Other parts of this series:
Ravi Malhotra shares two examples of new entrants that are transforming the insurance distribution ecosystem through strategic partnerships and customer-centric service.
Long gone is the traditional insurance funnel, where insurance customers followed a linear path from shopping to buying to renewal. Instead, customers are in an ongoing cycle that offers carriers more touch points to provide value and strengthen the customer relationship.
Keys to success include cross-industry partnerships, as well as personalized customer service. Indeed, it’s the customer experience that has allowed new entrants to redefine how insurance is bought and sold.
Online broker uses digital platform to disrupt existing market
Insureon is a US-based online broker that can offer commercial insurance quotes within 15 minutes, compared to a week or more for traditional brokers. Insureon has partnered with several leading insurance carriers, who take on the risk and underwriting. In addition, the company has started to move up the insurance value chain to design and develop products that its partners underwrite—a move that can allow it to provide specialized services to customers in more than 800 industries.
Experienced retailer extends brand promise to insurance offerings
John Lewis is a well-known UK retailer with the brand promise “never knowingly undersold” that has expanded into insurance. In addition to partnering with leading British carriers, it leveraged its deep understanding of its customers to influence product design to align with its overall brand. The combination of point-of-sale convenience and brand promise has enabled the retailer to offer more value to its customers, increase its wallet share and capture a slice of the UK insurance distribution market.
Capturing opportunities in the platform economy
As mentioned in my previous post, the need for carriers to establish cross-industry partnerships is one of the key themes identified in Accenture Technology Vision for Insurance 2016.
Importantly, while new entrants are redefining insurance distribution, established carriers are also tapping into partnerships to expand the insurance value chain and adapt to disruption. Join me next week as I look at examples of how incumbents are transforming their distribution capabilities through strategic partnerships.
- To read more about the platform economy—and other key technology trends affecting insurers—register to download Accenture Technology Vision for Insurance 2016 (PDF).