Getting it right from the start: Taking a strategic approach to client onboarding
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Onboarding is a comprehensive process that includes identifying and qualifying leads, needs analysis, product selection, and opening client accounts. Historically, onboarding was viewed as an administrative task involving extensive paperwork and dual data entry focused on compliance. A more strategic approach to onboarding can provide a better customer experience, reduce costs, and drive top-line growth. Key elements of a strategic onboarding process include using analytics to gain customer insights, guiding a discovery process to understand client goals, and automating the process using mobile capabilities to make it more efficient and responsive to clients' needs.
Getting it right from the start: Taking a strategic approach to client onboarding
- 1. Getting it Right from the Start: Taking a strategic approach to onboarding
- 2. Onboarding is a comprehensive process that includes: • Identification and qualification of leads • Needs analysis and/or financial plan • Product selection • Opening of client account Historically viewed as a laborious administrative task • Extensive paperwork • Dual entry of data • Information collected was compliance-driven A more strategic approach can provide a better customer experience, reduce costs and drive top-line growth A fresh look at onboarding
- 3. Strategic transformation of client onboarding Building blocks include: • Analytics - obtaining insights that improve the client profile and enrich the customer experiance • Discovery - guiding a comprehensive approach to truly understand the client’s goals and aspirations • Automation and mobile capabilities - using innovation to make the onboarding process more efficient, transparent and responsive to the client’s requirements The objective is to create a client profile that is rich in context, rich in opportunity and rich in personalization and insights
- 4. Key strategic considerations Experience What do advisor and client feel throughout process; how is brand communicated? Process How do the activities move through the organization? Organization Who actually does the work and how does the firm support them? Governance Who has responsibility and ultimate accountability for essential activities? Data How are info and insights collected, stored and managed? Technology What tools and applications are used?
- 5. Recommended practices Onboard once Only one Master Service Agreement with client Establish expectations Client and advisor set realistic expectations Develop client-centric solution Advisors can access holistic view of client’s information and accounts Make data consistent Complete and compliant information is entered once and integrated across all internal systems Tailor experience Use all info available to tailor personalized interactions and solutions Build on goals Client’s objectives guide discovery and drive recommendations Provide portability and mobility Use mobile and online devices to facilitate the experience Keep it simple Minimize administrative tasks, de-clutter the experience, use plain English Ensure client transparency and control Clients should be able to participate, modify and drive the process when they want to engage
- 6. Download the full report https://www.accenture.com/us-‐en/insight-‐strategic-‐approach-‐life-‐ insurance-‐onboarding.aspx