Digitizing insurance sales with technology to increase sales performance and improve customer experiences.
Innovation Project Description:
Digitalization is the major force that's revolutionizing insurance distribution. It opens up new sales channels, inviting new players and spurring insurers to simplify insurance products – always trying to find a way to make consumers buy and not insurers sell products.
Although one of the industry's goals is to simplify insurance products, there will always be a demand for more complex product coverages. Because of this, we can be certain that intermediated sales through agents, brokers, MGAs or advisors is still - and will be for quite some time - the most important sales channel in insurance in North America.
What unites the majority of the sales experts in the insurance industry is the necessity to be mobile, because personal customer relationships are key to stay or become a trusted advisor.
However a tangle of legacy sales applications, integration challenges and data silos make it nearly impossible to put the customer at the center. Paper files or laptops are still common and often a barrier in customer interviews. Furthermore, capturing relevant data is a tedious process for the agent and mostly not a pleasant experience for the customer. As such, it comes at no surprise that according to CSIO Insights, 74% of sales tools have poor user adoption.
To attract top agents, providers need to deliver digital state-of-the-art tools. Agents want to see providers clearly articulate their value proposition in the marketplace and it should be easy to work with them.
In this three-day sprint at the Cookhouse Lab in Toronto, we will collaborate and run through a series of lean startup and design thinking exercises to ideate and create the technical future of the salesforce to increase customer experience and productivity. Some of the questions we are looking into are:
- What are the digital expectations and requirements of an agent, broker and customer equally?
- How can we help the salesforce to stay relevant, sell more and admin less?
- How can we leverage technology trends (Machine Learning, IoT, Big Data, Mobile…) to increase sales performance and to improve customer experience
- What can we learn from other industries?
This innovation sprint will be supported by innovation facilitators, UX/UI designers, technical and subject matter experts from Cookhouse Lab and SAP.
This is a FREE TASTER at Cookhouse Lab (in partnership with SAP and Apple) – there is no cost associated with this project.
Organizations may send one participant each. Space is limited to 15 participants so make sure to RSVP soon to secure your place!
Each innovation project will begin by establishing a Lean Startup mindset, followed by the phases of Design Thinking as supported by a variety of tools. The ultimate goal is to create a Minimum Viable Product (MVP), supported by an appropriate business case.
- Free Taster project. Open to re/insurers, agents and brokers.
- Project team will consist of members from different insurance organizations
- Sprint: 3 Days
- Start: June 26, 2018
- End: June 28, 2018
- Apply by: June 19, 2018
- Insurance & Reinsurance (all regions worldwide)
- Life & Health
- Property & Casual
- Brokers / Agents
- Business / Product