Evolving trends in technology and customer service expectations are at the core of the insurance industry, today. In order to stay in the game, brokers and agents are going to have to improve both their customer interactions and their operational efficiency sooner rather than later, or risk getting left behind.
The insurance industry has always been rooted in tradition. And that has worked fine, until now.In the 21st Century, it isn’t that insurance is fundamentally changing, it’s actually the behavior and expectations of consumers that have changed. And these changes are making their way through everything from how leads interact with agents to customer experience expectations to how products and services are delivered.
Another year is almost behind us. The good news is there’s plenty to look forward to in 2018. Here are the top insurance industry trends to look for in 2018.
The insurance industry has undergone massive changes over time. But none might be more important than what is happening right now with automation technologies — increasingly enabled by artificial intelligence (AI) and machine learning. Today, the organizations that embrace automation at scale have a massive competitive advantage. They can adopt machine learning to drive strategy, improve customer experiences, personalize sales, improve the back office, and take over data entry and documentation.
The recognition comes in Insurance CIO Outlook’s annual listing of global companies at the forefront of broker management solutions for the insurance sector.
The insurance industry is notorious for being reactive when it comes to, well...everything. Especially technology. Insurance businesses wait for other industries and companies to try out something before they jumpt in. They need to manage risk, which is an asset when they’re dealing with policyholder premiums. In the past, this has prevented them from making expensive mistakes, but it has also cost them profitable opportunities.
An insurance firm needs robust prospect management for identifying and qualifying new sales opportunities and nurturing existing ones. Here is how to implement data-driven insights into your sales process.
Insurance professionals collect a huge amount of data from their customers. And then, they hand it over to underwriters, who evaluate risks of insuring that person using various actuarial data, claims data, and a bunch of other techniques (some of which are proprietary to the insurer).
Insurance businesses face a new hurdle: how to become more customer centric.
“Data” this. “Analytics” that. You’re probably tired of hearing all these buzzwords. They’re just useless hype anyways, right?
Learn why it is imperative for insurance agents and brokers to start using data to upgrade their agencies.
The insurance industry is a conservative one. Conservative being code for “outdated” and not serving the agents and brokers at all. Most agencies are built on paper-and-ink processes or siloed computer systems that have trouble keeping up with the way consumers want to do business today.
Most companies know it’s easier to sell to an existing customer than it is to find a new one. With an existing customer, all the initial marketing and acquisition cost has been paid for. The customer already trusts the brand so future sales are all but guaranteed. Sadly, most insurance agencies fail to capitalize on this simple truth.
Buying habits in the insurance industry have changed in recent years. According to research from Accenture, two thirds of consumers are now open to buying insurance directly from vendors that are not insurance professionals. And, were they to offer it, 23% would even purchase from a mass market e-commerce giant such as Google or Amazon.
Insurance innovator launches new customer intelligence and interface for its breakthrough insurance distribution solution
Predictive analytics has revolutionized how companies mine data and extract actionable insights about customer behavior, but its full potential is only barely being realized in the insurance industry. But why do insurance businesses need to use predictive analytics, and how can they use it to gain an advantage over the competition?
The exponential growth of data and analytics is changing the face of how insurance professionals do business.
An effective management platform can enhance productivity and improve the overall profitability of your business
Novidea’s groundbreaking solution provides the insurance distribution channel with a high level of automation, visibility, and actionable BI to help drive revenue, efficiency, productivity and profitability.