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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

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SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Insurers come up short for independent agents, despite critical role agents play in driving business

Article Synopsis :

It may seem self-evident that the more satisfied an independent insurance agent is with a carrier, the more business they will place with that carrier.

 The Digital Insurer reviews JD Power’s Report on Insurers come up short for independent agents, despite critical role agents play in driving business

A happy agent is a productive agent

However, at a time that insurers are increasingly placing their customer at the centre of their business, independent agents seem to have been left out. This is because the satisfaction these agents have with the carriers is among the lowest of business relationships measured by JD Power.

Not very happy

Overall, the satisfaction level for independent agents with personal lines insurers is 735 (out of 1,000). This score falls to 720 for commercial lines.

These scores are very low, even lower than financial advisers, which polled 737.

Placing the customer/agent first

Those that perform better in the survey have taken different approaches to the market, based on region, price or service.

They understand that better outcomes for them are based upon the agent. The most successful know what keeps the agents satisfied and focus on making sure they achieve it.

What matters most

The factors that are most important for insurers to improve is support and communication in personal lines, while it is quotations in commercial lines.

Carriers that focus on making it easy to do business achieve the highest satisfaction scores from agents. Those that invest in agent platforms find those distributors spend more time adding value to client interaction rather than performing administration.

Best of a mediocre bunch

Auto-Owners Insurance receives the highest ranking among personal lines for the second year, with a score of 800.

Progressive trails some way behind on 762, while Safeco and Travelers both score 737.

Liberty Mutual does best among commercial lines for the second consecutive year, polling 749. Chubb and The Hartford tie on 720.

Link to Full Article:: click here

Digital Insurer's Comments

This paper shows that placing the customer first is what delivers to better business outcomes. In this case, it is the agent as distributor that is the client. But it proves the point being made continually by those advocating transformation and digital alignment, that insurers must place the client above all else – even the processes that have served them so well for so many decades.

Link to Source:: click here

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