the digital insurer - enhancing the agency network - the digital advisor
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www.the-digital-insurer.com
Enhancing the Agency
Network – The Digital Advisor
Hugh Terry
Editor & Principal
The Digital Insurer
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Think Digital: Transform your
Agency insurance businessPresentation is online
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Four Discussion Objectives
1. Digital – it is a revolution
2. Digital will transform face-to-face advisory channels
3. Tablets point of sales toolkits are pivotal
4. How to Transform?
3
Life Insurance as focus
For today’s discussion
If there is time…
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The Digital Revolution: it will not be televised
Digital Convenience
• Always on
• Always there
• Universal
• Almost free
Digital Connectivity
• Access to information (Google)
• Access to each other (Facebook)
• Access through devices (Apple)
• Location-agnostic (cloud services)
Digital
Expectations
• Data “on demand”
• Desire for clarity & simplicity
• Dialogue not monologue
• Easy to promote a product .. and complain
Change, Change, Change….
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Two digital “Mega” trends : forces beyond
anyone’s control
1. Technology is cheaper and
easier to implement than
ever – it is the fulcrum to
meet consumer needs,
reduce operating costs and
to change your culture
2. Changing consumer
behaviour – they are
demanding and seeking a
different experience
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4 digital Insurance business
opportunities (& threats)
Create New Models
1. Pilot New Digital models : Partner
with companies with digital assets
to create new models
2. Digital Worksite Marketing:
unlocking the hidden value in your
employee benefits business
Transform Existing Models
3. Transform Life insurance Advisory
Businesses : The Digital Advisor
4. Digital Cross Selling: personal
lines, asset management, banking
6
Focus for Today
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Welcome to Digital Customers : they are
“Hybrid”
The hybrid customer is…
• Better informed
• More demanding
• “Multi-channel” for both
sales & services
• Will jump channels at
any point – catch them if
you can!
The Hybrid
Customer
Face
To
Face
Online
Phone
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Myth #1: Digital is a new distribution channel
Reality : Digital enables customer engagement
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Anchored to basics : Digital Advisor strategies need
to leverage insurance fundamentalsDigital impacts
Trust is at the heart of insurance
� As customer research on-line trust will need to be
developed and leveraged on-line
� Trust must be earned and reinforced in every
interaction
Great insurance advisors -always in demand
� When customers research online they will research
their advisors as well….
� Less time face-to-face – but no less important
� Insurance advisors need to be more mobile (digitally
& physically)
Customer service matters
� Mobile technology provides opportunities for cost
effective customer service differentiation. Customers
will expect this – a hygiene factor very soon
� Cannot transform customer service with current “back
“office
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www.the-digital-insurer.com 9
/App
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1. Managing the Sales Funnel
• Co-partnership models for lead generation
• Apps to generate leads from the “digital
cafes”
• Analytics has a big role to play
• Get the lead to the right person
• Lead management systems to manage
multiple leads , measure ROI and promote
better practices
Business outcome:
- More leads
- Better quality leads
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1. LEADS
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Policy Record Systems
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Customer Experience Centre
2. Build a “digital eco-system” around
legacy policy system to treat customers
like customers
• Customer portals/apps : an on-line
marketing capability for customer
engagement leading to cross sell / upsell
opportunities
• Customer experience centre : multi
channel customer support to connect
customer interactions – a digitally
assisted customer service revolution (the
engine room for converting “big” data
into business)
• Advisor portals: customer data and
advisor performance
Business outcome:
- Building deeper, richer and better
relationships with customers and advisors
- Facilitate and co-partners the advisors to
better meet customer needs
- Allow “farming” as well as “hunting”
2. SERVICE
/App
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3. “connecting the
eco system”
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3. SALES
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Tablet sales toolkits : a pivotal tool in the
transformation process
1. Access sales aids/ brochures
2. Identify needs
3. Produce quotes and help to
close
4. faster, easier and more accurate
proposal submissionKey Success factors
• Must be Designed for Advisors
• Easy to use with a “wow” factor that encourages use with
clients
• Great usability is critical: engage/delight customers &
advisors13
Tablet Functionality:
Focus on the parts of the sales
process that engage with customer
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Tablet sales toolkit : Easy business case
Primary benefit
Improved Sales effectiveness
through a better customer
experience
Measured by :
- High tablet usage from
Advisors
- Increased sales productivity
per month
Other Benefits after success
1. Back office productivity from
digital proposals� More efficient
� Faster & more accurate (clean policies in a
day)
2. Reduced agency overheads :
premises & technology costs
3. Business intelligence� Benchmarking data
� Usage data
� “Bigger” data
4. Improved compliance to sales best
practice (& regulatory
requirements)
5. Recruitment training tool
6. Platform for more automated
underwriting
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AIA Case study: a tablet success story
15Full AIA case study available on-line
AIA’s Journey
1. Initial Pilot in Taiwan (end 2011)
2. Rollout in 3 countries completed (Singapore, Indonesia and Malaysia)
3. Further 6 countries to complete in 2013 (6-9 months per country)
Compete set of functionality
“The adoption of iPoS goes beyond our
expectations. In one country more than
80% of the new business is coming in
through iPoS within 12 months of launch
and in another country it was more than
30% after 3 months. The agents just love
iPoS. All other indicators such as
productivity, activity or case size are equally
positive and better than expected.”
AIA Executive leading the development
Results exceeding expectations
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The Digital Advisor : Where should you be 5 years
from now?Agency KPI’s for 2018
Leads
� 50% of leads from digital
engagement activities
� Twice as many leads per advisor
insurance advisors
� At least 2-3 times more
productive
� 50% fewer advisors
� 100% tablet usage for all new
advisors – core tool for sales
Customer service matters
� 50% reduction in back office
staff
� But at least a corresponding
increase in customer facing staff
supporting digital service, sales
and lead processes
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Digital will transform
Agency operating
models
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Tips for successful digital transformation
Strategic Alignment
� Digital as a transformation opportunity
� The importance of Tablet POS toolkits
� Comprehensive business case
approved
� Resources dedicated
New Implementation approach
� Customer centric (outside in)
� Fast pilot (AGILE)
� Explicit change management
� Distribution owned
� Launched like a product
Advice : think about Tablet POS toolkits as the “pivot” for your change
strategy
Reality : Digital will challenge, and transform, your organisational
structure
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Mission accomplished?
1. Digital – it is a revolution
2. Digital will transform face-to-face advisory channels
3. Tablets point of sales toolkits are pivotal
4. How to Transform?
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Building tomorrow’s digital
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Hugh Terry
19
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