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 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.
In a previous article, we explored the implications for GDPR on distributors and noted that rather than considering data protection a burden, forward-thinking firms think of it as an opportunity. Continue reading “Shifting Insurance Distribution Models: How Intermediaries Should Respond”
For years already data has been a buzzword in the insurance industry, but only recently has the availability & accessibility of policyholder data begun to actually change how the industry operates. Continue reading “Long-term Benefits of Data & the Use of Insurance Analytics”
Risk management is the bread and butter of the insurance industry. For too many, however, the strategies that govern their attempt to manage the risks in their book of business are stuck in the past.
Having an amazing offering and providing robust customer support may be enough to make your customers like your agency. But being liked isn’t enough.