1. Grow Business Through Agent 1st Experiences
According to a survey from Ernst & Young, “40% of consumers decide to continue insurer relationships based on the quality of the experience”, which sets clear expectations for Insurers to deliver seamless omnichannel experiences across mobile, web, chatbot, voice and call centers. Unfortunately, agents and brokers also have poor digital experiences in spite of their crucial role in the insurance business. In fact, the 2018 J.D. Power U.S. Independent Insurance Agent Satisfaction Study states,” Among agents, overall satisfaction with insurers is just 696 (on a 1,000-point scale) for personal lines and 686 for commercial lines, which are among the lowest scores for business-to-business relationships in J.D. Power satisfaction studies.”
In a competitive market such as insurance, where the performance of agents and brokers is critical for acquiring new customers and keeping existing ones, executives also need to prioritize the experiences of their teams. Easy-to-use and friendly portals must be at the top of their agendas. To be great experiences, insurers need to utilize design thinking using an agent 1st approach to ensure adoption.
2. Speed Time-to-Market
Insurtech has shaken up the insurance business by taking advantage of data analysis and new technology like GPS car tracking, or activity trackers on wearables, Insurtech has transformed the market with new solutions and better experiences and, even though startup activity has slowed, Insurtech continues to play a major role in shaping the industry. The biggest challenge for traditional insurers is to align their years of experience—something Insurtech companies lack—with new ways of engaging customers, policyholders, agents, and partners. And, of course, do it all with speed, agility, and the right time to market. In times like these insurance companies need to lean into the demands for digital acuity and accelerate the transformation train or risk being left behind.