December 22, 2020 by Adam Malik
Moving forward through COVID and into a post-COVID world, the biggest operational change for brokers will be the continued automation of simple customer transactions.
Policy inquiries, payments, requests for liability cards, and renewal transactions will all become faster and easier for customers.
While automation has been developing for some time, it has sped up dramatically.
Brokers are investing in both technology and people to achieve a new customer experience. They have to — the market has changed. Customers now trust and expect fast, omnichannel service. Brokers successful in their investments will spend more time solving complex issues for their customers, working through challenges created by rapidly changing carrier appetites and processes.
One example is in commercial lines. As capacity shrinks and carriers continue to shift underwriting away from individuals and towards algorithms, customers and brokers in the commercial space are being forced to shop more frequently and in different ways. This means investing in new tools and new talent for a fast-moving, digitized world.
While many industries seem to be challenged in their ability to service customers in a digital world, brokers have flourished. Pre-COVID, I would not have expected this. But brokers have proven to be nimble, regionalized, and fast-acting enough to shift operations in a manner that best reflects their customers’ expectations.
As doors across the country begin to open, we may see customer preference turn in favour of the local approach, presenting an increased opportunity for digitally engaged brokers who also have a physical presence and deep connections within their communities.
It’s an exciting time to be a broker.