7 Things You Need to Know About Distribution Modernization
Very often, business processes evolve topsy-turvy based on business or compliance issues and over time, those processes become embedded in the notion: “We’ve always done IT this way.”
Distribution is one area that has long been managed as an afterthought, a necessary evil, and a back-office function that delivered little value to the business today, we are nearing a point where re-inventing distribution is not only important, it is the route to future sales success. With the convergence of technology, big data, social media, and sophisticated marketing, new and creative business arrangements and processes brings an entire new insurance ecosystem on the immediate horizon.
Gartner has named this convergence the “Nexus of Forces.” Gartner defines “Four converging forces that are mutually reinforcing social networking, mobile communications, cloud computing and information.” This nexus of forces is creating a tipping point where insurance companies must either evolve and react, or be crowded out by other companies.