7 things you need to know about insurance modernization
1. It’s time for the Insurance Industry
to join the tech revolution.
Developed by
7 THINGS YOU NEED TO
KNOW ABOUT INSURANCE
DISTRIBUTION
MODERNIZATION
2. With the convergence of technology, big data,
social media, and sophisticated marketing,
new and creative business arrangements and
processes brings an entire new insurance
ecosystem on the immediate horizon.1
@VUESoftware 7 things you need to know about insurance distribution modernization
Why is Distribution
Modernization relevant?
3. @VUESoftware 7 things you need to know about insurance distribution modernization
Modernizing Distribution
and the “Front Office”
2Insurance companies are very dependent upon
agents, whether independent or captive, on selling
and servicing their entire product line.
Taking the disparate functions that are part
and parcel of “agent management” and
consolidating them into a single service
point – the front office – will pay
immediate dividends.
4. @VUESoftware 7 things you need to know about insurance distribution modernization
3As society changes, so too must insurance companies
adapt to those changes. The aging of the population
creates opportunities for new products and markets.
Economic issues open up the need for different types
of personal lines coverage as well as financial products.
The rise of the millennial generation creates marketing
and service challenges since their buying behavior is
different than their parents.
5. @VUESoftware 7 things you need to know about insurance distribution modernization
Modernizing distribution is more
than just consolidating functions, it is
providing the enabling technology that
allows the use of fresh, new technology
such as mobile devices (smart phone and
tablets) internet access from virtually
anywhere, as well as access to integrated
social media. And, perhaps the biggest
advantage of all, access and use of Big
Data in ways never imagined.
While there are petabytes upon
petabytes of internal data that can be
sorted and used to gain insight and
knowledge, it is that big data that
resides outside of the insurance
company’s domain and firewall that
will deliver compelling change to the
industry.
4Distribution as a
Transformative
Process
6. @VUESoftware 7 things you need to know about insurance distribution modernization
A recent survey by the Big I’s Young Agent
Council showed that over 60% of their members
have Facebook pages, use Twitter and other
social media on a daily basis. If one takes a
critical look at Facebook and how it is used, it is
quite apparent that Facebook (and others) can
be a legitimate and critical tool in the marketing
and servicing of all type of insurance.
5
Social Media and
Distribution
Modernization
7. @VUESoftware 7 things you need to know about insurance distribution modernization
Will a new producer be able to immediately
recognize that they are joining a first class
organization? Is your the technology:
• Paperless?
• Are background checks electronic?
• Is the contract handling using
e-signatures?
• Are any fees handled via credit card?
• Is the approval process automated?
• And is the on-boarding fast, accurate,
and complete?
6
Onboarding of New
Agents and Advisors
8. @VUESoftware 7 things you need to know about insurance distribution modernization
7
Regardless of industry segment, the reasons to develop
a formal and structured front office capability are to
provide better management oversight of the entire
revenue side of the business, consolidate disparate
departments, and deliver improved services to agents.
Clear Oversight
and Management