Today’s MGAs and MGUs look vastly different than they did ten years ago. The insurtech boom brought new tech capabilities to the space, including digital and analytics platforms, that have evolved the services MGAs/MGUs are able to offer.
Delivering a superior customer experience is a powerful differentiator that builds allegiance and drives growth and profitability, however designing and delivering that experience is remarkably complex, especially in our highly regulated industry.
‘
Perhaps no other business segment in insurance has seen the ripple effects of distribution changes like personal lines. Agencies and insurers focused on the segment are often the pioneers of innovative, new approaches in distribution.
Carriers are proactively evolving their loss control practice to create more value and strengthen the relationship between the carrier and the policyholder, improving the customer experience in a meaningful way.
The insurtech movement, which began around 2010, is both maturing and evolving. This is especially true in the P&C claims space, where companies are gaining traction and having a significant impact on their customers.
Getting the right answer to the governance question is one of the most important factors affecting the success of strategic initiatives. In our work with clients, we see four keys to getting the governance question right.
‘
The past two years are clear evidence of how commercial lines adapted to a rapidly changing world, especially underwriting. Now, insurers are accelerating their plans to move their underwriting departments into the next era.
Many operations stop after getting the essentials down. According to the Nolan Company’s Stephen Murphy, to consistently deliver excellent service and be a true “Center of Excellence” the operation must master the four phases of excellence.
If hitting a target only involved aim, every company would be hitting the mark. The fact is most aren’t. Why? Insurers that want to achieve profitable growth must factor multiple variables into their strategy.