The restoration industry is poised to undergo a revolution, one in which technological advances promise to foster innovation. But are businesses keeping pace and able to operate in this new environment?
Policy changes can take up a significant amount of a broker’s workload. New technology will be needed to ensure that when a policy change is made in the broker’s software, it is updated properly in both broker and carrier systems, data is reviewed and errors are logged.
With brokers continuing to face challenges, mobility may hold the key to unlocking improved growth and profitability. By storing data and running applications from a service provider’s data centre, brokers are able to offer advanced mobile technologies without the burdens of administering their own servers.
Jo-Ann Eccleston, head of the Ontario chapter of the Canadian Insurance Claims Managers Association, sees the provincial arm as part of CICMA’s larger effort: to help educate the next generation of claims managers.
Accurate underwriting and damage assessment for vehicles relies on having detailed vehicle identification. Absent this, collision repair can become more inefficient and expensive, as well as frustrating for customers.
Adjusters Adapt to a Changing Claims Environment
The use of predictive analytics is advancing into areas beyond the traditional rating and underwriting fronts. Organizations that opt not to venture into these new arenas – including customer service, sales and marketing – risk losing competitive positioning to other insurers.
Your insureds know more about risk than you do. What steps should be taken to understand clients’ and prospects’ risks, speak their language and distinguish yourself as their trusted risk advisor?
The Insurance Corporation of British Columbia has partnered with Autoplan brokers in B.C. to offer a program that focuses on broker efforts with consumers at the point of sale.
In the P&C insurance industry, true success in technology is achieved only when industry stakeholders are all rowing in sync – and in the same direction.
Attracting and retaining a pool of highly skilled and motivated employees gives a company a competitive advantage during times of lean underwriting margins.
Companies need to help management executives and top performers manage their stress levels to avoid burnouts that can negatively affect the bottom line.