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Omnichannel Distribution
Today, end-customers expect a seamless experience across all channels. The answer is omnichannel distribution, where data analysis makes it possible to meticulously follow conversion rates. “This enables us to constantly improve sales across all channels”, says Julien Faucon, Omnichannel Distribution Director at AXA Partners.
Julien Faucon
Omnichannel Distribution Director at AXA Partners
“Today, prospective insurance customers might begin their buyer’s journey at a call centre and finish it on their smartphone. Or they might begin it at a bank branch and finish it online. They expect a seamless experience across all sales channels. This is why we’re talking about omnichannel distribution”, says Julien Faucon.
The benefits of seamless omnichannel distribution are at least twofold: conversion rates and customer satisfaction. If end-customers experience a bumpy insurance-sales journey, they will likely cut that journey short and your conversion rate will drop. When it comes to customer satisfaction, a smooth customer journey will positively impact loyalty and improve chances for unprompted recommendations to others.
The first step to achieving a complete omnichannel distribution strategy is to chart a customer journey. “We need to define distribution strategies according to customer touchpoints. On how to interact with customers and how to push the insurance product via, for instance, SMS and e-mail. We define this strategy in concert with our partners”, says Julien Faucon. Julien Faucon stresses that insurance, in the B2B2C scheme of AXA Partners, is an ancillary product for their partners.
“This is why our partners rely on us when it comes to expertise insurance distribution, tech platforms, legal requirements, CRM and so on”, continues Julien Faucon “Success depends on a good targeting strategy, which involves a good grasp of the end-customer profile and buying behaviour, precise customer segmentation and pushing the right product to the right customer segment at the right moment. This is precisely what AXA did in a recent project in Latin America.”
In summer 2020, AXA Partners launched an omnichannel campaign for a large bank in Latin America. “It involved designing a direct marketing campaign via SMS and email, managing the telesales team, conducting database analysis, building a landing page and performing overall campaign monitoring. We orchestrated every aspect of this effort”, says Julien Faucon. Data analysis enabled AXA Partners and the bank to track conversion rates and product performance in each channel. This enabled us improve sales at call centres as well as via SMS and e-mail. “You can optimize everything from product sales pitches to the channel mix. This means that the partner can make real-time improvements and watch their numbers constantly move in the right direction.”
Going forward, digital channels will be increasingly important in all markets. In this changing landscape, AXA Partners will offer an off-the-shelf solution that’s easily implemented. “Our partners expect a digital and more cost-effective way to sell insurance. We want to offer an off-the-shelf solution – not complex integration, as IT budgets of our partners are under pressure because of the economic situation. Partners can then focus on their core businesses, with a value-add insurance service layer. We rethink the distribution strategy in order to optimize conversion rates. Omnichannel distribution is key here. We’re moving to the next level with this unified approach” concludes Julien Faucon.