The new insurance normal means organizations must adapt to new customer expectations but also enable employees to work remotely. But in our industry, there is a tendency to follow legacy as-is operational processes rather than think about new ways to cater to a digital customer journey, expand distribution channels, enhance relationships, and optimize the value proposition and profitability. Legacy thinking is driving decisions rather than customer needs.
The need for brokers to be able to work anywhere, anytime has never been more acute than now. Brokers without this capability over the last few months have no doubt learned the hard way about the downsides of sticking with aged legacy systems.
The people, process, and systems framework for successful organizational transformation has been around since the 60s. Its a well-studied idea that those are the three key elements needed for a business or organization to embrace change and thrive. But sometimes, something unexpected gets thrown into the transformation mix. For the insurance industry, that something was COVID-19, which has forced full-throttle change in how we work and erased long-held assumptions about remote operation, the need for paper, and retaining legacy systems.
A prospect just called in for a quote, and you told them youd get back to them in 5 minutes. When you call back, theyve moved on. They got a quote already and went with another agent.
That client just called again. They want to make yet another change to their coverage. It would be alright if this stupid new and improved policy management system would just do what you wanted it to.
We’ve covered before how many businesses in the insurance industry are using a collection of software (or a ‘stack’) that’s unfit for the ultra-competitive business environment that is modern insurance.
We are currently living in the fastest period of technical advancement in human history. Diminishing barriers to entry have placed cutting-edge technology in the hands of almost anybody who wants it.
Many insurance intermediaries maintain a tenacious grip on outdated tools to manage their workflows. This mentality is normal and understandable. It’s also likely holding your business back.