The Decalogue of the insurance product
8. Free from it constraints, however easy and tangible
The Insurers must be free to build their products without thinking of any constraints related to the IT platform that will distribute it.
IT systems must be flexible: quickness in adapting to the evolution is requested by business, and the launch of new products and tariff changing with less time and lower managing costs.
Products offering must be modular: launch of modular, cross-branch, multi-guarantees, multi-goods products, in order to meet the most demanding customers' needs.
9. Thought for the present, but imagined for the future
No more distinction between on-line and off-line worlds, "physical" and "virtual" channels are to be considered one unique interconnected channel.
Customer-centered strategy: enhance customer loyalty through services along the whole value-chain from the first contact to the post sales opportunity. Digital technology is the enabler through (social media, tablet, and smartphone).
New collaborative models that address multi-channels paths: starting from web direct channels, agencies, going through bank branches, single-company agencies and multi-companies agencies and ending with a policy underwriting.
Shared data model to facilitate the interaction among different systems and to enable components reuse. This is a prerequisite to build a single customer view.
10. Open to sales campaigns but with annuities control
Distribution is at the center, just as the customer's interest. The intermediary should invest in managerial culture and risk management to increase his professional skill, focusing on specific and growing markets; growing professional skills that can adapt to a rapidly changing habits and products that must be distributed.
New collaborative model between agencies and brokers should enable mobile insurance management.
Use of web browsers that are integrated with agents/brokers back office that allow real-time, up to the minute annuity monitoring that enables the intermediary to be completely integrated inside the physical and virtual channels.