How to build the phygital?
Build and modernize the environment, step by step:
Step 1: Digitization of distributor portal – to address integrated lead management, needs analysis, quotation, and unified view of customers across segments optimized for live collaboration with customers. Advisors network is the most important sales channel for life insurers. Research shows that two-thirds of European insurance distribution is focused on physical intermediaries.
Step 2: Omni client portal – with built-in self-service capabilities, from quotation to payment and issuance, so that customers can close insurance deals themselves, or with an advisor assistance. Flexible, configurable solution that allows to improve business through automation and digital transformation.
Step 3: Develop the customer-engagement models – for self-directed education, planning or wellness programs. Hybrid solutions driven by predictive analytics linked to life stage and data will allow mass customization of products, dynamic sales, and product modernization.
Step 4: Digital front integration with back office – it would seem that implementing a digital channel would be an obvious insurance transformation strategic choice, but insurers become challenged with inflexible legacy systems.
Step 5: Digitizing the end-to-end process – this step requires integrating significant amounts of client data across systems, and improved forms of analytics. Making use of customer data and integrated sales processes that route customers between direct channels and agent network, is a preliminary step to full channel integration.
Step 6: Full channel integration – which leads to a seamless, consistent customer experience that puts customer needs at the center. It provides access to relevant products and services through all channels and touchpoints.
Insurers better stay away from extensive custom builds, which can add to technical debt. They should use multi-component solutions that are ready to be integrated into the legacy core, based on open architecture principles, just as our omnichannel platform – Comarch Digital Insurance
Author: Aleksandra Romot, Senior Business Consultant