Summary of The Building Blocks of Bionic Distribution in Insurance

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The Building Blocks of Bionic Distribution in Insurance summary

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The pandemic has been rough on insurance companies, particularly those in developed markets with limited opportunity for growth. Still, somehow, 14% of insurance companies have managed to grow during the last 4 downturns. How? Smart decision-making during critical, high-stakes moments. In this special report, The Boston Consulting Group makes suggestions for insurance companies that want to create a thriving digital ecosystem, apply AI at scale, and create a truly bionic system for distribution.

About the Authors

Giambattista (“GB”) Taglioni, Pia Tischhauser, Tjun Tang, Christopher Freese, and Jean-Christophe Gard are senior partners with The Boston Consulting Group.

Summary

In times of uncertainty, customers crave quality, transparency, and now, omnichannel engagement.

The world has changed, and your customer has changed with it. The pandemic highlighted the uncertain nature of the current world business climate, and many customers are more aware of the effects of sudden changes in employment. They’re now looking for more flexible product offerings. They want to be able to choose and change features when their situations change. 

Social distancing has given customers a taste for digital engagement, but they also want smooth transitions from digital to human interactions. Human brokers and agents will still be part of the equation, but companies need to strive to offer a seamless omnichannel experience. Finally, customers are craving the certainty of trustworthy companies and...


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