Distribution
How consumers purchase insurance has changed rapidly over the past 50 years, first shifting dramatically from independent agents to captive agents, and then to the direct channel. Consumer migration to online and phone quoting and buying continues to increase; this trend is not going to abate.
For every insurance company and every insurance agency, it is critical to address the consumer migration toward the direct channel. This does not necessarily mean attempting to fully enter the direct channel, but it does mean developing a better understanding of the trajectory of the company’s or agency’s target consumers’ and meeting the consumer where they are, and where they will be.
There are many ways of addressing changing consumer shopping behaviors. How each company approaches this will vary based on the company’s unique situation, financial condition, size, target market, internal skill sets, etc.
The decision, strategy, and planning around this are critical. Will the company take a multi-channel approach? Will the company collaborate more effectively with its agency base to attract direct channel business? Will the company’s strategy be to focus on dominating a shrinking channel? These are all valid approaches if they are suited to the company’s situation. The right solution for the situation and the ability to structure the right processes, reporting, and optimization around this is critical to success.
OutPerform will collaborate closely with you to adapt to the ever-changing distribution environment and help you be ready for what is coming. Once your company’s channel strategy is in place, OutPerform can help:
Develop the right strategy for the Company’s unique position
Establish measurable goals, objectives, and the definition of success
- Model the roadmap to success
- Target the right customers
- Build or modify processes
- Build sales center operations where necessary
- Outsource sales center operations where necessary
- Define application requirements and build them if necessary
- Identify the key business drivers and define data and reporting requirements
- Optimize distribution efforts