Agent centricity and adaptability of new core administration systems can help insurers improve experience
According to a J.D. Power survey, the more satisfied independent agents are with the service they receive from an insurer, the more likely they are to do business with them. Improving agent experience is thus an imperative for property and casualty (P&C) insurers to retain and grow business. To achieve this, insurers must implement resilient policy administration systems, streamline processes, and engage agents at different levels of the prepare, proact, and manage phases of the policy conversion process – using an agent engagement index can help.
As part of the policy administration system (PAS) transformation, insurers must define a strategy to overcome policy conversion challenges in P&C insurance. Some initiatives that can be undertaken across different phases of the policy conversion process to improve agent experience in P&C insurance include:
- Ensuring stakeholder alignment and business buy-in
- Involving agents in design thinking sessions
- Rolling out the system gradually
- Ensuring data assurance, robust change management, and hyper-care support