Delivering Exceptional Insurance Experiences to Drive Growth
Today’s consumer expects to shop for life insurance as they would for just about everything else – through a digitally enabled experience. From initial research to securing quotes, purchasing a policy, changing beneficiaries, filing claims and beyond, “online methods are preferred,” according to the most recent Purchase Funnel report from LIMRA.
And it’s not just life insurance customers, advisors increasingly expect a fully digitally enabled workplace. From collaborating with clients using digital channels to completing and submitting applications to building long-term relationships, digital engagement is now mainstream.
For carriers, the transition to digital also has many benefits including the ability to provide better insurance experiences and improve outcomes. Moreover, the industry has been heavily investing in technology for years – it’s time to ensure those investments pay off and increase competitive advantage.
This is where Zinnia comes in: Zinnia brings together the expertise of insurance professionals and innovators from technology and data science to help clients simplify the complex, get products to market faster, serve customers better, and turn customer data and insights into better risk-based outcomes.
The Digital Distribution Imperative
The life insurance sales process is increasingly hybrid, with consumers beginning the purchase process online and completing it with help from an agent or advisor, and in some cases, entirely online.
Zinnia Hybrid Origination is the platform carriers need to support customers and agents throughout the purchase process. It’s a digital distribution solution that provides consumers with the modern buying experience they expect, offers advisors a flexible and unified selling experience, and gives insurers access to powerful data analytics.
Zinnia Hybrid Origination addresses the end-to-end buying lifecycle from lead to in force policy to help carriers improve conversion and placement, accelerate sales, and increase the bottom line. Key features include:
- State-of-the-art quoting and needs analysis tools: potential insurance buyers can get product recommendations tailored to their specific needs including single, multi-product, or multi-insured quotes. Quotes are converted into the eApp, so the client doesn’t need to re-enter information.
- Modern tools for advisors to grow their pipelines: easily create customized landing pages for lead generation and track progress, leverage marketing automation to engage directly with prospects, as well as identify potential upsell and cross-sell opportunities.
- The most advanced electronic application (eApp): prospective clients can start, edit, and complete life insurance applications with advisor support or on their own. The eApp in Hybrid Origination also supports multi-product, multi-insured, simple and complex underwriting capabilities
- Sophisticated marketing analytics: delivering insights into segmentation, conversion, funnel optimizations and more. The data dashboard aggregates data from various sources to provide a 360-degree view of leads, and all data collected as well as third-party data sources are secure and compliant with privacy and governance laws and regulations.
Beyond the Policy
Most policyholders don’t have a relationship with their insurance carrier. Outside of paying premiums, the only significant interaction starts and ends with applying for a policy. To begin building long-term relationships, carriers need to find ways to create ongoing touchpoints with customers to deliver additional messaging and extended value.
The leading SaaS engagement product in the life and annuity market, Zinnia Engagement & Loyalty is purpose built to educate and motivate customers to improve their financial, physical, and emotional well-being. For carriers, providing an engaging and valuable customer experience results in measurable ROI, improved key metrics, and valuable zero party data.
We call this the Dual Lens Approach, simultaneously elevating the policyholder’s experience while also impacting the key metrics carriers need.
With Zinnia Engagement & Loyalty, carriers can:
- Deliver enjoyable educational experiences informed by behavioral science and positive psychology.
- Transform relationships through deeper insights using zero-party and first-party data, enabling insurers to uncover leads and provide solutions to unmet needs throughout the customer’s lifetime.
- Automatically stay in touch with customers as interaction with the platform triggers customized email and push notifications enticing them to return and finish a class, test their knowledge, or download the mobile app.
Reduce Costs & Focus on Growth
Many insurance companies work with Third-Party Administrators (TPAs) to optimize back office operations and reduce administration costs, but not all TPAs are the same.
Given the rapid pace of change, a TPA’s technology platform matters more than ever. Advanced digital technologies such as automation, AI, data capture and analytics, and flexible architectures combined with proven best practices reduce complexity, risk, and costs.
Zinnia’s TPA Services feature state-of-the-art technology including a multi-tenant-based architecture to nimbly deliver services that accelerate growth and reduce cost and complexity. Moreover, our TPA services have the benefit of almost two decades of best practices that we’ve used to digitally standardize processes and a proven track record in the market as SE2.
Consolidate Pricing & Trading
Ensuring the growth of assets under management is imperative, but managing separate policy administration systems, pricing, and trading platforms is complicated.
Zinnia Fund Management is the insurance and retirement industry’s only cloud-native variable product and separate account asset management pricing and trading platform. It consolidates mission critical pricing and trading processes onto one modern platform. Fund Management lives between the fund manager and policy admin systems, completing critical tasks throughout the pricing and trading processes.
Secure, Data-Driven Insurance Experiences
The end-to-end life insurance policy lifecycle typically relies on data from disparate systems and data sources, requiring lengthy and often manual verification and reconciliation over and over. As a result, resources are strained, processes take too long, and risk increases.
Zahara by Zinnia is our secure system-of-record software and will transform product and policy creation and management. Zahara transforms how data is managed, analyzed, and leveraged across the policy lifecycle and serves as the immutable source of truth for end-to-end administration. A powerful, cloud-native system, Zahara will use digital ledger technology to efficiently gather, store, and secure data and enable the seamless flow of accurate, real-time, and secure data to the parties that need it in real-time.
Experience the Power of Industry Leading Digital Insurance Solutions
Unlike other technology providers, Zinnia brings together decades of insurance-company expertise and the vision of innovators from technology and data science. We’ve built Zinnia to help our clients simplify the complex, get products to market faster, serve the customer better, and turn data and insight into better risk-based outcomes for everyone.
The result is exceptional experiences that can adapt, evolve, and grow right along with the marketplace.
Contact us to learn more about our solutions.
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