Webinar: Omni Advisor – The Future of Agency

Omni Advisor - The Future of
Agency
20th January 2021

2
Disclaimer
Presentations are intended for educational purposes only and do not replace independent
professional judgment. Statements of facts and opinions expressed are those of the
participants individually and, unless expressly stated otherwise, are neither the opinion nor
position of The Digital Insurer. The Digital Insurer do not endorse or approve, and assume
no responsibility for, the content, accuracy or completeness of the information presented.

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The Digital Insurer (TDI)
Working together to accelerate the digital
transformation of insurance
PURPOSE
• World’s leading digital insurance platform for
individuals and companies
• most valuable knowledgebase
• most engaged community
Collaboration ● Reliability ● Agility
Diversity ● Value-delivery ● Innovation ● Trust
VISION
VALUES
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Working together to accelerate the digital transformation of insurance

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Discussion Agenda
75
Minutes
OMNI Advisor model
Today vs Tomorrow
OMNI in Action – Tech example
OMNI in Action – Insurance examples
Perspectives from the Field
Panel Discussion including Q&A
TDI updates and wrap up

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Today’s Panellists
Mark Wallis
Consultant, Executive Coach
CTO & CIO, Gefen Technologies

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Most insurers will lose 18 – 24 months
…off transformation roadmaps if they want to keep up
Source: TDI estimates
Widening Gap likely for most
Insurers
• Already laggards
• Focus on ‘keeping the lights on’
• Curtailment of ‘discretionary spend’
• Failure to re-set strategically
• All resulting in increased
vulnerability to competitors and new
entrants
Consumer TP was expected 2022
Consumer TP now expected 2020
Insurers need to accelerate digital plans by 2 years to simply “stay still”
TDI Academy. Learning for the digital age.
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“TIPPING POINT”
Laggards
Late Majority
Early Majority
Early Adopters
Innovators
2020/21
post-crisis
Remains static pre & post crisis
with tactical focus
Insurer
Readiness
W
i
d
e
n
i
n
g
G
a
p
2020 pre-crisis
Consumer
Expectations

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New Market Space is Emerging in Insurance

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Distribution landscape in 2030
Advisors need to reinvent
themselves
What ?
How?
How fast?

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BUT It’s not just about changing customer behaviours
1. Tech not working
- Tech built for face-to-face doesn’t work for virtual – Not “Omni”
- Not agile – takes too long to change
2. No digital presence
- Advisors have no personal digital presence to backup verbal discussions
- They come across as out of touch in a digital world
3. Skills gaps
- How are advisors going to pick up the news skills needed?
The weaknesses of Advisory models during Covid-19 have become
clear

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How to participate
How to participate:
If you have a question please type into the Q&A area
If you have a comment please type into the chat area
Session format:
The moderator will use a combination of their own questions and those from the
audience

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Discussion Agenda
75
Minutes
OMNI Advisor model
Today vs Tomorrow

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Omni Advisor model
Hugh Terry
Founder, The Digital Insurer

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TDI POV: Agency alarm bells are
ringing as consumer adoption of digital
accelerates beyond Tipping Point
Insurers, and their agents, need to
urgently transform from ‘traditional
sales’ to an ‘OMNI advisor’ model - not
only to stay relevant, but also to
generate significant growth in the years
ahead
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Opportunities for insurers to move
into new space
“Blue Ocean”
Transform
“Red
Ocean”
Evolve
Model
Maturity
Channel
Performance
TRADITIONAL
SalesAgent
DIGITALLY-PRESENT
OMNI Advisor
DIGITALLY-ENABLED
Quality Agent

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Start with the customer at the centre
“The OMNI Advisor has the digital tools to
allow them to stay fully informed of client
interactions with the Insurer, irrespective of
which route the client takes. Enabling the
Advisor to manage all aspects of their
business effectively and efficiently.”

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The future of the advisor in a digital world the future

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Advisor to Client in a digital world
Core capability missing from nearly all insurers
Advisor microsite Digitally connected
Advisor App
+ =
2. Shared content pointed
Back to advisor website
1. Advisor shares content
On relevant channel
3Advisor
notified and can
follow up (online
or offline)
• Instantly know when
someone is visiting
• Proactively chat or note for
follow-up
• Send professional and fresh
content in an instant on
advisor and clients’ channel
of choice
• Clients uses Advisor
microsite as the digital point
of access for entire
relationship
Step change in
engagement
Advisors given digital
marketing toolkit
More leads &
better closing
Superb data
insights
More referrals
Increased
retention

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Product Launches Quarterly updates
Feedback surveys
Birthday messages
New agent recruitment
Changes in Regulations
Claims payment notifications
Digital ecommerce from agent microsite…
Customer financial review
CEO & Corporate messages
Needs based content Product based content
Training content
Best agents sharing best practices
New tools for agents
Agent reward programmes
Life event triggered content
Customer digital referrals
& more & more ….
First meeting follow up
Renewal communications
Online leads
Communications as a competitive advantage
There are so many enterprise and advisor use cases!

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So what needs to change?
DATA + CONTENT + NEW SKILLS
=
NEW OPERATING MODEL

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TDI Academy. Learning for the digital age.
Agency model choice is not ‘yes or no’, but rather
….what mix, how far and how fast?
TODAY FUTURE
Over the next 2-3 years, the proportion of agents operating with digital tools
(digitally-enabled agents) is expected to increase from a significant minority to the
substantial majority, whilst at the same time the proportion of ‘next generation’
digitally-present OMNI Advisors will also start to grow
DIGITALLY-PRESENT
OMNI ADVISOR
“Develop to Differentiate”
TRADITIONAL
SALES AGENT
“Natural Decline”
DIGITALLY-ENABLED
QUALITY AGENT
“New Minimum Standard”

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Discussion Agenda
75
Minutes
OMNI Advisor model
Today vs Tomorrow

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Today vs Tomorrow

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Poll
Q. Which of these best sums up your view on the OMNI advisor model?
Response options:
a) It is the future for agency and we need to start building it now
b) The ideas looks good - we have time to experiment
c) This is not how I see agency evolving
Poll 1

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Discussion Agenda
75
Minutes
OMNI Advisor model
Today vs Tomorrow

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Tomer Ben Ari

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Hi, I am interested in insurance for my vehicle.
How can I do that? What are the options?
Thank you very much!
Sell
Good morning, I would like to know if my
policy covers damages caused by third parties
to my vehicle. Thank you.
Up Sell
Good morning, I would like to know if you can
provide me an offer for house insurance as
well. Thank you very much. Talk soon.
Cross Sell
Hi Alejandro, I'm writing to you because I just
saw your inquiry and I wanted to enter the
page so that I might maintain contact with you.
It's great to be able to communicate with you
directly through this medium. Greetings.
Service

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Discussion Agenda
75
Minutes
OMNI Advisor model
Today vs Tomorrow

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Example 1
Generali Indonesia
Source: live advisor website

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Example 2
Manulife Singapore
Source: live advisor website

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Example 3
Ping An China

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Example 3
Ping An China

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I am sure you can think of more examples
Example 4
Xiaobang China
Source: https://www.the-digital-insurer.com/tdi-talks/insurtech-innovation-awards-insuretech-connect-tdi-2020/

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Example 5
Openbank Spain
Source: https://santander.ft.com/fintech-with-a-face?utm_source=FT&utm_medium=Native
• Omni – virtual branches and physical “stores”
• “A glance at the underlying numbers is telling. While digital-only banks have undoubtedly
made a significant mark on the industry, customers are hesitant about taking an ‘all or
nothing’ approach.”
• ”…..meaning that a multi-channel model will be the best way forward. Openbank has
achieved this by creating digital branches, each served by a pod of 10-15 customer
assistants. On their app, customers are assigned a digital branch, staffed by familiar faces
with whom they have ongoing relationships, just as if they had walked into their local high
street branch.”

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Example 6
WeSure China
https://www.digfingroup.com/tencent-wesure/?mc_cid=9ee49bf30e&mc_eid=7959fe765f
• Small sales team that relies on artificial
intelligence to become ultra-efficient, while
leveraging digital channels to amass a customer
base that traditional insurers can’t otherwise
reach
• 50 million customers – 100 million registered
users
• Low-ticket products, on average $100, for one-
year policies, sold to a younger generation of first-
time insurance buyers
• “Concierge” service through WeChat
• 200 sales people – average 5,000 customers per
sales person

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Discussion Agenda
75
Minutes
OMNI Advisor model
Today vs Tomorrow

43
Mark Stephen Wallis
Consultant | Executive Coach & Strategic Partner

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The OMNI Advisor – Future of Agency
Mark Stephen Wallis, Consultant |Executive Coach & Strategic Partner
Perspectives from the Field on OMNI Advisor Agency Distribution
• Digital tools offer tremendous potential for Agency / Face-to-Face Distribution
• Technology has favorably impacted every step in the Sales Process
• Using Technology will improve Advisor Productivity
• Non-face-to-face technology is driving face-to-face improvements
• Companies must expect improved results when investing in Technology
• Increased Advisor Activity and Productivity
• An improved Customer journey (fewer dropped calls)
• Challenges to OMNI Advisor evolution include:
• No compelling reason to change (until now with Covid)
• Lack of a clear development path (What needs to be done? Who’s driving?)
• Undeveloped Sales Habits
• A legacy compensation structure
MSW

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The OMNI Advisor – Future of Agency
Mark Stephen Wallis, Consultant |Executive Coach & Strategic Partner MSW
Comments on Potential OMNI Advisor Distribution Models of the Future
• Face-to-Face and Direct Channels can (and should) co-exist
• Multi-channel / Multi-line Collaboration will provide even more opportunity
• Hybrid Distribution Models (today)
• Driven by the Consumer “uberization” of the Industry
• Consumer is Agnostic
• A return of the General Agency or Corporate Agency Model
• Technical Tools Available (leveraging AI)
• Data (lake) mining resources, information gathering, CX tracking
• Social Media / Micro-influencing
• Distribution Compensation
• Legacy model reflects payment for labor-intensive Prospecting
• “Advisor” vs. “Salesperson” - A Salary-based + Incentive Advisor Model
• Incentive compensation for leads converted, account servicing, or new Customers
• Cost – sharing of marketing expense (Advisor/Corporate)

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Discussion Agenda
75
Minutes
OMNI Advisor model
Today vs Tomorrow

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Panel Discussion
Mark Wallis
Consultant, Executive Coach

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Poll
Q. What do you think is the biggest obstacle to the adoption of the OMNI Advisor
model
Response options:
1. Management teams need more support to make the case and execute
2. Sourcing appropriate technology solutions
3. Training and support for agents to adapt and learn new skills and ways of working
Poll 2

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Poll
Q. Are you interested in finding out how TDI and its partners can help
you explore the OMNI Advisor model?
Response options:
a) Yes - please get in touch for a discussion
b) Yes – please email me some info and I will consider
c) No thanks
Poll 3

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Discussion Agenda
75
Minutes
OMNI Advisor model
Today vs Tomorrow

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TDI INSURTECH Directory
The world’s insurtech database

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TDI Mission to map the world of InsurTech
• Dynamic
• Linked to The InsurTech
Directory
• 5+ more maps in Q1
• Contact us if you would
like to volunteer & help

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About the TDI Academy
https://www.the-digital-insurer.com/tdi-academy/

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ADI & CDI compared
2021 Schedule
CDI: on demand
ADI 2021
- January
- April
- September

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TDI Academy – virtual L&D platform on digital insurance
Common Core Curriculum
of 56 hours
7 x 8 one-hour lessons On-demand 24x7 MCQs for each Range of Industry Experts
= Participant rating (out of 10)
1. OUR CHANGING
WORLD
2. TECH ENABLERS
3. DATA &
ANALYTICS
4. VALUE CHAIN
INNOVATIONS
5. NEW DIGITAL
BUSINESS
MODELS
1.1 4th Industrial
Revolution
1.2 Our Connected
World
1.3 Power
of Social
1.4 Changing
Consumer
Behavior
1.5 More Change
Coming
1.6 Why Data
is King
1.7 Cloud
Crushes Costs
1.8 Insurance
Re-booted
2.1 Tech Trends in
Insurance
2.2 AI, Machine
Learning & RPA
2.3 Blockchain
2.4 IoT
2.5 Chat &
Voice
2.6 Immersive
Technologies
2.7 APIs &
Microservices
2.8 Tech Architecture
Best Practices
3.1 The Power
of Data
3.2 Python
Basics
3.3 Python
Intermediate
3.4 Data Visualization
& Example Tools
3.5 Machine Learning
3.6 D&A Use Cases
- P&C
3.7 D&A Use Cases
- Life & Health
3.8 Predictive
Modelling
4.1 Sales Tools for
insurance Agents
4.2 Underwriting
- Life & Health
4.3 Underwriting
- P&C
4.4 Product
Development
4.5 Service &
Administration
4.6 Claims
- Life & Health
4.7 Claims - P&C
4.8 Implementing
Value Chain
Innovations
5.1 Platforms &
Ecosystems
5.2 Microinsurance
5.3 On-demand
Insurance
5.4 Comparison
Sites
5.5 Peer-to-peer
& Community
5.6 Health &
Wellness
5.7 Commercial
5.8 Building New
Digital Business
Models
6. MARKETING &
CUSTOMER
EXPERIENCE
7. STRATEGY &
TRANSFORMATION
6.1 Data-led
Marketing
6.2 Direct Digital
Marketing
6.3 Digital Marketing
for Advisors
(O2O)
6.4 Power of
Content
6.5 Omni Sales
& Servicing
6.6 Customer
Lifetime Value &
Customer Advocacy
6.7 Customer
Experience
6.8 Out-of-industry
Use Cases
7.1 Why Strategy
Beats Execution
7.2 Regulations &
Ethics in a Digital
World
7.3 Transforming
the Old vs
Building the New
7.4 Partnership in
a Digital World
7.5 Change
Management as a
Discipline
7.6 Agile & Lean
Basics
7.7 Cultural Change
for a Digital World
7.8 How to Succeed
When Most
Transformation Fail
8.3
8.5
8.3
8.7
8.5
8.7
8.2
8.6
8.3
8.8
8.6
8.6
8.7
8.4
8.3
8.3
8.5
8.7
8.5
8.7
8.4
8.3
8.6
8.5
8.7
8.6
8.3
8.7
8.5
8.7
8.5
8.9
8.7
8.6
8.8
8.7
8.5
8.5
8.3
8.7
8.6
8.6
8.5
8.6
8.4
8.9
8.7
8.7
8.9
8.4
8.6
8.5
8.7
8.5
8.7
9.0
8.6
Copyright © 2021 The Digital insurer. All rights reserved.

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Poll
Q. How interested are you in virtual learning & development programs
on digital insurance?
Response options:
a) Yes - for me & my company
b) Yes - for me
c) Yes - for my company
d) No - I think we know enough in this space
Poll 5

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On demand: Insights to Solutions Distribution Event
Time: 11am – 12.40pm ET
https://www.the-digital-insurer.com/webinars/

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Partnering for Success – 27th January
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https://www.the-digital-insurer.com/webinar-infographic-partnering-for-success-in-a-digital-world/

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Digital Underwriting – 17th February
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Time: 11am – 12.40pm ET
https://www.the-digital-insurer.com/insights-to-solutions/insights-to-solutions-series-digital-
underwriting/

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Feedback please!
Three ways
 At end of webinar using survey
 When you receive the recording link
 To TDI / Fintech Portugal individually

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Contact Details
TDI Academy – learning for the digital age
Hugh Terry hugh.terry@the-digital-insurer.com
Simon Phipps simon.phipps@the-digital-insurer.com
David Nash david@gefen.online
Tomer Ben Ari tomerb@gefen.online
Moshe Tamir moshe@axell-hub.com
Mark Stephen Wallis mwallis1@outlook.com

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Omni Advisor - The Future of
Agency
20th January 2021
Thanks for your time!
(feedback please)

Webinar: Omni Advisor – The Future of Agency

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