With the advent of the new generation of Web solution, business is not the same as it used to be. Major industries have closely aligned their processes to technology. Insurance carriers are left with few choices but to embrace these innovations in order to stay relevant, and there is no denying that technology has become an integral aspect of customer satisfaction.
The fact that technology gives an added competitive edge to insurance carriers is fast becoming common knowledge. In a published article by Jim Fisher, evaluating where today’s insurers need to focus in order to survive and compete. He anticipates that within a few years, nearly all insurance sales will be fully Web-supported and primarily executed by agents online. There is a particular emphasis on how insurance sales have transformed over time. The article strengthens a view presented in one of our previous posts, “Carriers’ competitive edge depends on IT”.
Fisher has categorically specified the ideal benefits, particularly to insurance sales and agents, companies would reap if they integrate web technology to their processes. In doing so, he reflects a positive impact the transition to technology brings to the insurance industry. He cites how new marketing technology helps to build unique sales and improve agent productivity. Adding the most effective incentive compensation models to this technology further enhances agents’ performance, and with it, the insurance organization’s bottom-line. This builds a cohesive talented agents pool that ideally works toward consistent revenue generation. Agents are very well placed to reach company objectives with the right mix of technology in their processes.
In this article, Anthony O’Donnell of Insurance and Technology writes why 2009 will be a good year for technology vendors. Insurers have understood the key utility of technology in the day-to-day business activities. There is a strong realization among carriers on how technology takes both the role of an effective cost cutting measure and effective ROI in the long run.
An excerpt from the article:
We have already begun to see insurers renew the emphasis on cost control that we saw earlier in the decade. However, insurers remain well-capitalized and focused on technology improvements potentially on a larger time scale than the current economic troubles.
Insurers need to choose technology that transforms their ordinary distribution channel into a real force in the competitive market. Vendors who understand and have many years of service in the insurance industry are best positioned to deliver the best-of-breed technology to match insurers’ requirements. Incentive Compensation Management is a category of technology that has the potential to alleviate many of insurance carriers’ most frequent marketing and sales concerns. This technology can assist insurers in fostering higher employee morale and increasing company productivity.
The potential of the web to assist in insurers’ growth is gaining momentum. It’s a choice for insurers whether to harness this power and grow — or to maintain status quo.
Ex - Vice President of Corporate Strategy
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