Insurance Agencies & Brokers
Impact of Harsh
Market
Expectations
Presented By -Cogneesol
Though the insurance industry has evolved a lot, insurance
brokers and agencies have faced multiple challenges.
Keeping themselves updated with the technological
advancements, financially stable, and dealing with
regulatory changes, insurance brokers and agencies today
face a variety of problems.
Impact of market
expectations on
insurance
agencies & brokers
resented by Brigitte Schwart
Customer
Experience
Customer experience has now become a
big priority for insurers.
As 86% of consumers are ready to pay
more to get a great experience as a
customer, insurance agencies and brokers
must
understand
that
customer
experience can make or break their
business and career.
Around 64% of buyers conduct
online research before buying
anything, and 94% of consumers
are likely to get influenced by
online reviews.
As today’s consumers are more
informed, they expect a higher
level of service and greater
overall customer experience.
Workflow
Efficiency
As technology continues to change
and improve, business nature is
changing along.
Insurers
these
days
need
to
frequently assess the way they work
and manage their processes if they
want to prosper.
Traditionally
used
technology,
outdated
organizational structures, and unorganized data
sets can make insurance agencies and brokers
lag behind in the competition.
Having multiple systems for different functions
also affects their efficiency and productivity.
Undefined
Sales Process
Preparing and implementing strict
policies for workflow and leveraging
automation for communication & data
management cannot ensure the agency
has an effective sales process.
If the sales team is not aware of what
customers need and what they can ask
for, they can face difficulties in delivering
the appropriate products and services.
New & Emerging
Risks
Cyber risks can no more be regarded
as emerging risks as they have
become a new reality.
As per estimation in 2018, cybercrime
can cost $600 billion per year to the
global economy, with the financial
sector being more prone to cyber risks.
Many new-era customers want to get quotes online, purchase a
policy online, and file claims online.
This makes it challenging for brokers and agencies to manage their
customers’ confidential information on the internet, especially in the
time of growing cyber risks.
Outsourcing
Since customer expectations are changing and
continuously growing, it is getting challenging
for agencies to match their requirements.
Thus, many have turned toward outsourcing as
the concept allows them to deal with a variety
of challenges such as shortage of resources, the
overburden of work, high operating costs, etc.
Market expectations had a significant impact
on the insurance outsourcing industry.
Conclusion
To tackle these and other common
challenges, agencies and brokers need to
build new strategies and adopttechnology
to stay competitive and utilize new data
sources and analytical tools.
Adding to these, by eliminating complex
processes, they can successfully meet
customer
expectations
and
deliver
outstanding customer experience.
Presented By
We, at Cogneesol, believe that the key to success
in the insurance business is 'partnership'.
A reliable and knowledgeable partner company
that has a team of insurance experts can provide
efficient support to insurance agencies in
managing, Insurance back office Processes
leading to improved efficiency & productivity,
reduced risks, reduced operating costs, and
growth.
Contact Us
+ 1 646 688 2821
info@cogneesol.com
www.cogneesol.com
30 wall street, 8th floor,
New York,USA
10005-2205