Prioritizing know-how offers carriers an edge – report

Insurance coverage carriers that prioritize know-how investments to enhance customer support are prone to achieve a aggressive edge over their much less tech-savvy rivals, in line with a brand new report from insurance coverage platform supplier Socotra.

 The survey, titled Turning into the Most well-liked Supplier: What Insurance coverage Producers Need from Insurers, 2023, presents insights into the preferences of brokers and brokers within the US and the UK when deciding on insurance coverage suppliers.

The report highlights the significance of providing a superior consumer expertise (UX) for producers and their prospects. Insurers who present superior know-how platforms with enhanced comfort, transparency, and the power to cite, bind, and ship insurance policies on-line may have a definite benefit available in the market, Socotra mentioned.

Carried out by World Surveyz Analysis, the survey concerned 100 senior-level staff from insurance coverage brokers, unbiased brokers, and insurance coverage brokers within the US and UK. All respondents labored with tier two to 5 insurance coverage carriers with as much as $5 billion in direct written premiums.

“100% of the brokers and brokers surveyed mentioned it was vital to have the ability to quote, bind, and ship insurance policies on-line. This was remarkably constant,” mentioned Dan Woods, founder and CEO of Socotra. “Our survey respondents additionally prioritized paying premiums and submitting claims on-line, suggesting these options at the moment are obligatory for carriers anticipating to draw and retain the perfect producers.”

The report discovered that brokers contemplate a user-friendly agent portal (54%), a user-friendly buyer portal (50%), and digital claims processing capabilities (42%) as probably the most important applied sciences. These findings underscore the evolving expectations of shoppers and spotlight the necessity for insurance coverage carriers to spend money on UX to satisfy the calls for of their brokers and policyholders. Failing to prioritize user-friendly portals and environment friendly claims processing might lead to carriers falling behind rivals and probably shedding invaluable prospects, Socotra mentioned.

“Socotra understands and appreciates the significance of a related ecosystem that gives knowledge and companies from an array of trade main suppliers,” mentioned Mike Benayoun, director of partnerships at Socotra. “Our companion community is dedicated to serving to carriers ship extra worth to their finish customers – whether or not these are brokers, brokers, or policyholders.”

Brokers and brokers play a vital position as distribution channels for insurers, dealing with roughly 62% of all property and casualty enterprise within the US and 67% within the UK. Subsequently, understanding and appearing on their expectations is significant for carriers’ success, Socotra mentioned.

The report additionally discovered that being first to market with new merchandise and options is a big consideration for 30% of brokers, notably these working with 5 or extra carriers.

Have one thing to say about this story? Tell us within the feedback beneath.