Neutrinos Insurance Sales Distribution Suite
Traditionally, the business of insurance has always been conducted face to face. The personal rapport that agents were able to build and their personal interactions with customers were largely what drove much of the insurance business. The process of converting a lead into a customer via the traditional approach to business is a long and tedious one.
The path to purchase are varied and often complex. The entire process of lead generation to onboarding of a customer is one that is prone to delays and missed opportunities as it involves multiple meetings and extensive manual follow ups with no tracking mechanisms or real time help on hand.
What makes addressing consumer needs challenging for insurers
- Providing seamless social connectivity: Legacy systems and overlapping patch fixes over the years have resulted in inordinate delays and inabilities to smartly adapt to changing customer needs.
- Hyper personalization: The reliance on paper based tools places the burden of personalisation on agents and their documentation which is unreliable with the increase in client numbers.
- Regulatory compliance: Constantly changing regulations that are time-bound place an enormous strain on the IT division to apply ever increasingly complex patches to multiple systems.
- Lack of frequency in customer engagement: The dependence on paper based tools and the absence of an automated system leaves agents unprepared for regular and timely follow ups.
- Digital advisory: Technological trends are not taken into account and the customer of today often feels that he is dealing with a company woefully out of sync with the modern world.
- Content delivery and management: The dependence on paper based documentation, information and data collection results in the agents carrying around voluminous amounts of documents in order to meet the needs of all their customers.
- Brand delivery and resonance: The lack of uniformity in presentation of products and features and the all too real instances of product literature offered in varying degrees of presentability have often led to the insurers brand value taking a few hard knocks.
- Product service information: The sheer volume of product service information across the numerous products often leads to some vital parts of information being left out at the time of discussion with prospects and could lead to misunderstandings later.
- 360 degree customer view: Most if not all managers do not have a 360 degree customer view because the information captured is with the agent or on a paper based tool at best. Reports are not real time and are often delayed.
- Cumbersome application environment: Agents and managers have to wade through an unwieldy and cumbersome application environment in order to complete validation and onboarding of clients
- Signatures, audit trails, mobile app security: Tracking, verification and storage of signatures, complex manual audit processes together with challenging issues of mobile application security issues on legacy systems make integration a huge challenge.
- Disparate systems trying to work together – not seamless: The concerns of cost, time and expected effort towards digital transformation has resulted in a patchwork of many incongruent systems trying to achieve otherwise simple tasks. This results in delays and impediments to many stages in the customer lifecycle from lead generation to onboarding.
Current customer demands and how they are evolving
- The connected customer: 72%: The customer is always connected, always online. He is using multiple devices and interacts with his world through multiple digital channels. He wants to interact with companies who are in a digital environment.
- The socially influenced customer: 47%: This customer relies on the “wisdom of crowds” and finds comfort in what he comes across in the social media, on blogs, etc. He wants to be able to learn from others on social media and to share his thoughts and experiences on social media as well.
- The switchers – 34%: These customers are those who have just made the switch either partially or completely over the last 6 to 12 months.
- The Informed & self directed customer: These customers are used to instant gratification. And they want access to what they are looking for immediately – without having to wait for it.
- The price sensitive customer: The price sensitive customer is always on the lookout for what he wants. Limits of time or place do not matter and he is often on the go. These customers want to be in control of their environment and their choices.
- The experiential customer: These customers are always on the alert for unique experiences that are personalised to their own needs and preferences. They are usually willing to share personal data to receive personal advice and review coverage.
How does having an offering with end-to end solutions help insurers?
The channels through which insurers reach their clients has for a long time remained fairly unchanged. Whether through direct distribution by insurance agents and appointed representatives, or via indirect distribution through insurance brokers, independent financial advisers and managing general agents, these were the well worn paths taken by insurance companies to reach their clients.
Today’s customers however, look to receive the same levels of choice, convenience, and transparency that they are provided in other industries. They want to choose how, where and with what frequency they interact with insurers. And what is fast filling that void today, are agile new digital entrants that have sprung up to meet their demands. These new incumbents have been effective in challenging not only the orthodoxies of traditional distribution channels, but also in utilising the advantages of digital distribution capabilities to enhance all aspects of the customer value proposition from personalization to instant gratification. In a clear and irreversible shift, distribution insurance is moving away from allowing customers to access and purchase products in the most efficient way for the business, to offering customers anywhere, anytime access to products in the way that is most convenient for the customer.
A sign of the times: some two-thirds of all venture capital funding in insurance is going into distribution start-ups.
This striking shift in customer expectations is a clarion call for the insurance industry to invest in the new digital distribution suite models that are now the drivers of hyper personalized customer engagement and providers of enhanced value propositions. If they fail to do so, they could be risking as much of 25% of their current profits. And this risk is only going to grow with the widespread demand for and acceptance of this refreshingly new and absolutely convenient way of interaction.
In order to power their passage into digital transformation, keep up with technology trends and meet customer demands, insurers need to optimize internal processes and un-clutter the lives of their agents enabling them to step up and deliver value to customers in this new normal. An end-to-end digital distribution suite is where rubber meets the road for insurance companies. This out-of-box solution addresses key challenges, is tailored to cover all facets of the agent lifecycle and provides a seamless interface from marketing and sales to customer service and retention. The key enablers that make an end-to-end distribution suite a must have for insurers are:
- Faster processes
- Seamless customer experience
- Assistance on demand
- Easy reporting
The challenge for such an initiative will be balancing digital services while also maintaining the personal touch that is foundational to the industry.
The Neutrinos Distribution Suite: The Neutrinos offering that addresses the need for end-to-end solutions
With a focus on unified customer relationship management, the Neutrinos distribution suite encompasses the following aspects:
- Road show:
- Campaign manage road shows and run all cross sell programs.
- Capture leads resulting from campaigns and intelligently auto assign them to agents and sales personnel.
- Capture basic details of leads and send them push notifications and advertising content.
- The remote sales distribution suite has the capabilities of remote customer interactions through co browsing, online meetings, screen sharing and lead generation through social media marketing.
- All necessary marketing videos and information can be viewed by the customer on one platform.
- Customers can select policies and toggle between various risks and advantages.
- An interaction by way of a game is provided for customers to input their details so that there is a better understanding of their needs.
- The platform is intuitive and interactive and has a broad range of content with functionalities like comparison, market analysis and data capture. This enables the agent to give prospects a brief about various products on a single platform itself.
- The remote sales distribution suite has the capabilities of online customer interactions on VoIP and enables customer prospecting on VoIP and on video.
- Lead management
- The creation, nurturing and managing of leads with built-in data privacy compliance, management of customer interactions and lead scoring.
- The dashboard will consist of the actual, live data of prospective customers with their feedback and last status. Schedules and the value of new business won by the agent is also visible.
- The placement of leads into different categories of the client lifecycle provides a holistic view of the progress of the lead allowing agents to track and plan their next steps accordingly.
- Campaigns can be created and maintained on the LMS, an escalation matrix and distribution of leads as per hierarchy can be set.
- All follow up activities like call, SMS, mail etc. can be performed using the LMS and the history/tracker of the lead is updated without the need to refer to other apps or documents.
- The remote sales distribution suite has event based triggers for action, descriptive and predictive analysis and AI deep learning and NLP for insights.
- e-Financial analysis
- This is an interactive stage where the customer will input details with the help of a spinner/stage cycle.
- Once the financial status and affordability is captured, calculation of inflow, outflow and sum assured is done and a note is made of any existing resources if required after accounting for a surplus or shortfall for each section.
- Data required for the financial needs analysis is captured.
- Based on the financial needs analysis, a product that suits the customer is recommended and additional products can be offered if needed.
- The remote sales distribution suite has the capabilities for e-signatures, remote document capture and online payments.
- Product configurator
- Policy databases are maintained using the Life400 configurator.
- There is a common repository for all customer documents and details with triggers set for policy expiration dates, etc.
- A separate repository for signed customer policies is maintained.
- Integration, administration and on-boarding is facilitated through defined user roles and access integrated across all systems with validation of any third party transactions.
- Content management
- Content is pushed to various platforms like LMS, ExSub, Pre-Sales, etc. for content management as well as social networking integration.
- Product content is managed by pushing changes to all the platforms.
- Changes made can be tracked with validation for all aspects of changes made with an escalation and approval matrix.
Effective changes achieved to agent level performance with distribution suite
- Review all daily “To-do” tasks and assigned leads for the day at a glance.
- Creation of a lead on the system at the time of meeting the prospect and after obtaining consent.
- All information, collateral and assistance is available at hand to ensure that the right products are sold.
- A simple gamified interaction with the prospect completes the form fill task.
- Reminders for follow ups, actions required and notifications are set immediately.
- The campaign manager is independently able to reassign leads based on agent locations and campaign responses without dependence on IT or other agents.
- All information of meetings during the day is captured quickly and easily.
- All reporting is automated and gives managers a clear view of the agents day as well as a 360 view of the customer.
- Policy validation and onboarding is automated and the agent is able to keep the customer up to date with the status.
- On-time and proactive customer engagement facilitates cross-sell opportunities at the right times and drives advocacy.
Client case study – Paper based process replaced with a comprehensive Lead Management System
One of the biggest providers of employee benefits and healthcare, and a client of Neutrinos in South East Asia, approached it with the challenges that it was facing.
- Agents were working from paper based tools to collect data of prospective customers
- Multiple sales channels caused a lack of communication between agents
- Lack of transparency led to visibility issues with reference to lead generation and conversions
- Regular and timely status updates on work allotted to agents was unavailable leading to delays and errors in scheduling new client meetings and appointments
- Neutrinos digitized the paper-based process with a multipurpose application that provided the complete lead management lifecycle on a single platform. This allowed full visibility of the process for insurers and managers.
- The app facilitated tracking agents’ performance for managers to set goals and recognize achievements immediately
- The platform allowed for easy communication with leads through SMS, calls, meetings, follow-ups, etc. Calls were also recorded for further review to ensure that no vital information was lost.
- Actual real-time dashboards were provided for a single window view of leads thereby facilitating on time and proactive measures to reach out to all prospects.
- Due to digitization, the time taken to collect and process data reduced by 80%.
- Tracking of agents against respective leads was simplified with system driven transparency into the lead management lifecycle.
- The conversion rate from lead to customer increased substantially due to the on time intervention of managers for critical leads.
- Real time agent tracking and performance reviews helped to recognize the right talent and improved the morale and performance of agents.
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