The BriefYourMarket.com blog

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Looking ahead with your brokerage...

insurance-predictions

Whilst Deloitte suggest that “improving economic conditions may have brightened the short-term outlook” for insurance professionals, “there are still plenty of challenges to overcome in the year ahead, as well as opportunities” for business growth.

So, what are they and what does your brokerage need to do to evade or employ them?

In their report, Deloitte cite political uncertainty and regulatory changes as the most significant challenges to the insurance industry in 2019 – no surprises there – but with “new technology” carrying a clear margin as the biggest area of opportunity, it’s crucial that your business does not get caught in the headlights by Brexit.

Yes, a lot will change this year. However, how it affects you will be determined by how you respond, not by how long you waste dwelling on ‘what if’ scenarios.

Tempting as it might be to hold tight and wait for the worst to pass, you need to be looking at the different avenues that could lead to more business, more loyal customers and more opportunities in the future.

 

Loyalty needs to be addressed by insurance professionals

If we can learn one thing from the state of the industry in 2018, it’s that consumer confidence in insurance is down and decreasing.

One report – commissioned by “global loyalty specialists”, Collinson – found that the biggest weakness in customer experience was a failure on the part of the broker and/or insurer to “recognise and personalise service”.

From their survey of 2,000 Brits, here’s what Collinson discovered about your customers…

 

 

In this day and age, Director – Steve Grout – argues that consumers know their worth and aren’t willing to settle for less, as being “choice-rich and savvy, the balance of power has now shifted in their favour.

For too long, loyal insurance customers have felt undervalued and ignored.

Your focus this year should be to keep your core customers close, which can be achieved with the introduction of a new loyalty program that rewards past clients, and a digital marketing strategy that delivers the right cross-selling message at the right time.

By identifying where they are in their journey with your brokerage, you can determine what policies your customers need to renew and when, and what other areas of their personal or work life that they need help protecting.

 

Call for transparency

A major component of consumer trust within insurance is connected to the loyalty penalty, which is costing some households an additional £987 for one year in six essential markets, and deterring many others from being brand loyalists.

Last year’s GDPR was brought about in the wake of some very serious and public data privacy scandals.

So, unless businesses address these very serious and public trust issues in 2019, insurance professionals could very well see their customers heading to the nearest online comparison site for their next policy.

In their consumer review, Deloitte state that “trust has always been an issue in the value exchange between a seller and a buyer”, and that the only remedy for this is to engage more closely with customer communities, openly encourage dialogue and acknowledge consumer sentiment.

And yet, as with everything, this works both ways.

It would seem that from a consumer’s point of view, the industry has its fair share of problems with dishonesty, given that “one insurance fraud is detected every minute” in the UK.

Insurance fraud peaked in 2018, with claims from KPMG that the number of fraud cases increased by 78%, totalling over £17 million and surpassing the number of cases recorded between 2014-2017 combined.

So, what measures are you taking to foster trust and loyalty between your customers and your brokers? Because the reality is, a significant number will unintentionally commit fraud by lying or withholding information to get cheaper cover, leaving themselves open to far worse fines and penalties.

In 2017, the Association of British Insurers (ABI) uncovered a staggering 113,000 fraudulent claims and a further 449,000 dishonest insurance applications.

The more value-adding information that you can provide to your core clients, the more likely that they’ll value your service, your expertise and your brand.

 

Cyber Security

Ahead of the GDPR, it was suggested that as many as four in ten (43%) of all UK businesses had suffered a data breach or attack within the previous year, which rose to over two-thirds (72%) amongst larger organisations.

This gave way to a surge in cyber insurance uptake, with numbers rising from two in three businesses, to nine in ten being covered in just 12 months.

As technology advances, businesses will be challenged by smarter forms of cybercrime, making it one of the top emerging risks to prepare and plan for in 2019.

In October, we discussed how 62% of companies with a cyber insurance policy are aware that their cover is based on averages and not their specific needs and requirements, putting themselves in a potentially dangerous position – read more here.

Many are suggesting that all of this will give way to a wide range of specialist commercial policies, which will provide business owners with added security when it comes to their data, and your brokerage with a hot topic to discuss, advise and sell on.

 

Loyalty, trust, cross-selling, are these on your radar for 2019?

Today’s consumers want a seamless brand experience, so your brokerage should expect to be challenged on this over the next few months.

BriefYourMarket.com’s multi-channel marketing platform works intuitively to increase your revenue and generate new leads.

For more information, contact our team to book your online demonstration.

 

The Bateman Group and their BYM experience...
Estate agency legends and their insight...

The BriefYourMarket.com blog

This is some blog description about this site

Looking ahead with your brokerage...

insurance-predictions

Whilst Deloitte suggest that “improving economic conditions may have brightened the short-term outlook” for insurance professionals, “there are still plenty of challenges to overcome in the year ahead, as well as opportunities” for business growth.

So, what are they and what does your brokerage need to do to evade or employ them?

In their report, Deloitte cite political uncertainty and regulatory changes as the most significant challenges to the insurance industry in 2019 – no surprises there – but with “new technology” carrying a clear margin as the biggest area of opportunity, it’s crucial that your business does not get caught in the headlights by Brexit.

Yes, a lot will change this year. However, how it affects you will be determined by how you respond, not by how long you waste dwelling on ‘what if’ scenarios.

Tempting as it might be to hold tight and wait for the worst to pass, you need to be looking at the different avenues that could lead to more business, more loyal customers and more opportunities in the future.

 

Loyalty needs to be addressed by insurance professionals

If we can learn one thing from the state of the industry in 2018, it’s that consumer confidence in insurance is down and decreasing.

One report – commissioned by “global loyalty specialists”, Collinson – found that the biggest weakness in customer experience was a failure on the part of the broker and/or insurer to “recognise and personalise service”.

From their survey of 2,000 Brits, here’s what Collinson discovered about your customers…

 

 

In this day and age, Director – Steve Grout – argues that consumers know their worth and aren’t willing to settle for less, as being “choice-rich and savvy, the balance of power has now shifted in their favour.

For too long, loyal insurance customers have felt undervalued and ignored.

Your focus this year should be to keep your core customers close, which can be achieved with the introduction of a new loyalty program that rewards past clients, and a digital marketing strategy that delivers the right cross-selling message at the right time.

By identifying where they are in their journey with your brokerage, you can determine what policies your customers need to renew and when, and what other areas of their personal or work life that they need help protecting.

 

Call for transparency

A major component of consumer trust within insurance is connected to the loyalty penalty, which is costing some households an additional £987 for one year in six essential markets, and deterring many others from being brand loyalists.

Last year’s GDPR was brought about in the wake of some very serious and public data privacy scandals.

So, unless businesses address these very serious and public trust issues in 2019, insurance professionals could very well see their customers heading to the nearest online comparison site for their next policy.

In their consumer review, Deloitte state that “trust has always been an issue in the value exchange between a seller and a buyer”, and that the only remedy for this is to engage more closely with customer communities, openly encourage dialogue and acknowledge consumer sentiment.

And yet, as with everything, this works both ways.

It would seem that from a consumer’s point of view, the industry has its fair share of problems with dishonesty, given that “one insurance fraud is detected every minute” in the UK.

Insurance fraud peaked in 2018, with claims from KPMG that the number of fraud cases increased by 78%, totalling over £17 million and surpassing the number of cases recorded between 2014-2017 combined.

So, what measures are you taking to foster trust and loyalty between your customers and your brokers? Because the reality is, a significant number will unintentionally commit fraud by lying or withholding information to get cheaper cover, leaving themselves open to far worse fines and penalties.

In 2017, the Association of British Insurers (ABI) uncovered a staggering 113,000 fraudulent claims and a further 449,000 dishonest insurance applications.

The more value-adding information that you can provide to your core clients, the more likely that they’ll value your service, your expertise and your brand.

 

Cyber Security

Ahead of the GDPR, it was suggested that as many as four in ten (43%) of all UK businesses had suffered a data breach or attack within the previous year, which rose to over two-thirds (72%) amongst larger organisations.

This gave way to a surge in cyber insurance uptake, with numbers rising from two in three businesses, to nine in ten being covered in just 12 months.

As technology advances, businesses will be challenged by smarter forms of cybercrime, making it one of the top emerging risks to prepare and plan for in 2019.

In October, we discussed how 62% of companies with a cyber insurance policy are aware that their cover is based on averages and not their specific needs and requirements, putting themselves in a potentially dangerous position – read more here.

Many are suggesting that all of this will give way to a wide range of specialist commercial policies, which will provide business owners with added security when it comes to their data, and your brokerage with a hot topic to discuss, advise and sell on.

 

Loyalty, trust, cross-selling, are these on your radar for 2019?

Today’s consumers want a seamless brand experience, so your brokerage should expect to be challenged on this over the next few months.

BriefYourMarket.com’s multi-channel marketing platform works intuitively to increase your revenue and generate new leads.

For more information, contact our team to book your online demonstration.

 

The Bateman Group and their BYM experience...
Estate agency legends and their insight...
 
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