The time has come for insurance disruption

Client-Agent communication needs have changed and they’re not turning back

For decades, face-to-face meetings have been the industry standard for insurance agents. It has been an indispensable communication method for establishing camaraderie with clients and communicating complex finance concepts.

However, two years under pandemic restrictions have transformed customer expectations. Findings from EY Global Insurance Consumer Survey show the number of customers favoring digital contact with their agents has increased from 28% to 43%.

Source: Finextra

Consumers favoring digital contacts with their agents before and after COVID-19

The opportunities for growth are aplenty!

The insurance industry has been presented with an overwhelming number of new opportunities to revamp business models, issue new products, and capture new market value.

But to capitalize on these emerging opportunities, insurers cannot continue doing ‘more of the same’, especially in the face of non-traditional players muscling their way into the industry.

Insurance agents are held back by legacy systems

Source: The Digital Insurer

It’s been said that the old is preventing the new for the insurance sector but in an industry that deals with sensitive customer information, compliance restrictions are a necessary evil.

An unfortunate side effect of this is that some insurers are missing out on opportunities. The world has gone digital and it’s not going back!

Insurance agents are seeking digital solutions

Source: The Digital Insurer

It’s not only customers who are demanding digital transformation. Insurance agents are ready for change, too.

Faster and more convenient services don’t just make for a better customer experience, they affect the earning ability of agents. So, for insurers to retain top-performing agents, your teams need to be armed with the right tools.