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7 THINGS YOU NEED TO KNOW ABOUT INSURANCE DISTRIBUTION MODERNIZATION

With the convergence of technology, big data, social media, and sophisticated marketing, new and creative business arrangements and processes brings an entire new insuranceecosystem on the immediate horizon.

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are7 things you need to know about insurance distribution modernization

Why is Distribution Modernization relevant?

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7 things you need to know about insurance distribution modernization

Modernizing Distribution and the “Front Office” 2Insurance companies are very dependent upon agents, whether independent or captive, on selling and servicing their entire product line.

Taking the disparate functions that are part and parcel of “agent management” andconsolidating them into a

single servicepoint – the front office – will payimmediate dividends.

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7 things you need to know about insurance distribution modernization

3As society changes, so too must insurance companies adapt to those changes. The aging of the population creates opportunities for new products and markets. Economic issues open up the need for different types of personal lines coverage as well as financial products. The rise of the millennial generation creates marketing and service challenges since their buying behavior is different than their parents.

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7 things you need to know about insurance distribution modernization

Modernizing distribution is more than just consolidating functions, it is providing the enabling technology that allows the use of fresh, new technology such as mobile devices (smart phone and tablets) internet access from virtually anywhere, as well as access to integrated social media. And, perhaps the biggest advantage of all, access and use of Big Data in ways never imagined.

While there are petabytes upon petabytes of internal data that can be sorted and used to gain insight and knowledge, it is that big data that resides outside of the insurance company’s domain and firewall that will deliver compelling change to the industry.

4Distribution as a Transformative Process

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7 things you need to know about insurance distribution modernization

A recent survey by the Big I’s Young Agent Council showed that over

60% of their members have Facebook pages, use Twitter and

other social media on a daily basis. If one takes a critical look at

Facebook and how it is used, it is quite apparent that Facebook (and

others) can be a legitimate and critical tool in the marketing and servicing of all type of insurance.

5 Social Media and Distribution

Modernization

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7 things you need to know about insurance distribution modernization

Will a new producer be able to immediately recognize that they are joining a first class organization? Is your the technology: • Paperless? • Are background checks

electronic? • Is the contract handling using

e-signatures? • Are any fees handled via credit

card?• Is the approval process

automated? • And is the on-boarding fast,

accurate, and complete?

6Onboarding of New Agents and Advisors

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7 things you need to know about insurance distribution modernization

7Regardless of industry segment, the reasons to develop a formal and structured front office capability are to provide better management oversight of the entire revenue side of the business, consolidate disparate departments, and deliver improved services to agents.

Clear Oversightand Management

1.877.488.3763

@VUESoftware

vuesoftware.com

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