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New research from ReSource Pro Consulting indicates MGAs face several roadblocks when investing and deploying new technology capabilities. MGAs are tackling various technology initiatives spanning distribution, internal operations, and insurer relations, which are fueling priority conflicts and stretching IT teams thin.
A research report from ReSource Pro Consulting examines core systems deals completed in 2022 from 18 of the top solution providers in the market today. The research suggest that the core systems buying is consistent, which, along with continued deployments across all segments over the past few years, indicates a strong market.
Only a few months ago, it was easy to tell the difference between human- and AI-generated content; today, the task is far more difficult. Experimentation with the technologies is mandatory. Now is not the time to sit on the sidelines and watch—things are moving too fast for that.
ReSource Pro surveyed agency executives in commercial lines to understand their satisfaction with insurers’ digital sales, servicing offerings and the capabilities they believe insurers should invest in to support their needs, focusing on the small commercial and mid/large commercial segments.
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When analyzing the research from two lenses—trends in small commercial and mid/large commercial— we uncovered several major themes that define how commercial lines insurers are approaching strategic initiatives today.
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The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Although it may not be accurate to classify our current era as post-pandemic, insurers have adjusted their plans to match the needs of society today.
To achieve long-term growth, a carrier sought to expand into new lines of business and diversify geographically with new products & channels. Throughout this journey, the client needed to maintain a strong balance sheet while delivering a superior customer experience.
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There are arguments both for and against the near-term emergence and impact of the Metaverse. It is fun to think about how it may dramatically alter human existence in the future, but first, it is important to define what is even meant by the term—and there is no universal agreement on the concept.
Understanding the needs of stakeholders and allocating investments accordingly to enhance digital capabilities not only improves the customer experience of agents and policyholders but also delivers greater efficiencies internally.