business) Advisor portals: customer data and advisor performance Business outcome: - Building deeper, richer and better relationships with customers and advisors - Facilitate and co-partners the advisors to better meet customer needs - Allow “farming” as well as “hunting” 2. SERVICE /App Customer Experience Centre Policy Record Systems 11
    • 3. SALES 3. “connecting the eco system” 12
    • Tablet sales toolkits : a pivotal tool in the transformation process Tablet Functionality: Focus on the parts of the sales process that engage with customer 1. Access sales aids/ brochures 2. Identify needs 3. Produce quotes and help to close 4. faster, easier and more accurate proposal submission Key Success factors • Must be Designed for Advisors • Easy to use with a “wow” factor that encourages use with clients • Great usability is critical: engage/delight customers & advisors 13
    • Tablet sales toolkit : Easy business case Primary benefit Other Benefits after success 1. Improved Sales effectiveness through a better customer experience Measured by : - High tablet usage from Advisors Increased sales productivity per month Back office productivity from digital proposals More efficient Faster & more accurate (clean policies in a day) 2. 3. Reduced agency overheads : premises & technology costs Business intelligence Benchmarking data Usage data “Bigger” data 4. 5. 6. Improved compliance to sales best practice (& regulatory requirements) Recruitment training tool Platform for more automated underwriting
    • AIA Case study: a tablet success story Compete set of functionality Results exceeding expectations “The adoption of iPoS goes beyond our expectations. In one country more than 80% of the new business is coming in through iPoS within 12 months of launch and in another country it was more than 30% after 3 months. The agents just love iPoS. All other indicators such as productivity, activity or case size are equally positive and better than expected.” AIA Executive leading the development AIA’s Journey 1. 2. 3. Initial Pilot in Taiwan (end 2011) Rollout in 3 countries completed (Singapore, Indonesia and Malaysia) Further 6 countries to complete in 2013 (6-9 months per country) Full AIA case study available on-line 15
    • The Digital Advisor : Where should you be 5 years from now? Agency KPI’s for 2018 50% of leads from digital engagement activities Leads Twice as many leads per advisor At least 2-3 times more productive 50% fewer advisors insurance advisors 100% tablet usage for all new advisors – core tool for sales 50% reduction in back office staff Customer service matters But at least a corresponding increase in customer facing staff supporting digital service, sales and lead processes Digital will transform Agency operating models 16
    • Tips for successful digital transformation Strategic Alignment New Implementation approach Digital as a transformation opportunity Customer centric (outside in) The importance of Tablet POS toolkits Fast pilot (AGILE) Comprehensive business case approved Explicit change management Resources dedicated Launched like a product Distribution owned Advice : think about Tablet POS toolkits as the “pivot” for your change strategy Reality : Digital will challenge, and transform, your organisational structure
    • Mission accomplished? 1. Digital – it is a revolution 2. Digital will transform face-to-face advisory channels 3. Tablets point of sales toolkits are pivotal 4. How to Transform? 18
    • A Forum for Digital Insurance in Asia – Articles on digital insurance – Free subscription to the Quarterly digest & magazine Subscribe for free, and be the first to know Articles: – The Digital Advisor – Customer & Advisor portals – tablet sales toolkits – Implementation Tips – Worksite marketing Sponsored by Insight Consulting: – Strategic Digital roadmaps – Implementation services – Digital ventures Building tomorrow’s digital insurance business models, today. Hugh Terry 19