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Thought Paper |
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Innovation in distribution technology:
Creating value in the insurance industry |
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| Abstract |
Sales strategy has undergone a transition in the insurance industry. Insurers today have to focus on speed-to-market and enhance customer experience by providing lifetime solutions to customer needs. Challenges in selling are compounded by having to compete in a global marketplace and an informed customer base.
Diversified distribution is an essential operation for life and income protection carriers. The ideal scenario is an integrated channel management strategy, supported by technology that enables effective distribution, customer satisfaction and a larger market share.
This Paper explores how insurance distribution technology has matured to provide operational efficiency, cost savings as well as competitive advantage. Real-time information through Enterprise Information Integration, Customer Data Integration, mobile technology and other new technologies along with standards such as ACORD offer carriers opportunities to enhance interactions with their distribution partners. The Paper presents a value creation approach where existing distribution systems and processes can be viewed in the context of value to build an effective distribution technology strategy.
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