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Webinar: Omni Advisor – The Future of Agency

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Webinar: Omni Advisor – The Future of Agency

  1. 1. Omni Advisor - The Future of Agency 20th January 2021
  2. 2. 2 Disclaimer Presentations are intended for educational purposes only and do not replace independent professional judgment. Statements of facts and opinions expressed are those of the participants individually and, unless expressly stated otherwise, are neither the opinion nor position of The Digital Insurer. The Digital Insurer do not endorse or approve, and assume no responsibility for, the content, accuracy or completeness of the information presented.
  3. 3. 3 The Digital Insurer (TDI) Working together to accelerate the digital transformation of insurance PURPOSE • World’s leading digital insurance platform for individuals and companies • most valuable knowledgebase • most engaged community Collaboration ● Reliability ● Agility Diversity ● Value-delivery ● Innovation ● Trust VISION VALUES 3 Working together to accelerate the digital transformation of insurance
  4. 4. 4 Discussion Agenda 75 Minutes OMNI Advisor model Today vs Tomorrow OMNI in Action – Tech example OMNI in Action – Insurance examples Perspectives from the Field Panel Discussion including Q&A TDI updates and wrap up Working together to accelerate the digital transformation of insurance
  5. 5. 5 Today’s Panellists Mark Wallis Consultant, Executive Coach Working together to accelerate the digital transformation of insurance CTO & CIO, Gefen Technologies
  6. 6. 6 Most insurers will lose 18 – 24 months …off transformation roadmaps if they want to keep up Source: TDI estimates Widening Gap likely for most Insurers • Already laggards • Focus on ‘keeping the lights on’ • Curtailment of ‘discretionary spend’ • Failure to re-set strategically • All resulting in increased vulnerability to competitors and new entrants Consumer TP was expected 2022 Consumer TP now expected 2020 Insurers need to accelerate digital plans by 2 years to simply “stay still” TDI Academy. Learning for the digital age. 6 “TIPPING POINT” Laggards Late Majority Early Majority Early Adopters Innovators 2020/21 post-crisis Remains static pre & post crisis with tactical focus Insurer Readiness W i d e n i n g G a p 2020 pre-crisis Consumer Expectations
  7. 7. 7 New Market Space is Emerging in Insurance Working together to accelerate the digital transformation of insurance
  8. 8. 8 Distribution landscape in 2030 Advisors need to reinvent themselves What ? How? How fast? Working together to accelerate the digital transformation of insurance
  9. 9. 9 BUT It’s not just about changing customer behaviours 1. Tech not working - Tech built for face-to-face doesn’t work for virtual – Not “Omni” - Not agile – takes too long to change 2. No digital presence - Advisors have no personal digital presence to backup verbal discussions - They come across as out of touch in a digital world 3. Skills gaps - How are advisors going to pick up the news skills needed? The weaknesses of Advisory models during Covid-19 have become clear Working together to accelerate the digital transformation of insurance
  10. 10. 10 How to participate How to participate: If you have a question please type into the Q&A area If you have a comment please type into the chat area Session format: The moderator will use a combination of their own questions and those from the audience Working together to accelerate the digital transformation of insurance
  11. 11. 11 Discussion Agenda 75 Minutes OMNI Advisor model Today vs Tomorrow OMNI in Action – Tech example OMNI in Action – Insurance examples Perspectives from the Field Panel Discussion including Q&A TDI updates and wrap up Working together to accelerate the digital transformation of insurance
  12. 12. 12 Omni Advisor model Hugh Terry Founder, The Digital Insurer Working together to accelerate the digital transformation of insurance
  13. 13. 13 TDI POV: Agency alarm bells are ringing as consumer adoption of digital accelerates beyond Tipping Point Insurers, and their agents, need to urgently transform from ‘traditional sales’ to an ‘OMNI advisor’ model - not only to stay relevant, but also to generate significant growth in the years ahead 13 Working together to accelerate the digital transformation of insurance
  14. 14. 14 Opportunities for insurers to move into new space Working together to accelerate the digital transformation of insurance “Blue Ocean” Transform “Red Ocean” Evolve Model Maturity Channel Performance TRADITIONAL SalesAgent DIGITALLY-PRESENT OMNI Advisor DIGITALLY-ENABLED Quality Agent
  15. 15. 15 Start with the customer at the centre Working together to accelerate the digital transformation of insurance “The OMNI Advisor has the digital tools to allow them to stay fully informed of client interactions with the Insurer, irrespective of which route the client takes. Enabling the Advisor to manage all aspects of their business effectively and efficiently.”
  16. 16. 16 The future of the advisor in a digital world the future Working together to accelerate the digital transformation of insurance
  17. 17. 17 Advisor to Client in a digital world Core capability missing from nearly all insurers Advisor microsite Digitally connected Advisor App + = 2. Shared content pointed Back to advisor website 1. Advisor shares content On relevant channel 3Advisor notified and can follow up (online or offline) • Instantly know when someone is visiting • Proactively chat or note for follow-up • Send professional and fresh content in an instant on advisor and clients’ channel of choice • Clients uses Advisor microsite as the digital point of access for entire relationship Step change in engagement Advisors given digital marketing toolkit More leads & better closing Superb data insights More referrals Increased retention Working together to accelerate the digital transformation of insurance
  18. 18. 18 Working together to accelerate the digital transformation of insurance Product Launches Quarterly updates Feedback surveys Birthday messages New agent recruitment Changes in Regulations Claims payment notifications Digital ecommerce from agent microsite… Customer financial review CEO & Corporate messages Needs based content Product based content Training content Best agents sharing best practices New tools for agents Agent reward programmes Life event triggered content Customer digital referrals & more & more …. First meeting follow up Renewal communications Online leads Communications as a competitive advantage There are so many enterprise and advisor use cases!
  19. 19. 19 So what needs to change? DATA + CONTENT + NEW SKILLS = NEW OPERATING MODEL Working together to accelerate the digital transformation of insurance
  20. 20. 20 TDI Academy. Learning for the digital age. Agency model choice is not ‘yes or no’, but rather ….what mix, how far and how fast? TODAY FUTURE Over the next 2-3 years, the proportion of agents operating with digital tools (digitally-enabled agents) is expected to increase from a significant minority to the substantial majority, whilst at the same time the proportion of ‘next generation’ digitally-present OMNI Advisors will also start to grow DIGITALLY-PRESENT OMNI ADVISOR “Develop to Differentiate” TRADITIONAL SALES AGENT “Natural Decline” DIGITALLY-ENABLED QUALITY AGENT “New Minimum Standard”
  21. 21. 21 Discussion Agenda 75 Minutes OMNI Advisor model Today vs Tomorrow OMNI in Action – Tech example OMNI in Action – Insurance examples Perspectives from the Field Panel Discussion including Q&A TDI updates and wrap up Working together to accelerate the digital transformation of insurance
  22. 22. 22 Today vs Tomorrow Working together to accelerate the digital transformation of insurance
  23. 23. 23 Poll Q. Which of these best sums up your view on the OMNI advisor model? Response options: a) It is the future for agency and we need to start building it now b) The ideas looks good - we have time to experiment c) This is not how I see agency evolving Poll 1 Working together to accelerate the digital transformation of insurance
  24. 24. 24 Discussion Agenda 75 Minutes OMNI Advisor model Today vs Tomorrow OMNI in Action – Tech example OMNI in Action – Insurance examples Perspectives from the Field Panel Discussion including Q&A TDI updates and wrap up Working together to accelerate the digital transformation of insurance
  25. 25. 25 OMNI in Action – Tech example Tomer Ben Ari CTO & CIO, Gefen Technologies Working together to accelerate the digital transformation of insurance
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  32. 32. 32 32 Hi, I am interested in insurance for my vehicle. How can I do that? What are the options? Thank you very much! Sell Good morning, I would like to know if my policy covers damages caused by third parties to my vehicle. Thank you. Up Sell Good morning, I would like to know if you can provide me an offer for house insurance as well. Thank you very much. Talk soon. Cross Sell Hi Alejandro, I'm writing to you because I just saw your inquiry and I wanted to enter the page so that I might maintain contact with you. It's great to be able to communicate with you directly through this medium. Greetings. Service
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  34. 34. 34 Discussion Agenda 75 Minutes OMNI Advisor model Today vs Tomorrow OMNI in Action – Tech example OMNI in Action – Insurance examples Perspectives from the Field Panel Discussion including Q&A TDI updates and wrap up Working together to accelerate the digital transformation of insurance
  35. 35. 35 Example 1 Generali Indonesia Source: live advisor website Working together to accelerate the digital transformation of insurance
  36. 36. 36 Example 2 Manulife Singapore Source: live advisor website Working together to accelerate the digital transformation of insurance
  37. 37. 37 Example 3 Ping An China Working together to accelerate the digital transformation of insurance
  38. 38. 38 Example 3 Ping An China Working together to accelerate the digital transformation of insurance
  39. 39. 39 I am sure you can think of more examples Example 4 Xiaobang China Source: https://www.the-digital-insurer.com/tdi-talks/insurtech-innovation-awards-insuretech-connect-tdi-2020/ Working together to accelerate the digital transformation of insurance
  40. 40. 40 I am sure you can think of more examples Example 5 Openbank Spain Source: https://santander.ft.com/fintech-with-a-face?utm_source=FT&utm_medium=Native • Omni – virtual branches and physical “stores” • “A glance at the underlying numbers is telling. While digital-only banks have undoubtedly made a significant mark on the industry, customers are hesitant about taking an ‘all or nothing’ approach.” • ”…..meaning that a multi-channel model will be the best way forward. Openbank has achieved this by creating digital branches, each served by a pod of 10-15 customer assistants. On their app, customers are assigned a digital branch, staffed by familiar faces with whom they have ongoing relationships, just as if they had walked into their local high street branch.” Working together to accelerate the digital transformation of insurance
  41. 41. 41 I am sure you can think of more examples Example 6 WeSure China Working together to accelerate the digital transformation of insurance https://www.digfingroup.com/tencent-wesure/?mc_cid=9ee49bf30e&mc_eid=7959fe765f • Small sales team that relies on artificial intelligence to become ultra-efficient, while leveraging digital channels to amass a customer base that traditional insurers can’t otherwise reach • 50 million customers – 100 million registered users • Low-ticket products, on average $100, for one- year policies, sold to a younger generation of first- time insurance buyers • “Concierge” service through WeChat • 200 sales people – average 5,000 customers per sales person
  42. 42. 42 Discussion Agenda 75 Minutes OMNI Advisor model Today vs Tomorrow OMNI in Action – Tech example OMNI in Action – Insurance examples Perspectives from the Field Panel Discussion including Q&A TDI updates and wrap up Working together to accelerate the digital transformation of insurance
  43. 43. 43 Perspectives from the Field Working together to accelerate the digital transformation of insurance Mark Stephen Wallis Consultant | Executive Coach & Strategic Partner
  44. 44. 44 The OMNI Advisor – Future of Agency Mark Stephen Wallis, Consultant |Executive Coach & Strategic Partner Perspectives from the Field on OMNI Advisor Agency Distribution • Digital tools offer tremendous potential for Agency / Face-to-Face Distribution • Technology has favorably impacted every step in the Sales Process • Using Technology will improve Advisor Productivity • Non-face-to-face technology is driving face-to-face improvements • Companies must expect improved results when investing in Technology • Increased Advisor Activity and Productivity • An improved Customer journey (fewer dropped calls) • Challenges to OMNI Advisor evolution include: • No compelling reason to change (until now with Covid) • Lack of a clear development path (What needs to be done? Who’s driving?) • Undeveloped Sales Habits • A legacy compensation structure MSW
  45. 45. 45 The OMNI Advisor – Future of Agency Mark Stephen Wallis, Consultant |Executive Coach & Strategic Partner MSW Comments on Potential OMNI Advisor Distribution Models of the Future • Face-to-Face and Direct Channels can (and should) co-exist • Multi-channel / Multi-line Collaboration will provide even more opportunity • Hybrid Distribution Models (today) • Driven by the Consumer “uberization” of the Industry • Consumer is Agnostic • A return of the General Agency or Corporate Agency Model • Technical Tools Available (leveraging AI) • Data (lake) mining resources, information gathering, CX tracking • Social Media / Micro-influencing • Distribution Compensation • Legacy model reflects payment for labor-intensive Prospecting • “Advisor” vs. “Salesperson” - A Salary-based + Incentive Advisor Model • Incentive compensation for leads converted, account servicing, or new Customers • Cost – sharing of marketing expense (Advisor/Corporate)
  46. 46. 46 Discussion Agenda 75 Minutes OMNI Advisor model Today vs Tomorrow OMNI in Action – Tech example OMNI in Action – Insurance examples Perspectives from the Field Panel Discussion including Q&A TDI updates and wrap up Working together to accelerate the digital transformation of insurance
  47. 47. 47 Panel Discussion Mark Wallis Consultant, Executive Coach Working together to accelerate the digital transformation of insurance CTO & CIO, Gefen Technologies
  48. 48. 49 Poll Q. What do you think is the biggest obstacle to the adoption of the OMNI Advisor model Response options: 1. Management teams need more support to make the case and execute 2. Sourcing appropriate technology solutions 3. Training and support for agents to adapt and learn new skills and ways of working Poll 2 Working together to accelerate the digital transformation of insurance
  49. 49. 50 Poll Q. Are you interested in finding out how TDI and its partners can help you explore the OMNI Advisor model? Response options: a) Yes - please get in touch for a discussion b) Yes – please email me some info and I will consider c) No thanks Poll 3 Working together to accelerate the digital transformation of insurance
  50. 50. 51 Discussion Agenda 75 Minutes OMNI Advisor model Today vs Tomorrow OMNI in Action – Tech example OMNI in Action – Insurance examples Perspectives from the Field Panel Discussion including Q&A TDI updates and wrap up Working together to accelerate the digital transformation of insurance
  51. 51. 52 Working together to accelerate the digital transformation of insurance TDI INSURTECH Directory The world’s insurtech database
  52. 52. 53 TDI Mission to map the world of InsurTech Working together to accelerate the digital transformation of insurance • Dynamic • Linked to The InsurTech Directory • 5+ more maps in Q1 • Contact us if you would like to volunteer & help
  53. 53. 55 About the TDI Academy https://www.the-digital-insurer.com/tdi-academy/ Working together to accelerate the digital transformation of insurance
  54. 54. 56 ADI & CDI compared 2021 Schedule CDI: on demand ADI 2021 - January - April - September Working together to accelerate the digital transformation of insurance
  55. 55. 57 TDI Academy – virtual L&D platform on digital insurance Common Core Curriculum of 56 hours 7 x 8 one-hour lessons On-demand 24x7 MCQs for each Range of Industry Experts = Participant rating (out of 10) 1. OUR CHANGING WORLD 2. TECH ENABLERS 3. DATA & ANALYTICS 4. VALUE CHAIN INNOVATIONS 5. NEW DIGITAL BUSINESS MODELS 1.1 4th Industrial Revolution 1.2 Our Connected World 1.3 Power of Social 1.4 Changing Consumer Behavior 1.5 More Change Coming 1.6 Why Data is King 1.7 Cloud Crushes Costs 1.8 Insurance Re-booted 2.1 Tech Trends in Insurance 2.2 AI, Machine Learning & RPA 2.3 Blockchain 2.4 IoT 2.5 Chat & Voice 2.6 Immersive Technologies 2.7 APIs & Microservices 2.8 Tech Architecture Best Practices 3.1 The Power of Data 3.2 Python Basics 3.3 Python Intermediate 3.4 Data Visualization & Example Tools 3.5 Machine Learning 3.6 D&A Use Cases - P&C 3.7 D&A Use Cases - Life & Health 3.8 Predictive Modelling 4.1 Sales Tools for insurance Agents 4.2 Underwriting - Life & Health 4.3 Underwriting - P&C 4.4 Product Development 4.5 Service & Administration 4.6 Claims - Life & Health 4.7 Claims - P&C 4.8 Implementing Value Chain Innovations 5.1 Platforms & Ecosystems 5.2 Microinsurance 5.3 On-demand Insurance 5.4 Comparison Sites 5.5 Peer-to-peer & Community 5.6 Health & Wellness 5.7 Commercial 5.8 Building New Digital Business Models 6. MARKETING & CUSTOMER EXPERIENCE 7. STRATEGY & TRANSFORMATION 6.1 Data-led Marketing 6.2 Direct Digital Marketing 6.3 Digital Marketing for Advisors (O2O) 6.4 Power of Content 6.5 Omni Sales & Servicing 6.6 Customer Lifetime Value & Customer Advocacy 6.7 Customer Experience 6.8 Out-of-industry Use Cases 7.1 Why Strategy Beats Execution 7.2 Regulations & Ethics in a Digital World 7.3 Transforming the Old vs Building the New 7.4 Partnership in a Digital World 7.5 Change Management as a Discipline 7.6 Agile & Lean Basics 7.7 Cultural Change for a Digital World 7.8 How to Succeed When Most Transformation Fail 8.3 8.5 8.3 8.7 8.5 8.7 8.2 8.6 8.3 8.8 8.6 8.6 8.7 8.4 8.3 8.3 8.5 8.7 8.5 8.7 8.4 8.3 8.6 8.5 8.7 8.6 8.3 8.7 8.5 8.7 8.5 8.9 8.7 8.6 8.8 8.7 8.5 8.5 8.3 8.7 8.6 8.6 8.5 8.6 8.4 8.9 8.7 8.7 8.9 8.4 8.6 8.5 8.7 8.5 8.7 9.0 8.6 Copyright © 2021 The Digital insurer. All rights reserved.
  56. 56. 58 Poll Q. How interested are you in virtual learning & development programs on digital insurance? Response options: a) Yes - for me & my company b) Yes - for me c) Yes - for my company d) No - I think we know enough in this space Poll 5 Working together to accelerate the digital transformation of insurance
  57. 57. 59 On demand: Insights to Solutions Distribution Event Working together to accelerate the digital transformation of insurance Time: 11am – 12.40pm ET https://www.the-digital-insurer.com/webinars/
  58. 58. 60 Partnering for Success – 27th January 60 https://www.the-digital-insurer.com/webinar-infographic-partnering-for-success-in-a-digital-world/
  59. 59. 61 Digital Underwriting – 17th February 61 Time: 11am – 12.40pm ET https://www.the-digital-insurer.com/insights-to-solutions/insights-to-solutions-series-digital- underwriting/
  60. 60. 62 Feedback please! Three ways  At end of webinar using survey  When you receive the recording link  To TDI / Fintech Portugal individually
  61. 61. 63 Contact Details TDI Academy – learning for the digital age Hugh Terry hugh.terry@the-digital-insurer.com Simon Phipps simon.phipps@the-digital-insurer.com David Nash david@gefen.online Tomer Ben Ari tomerb@gefen.online Moshe Tamir moshe@axell-hub.com Mark Stephen Wallis mwallis1@outlook.com
  62. 62. 64 Omni Advisor - The Future of Agency 20th January 2021 Thanks for your time! (feedback please)

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