P&C Insurers: Sustain Profitability through the Right Mix of Technology Tools
A study by Deep Customer Connections on agents for property and casualty carriers paints a clear picture on the current technology trends for this industry. The report reaffirms the fact that agents can achieve a higher level of success in their profession with adequate help from technology tools.
Though the P&C industry is faring better than other insurance segments at the moment, many carriers are missing opportunities to increase profits by cutting operational costs. Many P&C carriers are still relying on homegrown or legacy systems for policy administration and their internal processes. This decreases administrative productivity and also limits the extent to which agents can improve their performance.
Currently, agents are frustrated by many technology issues that cost them significant time in tasks—often clerical and repetitive in nature—and diminish their capacity to sell and service business, notes the report’s summary.
In order to sustain profitability and remain competitive in the face of the current tight market, carriers need to streamline their processes by identifying the right mix of technology tools. They need to consider the various needs of agents that can propel their overall performance along with administrative requirements.
Carriers need to treat this overhaul as an opportunity to identify the most suitable technology that can accommodate future business expansions and growth. Lagging behind on technology will take its toll through increased carrier expenses. And when cost-cutting and operational efficiency are foremost requirements, carriers cannot afford to find themselves in this situation.
P&C carriers need to consider some of these facts while evaluating technology.
Problems with Aging Technology
Advantages of the Right Technology
Significant time spent on clerical and repetitive tasks
Inability to integrate with agency management system
Lack of ability to access precise data in real-time
Lack of flexibility to sustain business growth
High costs to support and enhance legacy systems
Data integrity issues
Acceleration of the sales process
Superior collaboration among the channel and with the carrier
Real-time transaction capacity for integrating with agency management systems
Ready access to information and reliability of performance
Greater focus on business process
Faster product administration
Producer loyalty and retention
Extreme flexibility and scalability to accommodate future growth
With in-depth expertise in the insurance segment, VUE Software offers a range of insurance-specific technology products that allow carriers to improve overall producer loyalty and productivity. If you are interested to learn how you can overcome your concerns with VUE Software, you can register for a free product tour.