Insurance Agent Liability: The Top Priorities for Insurers in 2014
2014 is well under way, and it’s time for insurers to identify and focus on a few major priorities. The insurance industry is on the front line of societal and business change, and must develop and launch products that meet specific needs in the marketplace. Many of these changes are technological, such as online customer experience management and digital case management. Independent insurance agents and brokers use, and will continue to use, technology to better manage their portfolio of accounts, analyze the price of their policies, and settle claims faster and more efficiently.
Keeping up with technology is one of the biggest priorities for insurers in 2014. New technologies, such as the cloud, or innovative mobile apps, have helped lower claims costs and increase customer satisfaction. Other technologies to keep in mind are those that will effect certain insurance policies. For example, driverless cars have the potential to turn the personal and commercial auto insurance claims function on its head. Giving serious consideration to the implications of disruptive technologies such as this should be a top priority for insurers in 2014.
Another top priority for insurers should be to think about, and respond to, the changing demographics, moral, and direction of their customers. After the cost reductions that followed the financial crisis of 2008, companies grew accustomed to doing more with less. While in most cases this meant downsizing their staff, in many cases business owners chose to cut costs where they perceived it would not be necessary. In some cases this may have affected their insurance coverages. Insurers must know how to attract and retain their customers.
Knowledge of emerging technologies and customer retention are probably the two biggest priorities for insurers in 2014, but one final priority to keep in mind is fraud. The recent attacks on major retailers’ credit card networks are symbolic of the organized groups engaging in computer fraud. Predictive analytics, social media monitoring, pattern recognition, and other anti-fraud technologies are advancing rapidly, however there is still a growing need for companies to be financially prepared should they be hit with a cyber-attack.
PLRisk Advisors is a leading wholesale insurance brokerage for Insurance Agents and Brokers covering the Professional Liability Market and insurance agent liability. Our team of seasoned professionals has the depth and breadth of knowledge to help our agency partners secure the best quality coverage for their clients and for themselves. Please contact us today for more information at (855) 403-5982.