March 3, 2022
From the Research Team
Small Commercial Strategy Session
Recently Dais hosted its first strategy session in the Insurance Innovation Series, solely focused on Small Commercial. The session brought together leading agents, insurtechs, and distribution partners to discuss the future of small commercial – what’s working and what’s yet needed to drive Small Commercial forward. This research report is a summary of the strategy session.
Distribution Strategies
Winning Carriers are Prioritizing Customer Experience
Change is a constant, and to keep a business model relevant to the future, companies need to adapt to the vision of the future that customers are expecting. Customers in every industry are growing less patient with clunky customer experiences – and that sentiment is true of policyholders and agents.
New technologies are helping to make creation of great customer experiences easier by allowing policyholders to have a streamlined purchasing and servicing experience. In turn, insurers of all types can be more efficient by eliminating redundancy in the quoting process.
Data Strategies
Data Segmentation is Key
We’ve all heard of the importance and value of data, but what can you actually do with it? Data gives both agents and carriers the ability to group customers by similar needs and pain points and sell products that are specific to their needs. By comparing different sets of data, underwriters are able to spot inconsistencies and thereby reduce fraud and risks.
Access to data is at an all-time high, and how companies use it can provide a competitive advantage. Carriers who use it well can boost their cross-sells, better price risks, and detect fraud more intelligently.
Technology Agility Strategies
Testing Environments for Successful Insurance Product Development
Bringing an insurance product to market takes a long time, which is why it’s so important for carriers to test the product with agents and customers along the way. This creates space for adjustments to be made to fit market needs, which is exactly what a testing environment can do.
A testing environment enables rapid feedback from customers and agents to show whether a product has market value. Without the ability to test a product, the result might just be years and millions of dollars gone to waste.
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