Welcome to the debut post on the brand-new Novidea blog. Shall we start with a survey?
Q: What are the top three factors that set the best insurance distribution professionals apart from the pack?
Most agents and brokers would typically list some combination of customer rapport, drive, product line knowledge, and creativity the same answers that would have been given 50 or even 100 years ago. Technology wouldn’t even make the top twenty.
That mindset is why the channel is under threat. Brokerages and other distribution organizations have been too static for too long, relying on the same systems, processes and competitive levers they always have while both the competition and customer expectations have changed drastically. Deloittes 2017 industry outlook lays this out plainly, but you need only look around to understand the scale of the shift.
Direct portals are soaring in popularity. Connected consumers demand instant answers, full transparency, and hands-on control. And commissions and margins are unrelentingly squeezed. In this environment, the distribution channel has to transform to stay afloat and Novidea technology is the lifeboat.
This blog will be a place where you can get information and insights you need to make this transition successfully. You want proof, ideas and guidance it will be here. You need hard numbers, youll find them here. You want inspiration, well deliver.
We understand the enormity of whats happening in the industry. We are insurance professionals as well as technology developers, so we have designed the Novidea platform carefully and deliberately to give you the tools you need to leverage data, the cloud, and consumer insights in a way that will enrich every customer interaction. This isnt just about updating your archaic technology, its also about tapping into immediate opportunities for profitability, productivity and customer value that are locked inside your fragmented data.
Our people and our platform are here to help you make this pivot right now and in the right way. We hope youll use the Novidea blog as a resource for expertise and intelligence as you do.