As we near the end of 2013, there are emerging trends we should take note of that directly impact the market. Some are positive. For example, most P&C insurers beat their quarterly expectations. Some analysts attribute this to better underwriting performance. However, the gains in rates we’ve seen are starting to level off, in part due to reinsurance pricing and new entrants into the commercial lines, namely Berkshire Hathaway. We also continue to see the insurance industry invest heavily in updating their customer-facing tools and back-office processes and systems. This includes everything from customer and agent portals to mobile offerings to policy and claims management and enhanced analytics capabilities. Improving the customer experience, replacing outdated systems, offering differentiated services and decreasing operating costs are the primary drivers of these investments.
Since our last newsletter, our team has been busy helping clients deliver effortless customer experiences, deploy advanced analytics to improve performance, update financial systems and select new systems and integrators. For this edition, we explore several topics and share our insights and best practices:
- Using advanced analytics to revisit claims management and renew the customer experience. Having a better understanding of data is the key to having a better understanding of your customers. We explore three core improvements that allow insurers to more effectively utilize claim data.
- Five key actions that could safeguard the success of your new insurance initiative. As insurance companies are initiating larger programs to differentiate themselves in the market, insurers can take action to ensure the programs are positioned for success.
- Insurance brokers debate the investment in mobility. Insurance brokers have been slow to adopt mobile technology largely due to costs. In this article, we highlight our industry specific mobility offering that enables brokers to improve their competitive position in the marketplace.
I hope you find this information timely and relevant. If there is anything we can do to assist, or if you want to discuss something you’ve read or heard, please don’t hesitate to contact us.
We wish you and yours a happy and safe holiday season!