Customer acquisition and enhanced revenue through producer management and marketing

Published: May 30, 2018

Insurance carriers are obliged to manage their producer network with onboarding, verification, and ongoing compliance validation. We can certainly enable this "producer lifecycle management (PLM)" in the back office with digital process automation (DPA) or commercial off-the-shelf (COTS) products.

But, we would be squandering an opportunity to leverage the producer channel to build policyholder intimacy and more intentionally, enable the agents to be more policy holder centric. Executing on these objectives will naturally lead to improved customer acquisition and new revenue opportunities for the carrier. Insurance, not only life and annuities, but all insurance buying can be an emotional experience for customers.

This puts the producer in the critical path for effective customer acquisition, retention, and service. When one of Disney's "imagineers" shared a design with Walt Disney, his response was invariably, "I like this idea. This is a good idea. Now, how can we 'plus' it?" Prescribed in the paradigm we've established with Pega Insurance Modernization, we embrace Disney's notion and are always looking for a way to 'plus' it.

We can check the box on compliance, onboarding, and maintenance. But, how can we 'shift left', from the back office to the front office with this producer management word problem? We can extend PLM into Producer Portfolio Management, in turn be enhanced by Producer Relationship Management.

With the access provided by a unified, digitally-enabled process architecture covering all these capabilities, we build intimacy with not only the producer, but also the policyholders and prospects that the producer serves. And, historically, the carriers covet the intimacy that the producer has with the policyholder. With that intimacy, we can more effectively market the carrier's products through the channel by providing the best offer from their product catalogue.

Let's step back into the cavernous but nurturing biosphere of Virtusa's garage full of assets like APIs, AI, gadgetry, and prefabricated solutions:

  • We can "check the box" on the PLM component because we've already built and implemented variations of this for multiple organizations. With this we have the case management to support provider recruiting, onboarding complete with an integration to NIPR for license verifications. We also have appointment automations, contracting and supporting documentation, and licensing updates and renewals.
  • We have all the relevant insurance intents covered with Pega Customer Service for insurance. This Producer Relationship Management solution enables omnichannel support services for insurers with chat/chatbot, self-service, co-browse, CTI integration, and knowledge management.
  • Although the hood is still open, we are constructing a specialized Pega rule to place data on the blockchain. This will enable a secure policy and policy information sharing service between independent producers and the carrier.
  • We are enabling new product introduction (NPI) for insurance, which not only covers the compliance requirement with integration to the system for electronic rates and form filings (SERFF), but also the distribution of new products into the producer channel.
  • Pega Marketing garnishes our solution with the secret sauce that provides the "Next Best Offer" to signal the producer with product advice to relay to the policy holder.
  • We offer Pega Sales Automation for Insurance that the sales process producers would leverage for new prospects or new buys from policyholders.

By the way, I have also found that these components are built on Pega7 platform. Pega's portable architecture allows us to bring all these components together in a unified persisted case. And, if elements of these capabilities exist in COTS or legacy applications, Pega is particularly handy in orchestration to bring enhanced value with new capabilities while making use of these existing assets.

The value proposition is clear. As insurance carriers bring focus to customer centricity, they must do so with eyes wide open to the producer as an imperative. For captive agents, we make them more informed, more efficient, better. For independent agents, many of whom peddle the wares of many insurance outfits, the carriers that put this solution to use will be more relevant with greater mindshare among those producers. Quote: How can we 'shift left' from the back office to the front office with this producer management word problem?

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