The agency of the future: an invitation from EY Innovalue

How can insurance agencies prepare themselves for the future? How should they adapt their business model to continue to be successful in their market? Where are the opportunities for differentiation? EY Innovalue, the EY subsidiary and strategic management consulting company for the financial services industry, invited insurance industry executives, leading agencies and BSI for a discussion about the “Agency of the Future.”

We accepted the invitation from EY Innovalue at the end of April to contribute our CRM experience to the project. In its study on the topic of the “Agency of the Future,” EY Innovalue carefully examines the interaction between customers, agencies, and insurers. For example, where is the personal contact with an advisor needed, and in what areas do customers value online services?

Looking ahead

EY Innovalue presented its forward-looking study results by providing an overview of the challenges agencies are facing, giving a presentation on the various agency business models, and sharing its findings on the impact of the shift in customer needs. Then, BSI had the opportunity to share its perspective on the topic with the participants.

Technical support for their customer experiences mission

A central result of the study was the desire agencies articulated for better and stronger technological infrastructure support from insurers, as this would allow them to service their leads and customers better. This conclusion presented the perfect transition for BSI to provide input, and we outlined our view of the omni-channel agency of the future. By looking through the CRM and customer experience lens, we described best practices of agency advisory services from the perspective of Lena Meier, a fictitious customer.

“Exciting findings: Many agencies would like to get more software-related technical support from insurers so they can service their customers better.”

Oliver HechlerBSI Insurance Community Manager

An agency for every life situation

The advisory services for Lena Meier start with an invitation for a discussion over coffee. They do not, however, end at the branch office with a personal conversation. Instead, further communication will take place on WhatsApp per Lena’s request. The insurance quote and informational materials are made available to her on a self-service portal. After the contract is signed, damage reports via text message, real-time weather warnings, and guidance from a customer service advisor via chat are part of the insurance services Lena receives.

Not only the customer benefits from state-of-the-art technologies such as Voice CRM or Deal Maker; the insurance advisor, does, too: While Voice CRM verbally delivers all important information to advisors on their way to a customer meeting, advisors can use the Deal Maker to explain insurance products to customers on site and execute contracts.

CRM and customer experiences are our specialties

As a leading provider of omni-channel software in the German insurance market with customers like HDI, ERGO, and Münchner Verein, we have been supporting customers throughout various projects on their quest for customer focus. Among other things, we help insurers, banks, and retail companies delight their customers with a professional customer relationship management system. Our specialty is the creation of strong customer experiences across all touchpoints with smart and user-friendly marketing automation and CRM solutions. During this process, we test innovative applications such as voice and AI features in our BSI lab for their suitability for daily use and their benefit to our customers. Because we are craftspeople with a vision for the future and a passion for innovation.

In our BSI lab, we put innovative applications for our products such as voice and AI features through a stress test and review the added value for our customers very carefully.