Spring is almost here. It is natural for insurers to focus on growth. In the past, the growth cycle was fueled by new products, an expansion of agencies or reaching new geographies. Today’s growth fuel flows in the opposite direction from consumer demand, through the product channels and into product development. The technological wave that has fostered channel development is improving insurer response time and promoting growth if insurers are willing to think transformationally. (For a good definition of transformational thinking vs. legacy thinking, see my first blog.)
As insurers consider their distribution channels, they need to employ transformational thinking and leave legacy thinking behind. Those who want to compete well know that growth in revenues, profits and market share is dependent on their ability to provide consumer-relevant products sold on the buyer’s terms through their preferred methods. Today’s consumers are savvy, finicky and time-pressed. They will be seeking new channels and making on-the-spot decisions. Insurance channels will need to be focused on high-level service and constant availability. To improve their competitive edge, some insurers may need to add new channels to their lineup.
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