May 2020 – Agents are looking to partner with insurers that have strong digital experiences which support placing new business, communicating value to prospects, and retaining clients at a time of loss or renewal.
Enhancing portal capabilities for agents is a focus area in commercial insurance. Many insurance advisors and carriers seek to achieve their growth goals by focusing on risks that can be written using a businessowners policy (BOP) product. Quoting and issuing are core to agents’ portal experience; capabilities that improve placing business, communicate policy value, and support servicing clients can create a differentiating experience.
This report is based in part on survey data from Novarica’s 400 Under 40 community of young agents.
Key Points and Findings
- Agents expect a comprehensive set of digital experience capabilities. Insurers that provide capabilities to assist agents with closing the sale can differentiate and influence behavior.
- Emphasis on transparency of customer engagement data. Agents are interested in customer engagement insights to assist them in improving the overall customer experience and increasing retention.
- Real-time commissions are likely to influence future behavior. More than two-thirds of agents indicate that this would influence their placement of BOP business.
About the Author
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.