One of the big themes I saw at InsureTech Connect in Las Vegas in early September was: Agents and brokers rule.
While many of the scores of exhibitors and sessions still focused on making carriers smarter and more efficient, seemingly as many dwelt on how to make the lives of agents and brokers easier, more fulfilling and more profitable. That trend will play out over months and years, but it already shows up in two pieces I'd like to highlight this month.
One is the interview with Stephen Crewdson, senior director of global business intelligence, insurance, at J.D. Power. Its latest survey of agents and brokers finds improvement in satisfaction with how carriers are treating them, especially in commercial lines. The survey also offers suggestions (hint, hint to you carriers out there) about how to continue to make agents and brokers happier and more effective, especially for those who aren't in what J.D. Power finds to be the sweet spot for effectiveness -- those with two to 10 years of tenure with their current employer. Making technology easier to use ranks high on the list. Training on business development does, too.
The second is the article, "Sellers Need More Than CRM." You've heard from the author, Yamini Bhat, before, in an interview I did with her for the May newsletter on how agents can use an AI-based assistant to organize their calendars and their tasks to be radically more productive. In the recent piece, she expands on that interview to explain how to move beyond the limitations of today's CRM systems. The piece is worth a look.
P.S. Here are the six articles I'd like to highlight this month for agents and brokers:
Complementing a customer relationship management system with AI/ML-based solutions can harness the power of data within an organization.
With the 21st-century shopping experience becoming a "buy now with one click" affair, consumers expect this across the board, no matter the industry.
When it comes to insurance, customers trust people more than tech. Customers want a credible human partner throughout the buying process.
Shifting distribution tactics, focusing on more personalized coverage, designing new products and partnering across industry lines can all narrow the gap.
Even with the macro-economic headwinds and other market challenges, every aspect of insurance is being redefined in the context of the future.
Wineries are one part farm, one part manufacturer, one part entertainment complex and one part hospitality provider/retailer. Risks abound.