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Trends in Multi-Channel Insurance Distribution - IT Matters
On 18-19 April 2012 TIA and Accenture hosted seminars in Germany on the topic of Multi Channel Distribution for Insurers where they on practical examples explained how new business requirements can easily be met with modern information technology.
On 18-19 April 2012 TIA and Accenture hosted *seminars in Germany on the topic of Multi Channel Distribution for Insurers where they on practical examples explained how new business requirements can easily be met with modern information technology.
The seminar started with Accenture presenting some of the key findings of their latest research on the Multi Channel Insurance Distribution:
- Insurers should better use their data and analytics in order to help them get closer to and to better understand their consumers.
- Insurers need to embrace the latest technological advances and merge their capabilities with online channels.
- Insurers should not underestimate the importance of the internet. They should have a clear vision of the way ahead, an honest appraisal of existing capabilities, and the ability to acquire new capabilities rapidly.
- The distribution channels in insurance are becoming more and more complex. No particular channel is rising or falling, but consumers are diversifying and using more channels than ever for their various needs.
The research concludes that the primary challenge for insurers is to effectively develop an effective multi-channel distribution strategy, “One that capitalizes on the strengths of each respective channel that is seamlessly integrated to ensure a consistent experience no matter which channels are used, and that reduces the cost of interacting with customers while enhancing the relevance of the experience”.
TIA translated these key research findings into the business terms and outlined how insurers can benefit from multi-channel distribution already today by using the TIA Solution.
- Strengthen analytics capabilities through utilizing customer-centric architecture of the TIA Solution.
- Empower sales agents by using innovative mobile add-on solutions with a direct connection to TIA.
- Utilize broad technical capacities of the Internet by integrating the TIA Solution to various price comparison portals / aggregators.
- Improve differentiation vis-a-vis market by supporting various brands in a single instance of the TIA Solution, and shorten time to market for product variants and price updates by utilizing innovative features in TIA’s Product Editor.
Afterwards two German add-on partners took the opportunity to demonstrate how one could easily integrate own systems to the TIA Solution by utilizing web service.
macrosReply presented the live integration of the Macros Workplace Solution to TIA and ICON demonstrated an easy but powerful integration to their Output Management Solution.