5. Enable key agent-customer interactions.
Carriers now have an opportunity to empower agents to more directly assist customers when issues arise as monitoring and alert services become more prevalent across both commercial and personal lines. For example, the increase in usage-based auto insurance in personal lines should create a market for additional services, including vehicle theft tracking, automated emergency response and vehicle wellness alerts.
6. Provide unique customer service capabilities.
Agents are more apt to place greater value in after-hour and peak-hour service support if these services are provided on behalf of their agency, instead of the carrier. By supporting the brands of its top-performing agents, carriers can augment their operational relationship with select agents and create a more streamlined customer experience.7 Steps for Supporting Independent Agents in PAS Transformations
7. Embrace third-party distribution capabilities.
While third parties offer benefit to both agencies (in the form of increased commissions) and carriers (in the form of bundled distribution entities), they have not been successful in providing the vast majorityof agencies with the scale, skill, scope and capital that enable growth. However, carriers can help to create an industry utility that both solves some of the operational inefficiencies inherent in the independent agent market and enables long-term growth beyond near-term commission boost. A central component of such an industry utility would address the single-entity, multiple-company interface issues that limit the effectiveness of existing software products could also help address concerns about ownership of customer data.