The distribution in Insurance is changing much faster than ever before. While the first wave of Point of Sale tools revolved around excel/access based systems for generating illustrations, the 2nd wave transformed the technology to support online desktop/laptop based system. The 3rd wave took it to the next level with enhanced functionality and features, end-to-end process on omni-channel technologies that operated in both connected and disconnected way. The next wave is taking this step further with the advent of new technologies like AI, OCR based data capture, Analytics for improved customer profiling beyond the standard underwriting rules. The millennials are keen on controlling their own destiny and are demanding insurers to provide tools(D2C) to them to take informed decisions.
The old age models of selling insurance thru tied agents, banks or brokers is also changing with several new channels like mall assurance, Direct marketing and tele marketing, Post office, telecom partners etc. The insurers are faced with stiff competition to attract best producer, partner by creating unique compensation models, paying commission on daily basis, launch innovative contests to grow business, improve persistency, etc. while reducing distribution operation cost.
There is growing demand from distributors to provide information anytime, anywhere on any device. Also, they would like to transact business while they are on the field so that they can spend more time on field with customers than in the office. They are looking for insurers to provide qualified leads, timely alerts, intelligence on a prospect or existing customer, so that they can propose right products to improve share of wallet.
All these growing demands is pushing insurance companies to transform Distribution models, distribution operation and also way of doing business to remain ahead of the competition. They are compelled to make use of new tools, systems, processes to improve productivity, efficiency and reduce operation cost, which will help them to reduce product pricing to gain competitive advantage.
C2L’s focus on end-to-end distribution value chain, SymbioSys suite of solutions that aids in adoption of best practices, deep domain expertise and consultative approach has helped our customers transform their distribution operation, to remain ahead of competition. We are market leader in Asia in Digital distribution with implementation in 12 countries for over 40 customers, with success stories of 100% paperless sales enablement.