Yes, even the insurance industry innovates and transforms. Historically, the most typical insurance relationship involved sending some documents and information to your insurance agent, having the agent take that information and then send it along to a few insurance companies to review, and finally through judgement of that information, underwriters provide coverage and price proposals. Finally, the agent procures the requested policies from the selected underwriters and insurance companies. While that model is possible to find in 2022, it is one of bygone eras; an operating model based upon the process, technology, and knowledge of the past.
Today’s most successful businesses rely on insurance agents and brokers to provide advice and counsel and help to understand and manage the risk profile of the organization and improve business operations and results. These industry professionals sit along side outside legal counsel, accounting firms, and other strategic partners to form a group of trusted partners for every business. Insurance professionals play this role using data, insights, technical knowledge, and a deep understand of the strategy and objectives of each unique business that they serve.
That is not to say that the role or insurance policy placement is any less important. In fact, is it more complex than ever with rapidly changing exposures and risks? The process, however, is significantly more efficient and continuing to transform. Information and data can be procured electronically, in some cases continually monitored, and often, directly input into underwriting models to determine acceptance of risk and pricing parameters.
While these process and technology transformations are occurring, relationships within the industry remain just as important, if not more so. Insurance companies are often more specialized in specific industries or risk type, and at the same time, more diverse geographically. New financial and risk financing opportunities continue to emerge. Building and maintaining trust on behalf of clients within an ever-evolving insurance industry is more challenging and more important every day.
How can you take advantage of these industry transformations?
- Integrate your insurance partner into your business strategy and operations and look for a partner that understands the importance of this role
- Continue to transform your own business data and information which allows you the best opportunity to present your business productively and efficiently to insurance underwriters
- Ensure that your relationships into the industry remain strong and well connected with the ever-evolving opportunities
Learn more about the evolution of the insurance industry along with some of the current innovations that will help bring your business to new heights. This month, Jon Diessner, Hope Trepanier, and Rebecca Thornburg from Kraus-Anderson Insurance join us on ilume to share their perspectives on the current and future of our industry. Click here to learn more and listen to the discussion.