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Insurers adapt to change

Insurers-Adapt-to-Change

It seems that the only constant in the insurance industry these days is change. The emergence of new technology and “big data” are altering the way insurance carriers conduct business. Long gone is the time where people relied on an agent to buy an insurance policy. Most people nowadays bypass the middle man and go directly to the carrier to purchase/access insurance plans. Therefore, carriers adopt a new approach that promotes simplicity, transparency and speed in its transactions to keep today’s fast-paced generation of customers happy.

With new regulations firmly in place, it is important for insurance executives to create a new company culture that is open to change and willing to deliver new initiatives that benefit the entire organization. The right training for supervisors and staff will set the tone for future process improvements that will enhance the overall customer experience. Creating a team atmosphere will help eliminate silo mentalities and help employees understand the impact they have on other departments. Changing the mindset of the organization is a crucial first step in developing a customer-centric organization.

Once an organization buys in to the proposed changes, a new framework of operations must be implemented into the workplace. This new model must not only accommodate varying levels of growth, but also meet the need for scale and efficiency to sustain margins. Process improvements or re-design can satisfy both of these criteria.

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