“Digital distribution and non-traditional channels are creating unanticipated value for those with the right agreements and alliances.” Ellie Barlow, Digital Director, KPMG in the UK
Alliances create significant opportunities for insurers to improve their distribution and outreach through partner technologies and methodologies. Indeed, alliances with tech-savvy partners spur digital value that otherwise might have taken years to develop; instead they are becoming rapidly available today.
Finding the right technology partner is vital to advancing the process and adopting the right technologies. For example, one global insurer recently formed a strategic alliance with Facebook to develop its footprints in digital, social and traditional media globally. Such forward-thinking solutions to digital engagement could very well revolutionize the way insurers interact with clients.
Forward-thinking solutions to digital engagement could literally revolutionize the way insurers interact with clients, be it commercial or personal lines. Some of the more successful alliances in this area combine keen insight into customer preferences with the ability to create the right operating models to take advantage of such interactions. And, in doing so, are further enhancing two-way data sharing between brokers and their tech-enabled customers which, in turn, is creating a strong catalyst to cultivate new business.
New distribution channels are not limited to the internet. Indeed, many insurers are now looking to develop affinity deals and partnerships to drive new business. While other innovative initiatives are taking a cross-industry approach. For example, Bolt Google Connect, from BOLT Solutions Inc. is essentially a new distribution program that helps insurers join Google’s insurance aggregation site – Google Compare – and determine how it fits into their product and distribution strategies.1