At first glance, insurance sales and big data may seem to be at opposite ends of the spectrum. The former is a personal business, built on established trust and mutual understanding. The other, when applied improperly, adds up to nothing more than a bunch of numbers.
Agent-carrier relationships can be a lot like romantic relationships: it takes communication and effort to make them work long term. How carriers manage their relationships with agents will undoubtedly dictate the quality and quantity of business they will witness in the long run.
Our industry conferences always deliver a fresh dose of business insight. These events help craft our product development vision and reveal relevant new trends in the industry. Agency Management and distribution management solutions were of higher priority during the sessions at this year’s ACORD LOMA Insurance Systems Forum.
The 2011 Distribution Conference organized by LIMRA in Orlando highlighted a few important trends surrounding consumers, sales professionals, advisors, product development and regulations. All the keynotes focused on the ‘How To’s’ to handle the various transformations seen in the marketplace and interestingly, most were connected to customer service and sales process improvement.
Change over time is commonplace in any industry. The insurance industry in particular finds itself subject to changes that greatly impact business as usual. Regulations, soft markets, and evolving technologies all take their toll on insurance business processes.