It never was more exciting than today to work for Industrial Insurers and Brokers, at least not for me. There is openness towards change, doing things better or at least different, e.g. exploring new grounds. In our daily work around Digital Distribution our eCommerce-team taught us to watch out for what could come next. So, we took that advice. Maybe you can confirm that we´re thinking in the right direction:
- Finding: Industrial and Commercial Insurers usually intend to offer standardized digital products, whereas brokers facing the client must seek for exclusivity (not surprising). Prediction: We believe that “one-size-fits-all” products in SME are a thing of the past. Instead, cost-efficient mass-customization to fit a specific distribution scenario is a digital capability, which will be the standard in the near future.
- Finding: The established players – insurers and brokers – are overcoming mental barriers of what “the other side should do” (surprising to me). Prediction: Within their specific digital offerings, we will see insurers considering business models of brokers and brokers enabling process efficiency for insurers. Why? To create value for both sides.
- Finding: While digital offerings so far are focusing on products and easy-to-use processes, B2C innovations are more and more adopted to create USPs in the B2B sales channel (will surprise). Prediction: We will see innovations for optimized customer journeys and user experience focusing on better conversion rates. Alexa is only one example, which is currently discussed prominently.
Bottom Line: Future enhancements in digital offerings will more tend to support the true nature of the game: a) Bilateral distribution agreements and b) facilitation of communication.
This article was originally published on LinkedIn.