From Data to Product to Customer Engagement: Delivering Good Distribution and Customer Experience with Alternative Data
Alternative data sources have been discussed as a possible way to provide a more digital insurance experience. In this report, we will examine data management and see how data can create a good user experience for life and health providers and customers. In this report, we will look at alternative data sources in the distribution channel of the insurance value chain. We will begin with a discussion on the current distribution workflow today. Next, we will further examine how external data can help provide an additional lens, by offering enhanced customer profiling benefits, empowered agents, and improvements in digital leads and underwriting for a more informed customer engagement strategy. We will also highlight two data solutions which can provide a more seamless exchange of data. We will then cycle back to data capture requirements of the main distribution channels - the agents and direct sales approach. In conclusion, we present the common data fields observed from the various initatives highlighted in this report.