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.
With the holiday season and the end of the year approaching, you're likely faced with your team going on vacation and using up that accrued PTO before it expires. Additionally, the end of the year can be a high-turnover time as people look to retire or take the next step in their career in the new year.
When looking at your insurance back office, you might be trying to move toward a more paperless process. That isn’t always possible when you’re catering to a wide array of customers with distinct communication preferences. Effective print management services are critical to ensure that your customers are receiving their documents in a timely fashion and that any return mail is being processed effectively.
The insurance industry has an extremely low unemployment rate at just 2.2% as of August 2019, significantly lower than the national average of 3.7%. Not only do you have existing openings to consider, but you need to plan for the possibility of turnover, as your current employees may be tempted by offers from your competitors.
Customer expectations are constantly evolving, and it can be extremely difficult for insurance agencies to scale business operations at the speed necessary to remain competitive. Offering a consistently excellent customer experience is essential for not only retaining your current customers, but also acquiring new ones. Customer experience is a primary brand differentiator, arguably more important than price and product features to most customers. In fact, 86% of buyers are willing to pay more for a great customer experience, and 73% of buyers point to customer experience as an important factor in purchasing decisions
When deciding on tactics to help your insurance business grow, you might consider business process outsourcing. Working with an external partner for insurance BPO services can help your team work more smoothly and efficiently, reduce internal inefficiencies, and open your team’s agenda to focus on value-driven work. However, you might encounter some objections to outsourcing insurance services that make it difficult to choose the right partner for your business. Knowing what those challenges might be helps you know what questions to ask and what to look for when selecting a BPO partner.
In just a few short days, Patra will attend InsureTech Connect— the world’s largest insurtech event. The conference, which is being held at the MGM Grand in Las Vegas, offers an opportunity for forward-thinking insurance professionals to learn from the innovators and entrepreneurs shaping the insurtech landscape today.
Your book of small accounts is important to your business, but likely doesn’t account for the largest portion of your revenue. The 80/20 rule applies often in business and life, and servicing your accounts is no different—it’s likely that 80% of your revenue comes from about 20% of your customers. Unfortunately, it’s unlikely that 80% of your staff’s energy is spent servicing your biggest revenue-generating customers.