Why insurance distribution is going digital
Insurance distribution traditionally involved insurance brokers, either working in-house for an insurer or independently, advising on, selling and processing contracts for different types of insurance. While that traditional channel is still in use, insurance distribution is evolving rapidly in line with customer expectations. Today people do a lot of their shopping for products or services via digital channels - jumping between social media platforms, websites and apps. To sell insurance, insurers need to be in that digital space. We specialise in putting them there.
Omnichannel insurance distribution
With the advent of digital in the insurance sector, insurance can now be distributed through a number of off-line or on-line channels - but the omnichannel model of digital insurance is about more than just multiple channels. It’s about giving the customer the same brand experience and level of service as they move seamlessly between these channels. Our omnichannel insurance software also enables the insurance business to access unified data from across these integrated channels.
How omnichannel distribution enhances underwriting
Insurance underwriting, in which insurers evaluate the risk of insuring a business, individual or item, is the core of insurance - and its success relies on information. Historically, this meant sifting through piles of information to analyse patterns, behaviours, incidents and market trends - anything which could impact the underwriting decision. It was painstakingly manual.
A digital-first omnichannel insurer can quickly draw on a large volume of digitised data, with much of the ensuing comparison and analysis completed by artificial intelligence before human underwriters step in. Digital underwriting saves time and helps insurers to make more astute underwriting decisions because they have more, and better organised, information.
Insurance claims in omnichannel distribution
As with underwriting, a large part of the claims process, from submission to settlement, can now be automated; saving the administrator time and ensuring brisk and satisfactory customer service. Claims can be submitted quickly and digitally, incorporating all supporting information and a digital signature.
Claims are processed faster and customers can receive their claim outcome through the same digital channel used for submission. At Click2Sure, we can implement processing software as a standalone or as part of a bigger digital insurance suite
Click2Sure’s omnichannel distribution solution
- Any product (P&C, Life, VAS)
- Any channel (web/mobi, broker interface, Ecommerce, QR code, Whatsapp, Chatbot, SMS and more)
- Enable always-on distribution
- Quote, bind and issue policies in real-time
- Automated email with policy schedule and SMS with download link
- Verification: ID, bank account, sanction screening, OTP, e-signature
- Distribution network (any product linked to any network/ any channel)
- Existing policy re-quotes through customer self-service dashboard, any channel
- Upselling and cross selling through customer self-service dashboard, any channel
- Claim submissions; changes to policies on self-service dashboard, any channel