Neutrinos Insurance Distribution Suite
Overview
Neutrinos Insurance Distribution Suite provides an end to end insurance sales distribution solution that encompasses the entire buying journey from discovery, financial needs analysis, product recommendation, premium computation, product documentation and payment capabilities. It gives a holistic, well-integrated and seamless buying experience to the customer, supported by intelligent, data-driven capabilities to enhance each moment.
For Aviva, the original expectation was simply to improve leads tracking for agent-driven sales. They looked at several solutions available in the market, but these could not address their challenges of legacy system connectivity, customized journeys, and the need to operate with quick, small increments. This is where Neutrinos proved to be a game-changer. The Neutrinos solution enabled Aviva to supercharge their financial adviser network with the right tools, data and ecosystem connectivity to maximize effectiveness, and to provide opti-channel engagement convenience to both customers and agents. Sales increased across the board in Life, Health, Investment, Protection and Wealth policies. Aviva was also able to define a roadmap spanning customer engagement and product recommendation, policy sales and process, customer servicing and policy management, and adviser performance management.
The solution, built on Neutrinos Composable Innovation Platform, is fully digital and cloud native, yet can fit seamlessly into the insurer’s existing application and process landscape as well as vendor networks. This provides a means of incremental, derisked and fail-fast new business operations transformation without disruptive core technology shifts.
Key Features
Financial Needs Questionnaire: The solution systematically captures all necessary data around the customer’s financial needs like goals, income, customer knowledge assessment, investments etc.
Product Recommendation: Based on the data provided by the customer, the system intelligently recommends products that match the requirement of the customer. The customer can then compare and choose a product based on their needs.
Submission Workflow: Managing all the administrative tasks like reporting, approval mechanism, review, signatures, document collection can be done on the platform itself.
Agent KPI check - Automatically assess agent performance across conversion rate, submission speed and quality, etc.
Product Requirements and Shortlisting - Based on customer profile and final needs, the solution supports shortlisting and intelligently recommending best-fit products.
Product Rules Check - Manage all the questionnaires which will be generated as per the product selected.
Riders and Additional Features - Add any additional riders which may come along with the product. Get a real time view of the premium which the customer will be required to pay.
Document Intake - Intake and verify the documents required for the product submission.
Payment - Integrate with payment providers to complete the payment for the chosen product.
Communication & Status - Keeping the customer updated on the status of their application on a real-time basis, with clarity and transparency.
Key Benefits
An omni-channel solution for a buying journey that provides excellent customer experience through interaction on the customer’s preferred channel, consistency of data and case status, and up-to-date status reporting. Customer satisfaction with the buying process improved by more than 45% for a Singapore insurer.
An intuitive, intelligent and fast financial needs assessment experience that takes away the tedious and repetitive discussions that mar traditional FNA.
Intelligent product recommendation simplifies the process of selecting the best-fit product, along with auditability of product recommendation. Closure times dropped from nearly 3 hours to less than 15 minutes.
The business gets clear visibility and insight on selling journey performance, and can discover and remediate pain points or opportunities for improvement effectively.