Why insurance distribution is going digital
Insurance distribution traditionally involves advising on, selling and processing contracts for different types of insurance - and it used to be done by insurance brokers, either working in-house for an insurer, or independently. 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. In order to sell insurance, insurers need to be in that space. We specialise in putting them there.
Omnichannel insurance distribution
With the advent of digital, insurance can now be distributed via 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 an integrated and seamless experience as they move fluidly between integrated channels, encountering the same brand experience and level of service regardless of which channel they use. At the same time, omnichannel distribution compiles unified data from across integrated channels, for the insurance business to draw on.
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. In the old days, that meant sifting through piles of information to compare and analyse patterns; behaviours; incidents; market trends - anything that could impact the final underwriting decision. It was painstakingly manual.
With so many touchpoints gathering information from customers, a digital-first omnichannel insurer can quickly draw on a large volume of digitised data - and much of the ensuing comparison and analysis is done by artificial intelligence before human underwriters even take the wheel. 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 more quickly thanks to partial automation, and the customer can receive their claim outcome via the same digital channel they used for submission. At Click2Sure, we can implement processing software as a standalone or as part of a bigger digital insurance suite. But trust us, once you have a taste digital, you’ll want the whole pie.
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