Ensuring that agents and brokers have the best tools to evaluate and close opportunities can be a real differentiator for insurance companies. For example, many companies wish to invest in solutions that effectively automate and improve underwriting, as such solutions can help remove human bias, increase the lendable pool of consumers, and reduce response times. At the same time, companies have the opportunity to grow their customer base, increase productivity, and be more cost-efficient.
Alan Schnitzer, chairman and chief executive officer, The Travelers Companies, commented on the importance of having great technology to support the business and those who help sell your products: “The other advantage I think we have to some degree is data analytics. It’s about risk selection and pricing, and we’ve been a pioneer for a long time in not just data analytics but delivering that data and analytics to the screen of the local underwriter at the point of sale.”
Similarly, Teresa White, president, Aflac U.S., said that her company’s agents and brokers also benefited from its “investments in tools and solutions,” enabling them to provide more value and better service to customers. She continued: “Our success with new agents meant working to cultivate more productive Aflac sales associates who stay with Aflac longer.”
To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.