Digital strategy propels growth
In the transition to digital operations , strategy is as important as technology . It ’ s not enough to have the tools in place to become ‘ digital ’. It ’ s also about how you work and who you choose to work with .
If you ’ re looking for revolutionary growth — your moonshot — then you need to amplify tools , technology and data with strategies for maximizing their benefits . That means disposing of old legacy thinking at the same time you discard your legacy technology . Maximum growth potential comes from embracing a new way of working based on what your new system capabilities make possible .
Digital and analog channel integration is the key to maximizing growth
The other important factor that has the potential to significantly impact distributor growth begins with recent evolutions in customer expectations — and leads to an unexpected opportunity .
Over the past few years , customers increasingly have become : Comfortable interacting remotely ( true even before the pandemic — but critical during and post ) Increasingly interested in self-education
Increasingly independent in the buying process
The industry has responded by creating more new , simplified products that can be approved without medicals . When delivered through Direct to Consumer ( D2C ) digital portals , they speed underwriting , improve customer experience and lower barriers to entry for consumers reluctant to engage with agents .
The idea makes all the sense in the world . For most , these new direct channels held the promise of new digital growth opportunities . Unfortunately , the reality is D2C hasn ’ t yet delivered on its revolutionary promise .
In isolation , a D2C portal is just one more channel , one more tool , for finding a customer . It may even just replace sales that would have happened anyway with an advisor . Sure , costs may be lower , but no one is seeing their top-line revenue explode after introducing D2C offerings .
From shortcomings come opportunity
But that shortcoming reveals a more genuine opportunity for distributors . If agencies are able to think about growth strategically , and define how these digital offerings should be integrated with all other existing channels , then a new potential for profound change and growth is created .
Channel integration will enable distributors to look beyond easy fulfillment of simple client needs and focus on the greater value of the entire customer journey . Having all channels working together will enhance the total customer experience in every interaction along the way . Data shared between digital portals , the agency management system , carriers and advisors can generate vastly improved , highly granular and useful customer profiles .
These profiles and the experiences that can be created around them can significantly increase lifetime customer value . Datadriven profiles can generate leads that were previously unknown . Automated marketing systems can follow-up on those leads , and agency management systems can guide advisors to more opportunities than they have ever had . Customer journeys can be tailored so that consumers are engaged in whatever manner they wish ( portal , agent , support staff , automated communication ) whenever they need . Marketing , sales , service can be integrated and hyper-personalized to a degree never before possible .
Differentiators for digital agencies
Within the channel , competition has already shifted to the arena of digital competence . But , today ’ s ‘ modern ’ technologies will quickly become table-stakes . The biggest growth will be seen by those agencies that see beyond their tools and fully adopt a digitalfirst mindset and strategy . Those who are best able to integrate and leverage the data from all channels will have the best insight into their clients , giving them the best platform for growth .
If you ’ re looking for revolutionary growth — your moonshot — then you need to amplify tools , technology and data with strategies for maximizing their benefits . www . nailba . org 37