The innovation behind supercharged distribution
Traditionally, insurance products were pushed to sell based on commission and not what the consumer wanted nor needed. In the new digital age, that has now shifted and consumers know what they want and what they’ll get from their insurance policy. In the webinar panel for Insurtech Insights, Managing Director APAC Arijit Chakraborty features as a panelist to discuss leveraging data and embedded insurance as the future of insurance.
With a fundamental need to engage with customers directly, embedded insurance is the future of digital insurance as the way to integrate a seamless buying process and to leverage data. As consumers shift online, data can be utilized to track customer journeys and to identify behavioral patterns to design insurance products which can be embedded into the same customer journey.
Arijit further emphasizes the need to innovate insurance policies especially to cater to the global pandemic and in being able to do so it will drive attachment rates and sales. With the data collected, the analytics system is then able to create a product that fits the customer as no policy is ‘one-size-fits-all’ and this will allow for price optimization depending on the customer’s demographics.
Key Video Highlights:
2:30 What is your view on the current state of sales and distribution in the insurance sector in Asia?
5:27 How has the pandemic affected penetration of insurance in general and agency force? How has it helped foster innovation?
9:50 Asia has predominantly been an agent dependent market. How has the modus operandi changed for the agency force in the digital age?
14:37 Are insurance firms allowing customers to buy products in a semi-digital way? Who assists customers in product related questions during an online purchase process?
18:10 Do you see any changes occurring with agent commission structures in a full or semi-digital purchase process?
21:50 What are some of the key differentiators in the digital age (especially in the past year of the pandemic)?
26:46 What should a Chief Agency Officer do in the next six months or 1-2 years to maximize sales?
33:55 What does the future of digital insurance in Asia look like and how does that interact with conventional distribution channels?
37:55 Are there any good case studies showcasing a successful transformation in distribution using digital platforms/apps?
47:06 Q&A Panel: How do you deal with the century old paradigm of ‘insurance is sold not bought’?
52:12 Beyond legacy systems, building a digital distribution channel involves managing conflict. How do you not become a quotation tool instead of being a direct channel?