9December 2016I believe there are some current and potential future opportunities that insurance carriers can take to differentiate themselves as the "channel of choice" for consumersBrad BodellFi access. While online capability is certainly preferred, service is not yet ubiquitous across the U.S. I recommend carriers create minimum capability that is available offline. Mirrored Capability: With the cost of tablets dropping, I like the idea of having an agent carry two tablets. One tablet is for the prospective customer and the other is for the agent. The agent and prospect could review needs analysis tools together as well as review product information and product illustrations. The mirrored capability removes the need to huddle around one laptop or one tablet to demonstrate a carrier's products or services. Video Enabled: Using video to connect a prospective customer to product experts that can help with needs analysis and answer product questions helps position the agent as an expert in its field but also demonstrates that there is an entire firm supporting the agent. In addition, enabling the prospect to connect with underwriting or policyholder services directly via video can improve satisfaction in both the sales process and post- sales process.Personalized ExperienceThe "kitchen table" meeting of the future has to move away from standard product brochures and blank need assessment forms to providing a fulfilling and personalized customer experience. With access to the right internal and external data, agents can prepare for these meetings in advance to further personalize the experience for prospective customers.Big DataUse big data to enhance needs analysis tools. While online tools exist to help plan for many financial needs, much of the work can be done in advance of the meeting with consent of the client. Imagine field support teams preparing a customized needs analysis questionnaire, on which the prospect's name, address and other information we retrieve from third-party resources is already populated. The client can then confirm and clarify his individual situation during the experience. With big data, there is less asking and more confirming.What steps does the IT organization need to take to prepare to implement these types of capabilities?1) Consolidate internal data resources-- For years, life insurers have stored information about policyholders and their preferences across both administration systems and expensive data warehouses. Insurers need to embrace big data solutions to get customer information in a consolidated solution that can embrace both structured and unstructured data.2) Provide analytics framework-- IT needs to continue to enable the analytics of existing policy holder information so it can be accessed more easily by marketing, underwriting and the field support organizations.3) Enrich internal data with external data-- CIOs need to continue to partner with their CMOs to leverage external data from marketing firms in order to enrich prospect data. I believe this may be the most important ingredient for IT to help facilitate.4) Integration skills-- IT needs to continue to embrace third party solutions to drive innovation. IT's core competencies must embrace integrating third party solutions into our environments securely.I believe there is a strong role for life and health insurance agents to play in an omni-channel environment. Insurers have the opportunity to provide them with tools and technologies to help improve their productivity, customer experience and differentiate them as a preferred channel in an already crowded and competitive insurance space.
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