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Today’s digital world has made a dramatic impact on the way insurance and wealth management companies communicate with consumers. Forward-thinking brands are beginning to understand the need for more personalized and direct communication with existing and prospective clients. These companies are investing in marketing and technology to help agents and brokers become more competitive while accommodating customers’ increasingly mobile research and buying behavior. These investments have provided long-term and profitable direct-to-consumer benefits.
Companies are beginning to understand that consumers demand both online and offline interaction. The need for a consistent omni-channel presence is becoming increasingly evident to these organizations, though few are embracing a digital strategy as a competitive strategy.
The distribution channels for P&C companies are evolving to accommodate a more customer-centric approach. Also, commoditization has made it more difficult for auto and life insurers to differentiate themselves and establish a dominant online presence over competitors. Together, these changes have forced insurance companies to develop better direct-to-consumer capabilities and take over some of the traditional responsibilities of agents, such as acquisition, policy, and claims.
With new regulations instated by the Patient Protection and Affordable Care Act (PPACA), healthcare insurers are now required to deliver products and price information directly to consumers. Those payers relying on distribution through agents and brokers have been forced to redefine their existing business model.
How are industry leaders responding? Find out in our second blog post on the subject.