Covid leads to immediate changes in customer adoption of digital
In March we took the unusual step of writing what was probably TDI’s most important Point of View (PoV) paper to date. Unsurprisingly, it turned out to be one of our most highly viewed thought leadership pieces of all time, and continues to inform executive team discussions around the world. In case you have not already seen it, you can view the paper here.
This has huge implications for insurance advisors
Today we are building on this thinking, and are issuing our next important PoV, this time focused on the future of agency in a digital world. You can find the paper here.
The paper gets to the heart of life insurance in particular, especially in Asia, and has been developed by TDI in response to requests from our members for TDI’s views on the outlook for the channel. Like our earlier ‘Tipping Point’ PoV, this new paper is intended to criticise no-one, whilst challenging us all. This is in line with our collective purpose of “working together to
accelerate the digital transformation of insurance”.
Opportunities abound – But alarm bells are ringing
In a nutshell, whilst we consider that the structural outlook for insurance is extremely positive and that there is plenty of room for face-to-face advisory to continue to play a leading role in this over the next 10 years, the alarm bells are ringing loud and clear for existing agency models. In-so-far as it’s ever possible to look into the crystal ball and see
the future, we can see it clearly now. And the future is multi-channel, with digitally-present OMNI Advisors playing an increasingly diverse and important role in supporting and driving not only customer engagement and multi-channel sales, but also servicing, through ever-increasing collaboration with internal colleagues as well as external ecosystems and partners.
At the heart of OMNI is a powerful proposition to allow customers to be in control of how and when they engage with their advisors.
For insurers bold enough to step back and truly think about how agency needs to fit in within the broader proposition that will be offered to consumers going forward, and to act on these intentions, the future is bright. So too is the future for those agents who are able and willing to go along for the ride. For all others, especially those which are competitor-obsessed as opposed to
customer-obsessed our view is the future outlook is bleak (if you haven’t seen it before…watch this one-minute clip from Jeff Bezos).
Covid-19 has unquestionably accelerated consumer adoption of digital, and is raising the bar on their expectations like never before. Consequently, advisor appetite for digital enablement and support has also taken a leap forward. So there has never been a better time for insurers and their leadership teams to map out what the future operating model of agency needs to be, and consider
how best to accelerate transformation efforts to get there.
Our firm view is that the future of Agency needs to be centred around the digitally-Present OMNI Advisor, and the paper explains the reasons why. We hope you enjoy the read. For those responsible for bancassurance and emerging ecosystem platforms we believe that OMNI is also relevant – obviously with different points of emphasis on delivery.
L&D on digital insurance – Re-skilling and creating cultural change
In our last PoV, we went to some lengths to explain that a large majority of all digital transformation efforts fail, and that the single most important reason for this is a lack of focus on culture, and specifically staff awareness of, and enthusiasm for, digital. Moving this awareness and enthusiasm for how technology can improve
things (ultimately, for customers) from ’the few to the many’, underpins the strategic rationale for our launch of the TDI Academy at the beginning of the year.
Since launch January 2020 the first three cohorts of our flagship ‘mini-MBA’ programme – Associate Digital Insurer (ADI) - sold out quickly, with the third and final cohort of the year, starting soon. Feedback from participants and sponsors has been overwhelmingly positive, with consistent ‘excellent’ NPS scores across the board. Demand is expected to be high as we look towards 2021 programmes, so please do reach out quickly if you would like to get any of
your team involved. Since last writing we have also launched our On Demand CDI (quicker, cheaper, designed for scale) and TDI PRIME Corporate programme (access to L&D on digital insurance for all for a flat fee), so please let us know if you would like to hear more. Visit the TDI Academy here.
As the old saying goes, ‘fortune favours the brave’, and we firmly believe that now is a critical time to accelerate digital engagement across your business, with our TDI Academy programmes offering a perfect engagement platform:
• Increase remote staff utilisation and engagement during a period of significant business disruption and uncertainty • Underpin and strengthen your employer brand • Accelerate engagement in, and enthusiasm for digital from the few to the many, in preparation for the new norm.
Please help us to help you, by getting in touch with us to explore the ways in which we can help. Now, more than ever, is the time for all of us to work together, to accelerate the digital transformation of insurance.
