How Insurance can prepare for the next distribution model

  • Decide on the best channel mix — In the future, the requirement will be for insurers to have a robust setup that includes both digital as well as remote sales force options. This flexibility is much needed in the face of an unknown future.
  • Identification of suitable modifications and technologies — Insurers who see their core differentiators as tech and digital need to set up suitable modifications when setting up their agent channel to operate in a post-pandemic world. Appropriate tools to overcome current obstacles in signature collection, application and submission forms and client on-boarding need to be identified and developed.
  • Make strategic M&A decisions to augment distribution — Insurers must proactively identify any lacunae in their distribution ecosystem as well as look for potential partnerships and acquisitions that could bring in lines of business from new customer groups (such as digital natives) and new product types (such as broader protection products), or new geographies.

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