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2021 insurance coverage investments for business and specialty


Five investment ideas for next year’s results

Many insurance companies are currently planning their investments for 2021. This annual process is unusually difficult this year, and not just because of the pandemic. This post continues our series of decisions that various insurance companies can make in their plans for the next year without regret. Today we’re looking at commercial and specialty vans.

Why is it so difficult right now to make confident predictions about 2021 investments for commercial and specialty transportation companies?

  1. The pandemic hit customers disproportionately. These effects also persist, which means that they are unresolved.
  2. As businesses recover, digital aspects of purchasing, delivery and service will be more important than in the pre-COVID world.
  3. While agent sales and service will continue to be paramount, providing digital capabilities for marketing, increasing sales, and delivering service will become a necessity.

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To stay one step ahead of these trends over the next year, retailers and specialty providers should consider investing in one of five key areas:

  1. Revise the core underwriting process

Given the expected pressures on business loss premiums, airlines need to improve both expense ratios and loss ratios with the major operational changes. Fortunately, freight forwarders can choose from a variety of proven tools to improve underwriting efficiency and effectiveness. This includes reengineering with an emphasis on improving data quality, drawing accuracy and automation for both new business and renewal processes.

  1. Regain confidence with improved experiences

The response to the pandemic eroded confidence in many industries – including insurance – as many small business owners failed to realize they were not covered against a pandemic. To be successful after the pandemic, network operators need to create transparent digital experiences that customers can use to find them, examine how products meet their needs, and offer trustworthy onboarding, claims and service experiences. Agents can still play an important role in customer care, but carriers need free digital strategies to engage with their customers.

  1. Transform core platforms

While many airlines have switched to modern policy management systems, others are still lagging behind. With the need to support sales and service across multiple channels going forward, 2021 will be the year you haven’t replaced your platform yet. New platforms can lower total cost of ownership, provide the backbone for new products, and support multiple sales and service channels. They must be carefully selected to ensure that the future business fully plans the future and that you are not just porting a 1990 process to a new platform.

  1. Unleash intelligent underwriting

With insurance costs under $ 10,000 (and often less than $ 1,500) and a successful revenue ratio of 10 percent, it is critical that new business underwriting and renewals be as automated as possible. However, automation will only work if the subscription practices are set up to ensure that the correct data from the filing is used to tailor coverage to consumer needs. Smart tools like advanced third-party data tools, analytical models, and intelligent robotics can vastly improve automation while maintaining or improving drawing quality. The key here is that network operators need to be willing to go beyond simple rule processing and data sets that are 100 percent filled and 100 percent accurate.

  1. Embrace innovative solutions

Nowadays, the data and services of medium-sized and large trading companies are no longer provided only within their walls. They rely on trusted partners to provide critical services such as payroll, accounting, and technology and sales platforms. These partners have the data and insights to help you create innovative solutions for their customers.

For example, consider a payroll or a service provider. You have the exact number of employees in the company. If you had a solution that could benefit all parties, you could offer an innovative compensation policy for workers that no longer require audits. These are the types of solutions of the future where insurance is integrated with larger services. So take the time in 2021 to examine, research and deploy at least one innovative solution.

It’s never too early to plan for the next year – especially after so many disruptions. Hopefully these ideas will get you started to grow your business in 2021. And if you need any help designing, refining, or executing these ideas, I would love to hear from you.

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