Young Agents Demand Strong Digital Capabilities in Commercial Lines Insurance
Agents look for insurers with strong digital experiences to support new commercial business, communicate value to prospects, and retain clients at a time of loss or renewal: Novarica
Boston, MA (May 19, 2020) – An insurer’s ability to assist an agent in communicating the value of products and services to prospects is a key ingredient in the success of a portal for an advisor. Agents are looking to partner with insurers that have strong digital experiences which support both placing new business and retaining clients at a time of loss or renewal. In a new report, Agent Portals: Key Capabilities for Small Commercial, research and advisory firm Novarica provides insights from discussions with members of 400 Under 40, a community of high-performing insurance producers under the age of 40.
“Small commercial lines business is becoming more competitive,” said Kevin Rall, Vice President of Research and Consulting and author of Novarica’s new report. “Insurers that offer a comprehensive set of capabilities and orchestrated portal experience for the agent and policyholder will have the greatest potential of success.”
Among the key findings of the report are:
- Agents expect a comprehensive set of digital experience capabilities. Insurers that provide capabilities to assist agents with closing the sale can differentiate and influence behavior.
- Emphasis on transparency of customer engagement data. Agents are interested in customer engagement insights to assist them in improving the overall customer experience and increasing retention.
- Real-time commissions are likely to influence future behavior. More than two-thirds of agents indicate that this would influence their placement of BOP business.
Click here for the table of contents or to access the report.
Report Summary
Agents are looking to partner with insurers that have strong digital experiences which support placing new business, communicating value to prospects, and retaining clients at a time of loss or renewal.
Enhancing portal capabilities for agents is a focus area in commercial insurance. Many insurance advisors and carriers seek to achieve their growth goals by focusing on risks that can be written using a businessowners policy (BOP) product. Quoting and issuing are core to agents’ portal experience; capabilities that improve placing business, communicate policy value, and support servicing clients can create a differentiating experience.
This report is based in part on survey data from Novarica’s 400 Under 40 community of young agents.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
Tags: commercial lines, customer experience (CX), Digital Innovation, Digital Insurance, independent agents, Millennials, portal, small business, United States (USA)
Read the original article at Insurance-Canada.ca