Carrier leadership should recognize that transformation never ends and cultivate a culture of constant technical innovation that maintains and constantly improves the new solution and business processes required to support it.
Today’s insurers are faced with a puzzle: How do they market their products to become well-known, trusted, and valued best-sellers, yet, at the same time, place some products where they can be purchased through other partners or channels, even if they are unknown?
For insurers to become players in the new insurance ecosystems, they will need to apply lessons from their tests and MVPs to their product and service rollouts.
When viewed properly, APIs are a bit like traveling through time and seeing the future, with the ability to use future tools in the here and now.
As carriers look at their overall current and potential product offerings, they should have alignment across the enterprise in order to invest the time and money needed into making their absence solutions solve the needs of the marketplace.
In this, the fifth in a series of blogs on distribution management, Denise Garth is joined by Luke Suczewski and Haley Wellener, both members of PwC’s Insurance Transformation practice.
Industry forces are reshaping distribution management, from shifting customer expectations to driving reach and scale in a multi-channel world.
Millennials and Gen Z are now the dominant buyers for insurance. They do not follow the traditional life and purchase patterns set by older generations.
As we move into the future of SaaS, this precision will give insurers real competitive advantage, but how does SaaS 3.0 differ from what we have been calling SaaS all along?
Carriers and distributors can escape that ‘Groundhog Day’ feeling with incremental improvements and a vision of a transformed experience for everyone. In fact, the vision is a great place to begin.