Customer engagement is an ongoing issue for the insurance industry. As Monstarlab’s Engagement Director of Banking, Insurance and FS, David Titterton puts it; “This is partly due to consumers being less engaged with insurance products until an immediate need presents itself…” – (InsurTech Magazine – August 7, 2023) About… Read More »Customer Engagement for Growth and Profitability
Transforming the way insurance is delivered through brokers should be on the mind of every insurance CEO. The Insurance Information Institute published a study on Insurance distribution trends[1] showing that independent brokers and agents remain the dominant distribution channel and their market share is growing. Yet, somehow, the broker channel… Read More »Transforming the Way Insurance is Delivered Through Brokers
Insurers, insurtechs, vendors and brokers are challenging past practices and investing in new ways to improve customer experience. Customer experience is subjective and there are disagreements on what the ultimate customer experience looks like. Unanimously, though, most agree that it is the customer who wants it anywhere, way and when… Read More »Tech Making Insurance Brokers More Relevant
Easily the #1 question I have experienced from the first underwriting automation project that I teamed up for was “are we going to lose our jobs?” or rephrased more recently by a judge on a startup panel “A question however, is what do you think the impact on the industry… Read More »Insurance Transformation – When Buffalo Fly
The M&A market for P&C brokers in Canada and the US is white hot. Private equity-backed insurance brokers are leading the way with 76% of all transactions for the first half of 2022. The only thing slowing this trend down is an ever-shrinking group of sellers. The winners, despite reporting, aren’t… Read More »How to Get More from Your Acquisition Strategy
Insurance brokers offer an untapped potential to increase productivity through the entire distribution vertical. This may not compute for some but here’s why brokers are the key to productivity and efficiency. Insurance Productivity by the Numbers Expense ratios, the percentage of premium used to pay all the costs of acquiring,… Read More »How to Unlock Productivity Through Insurance Brokers
Value creation is vital for any healthy organization’s existence. Unfortunately, to date, the P&C insurance industry, particularly on the carrier side, is failing at that basic tenent. This short article explores the benefit that Real-Time insurance collaboration brings to improving profitability and creating value for investors. Establishing a baseline is… Read More »How to Become More Profitable in P&C Insurance
Insurance technology today is a barrier. Too many stakeholders with too many solutions (and versions of those solutions). Most that were invented before today’s technology was even dreamt of. Yet, with another layer of duct tape, the industry keeps going for another year. More frustration for insurance brokers as insurers… Read More »A Collaborative Solution for Better Insurance
Platform technology lowers the cost for insurance distribution. Platforms enable Real-Time collaboration, reduce inefficiency and improve service delivery. The platform is a cloud native shared platform underpinned by robust automation for all stakeholders in the insurance distribution vertical. The shared platform should not be confused with a cloud version of a Policy Administration System… Read More »Platform Technology Enables Real-Time Insurance
Today’s customers are more informed, with better access to technology and abilities to use it and have higher expectations beyond insurance industry standards. Expectations gleamed from experiences in other industries. Customer expectations and satisfaction relative to responsiveness are not necessarily set by a company’s competitors in their industry. A customer… Read More »Insurance Must Up Its Game for Service