My previous blog post highlights the challenges insurers are facing in the group life and annuities marketplace, such as the fact that most insurers have a special system dedicated to basic group processing that does not meet their current needs. Carriers would be wise to seek an innovative policy administration system for group/worksite that is fully integrated with a complementary digital suite and can house group, voluntary and worksite policies on a unified platform to offer a seamless customer experience.
Because one of the main drivers of a group/worksite upgrade is to provide an enhanced and modern customer experience, it’s important for insurers to have access to a 360-degree view of the customer from their policy administration system, without external CRM. This should include group/voluntary, so that insurers are focused on providing customer-centric service and increased efficiencies.
The right policy administration system and digital suite will automate and digitalize the enrollment process, eliminating the paper-based approach and offering a superior group/worksite customer experience. Broker and agent portals will play an important role (more on that below). And product bundling can be tailored and personalized to the insured’s specific needs.
PAS and digital suites for group/worksite must also be user-friendly for insurers. Group deals can be very complex ‒ there are many eligibility rules and determining who receives what, and at what time, is tricky. Insurers require the ability to govern flexibly ‒ one-to-one, or one-to-many ‒ with the option to build groups within groups, and quickly define groups and sub-groups.
The goal is complex management capabilities via a simple user experience, based upon drag-and-drop. Management should be simple: graphical, user-friendly, intuitive, business and agreement-driven, meant to create and empower self-sufficient business users, without dependence on IT.
Brokers are heavily involved in group/worksite sales. Like insurance consumers, brokers want to be able to interact with insurers via laptops, tablets and their cell phones. A broker portal will help them quickly and efficiently close new business.
Advanced Analytics/Business Intelligence Solutions
Business intelligence (BI) and advanced analytics tools are gaining traction with group carriers. These solutions can be applied to group/worksite sales and marketing efforts, and help providers manage the mountains of data they are currently struggling with.
Please take a look at my white paper, Group and Voluntary Life Insurance: Challenges and Trends, to find out how you can stay ahead of competitors and enjoy a promising future in the group/worksite space.