New Celent Report Commissioned By Majesco Highlights Independent Agent’s Digital Chess Game
MORRISTOWN, New Jersey – (COMMERCIAL THREAD) –Majesco, a global leader in cloud insurance software solutions for insurance business transformation, today announced the availability of a new study from Celent report ordered by Majesco, Reshaping the distributor-insurer relationship: a survey of independent insurance agents.
The report, commissioned by Majesco and independently executed by Celent, is based on survey data from 231 independent agents to better understand how they prefer to interact with insurers across a wide range of businesses and their current satisfaction with them. with regard to their digital interactions at the transaction level, as well as the activities necessary for the operation of the agency. He assessed the level of digital interaction they would like to see over the next three years in a wide range of areas important to them. Additionally, the report examines the generational impact to see if the agent of tomorrow had different opinions than the agent of today (or yesterday).
Changing customer expectations create a new need for new business models. As today’s workforce ages, insurers are exploring new distribution strategies that can fill this void, capitalize on trends, and implement necessary cutting-edge business operations that can strengthen relationships with distributors and channels. . With the emergence of technologies such as artificial intelligence and machine learning, insurers can quickly match clients and agents, provide recommendations on the best next steps, and align compensation and services where they need it most. more impact. Just like the rest of the industry, independent agents are going through their own digital transformation and demanding new capabilities. Understanding agents’ perspectives on how they want to digitally engage with insurers is essential for success now and in the future.
“Insurers are increasingly focusing on digitally activating the independent agency channel, while exploring new distribution channels, âsaid Denise Garth, Chief Strategy Officer at Majesco. “This report highlights both the operational and strategic importance of accelerating distribution management maturity by insurers through the digital transformation of the front-end experience to back-end distribution management capabilities. . Agents have high expectations today, but even higher for tomorrow. The simple construction of a portal will not meet their expectations. Instead, investments in new digital experiences with a 360-degree view of agent’s commitment to robust distribution management that enables innovative compensation, digital integration, online reporting and more will improve the agent’s ability and desire to do business with an insurer to stimulate growth.
Surprisingly, 30% of Gen Z respondents would rather do everything by phone, email or in person rather than using technology (like portals). This raises the question of which generation is most likely to prefer using the technology. Are the younger generations more familiar with technology but less familiar with insurance and want additional expert advice and guidance? Additionally, the report highlighted the difference between the way life insurance agents and non-life insurance agents interact with insurers. P&C insurance agents are more likely than life insurance agents to interact digitally or primarily digitally when submitting personal and small business lines of business for new business.
“The fight for storage space is escalating, âsaid Karlyn Carnahan, P&C insurance manager, North America for Celent. “These growing mergers and acquisitions put increased pressure on the agent onboarding process, license management, commission management, management of increasingly complex hierarchies and the provision of greater support in the capabilities of reporting. Insurers looking for help prioritizing their investments in digital management and distribution capabilities for agents also need to think about using humans to deliver differentiated services.
Technology remains a major part of the digital chess game, but investing in the right solutions for agents is key to winning. To drive growth and meet agent needs, carriers must take advantage of a combination of automated support for day-to-day transactions and provide additional tools and services to help the agent manage their business operations. The game of chess is played by thinking one or two steps ahead of your opponent. Insurers must do the same by leveraging data and analytics to better meet the needs of today’s digitally engaged agents.
Majesco is the leading software partner for the P&C and L&A insurance markets to modernize, optimize and innovate their businesses quickly and at scale. Over 330 insurers, from start-ups, start-ups and MGAs to leading insurers, reinsurers and brokers, use Majesco’s next-generation SaaS platform solutions for core, data and analytics, digital , distribution, absence management and a rich ecosystem of established partners and InsurTech. to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our clients in the cloud with solutions from the Majesco platform, together we have an incredible track record of innovation and real results. For more details on Majesco, please visit www.majesco.com.