Mantissa Blog: The Digital Enterprise

The Digital Enterprise: Supporting the agent throughout the insurance lifecycle

• Life and Annuity agents are increasingly demanding more digital capabilities from the carriers they support
• Most carriers are not yet satisfied with the level of digital offerings they have for their sales forces
• Improved digital capabilities significantly benefits the carriers and agents in several ways (acquisition cost, improved productivity, increased revenue, and better customer engagement)

In a modern Digital Enterprise, carriers are increasingly expected to provide omnichannel digital platforms and supporting processes to allow their agents to meet their policyholders in traditional as well as newer digital channels. And, for their part, agents also want modern, streamlined tools to interact with the carriers they represent.

Some Facts

According to a recent Mantissa survey, the agent experience continues to be a critical business driver for most carriers, and many carriers are prioritizing investments in a digital agent experience:

• 76% of carriers indicate that investments in the digital engagement solutions for their agents are a top priority
• 94% of carriers intend to invest in omni-channel support for agents with a priority on digital channels
• Only 6% of carriers are satisfied with the state of their digital support for their agents

Benefits to Carriers & Agents

This distribution landscape has evolved in the past 15 years. According to a recent McKinsey & Company report, the percentage of US adults owning life insurance has fallen from 63% in 2011 to 52% in 2023. During this same period, value creation from distributors outstrips that of carriers by almost 3 times¹. Additionally, insurance distributors are experiencing a significant consolidation measured by acquisition activity in the space over the past four years.

These trends put increasing pressure on carriers to provide superior enablement for their distribution forces. From purchasing policies online, electronic application process, digital underwriting, and accessing account information through user-friendly portals or mobile apps, digital channels are now expected to empower agents to interact with insurers conveniently and efficiently. This enhanced agent experience fosters loyalty and satisfaction – crucial factors for long-term business growth.

A recent report from Boston Consulting Group highlights key benefits to carriers and agents by improving digital enablement:

• Increased revenue and productivity
• Lower customer acquisition costs
• Improved customer service and higher customer satisfaction
• Customized product and service offerings to meet customers’ needs
• Improved customer engagement

Carrier Investments

Insurance carriers are clearly prioritizing their investments to enhance the agent experience. This is often done in coordination with customer service improvements to ensure a unified experience.

These advanced digital capabilities are proving to be a competitive advantage for the carrier. They also improve the agent experience and provide greater agent satisfaction.

Specifically, agents seek greater automation and simplified workflows through their digital connectivity.

Mantissa Group, in a series of interviews on digital priorities, learned that agents (and customers) want digital engagement. Of those surveyed by Mantissa Group, 83% noted that they will be pursuing improvements for customer experience and 91% have a desire to advance the agent digital experience.

The Sureify Angle

Agents expect ease of use. They are clamoring for digital engagement with the carriers they support. Data indicates that insurance companies are prioritizing this need with substantial desire to give agents an online, muti-channel digital experience. In a recent Mantissa survey on digital priorities, 88% of carriers surveyed noted that they will be pursuing investments in the digital experience for agents.

Sureify is helping carriers in this pursuit through its Lifetime suite of products.

LifetimeACQUIRE is an omnichannel platform that empowers policyholders and advisors to quote, apply, and buy a carrier’s products. Additionally, the platform gives agents a digital way to manage new business.

LifetimeAGENT empowers advisor experiences, using a carrier’s data to enable personalized service and communication, better manage their books of business, and track compensation.

Keep an eye out for the next in our Digital Enterprise series, Chapter 3: Customer Enablement

¹ Measured on a Total Shareholder Return basis amongst publicly traded brokers and publicly traded L&A carriers.