In a previous post, we looked at how automated workflows can transform your insurance business, which included a review of how insurance organisations can keep up with customer expectations while improving their team’s efficiency, effectiveness, and satisfaction.
The insurance industry is growing more complex all the time, but here’s a principle that’s not likely to change: if you keep your clients and your team happy, you’ll stand out from your competitors.
It’s a 24/7 digital world, where consumers are used to ordering everything online, from flights to shoes to food. The pandemic accelerated this trend, with McKinsey in 2020 stating that the business world had “vaulted five years forward in consumer and business digital adoption in a matter of eight weeks.”
Against this backdrop, many insurance brokers in the market have recognised the need to increase the digitalisation of their businesses, citing their desire to improve customer service. That’s according to the recent Broker Barometer research from Aviva.
I first learned this at Sequel, now Verisk Specialty Business Solutions, where we developed a portal, and then at Aon, where for three years I developed and launched new products to market. Since joining Novidea, I have gained further valuable insights into how to use innovative and disruptive technology to make this happen.
Depending on which experts and futurists you believe, were either hurtling toward a recession or witnessing a post-pandemic market correction. Some are even saying the recession is already here. The insurance industry is all about mitigating risk, and preparing for an economic downturn is no different. Smart, independent agencies and MGAs should plan their strategies now for navigating the potentially rough waters ahead. Whether the recession is protracted or a short dip, agents and brokers can make many pre-emptive operational changes over the next few months to keep them well-positioned and even strengthen their bottom lines.
The concept of remote work may seem like old news to some, but for the insurance sector, which has been slower to adapt to change, adapting to a remote model was a monumental undertaking.
With hybrid working set to become the new normal in the UK insurance industry, brokers are addressing both the challenges and potential benefits. In particular, remote working has given rise to new data management challenges, while also exacerbating pre-existing issues. In this article, well explore the top data challenges brokers face, as well as how they can be solved.
The shift to online and remote working in the broking industry has been phenomenal. Now is the time for brokers to future-proof their operations and turn the new normal into business as usual to lay the foundations for the future of broking. From our research, heres the view from brokers on plans for digital transformation and business change in 2021 and beyond.
The UK broking industry sees remote working as both a challenge and an opportunity. In this article, we examine what brokers have to say on the topic and what this means for the future of broking.
Management Information (MI) has always been vital to running a successful business. This is particularly true in such a data-rich industry as insurance. In fact, today, it all seems to be about data.