insurance broker digital distribution platform - evolution and trends
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Commercial in Confidence © Target Group Limited 2014
Omni Channel Insurance Broker Distribution
The Customer Journey and Generational Effect
Simon Burgoyne
November 2014Commercial in Confidence
Commercial in Confidence
The Four D’s of Insurance
Digital Distribution
Dynamic Products
Data
Disruption
Commercial in Confidence
The Four D’s of Insurance
Digital Distribution
Dynamic Products
Data
Disruption
• Customer – 360 Degree view• Internal Data• External Data Sources• Big Data and Analytics
• Configuration Based• Data Driven• Proposition vs Product• Customer Lifestyle
• Omni Channel• Customer Segmentation• Sales Origination• Self Service
• New Entrants• New Models• Affinity Partner Models• Global and Regional Business
Commercial in Confidence
The Four D’s of Insurance
http://www.targetgroup.com.au/whitepaper
It was to increase understanding of the changes and challenges
that Target Group commissioned thisresearch surveying attitudes
and practices in the insurance industry.
Whilst thisreport cannot cover thefull impact and range of
transformation weexpect this wave to causein thecoming years,
the research does identify threekey areas where the change islikely
to be particularly profound:
These “ThreeDs” will form alarge part of the industry’sresponse
to a “fourth D” that is aconsistent theme in thisreport:
The Four D’s
Dynamicthe growing need for dynamic products that reflect
customers’ requirements
Distributionchanging distribution patterns to reflect customer
expectations and engagement
Dataincreased use of which must be harnessed
to competitive advantages
Disruptionthe disruption new technology is bringing
to the market
Commercial in Confidence
How evolved is your digital distribution channel strategy?
Commercial in Confidence
Evolving Insurance Distribution
Agent/broker Retailer BankOther
intermediary (eg employer)
Agent/broker
Insurer
Customer
Insurer
Customer
Ow
n s
ale
s fo
rce
E-c
om
merc
e:
Inte
rnet,
tele
sale
s etc
.
Ow
n s
ale
s fo
rce
Traditional model Multi-channel model
Direct Intermediated
Source: Swiss Re, Sigma Digital Distribution in Insurance: A Quiet Revolution (No2/2014)
Commercial in Confidence
Broker Internal Systems
Traditional Broker Channel ModelsInsurance Company #1
PAS #1
Products / Policies
PAS #2
Products / Policies
Broker OfficesInternet Channels / Affinity
PartnersMobile
Channels
Contents Website
Process Flow
Product Definition and Rules
Internal Broker Products
Process Flow
Product Definition and Rules
Insurance Company #2
PAS #2
Products / Policies
PAS #1
Products / Policies
Motor Website
Process Flow
Product Definition and Rules
Commercial Website
Process Flow
Product Definition and Rules
Broker Interconnection Networks
CRM
Customers/ Prospects
Commercial in Confidence
Challenges
Traditional “Channel Model” = Website
Developed in Java, .Net
Insurance product logic and business rules embedded in website:
Product questions / workflow, rules
Typically linked to insurance provider backend
Changes of product = Redevelopment of website
Costs of channel delivery and maintenance is high
Limits rate of change / market agility
Single website fits all customer needs
No channel personalisation
No customer segmentation
Product centric vs customer centric
Typically one website per product (Life, motor, home and contents etc.)
No cross website or channel integration
Customer data ownership
Quotes and data in backend insurance company systems
Commercial in Confidence
The Customer Journey
Source: Swiss Re, Sigma Digital Distribution in Insurance: A Quiet Revolution (No2/2014)
Commercial in Confidence
The Generation Factor
Commercial in Confidence
The Generation Factor
Source: Genworth Financial, Spotlight Series Issue 4:Generation Y - Profile of the New Generation
How do you generate business from all generations?
Channels, segmentation, personalisation to meet the needs of all
generations
Service expectations driven by Google, Facebook,
Amazon etc.
Emerging Generation Y
High disposable income
Now acquiring assets
Property – large mortgages
Influenced by peers
Support social factors and causes
Won’t tolerate slow service
Little loyalty
Demands personalised service
Generation Age
Baby Boomers 53-61
Generation Jones 43-52
Generation X 30-42
Generation Y 18-29
Commercial in Confidence
Digital Sales and Marketing Platform
Supports the customer buying journey
Makes it easier for the customer to buy
Customers feel compelled to buy vs sold too
Integrated customer experience
Across all channels and lines of business
Lowers the cost of acquisition
Reduces time to market
Component based
Emerging new products
Integration
Paradigm shifting software
IF Channel
Commercial in Confidence
Broker – Marketing Systems
Digital Sales and Marketing Platform
Broker Online Systems
Outbound Print, News, Email, SMS, Social, TV, Radio
AffinityChannels
Internet Channels
Call Centre Channels
MobileChannels
Website - Content Management, Personalisation and Tracking
Insurance Company #1
PAS #1
Products / Policies
PAS #2
Products / Policies
Insurance Company #2
PAS #2
Products / Policies
PAS #1
Products / Policies
Broker Office Channels
Sales OriginationSelf
ServiceBig Data Analytics
CRM
Leads / Prospects
Campaign Management
Profile and Segmentation Management
Commercial in Confidence
Broker – Marketing Systems
Where does IF Channel fit?
Big Data Analytics
Broker Online Systems
CRM
Leads / Prospects
Outbound Print, News, Email, SMS, Social, TV, Radio
AffinityChannels
Internet Channels
Call Centre Channels
MobileChannels
Website - Content Management, Personalisation and Tracking
Insurance Company #1
PAS #1
Products / Policies
PAS #2
Products / Policies
Insurance Company #2
PAS #2
Products / Policies
PAS #1
Products / Policies
Broker Office Channels
iBuilderChannel
& Product Config.
IF ChannelChannels created using schemed channel product & wizard,
then combined with website content
Quotes
U/W Rating
Reporting
Docs
Sales Origination Self Service
Campaign Management
Profile and Segmentation Management
Commercial in Confidence
Segmentation Strategies Traditionally one online channel per product fits all
New buying patterns require different strategies
Multiple channels per product based on customer /
prospect segmentation Channel products schemed, segmented and sold via multiple distribution channels each
with own branding, UX, rating, workflow, product questions etc.
Unique channel experience across multiple distribution interfaces
Segmentation by: Type
Generation
Group – e.g. language, specialist interest
Usage
Profile
E.g. motor: Type - car type, make, model
Owner profile
Generation
Usage and location
By car club, culture
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Channel Trends
Migration from discrete product to customer propositions
From sold too to compelling offering
Bundled lifestyle offerings
Based on profile, data insights
Generation requirements
Gen Y value experience over pricing
Baby Boomers – Australia’s NRMA Insurance over 50’s website
New products based on consumption, location,
environment and risk at point in time
Degree of channel personalisation
Learning from retailers
Privacy vs personalisation
Ultimately personalised insurance offerings
Dynamically assembled
Personalised user experience
Served via the appropriate channel based on profile
Commercial in Confidence
IF Channel – At the Core Dynamic sales origination given new market dynamics
Generational effects, personalisation, big data insights
Configuration based channel products and channels
Reconfigure products – no development
Separation of product logic and ‘look and feel’
Configure complex channel products, multi risk and lifestyle
Customer segmentation and profiles
Enables A/B multivariate testing
Omni channel customer experience across multiple channels
Seamless integration with brand, website etc.
Time to market and revenue
Unlock new business opportunity – target customers
Target markets
Insurance – direct/ brokers/ aggregators, banks, investments, lending and utilities
Sales origination, self service
Commercial in Confidence
Some Questions:
How will you evolve from custom web
development to rapid channel configuration? Alignment with market segmentation
Integrated across all lines of business – GI, Life, Wealth, Finance etc.
How is your channel strategy placed to meet the
needs of Gen Y and all Generations ? They are buying now
What will your digital distribution platform look
like in 2020?
How will you rapidly take advantage of new
insurance revenue opportunities that suddenly
arise ?
Commercial in Confidence
www.targetgroup.com.au
Simon Burgoyne
Business Development Manager ANZ
LinkedIn: linkedin.com/in/simonburgoyne
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