The regulatory nature of insurance means the industry is constantly changing, but that’s only one part of the story. Over the last several years, the customer-facing aspect of insurance has evolved as well.
Brokers have more tools at their disposal to solve problems, help clients with questions and maintain a smoother and more efficient process for every client. There’s significantly less physical paperwork and far more communication – which leads to more confidence in the agency and better opportunities to win business.
What lies ahead in the insurance industry?
We’re bullish on the industry. In 2023, commercial insurance was estimated to be a $278 billion (SD) industry in the United States with growth forecasted to nearly $500 billion by 2032. There’s a growing number of businesses in the U.S. – with construction among them – and supply is beginning to meet demand.
Businesses, whether they perform lawn care or construct skyscrapers, need tailored insurance that’s fit for their specific needs. They need the right resources to access information and ask the right questions, and be prepared to file a claim and have it resolved in a timely manner.
While change is a given in the insurance industry, brokers can still get ahead by giving clients more resources than they’ve previously had. It’s a recipe for success both now and down the road.
Insurance’s dynamic nature applies pressure to brokers
There’s a lot to keep up with – no denying that. But with a more efficient claims process [link to prior blog] and more responsive communication, you’re already ahead of the curve. If you’re feeling the heat, that’s okay. It’s less difficult than you think to support clients, and it starts with boosting the quality of resources available to them.
Providing timely resources is key to success
Maintaining an online portal where all information can be stored is a major win. Everything from policy documents, claims records, contact information and more can be easily accessed when needed – but you can take it a step further. Regulations are always changing and every year there are new things to learn, but you can proactively place them into your customer-facing portal and help educate them on what lies ahead. From there, you can also make recommendations on policy adjustments and new coverages.
How to enhance your consumer-facing resources
To start, you can lean into technology. If you have an app, that’s great – encourage clients to regularly access it and, from your (broker) end, make sure the app is constantly refreshed with new information and their most up-to-date documents. The online portal we just mentioned is also a great resource because it’s a catch-all.
Keeping pace with what impacts your clients
If new regulations are coming in the new year, start preparing months ahead of time. How will you communicate the changes to clients? What recommendations might you make based on what they need? Have they expanded in the last calendar year, added new employees or locations and seen a sizable change in the business?
These are all factors that will impact insurance, and if brokers can work ahead, everyone will be in a position of strength. Knowing what’s going on in their world – and how their insurance might change accordingly – places even more confidence in you.
The proof is in the pudding with resource enhancement
Whether we’re talking about commercial insurance or your home internet provider, one constant theme prevails: the customer experience is a major business driver. According to a 2018 study from Forbes, more than 70 percent of respondents said they would spend more money to make sure they had access to quality customer service.
A 2024 study from Super Office found that most business owners (45.9 percent) said customer service is their top priority in the next five years. That’s important because it goes hand-in-hand with technology and how it’s being used to support clients; AI chatbots, mobile apps, real-time updates and communication on claims and policy changes…the list goes on.
The same study found that 76 percent of customers make their buying decisions based on the quality of the experience. The resources brokers offer makes a significant difference in your client satisfaction, and in the long run, the size of your client portfolio.
NIP Group helps brokers win business with specialized insurance and unrivaled support
NIP Group is an industry-leading and trusted insurance provider. We have more than 35 years of experience working with brokers and contractors in a variety of trades to write specialized insurance policies. With an extensive repository of commercial insurance resources, we support brokers and their agencies with marketing materials, fact sheets and other content to win more business.
Want to get started? Learn more about NIP Group’s offerings here.
