Industry the March 2022 issue

Expect the Expected

Today’s way of transacting business within the commercial insurance sector needs to evolve to meet the needs of both the client and the broker of the future.
By Ken Crerar Posted on February 28, 2022

The result has been an increasing demand for simplicity of, well, all things. And why wouldn’t it?

At any given moment, we can click an app and see exactly where our packages are located and what time they’ll arrive at our door. But how many of us can just as quickly and easily see what kind of business insurance we have in place?

Now, I don’t think our clients are expecting us to be Amazon (yet), but I do believe the insurance industry must continue to invest operationally in the customer experience. One could argue that the biggest challenge to the changing distribution landscape is the (much accelerated) march toward digitization. And in my mind, if there’s a differentiator for brokers, it’s understanding your client, understanding their business, and knowing what they want before they do. Today’s way of transacting business within the commercial insurance sector needs to evolve to meet the needs of both the client and the broker of the future.

We got a taste of this during COVID. We were an industry that relied heavily on face-to-face interaction and scores of in-person meetings. When we were relegated to our laptops seemingly overnight, we did a complete 180 toward virtual. There were some bumps and bruises along the way (raise your hand if you still can’t find the mute button), but clients remained well served and we’ve collectively gone from surviving to thriving.

If there’s a differentiator for brokers, it’s understanding your client, understanding their business, and knowing what they want before they do.

Then, there is the need to continue to invest in the types of advanced technology that allow for the continued evolution of the broker, working more seamlessly with carriers, and developing new products. Thanks to data and analytics, AI, machine learning and the like, brokers are becoming more sophisticated and savvy, with better risk management approaches, stronger insights, and more adept data capture and, in some cases, building new and more customer-centric business models.

The evolving tools and capabilities we’re experiencing in our personal lives are rightly fueling the client experience fire we’re seeing across the industry. Each of our member firms will no doubt put their unique stamp on blending these two approaches across the different areas of their organizations, working creatively and strategically to grab attention, add value, and build trust. The challenge for brokers is to work on both simultaneously. It’s an exciting time and I’m looking forward to all that’s to come.

Ken Crerar President & CEO, The Council Read More

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