With insurance increasingly shifting to a digital, multi-channel model, traditional physical channels, such as agents, will have to move with the times. In fact, almost two thirds of carriers are looking at refocusing their physical channels to deliver more value during the sales process.
Consulting firm
Accenture recently conducted a survey of over 400 insurance executives on how their organizations respond to technology and its disruption of their business and operating models.
A key finding was that agents and brokers are expected to boost cross-selling and sell more profitable products. Agents and brokers must also improve their advisory skills on complex products and be able to interact with customers through multiple sales channels.
Half of those surveyed said that they expect their agents to be making good use of digital social media for marketing, prospecting, and lead qualification within three years’ time.
But it’s not just brokers and agents that need to adjust in terms of performing their job. Insurance carriers are also adjusting their compensation schemes, with 44% already restructuring their pay model and 35% discussing it.
To help their agents in closing deals, 57% of insurers are developing tablet apps and customer data analytics on the go.
Another priority for 58% of executives is using customer data to help with segmentation, allowing potential clients to be led to a channel that fits their needs best.
