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Direct to Customer Strategy

 

The traditional distribution channels for insurance sales through captive agents, independent agents, and brokers have not changed much in decades. However, an aging pool of insurance agents and a growing customer gap in an insurance company’s ability to appeal to millennials is creating a new distribution opportunity for insurers – Direct to Customer.

According to a 2016 survey by LIMRA and the Health and Insurance Foundation for Education (LIFE), eighty-eight percent of consumers would use the internet to research life insurance before purchasing coverage; whereas, ninety-five percent of millennials would use the internet to research life insurance. This clearly demonstrates that while insurance agents are still valued, customers want to research insurance products before committing to them – especially millennials.

Synechron has therefore developed a Digital Strategy Accelerator focused on Direct to Customer insurance buying for property and casualty insurance. This will allow insurance companies to open up a fourth distribution channel to reach a new generation of customers more inclined for digital, self-serve engagement. By embracing a Direct to Customer strategy, insurers have an opportunity to kick-start innovation within their businesses, lower operating fees, bring on new customers, gather more data on their customers, and cross-sell products and services.

Key features and benefits include:

  • A Direct to customer strategy for insurance
  • A technology-enabled platform that allows customers to easily access and buy insurance products, on-demand without needing to work with an agent
  • A self-service customer experience that appeals to millennials and expands the insurance company’s distribution reach
  • A new source of client data for enhanced demographic targeting, analytics, behavioral analysis and more
  • Automated risk management capabilities and compliance reporting

To learn more about Synechron’s InsurTech Accelerators focused on Customer Experience Design and the work we’re doing email us at finlabs@synechron.com

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