INDUSTRY INSIGHTS
The Pandemic Has Changed The Overall Insurance Industry Landscape
BY GWENYTH P . LUU
There have been some major changes to the insurance industry landscape since the COVID-19 pandemic . First and foremost , there ’ s been a shift in customer service and how brokers facilitate business . This includes how brokers interact with their clientele in managing insurance renewals and risk management . There are also observable differences in the way brokers interact with partners .
In the past , businesses would simply renew their policies and move on , perhaps not even reviewing the information or speaking with their broker . Since the pandemic , clients are looking to their reps for guidance and advice , especially when it comes to risk management .
According to the latest industry report , The State of Commercial Insurance : A survey of insurance carriers , brokers , and policyholders , the pandemic has amplified vulnerabilities in technology , talent , and infrastructure , and the lessons we have learned have better prepared the industry for the new challenge ahead .
During the pandemic , policyholders looked to their brokers for increased levels of service , transparency , data , and innovation . In fact , operational innovation has been key to the insurance industry ’ s strength . In the meantime , brokers increasingly sought to integrate their systems with carriers to expedite quoting and policy issuance , positioning themselves to provide customized products and services addressing risk . Educating the policyholder nowadays is key to their acceptance of new products and services , and while demand may be high , adoption is slow . This is because there is hesitancy until the losses become more routine .
Moreover , the majority of insurance carriers report partnering with big tech companies to provide the hyperpersonalized , multi-channel customer experiences that big tech offers and that customers are accustomed to . Such
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