By Eric Bustos, Vice President of Sales and Marketing for @VUESoftware
If you ask the VP of Sales or CMO of an insurance carrier who their clients are, they will answer; the insured, the agent or both. If they answered both they’d be right. With the economy being where it has been for the past several years insurance carriers are looking for ways to increase their competitive advantages, continue to get their share of new policy business and still maintain their existing book of business with minimal loss.
The key to gaining competitive advantage in insurance is the same as most other industries, you need to have strong leadership, good products and exemplary customer service. When it comes to customer service for agents and insured’s, you have a demographic of people that have come to expect certain things from other industries that they deal with in everyday life. For example on-line retail and online banking and the service level and response times they provide and the result is…your agents and insured’s want instant response and immediate results.
“The bar has been set by other industries like online retail and online banking”
For most industries the technology being used has made the leap and the early adopters continue to innovate, one of the best inventions I’ve seen in some time and I personally greatly appreciate now is the ability to deposit checks with the camera on my phone, talk about innovative and not to mention convenient!
The Insurance industry must follow suit. Carriers need to enable their agent/agency communities with the tools to be able to write business faster, make important documents and marketing materials available to them faster, process requests, and automate historically laborious and time intensive tasks like onboarding and compliance measures FASTER. In addition those agents and insured’s need to be able to access their information and information updates, quickly, from any device from anywhere at any time. Why? Instant gratification…. You have to keep the consumer happy and in this business the consumer is the agent and the insured so you better realize the bar has been set by other industries like online retail and online banking and you’d better be able to meet their expectations or your results most likely won’t be what you were hoping for.