The insurance landscape has evolved far beyond what it used to be One major change relates to the way customers find and purchase coverage Today’s insurance buyers demand a technology inspired experience that can be done almost entirely virtually, and it’s reshaping the entire insurance industry Changes in customer behavior are causing a fundamental shift in the insurance distribution model Consumers are embracing digital channels, and their experiences with leading tech companies have also raised their expectations when buying insurance both online and offline A seamless, consistent “multi-access” experience across all touchpoints is now the standard that all companies must strive to meet The bar is also being raised by insurtechs.

1. Insurance
Sales
Revolution
ARTIVATIC.AI

2. CHANGE
“All revolutions are impossible until they happen. Then they become inevitable.” – Albie Sachs
The insurance landscape has evolved far beyond what it used to be. One major change relates to the way
customers find and purchase coverage. Today’s insurance buyers demand a technology-inspired
experience that can be done almost entirely virtually, and it’s reshaping the entire insurance industry.
Changes in customer behavior are causing a fundamental shift in the insurance distribution model.
Consumers are embracing digital channels, and their experiences with leading tech companies have
also raised their expectations when buying insurance both online and offline.
A seamless, consistent “multi-access” experience across all touchpoints is now the standard that all
companies must strive to meet. The bar is also being raised by insurtechs.
Investments in insurtechs worldwide grew from $0.3 billion in 2003 to $5.8 billion in 2020, and the
unique selling proposition of many emerging players is based on a digitally enhanced customer
experience.

3. PEEPING INTO THE PAST

4. The pain points are clear:
Brokers today spend a
significant amount of time
quoting and binding policies
for their clients, in addition to
generating and updating
certificates of insurance.
They are in need of a
solution to streamline
workflows, lower costs, and
accelerate the time it takes
to deliver products and
services.
Meanwhile, InsurTech
companies — with products
designed to fit the dynamic
needs of digital-age
customers and simplify the
process of buying insurance
— are equipped to address
those issues while helping
brokers make commission
with virtually no hassle.

5. Covid 19: The
Ultimate Disrupter
While the demand for a tech-inspired
experience existed far before the
pandemic, the crisis has lit a fire and
exposed the inefficiencies of traditional
insurance processes. While the long-term
impact of the coronavirus is yet to be
fully seen, agents should expect to see a
fundamental shift in the way insurance is
sold and serviced moving forward.

6. Online access to
account data and
customer service
24/7 access to expert
advisors
World-class content
Omnichannel
engagement
Hassle-free claims
management
processes
Timely risk
management advice
delivered to them
digitally

7. Insurers can leverage the following distribution
channels to undermine the profound potential
Self-directed or Direct
Distribution Channel
Assisted Distribution
Affinity-based
Insurance Distribution
Channels

8. Source- IRDA

9. The key benefits of the
affinity distribution channel
are-
• Common platform for all
stakeholders.
• One-stop access to
policies and claims.
• Centralized database for
insightful analysis.
SOURCE: IRDA HANDBOOK

10. The main goal of this approach is to support the sales activities
of the existing agent network by using digital tools to enhance
the customer experience. The role of the direct channel is often
to provide information and the first point of advice for
customers. Examples include the following areas:
Digital
customer
interaction
Increased
visibility,
accessibility,
and reach
Multi-access
skill building
Interfaces for
seamless
channel
switches
While executives understand that they must fully embrace the
digital possibilities to support a multi-access offering, the best
solution can vary based on an insurer’s strengths and structure.
By choosing the right multi-access approach, carriers can be
well-positioned to serve evolving customer needs.

11. For more insights, visit
https://blog.artivatic.ai/