In the Age of The Customer, Life & Annuity Insurers Must Embrace Digital Processes
All businesses, regardless of industry, must be aware that customers expect the ease, intuition, and anytime/anywhere interaction of digital. Customers have the power to dictate how and when they want to do business with you—and if you aren’t available, they will go elsewhere. A recent PWC Global Survey found that customers expect this ease of doing business across all business channels, not just digital. The new marketplace is facilitated by using data analysis, social-media monitoring, CRM (Customer Relationship Management) applications, and other technology tools that enable businesses to anticipate and respond quickly to changing customer demands. These tools also allow businesses to create products, services, and communication methods based on consumer preferences.
On the surface, it may appear that the life insurance industry is not being impacted by this new normal but that is not the case. The insurance industry has seen many disruptors based on satisfying the new, educated customer. For example, selling an insurance policy through an agent has evolved, and customers no longer wait on the agent to provide information. The internet—Google, Yahoo etc.—is now their primary source of information. Most insurance customers do their own research prior to contacting an insurance company. To ensure they maintain their customer base and attract new customers, insurers must make sure they have cutting-edge technology that will satisfy their customers’ needs—internal and external customers.
In response to economic challenges, customer demands, competition, and increasing regulatory changes in recent years, Life & Annuities insurers continually diversify and enhance their distribution strategies.
To be current, a Life & Annuity insurer needs a distribution platform that provides
Group life, fixed and variable annuities, fee-based advisory services, and retirement products
Flexible and dynamic hierarchy management capabilities with the ability to handle bonus and incentive programs
Advisors with 24/7/365 access (anywhere, anytime, and on any device) to information allowing them to focus on sales rather than administrative tasks and shadow accounting
A platform that provides a solution that leverages web-based and e-form technology to provide onboarding and ongoing compliance maintenance of producers
A customer-friendly website that provides policy holders with 24/7/365 access to their information
To ensure you have a digital platform that will satisfy the needs of your internal and external customers, it is imperative that you partner with a technology vendor that has expertise in the technology and insurance industries.
VUE Software’s solutions are designed by insurance professionals for insurance organizations. The VUE team has encountered and solved problems for some of the most complex distribution strategies, supporting multiple hierarchies across multiple distribution channels, products, and geography.
VUE Software’s digital distribution platform takes the complexity of any distribution strategy and simplifies it for increased operational efficiency to drive growth. VUE Software’s solutions allow business users to configure the software to meet their process needs, empowering organizations to seamlessly achieve their administrative goals with minimal effort and allowing them to focus on maximizing productivity. Regardless of the company’s growth strategy, VUE Software’s Distribution Management Solutions are designed to be a one-stop solution for all onboarding, recruiting, compensation management, and compliance functions. It also integrates effortlessly with existing IT systems.
Performance Analytics Tools
The ability to analyze and visualize performance data quickly and easily can present a monumental advantage to insurers. VUE Software’s Performance Analytics tool can slice and dice data however you want, generate custom reports when needed (without technical knowledge), and present them visually with vivid dashboards for performance reporting and drill-downs.
Mobile-Ready Self-Service Web Portals
Although portal technology is relatively common in the insurance industry, their usefulness can be limited due to poor design or a lack of understanding of how a portal can benefit an organization. VUE Software’s mobile-enabled portals are transactional gateways to your organization, designed to empower your distribution-team members on both sides, and enabling them to perform self-service functions that improve team collaboration. This ability ultimately results in your organization being deemed, “easy to do business with,” increasing customer satisfaction. These portals are also capable of giving your policy holders and other internal users access to role-based information that will increase customer satisfaction.
Implementing VUE’s digital platform will reduce error-prone manual processes with fast and efficient process automation using flexible rules, workflows, and e-form technology that increases velocity for arduous administrative tasks.
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