In a few years, many leading business schools will be studying the 2013 release of the Blackberry Z10 and how successful (or not) it was at reviving the fortunes of a once respected technology brand. While the impact of this release is still to be determined, this is a business case that insurance leaders should be studying right now.
Why should insurance carriers pay attention to the Z10 release? Let’s take my own personal situation – I am a long-time blackberry user ready for my next smartphone upgrade – as an example.
- Intellectually, I am curious about the new features and what the Z10 can offer from a customer and user experience perspective.
- Emotionally, I have already moved on and am ready to embrace the intuitive ease and cross-platform experience that an Apple iPhone lifestyle affords.
Can you guess which way I am leaning? Regardless, the Z10 release directly parallels the distribution challenges that many insurers face in 2013.
The insurance marketplace is being recast today by traditional and non-traditional competitors alike. This is taking shape faster than it ever has before, some say. Many carriers find themselves forced to react to this competitive onslaught and balance rapid changes in buyer behavior with the constraints of their existing distribution models. While the latest insurance channel solution may make sense intellectually, like Blackberry’s latest offering, it may not mean much if it doesn’t satisfy an insurance buyer’s emotional connection. A modern distribution strategy must transcend features and functions and continually demonstrate value, in order to ensure insurance buyers remain interested and engaged.
I had the pleasure of co-hosting a webinar on this topic with Forrester’s Ellen Carney last week – “Promoting Distribution Channel Value in a Digital Insurance World” along with Insurance & Technology. We discussed among other things, how carriers can tackle this challenge head on by implementing multi-channel distribution strategies designed to increase conversions, provide personalized services, up-sell, and retain customers.
In case you missed it, please feel free to check out the recorded version.