Our point of view
With the market lurching between traditional models and full D2C offerings, a middle ground needs to be found that mates the cost effectiveness and customer choice of D2C and the experience and advice of traditional offerings.
Rather than full Robo, we see a “bionic” offerings that augments traditional players (e.g. agents, IFAs ) while also giving the ultimate choice for engagement channel to the customer.
The firm was a composite insurer with a “waterfront” product offering and a traditional product centric tied sales force. With little integration across product silos, impacts included; a significantly higher than peer group cost base, lack of brand clarity, low overall customer satisfaction and little or no cross sale activity.
Designed and implemented a customer ( rather than product ) centric distribution model with specialist advice and product support. This included advisor and client self service tools and a revised renumeration model for agents.
Reduction in overall distribution costs, improvement in customer product awareness and cross sell rates. This also accompanied a significant increase in NPS.