The Digital age is having quite the impact with the Agency distribution model. The livelihood of the individual agent is directly related to the number of touchpoints that they have with their customers. Agents are in constant pursuit of connection, interaction, hopefully sales, and then retention activities. However, if the life insurance company is also connecting digitally with the customer, do we have a natural conflict?
Not necessarily so, if designed properly. Life Insurance companies, who produce the products we buy, are investing in platforms that unify the Agent, Customer/Prospect, and Insurance company. Agents know their customers. The Customer knows what they want. The Insurance Company knows a lot of data about the Agent, customer, and the prospect.
The CIO needs to define a technology stack to leverage this triumvirate in a seamless way. This is not a technical challenge for the CIO, it’s a relationship challenge – CIO’s who can provide value for their agents and customers are likely to strengthen these relationships and earn greater digital trust. This in turn builds trust in the CIO.