New-Age Distribution and Customer Service
The latest trend in the Insurance industry is personalization, which is conventionally and largely dominated by independent Agents, Brokers, and Managing General Agents (MGAs). Every insured prefers different channels through which he/she approaches insurance companies. In the present soft market, insurance companies cannot simply rely on one specific set of distribution channels. In addition to developing multiple distribution channels, insurance companies need to be in a position to proactively identify customer behavior to improve customer experience and the effectiveness of their distribution channels.
LTIMindtree’s significant Digital Solutions and Analytics Offerings are centered around the theme of distribution effectiveness. LTIMindtree offers ready-to-use Insurance Ecosystem Solution (iCEOnTM ) to insurance brokers, intermediaries, and third-party agencies. This solution is customizable, scalable, and easy to integrate with any insurance company’s system. We also offer solutions and frameworks to improve agency and direct channel experiences. Robo Advisor takes Distribution Effectiveness to a different level altogether with its pre-built rule engine and Cognitive Learning.
Our clients have typically benefitted from Insurance Distribution Effectiveness Services, with the following business outcomes:
- Agency Retention improved by 3-5%
- Direct Channel Business Conversion Ratio improved by 10-12%
- Improvement in NPS by 15 points
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CRM Selection and Implementation
Agency Self-Service
Omni-Presence
Distribution Effectiveness
Enhanced client experience by providing a web-based self-service capability for India-based Insurance broker.