Michel Michellod from Celent, an international strategy consultancy focused on the financial industry, has just posted a very interesting article which is very “aligned” with how we understand ourselves the current and coming insurance front-end challenges.
Some interesting strategic challenges highlighted in the post:
The direct channel requires an appropriate front end. […] This goal can be best achieved through the implementation of open and flexible front end systems facilitating interactions with potential customers, integrating modern communication tools for call center officers and allowing a high level of reactivity in terms of product, pricing and discount changes.
Communication with aggregators is key. […] The second alternative consists in directing shoppers automatically onto the insurance online platform to perform the last step of the buying process (the effective purchase of the insurance product and its payment). This alternative requires an instantaneous transmission of customer and quote data by aggregators to insurers.
Insurers need to improve integration of affinity and bank channels. […] Insurers need to implement relevant portals allowing management and process of sophisticated insurance products.
Use brokers and agents in specific customer segments. […] I recommend insurers to implement sophisticated portals with rich functionality to provide point of differentiation.
Responding to multi-channel management. […] I believe insurers should prioritize sophisticated portals providing a single view of the customer based on service oriented architecture (SOA) with high level of automation.
As the insurance distribution landscape is changing fast and drastically, I expect this topic to be part of the European insurer’s top priorities in the coming years.
At Innoveo, we are exactly acting in this field and bringing a standard software product on the market – Innoveo Skye®– which allows insurance companies (life, non-life, health) to find an efficient, technology-proven and business-oriented answer to the different challenges raised by Celent.
Disclaimer: we were nominated by Celent as “Model Carrier” in 2007 for our effective usage of technology. See the report here.
Cross-posted on the Innoveo Blog