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During COVID19, we’ve witnessed a frankly historic deployment of remote working and digital access to services across almost every sector – and insurance is no exception. By now, most insurance organisations have digitised at least some of their business processes, to protect their employees and serve customers during the time of social distancing. Momentum must not be lost as we begin to reopen society, recover from the blow the coronavirus has dealt our industry, and accelerate out of economic recession.
According to the Harvard Business Review, organisations that emerge from economic downturns as market leaders are those that optimise for success, not those that rely on cutting resources. Brokers and MGAs who step up their game and accelerate the adoption of digital solutions will be better off – ready to confront challenges and opportunities and ultimately recover faster than those that do not.
Be the catalyst for change.
Insurance is a highly complex business involving multiple processes – administering and renewing existing policies, selling new policies, pricing new business, developing new products and underwriting new risks, addressing customer inquiries, and processing claims. It comes as no surprise then that the COVID19 situation posed wide-ranging challenges for MGAs and brokers to overcome, to maintain their operations as familiar ways of working became severely disrupted.
It‘s fair to say that some have fared better than others. The digitally-enabled have been in a stronger position than those with cruder technology solutions and manual workflows. As a broker or MGA, you may have been flying the flag for digital transformation for some time, costs or legacy constraints have held you back. Now is the time to act – take advantage of this catalyst for change.
For too long, the market has been geared towards the big players with big budgets. COVID19 has demonstrated just how necessary agility is to survival. Look beyond the leading big software houses, towards those democratising digital – providing access to the tools, innovative tactics and agile development. These solutions drive efficiencies, impactful customer experiences, and an advanced ability to continually reimagine products and services at relatively low cost and in short time frames – and thereby levelling the playing field.
Don’t just survive, lead!
Brokers and MGAs need to ensure that every aspect of their businesses is on a par with, or better than, their competition to succeed in the new post-COVID19 environment.
As we move forward towards recovery, the digital advantage will become even more pronounced. Learn the lessons from how quickly you adapted to new ways of working and use this step change to take the next leap towards your digital future.
It doesn’t have to be a big-bang transformation. The key to unlocking the digital advantage is to stay agile and prioritise investment in the right parts of your business at the right time. Build from the ground up – work out the best systems and solutions to suit your needs and allow for growth and expansion. Importantly, look outside the box and work with a technology partner that understands your needs and will take you on the right digital journey – working with your priorities and needs rather than shoe-horning you into their package. The rewards you reap will be vast:
Seize the day
We built Aventus to make insurance better for the customer – democratising digital to help brokers and MGAs affordably invest in the comprehensive digital and data capabilities they need to deliver modern customer experiences. Download our new whitepaper, Recovery and Reinvention: How brokers and MGAs must adapt to survive in the post-COVID19 ‘new normal’
To find out more about how to unlock the digital advantage, and ensure you come back stronger than ever.