Insuranceciooutlook

Three Challenges Faced by Insurance Brokers

Insurance CIO Outlook | Monday, April 19, 2021

Many brokers are playing catch-up due to outdated technology and organizational frameworks, as well as siloed departmental data, searching for client information on one site while completing the next steps on another.


Fremont, CA: The challenges that insurance brokers face have grown along with the insurance industry. While improving economic conditions may have improved the short-term outlook for others, the changing environment poses a whole new set of challenges for many insurers. The following are three challenges that insurance brokers face:

Workflow Efficiency

The essence of business changes and advances as technology improves and evolves. Insurance brokers must now, more than ever, assess how they identify and handle their workflows and processes if they are to keep up with slower growth forecasts and prosper.

Many brokers are playing catch-up due to outdated technology and organizational frameworks, as well as siloed departmental data, searching for client information on one site while completing the next steps on another. As a consequence, productivity and motivation can suffer as a result of this.

Lead Generation

When it comes to lead generation, selling insurance services presents its own difficulties. When customers engage in such definite items as life insurance or retirement planning, there is a certain amount of hesitancy.

Buyers are more likely to research insurance services online, either directly on the company's website or on a price comparison platform. However, with so many choices to choose from and determining which coverage is best for their needs, sifting through all of them can be time-consuming. When you factor in recent developments in data processing and GDPR, lead generation for insurance brokers may seem daunting.

Customer Experience

When customers become more aware, they demand a higher level of service and a more personalized experience. Insurance brokers must bridge the gap between consumers and producers by providing a unique, consultative, and high-value experience to each of their customers, all while demonstrating their value in assisting customers with specific financial needs and overall financial wellbeing.

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