Mark Breading is a Partner at ReSource Pro Consulting.
Give your opinion on the role of technology strategies in the carrier-agent relationship
Agencies, brokers, and other distributors have been busy enhancing their technology capabilities to compete in the digital age. Their carrier partners have also been actively upgrading their capabilities and providing new tech options for their interactions with distributors. Insurtechs have entered the picture, introducing yet another new dimension to the distribution landscape.
Thus, the question of whether distributors and carriers see eye-to-eye regarding their tech plans is a critical one across all P&C sectors—but especially for more complex risks where intermediaries are likely to play a dominant role for a very long time.
Due to the vital importance of the distributor-carrier relationship and the technology enablers, Strategy Meets Action, a ReSource Pro company, is placing major emphasis on conducting research to gain new insights that can aid both distributors and carriers in their technology strategies and plans. We are conducting a new survey to capture the current state of the carrier-distributor relationship and the role technology plays in it. The survey is now open to insurance professionals on the distribution side.
Looking at tech through both carrier and distributor lenses
It is critically important to understand the expectations that distributors have for carriers, the challenges faced in working together, and the opportunities to make it easier and more profitable for agencies and carriers to do business together. Tech plays a critical role in improving the ease of doing business, matching appetite, enhancing communications, and creating more opportunities to reach customers.
By doing extensive research through both the carrier and distributor lenses, our intent is to:
- Help prioritize the best technology capabilities that carriers should be offering to their distribution partners, and to
- Enable agencies to better plan for improving operations and creating more business opportunities.
You might ask, what kinds of questions will be explored? Here are a few examples to give you a sense of the topic areas. Each question will be explored from the perspectives of different lines of business.
- How do you expect insurance distribution to change over the next 5 years?
- How satisfied are you with the digital offerings from your top carrier partners for sales? For service?
- What should be the top carrier investments for sales? For service?
- What are your top drivers for investing in technology solutions?
- What types of communications technologies are you engaging in with policyholders? With carriers?
To answer these questions, our new survey has just been launched to the distribution community. By taking the survey, you will contribute to this initiative to enhance agency-carrier connectivity. If you also provide your contact information, you will be invited to an exclusive webinar that will delve into the results and be entered to win a pair of sleek Bose headphones. A companion survey of carriers and MGAs is also underway.
So, do we believe that distributors and carriers see eye-to-eye regarding technology? The answer to that question is not a simple “yes” or “no.” But taking a deep dive into understanding the current state, plans, and expectations of both distributors and carriers will yield important insights for success in the digital age.
Want to be heard? Take the survey by March 30 and you’ll be entered to win a pair of Bose headphones! All participants will receive an invite to a webinar reviewing the findings.