For decades, agents and brokers have long been the channel of choice for P&C, L&A, Group and Voluntary Benefits insurers. This traditional channel landscape, however, is rapidly shifting and changing. Customer behavior and expectations, for both consumers and business owners, are forcing insurance companies to set up multi-channel distribution options to enhance customer interactions on the customer’s terms … not the insurer’s.
Customer expectations are shifting to a multi-channel world, challenging insurers to provide channel options and choice across the entire value chain. In addition, new channel options are rapidly emerging, such as marketplaces, embedded insurance in other businesses, comparison sites and direct distribution. As a result, distribution channel strategies, including how to support the traditional agent/broker channel, are a focus for transformation in the age of Digital Insurance 2.0, and are foundational to an insurer’s ability to realize their growth and innovation strategies.
In the age of Digital Insurance 2.0, the product-driven mindset of the past must be replaced with a focus on creating value across the customer’s life journey by adapting and meeting their unique needs at different life stages and life events.
Agents and advisors remain critical to the way insurance and financial services companies market their products and services, engage consumers and sell. How they go about selling, however, needs to look much different than it did 10 years ago, five years ago or even one year ago.
Ecosystems can rapidly reach more markets and give current customers more purchase and service options by tapping into aggregator and price comparison sites, social media, call centers, agents, MGAs, chatbots and more.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software and consulting services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more. For more details on Majesco, please visit www.majesco.com