This blog series explores four factors crucial to insurers’ success in driving digital distribution: people, process, technology, and products (see part one here and part two here). Part three of the series examines the role of technology in your digital distribution journey.
Technology is the engine that drives digital distribution, positioning insurers to offer consumers the products they need, when they need them, through their channel of choice.
More consumers are going digital – 79 percent of people say they will interact with their insurer online in the next few years, according to a recent study by Bain & Company1. The same study forecasted that in three to five years, up to 23 percent of customers will purchase premiums through digital channels1.
Technology is a critical component of actualizing your digital vision, but insurers face significant headwinds. Carriers are struggling to integrate new technology with old systems, and they are falling behind. Moving to digital distribution is a critical step to capturing the loyalty of the next generation – and this cannot happen without the right technology.
Lagging is not an option – it is essential to adapt or risk losing out to insurers who can.
But don’t just focus on ways to apply band-aids to front- and back-end systems – change how you operate your business through a proven distribution platform that allows you to integrate traditional and digital channels. A platform that capitalizes on investments in back-end technology (such as agency management systems, policy administration systems, underwriting tools, etc.) will help you increase your business’ operational efficiency and effectiveness, meet growing consumer demand, and boost customer wallet share.
Overhauling back-end technology isn’t necessary. There are digital platforms that can easily snap into your current infrastructure for immediate use – all while optimizing the multi-channel and multi-carrier environment. Through a single interface, you can quickly respond to consumers’ insurance needs and optimize daily performance.
P&C insurance is a highly competitive industry. It is essential to implement a distribution platform that capitalizes on innovative technology to keep and expand your competitive edge, including harnessing advancements in consumer data and analytics to meet your consumers where they are.
Take your business to the next level – leverage existing investments in technology to maximize your ROI and minimize added costs. Your digital distribution platform should give you the tools you need to always say “yes” to your customer.
Take your business to the next level – leverage existing investments in technology to maximize your ROI and minimize added costs. Your digital distribution platform should give you the tools you need to always say “yes” to your customer. Learn how by downloading our thought leadership piece, .
Stay tuned for the fourth blog in the series that speaks to the role of products in your digital distribution journey.
1. Müller, Florian, Henrik Naujoks, Harshveer Singh, Gunther Schwarz, and Andrew Schwedel. Global Digital Insurance Benchmarking Report 2015: Pathways to Success in a Digital World. Rep. Bain & Company, 2015. Web. 3 Mar. 2016.