If you write commercial policies for business liability, workers’ compensation, business fleets, or construction, you know the importance of quickly issuing certificates of insurance. Sometimes called insurance certificates or COIs, these documents allow businesses to prove their insurance policy meets the needs of any contracting partners, government organizations, and internal stakeholders.
Insurance underwriting is a critical function for MGAs and carriers as they grow their businesses and issue new policies. Skilled underwriting combines data, analysis and experience to accurately assess the risk associated with any given insurance policy. Despite the importance of underwriting, there has been very little innovation or evolution to the largely manual process of making an underwriting decision.
As an insurance business, you likely have a wide array of client accounts you work with on a daily basis. You probably have a few key accounts that take up the bulk of your time: they’re the large accounts that might include a full family of policies and require vigilant servicing. You likely also have a number of small accounts, which require less frequent servicing but still deserve the same level of high-quality service as large accounts.
When juggling a multitude of clients and a wide array of group coverages, health insurance brokers have a lot on their plate. It’s essential to make sure that every group is getting the right information at the right time. After all, your clients rely on you to ensure that their employees are getting the best possible coverage and service, at the best value.
While digitization is undeniably improving the way we live and work, it also places our personal data out of our control. The insurance sector has unique access to customer data, including payment information, personally identifying information, health history, and personal property, making insurance businesses an ideal target for attackers. When looking to improve your data security, whether you’re a retail broker, MGA, or carrier, it’s important to keep in mind the potential impact, compliance concerns, and the way your business serves customers.
A new year has begun, and it’s the perfect time to look forward and anticipate what’s coming next. While it’s impossible to predict what 2020 holds, we have a few ideas about where you should focus your energy. Being prepared for what’s next in insurance will help you stick to your business resolutions for the new year.
The last year has been a great one for Patra, and for the insurance industry as a whole. Business process optimization remains at the core of what we do, but we’re closing out the year with renewed excitement and energy about technology, innovation, and partnership at deeper levels.
When it comes to running your insurance business, you have a lot on your plate. You’re consistently trying to exceed customer expectations, increase revenue, maximize efficiency, and help your business grow for the long term. It can be difficult to focus on marketing and branding your insurance business while executing service, but it will be much easier with a branding plan in place.
As technology continues to evolve, so do the expectations for customer communication. Customer experience can differentiate an insurance business as it strives to acquire new customers and improve renewal rates among existing customers.
As the insurance industry continues to evolve, you’re likely focused on growing your book of business through new customers and additional policies. These efforts are extremely important—however, genuine growth isn’t possible without consistent insurance renewals and overall customer loyalty.