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Multi-channel selling – shaping the future of underwriting


qiworks - June 10, 2020 - 0 comments

The insurance industry is going through a phase where it is seeing tremendous growth and changes. Times have changed and today, the insurance agents, brokers, and evolving digital platforms play a key role in underwriting. 

What is multi-channel selling? 

Multi-channel selling refers to the feature where the insurer interacts with a potential customer across platforms- it could be anything from the print ad, physical office space, or social media channels.  Today, we have people across generations’ who transact and interact online on a day-to-day basis and so it is vital that insurance companies too hop on board, and start shifting their focus from products to customers. 

While we know the agent customer direct communication channel is not going to disappear anytime soon, it is not what it was 10 years ago, or even a year back. The evolving market has empowered the customer, thanks to multi-channel experience they have been through with companies like Amazon.  

Underwriting with multi-channel platforms

With the channels changing, so must the services offered by the insurance enterprises. Increasing profit margins, gaining an edge over the competition, addressing the insurer’s capabilities, shifting from traditional approach to one that adds value are some elements to consider. 

It is all about the data and analytical tools when it comes to multi channel selling. The digital transformation brings with it a surge in both the volume and type of data that is evaluated before a policy is suggested/purchased.   Insurance companies will gain access to not only internal data [both structured and unstructured], but also a range of data from external sources, including various channels. This is where insurers rely on IOT, AI and RPA to help organize the data and analyze the same to provide them with insights. 

While underwriting a policy, the insurer needs to study the behaviour pattern, lifestyle, spending capabilities and an ongoing risk analysis.  The tools available for these purposes have grown exponentially over the years.   There are specific tools for data gathering, some for evaluation and others for generating reports. The use of Artificial Intelligence and Machine Learning helps gain perspective and insights, apart from providing real time assistance. There is also Gamification and Product Configuration that facilitates insurers to launch new products and understand their customers better. 

Insurance companies have begun switching to Mobile Technologies, including apps for tablets and other smart devices, including connected wearables. Infact, there are brokers who use a tablet for all activities in an underwriting process. 

Similarly, another concept that is growing in popularity is collaborations. Between underwriters, brokers and customers has become possible with advances in technology. This helps build interaction and offer personalized products and services. This also helps build trust and long term relationships between the insurance company and customer. 

Today with social media being an integral part of our lives, it has become easy for both policyholders and insurers to gain access to information and clarifications without any delays. Utilizing the available tools, including predictive analysis is how the insurers can target the right kind of customers and work on retaining the customers, apart from building upsell initiatives.

So, how do you differentiate your insurance offerings and stay ahead of the game?. The answer lies in developing reliable products, services and being able to deliver them to a customer through a reliable distribution solution. 

At Neutrinos, we have been creating Digital Sales Insurance Distribution solutions, which have been implemented by some of the leading insurance companies across the globe. We can help you offer seamless and integrated multi-channel experience that will increase efficiency and customer satisfaction as well.  To know more, Reach out to us now!  

 

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