Onboarding is a comprehensive process that includes identifying and qualifying leads, needs analysis, product selection, and opening client accounts. Historically, onboarding was viewed as an administrative task involving extensive paperwork and dual data entry focused on compliance. A more strategic approach to onboarding can provide a better customer experience, reduce costs, and drive top-line growth. Key elements of a strategic onboarding process include using analytics to gain customer insights, guiding a discovery process to understand client goals, and automating the process using mobile capabilities to make it more efficient and responsive to clients' needs.

1. Getting it Right
from the Start:
Taking a strategic approach
to onboarding

2. Onboarding is a comprehensive process that includes:
• Identification and qualification of leads
• Needs analysis and/or financial plan
• Product selection
• Opening of client account
Historically viewed as a laborious administrative task
• Extensive paperwork
• Dual entry of data
• Information collected was compliance-driven
A more strategic
approach can
provide a better
customer
experience,
reduce costs
and drive
top-line growth
A fresh look at onboarding

3. Strategic transformation of client onboarding
Building blocks include:
• Analytics - obtaining insights that improve the client profile and
enrich the customer experiance
• Discovery - guiding a comprehensive approach to truly understand
the client’s goals and aspirations
• Automation and mobile capabilities - using innovation to make the
onboarding process more efficient, transparent and responsive to the
client’s requirements
The objective is to create a client profile that is rich in context,
rich in opportunity and rich in personalization and insights

4. Key strategic considerations
Experience What do advisor and client feel throughout process; how is brand communicated?
Process How do the activities move through the organization?
Organization Who actually does the work and how does the firm support them?
Governance Who has responsibility and ultimate accountability for essential activities?
Data How are info and insights collected, stored and managed?
Technology What tools and applications are used?

5. Recommended practices
Onboard once Only one Master Service Agreement with client
Establish expectations Client and advisor set realistic expectations
Develop client-centric solution Advisors can access holistic view of client’s information and accounts
Make data consistent
Complete and compliant information is entered once and integrated
across all internal systems
Tailor experience Use all info available to tailor personalized interactions and solutions
Build on goals Client’s objectives guide discovery and drive recommendations
Provide portability and mobility Use mobile and online devices to facilitate the experience
Keep it simple Minimize administrative tasks, de-clutter the experience, use plain English
Ensure client transparency and control Clients should be able to participate, modify and drive the process when
they want to engage

6. Download the full report
https://www.accenture.com/us-­‐en/insight-­‐strategic-­‐approach-­‐life-­‐
insurance-­‐onboarding.aspx