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.
Like many insurance policies, commercial lines policies come with a specific set of requirements, reports, and data requirements. They also come with busy business owners who have a million things on their plate, and don’t think about their insurance policies until they need them.
Let’s be honest: insurance isn’t an industry known for speed. It can be hard to keep pace with digital innovation while keeping a focus on growing your client base. Not only is technology constantly evolving—it’s expensive to purchase, maintain, and implement within a company’s existing processes. One solution is insurance technology, or InsurTech for short.
Processing insurance claims quickly and efficiently is the top concern for insurance policyholders. If you’re able to gather information quickly, provide as much transparency as possible, and deliver a speedy resolution, you’ll reduce your operating costs and improve your brand reputation.