3 Technologies Changing P&C Insurance Distribution

 

Nathan Golia

Senior editor, Insurance & Technology tells us that:

The P&C industry is incredibly competitive, with companies big and small fighting for market share. Here are some of the technologies they're using to help differentiate their sales processes.

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and tags:  Distribution, P&C, Mobile, Underwriting, Agent/Broker, Celent, Progressive, Nationwide

If there's one word that defines the personal lines auto industry right now, it's "competition." The insurance category is among the most-advertised products in the country, with players big and small trying to distinguish themselves from the crowd and draw market share away from one another.

This article clearly defines our roll as agents in the small business world.  We have to work harder and smarter.  The insurance world is changing so rapidly that if you are not willing to change with it and be flexible you will fail. 

I am going to have to get my technology rolling and put my name on the world wide web so that when a consumer sees my site, it stand out and they will send me a request for insurance.

"The mobile traffic to our website is just exploding -- it's up 25% just from August 2012 to March of this year," Jauchius says. "We've had some time now to identify the top customer transactions -- pay your bill, view your ID card, file a claim -- but where we're taking mobile is fully enabling quoting and binding." 

This is just a fact of life.  If your agency is still waiting for a phone call, you are going to be waiting a long time.  Then you will fail.  You need to have the technology that will bring the customer back to you after they have gotten all of their data required to make an intelligent decision. 

"Consumers want to meet with an agent face to face when they buy, but the rest of the time they're going to want to get updates and interact with you digitally," Hanley says. "And before they buy, they want to go get ratings and reviews on agents. We offer that as part of our program, and we've found that you're better off having a 2.5 [out of five] rating than nothing at all. It indicates you're willing to listen to customers."