Today, many carriers seek strategic differentiation through technology, investing heavily in digital transformation. Yet in 2024, agents reported that only 43% of their top carriers improved the effectiveness of the technology used by their agents, while 49% actually fell backwards with technology.
Even within the group of carriers with improved technology, in most cases the additional investment did not translate into improved ease of business with their distribution network.
A real strategic opportunity exists for carriers that target their transformation efforts to ensure that changes enhance efficiency where it matters most for both the carriers and their agents.
Agents tell us, for example, that underwriting and claims efficiency have the greatest impact on where they choose to place business. They also report that most carriers’ underwriting processes continue to be highly inefficient. For these carriers, investing in technology that effectively streamlines underwriting processes will benefit them by reducing expenses, decreasing adverse selection, and increasing opportunities for organic growth.
Despite the widespread challenges in 2024, a relatively small number of carriers did succeed in improving their overall ease of business execution. These are the carriers that will have strategic momentum as the insurance marketplace normalizes.
Will your company be among them?
Contact us if you would like to learn where your organization can achieve the greatest competitive advantage through targeted technology initiatives.