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Library: Liberty Mutual – Rise of the Digital Insurance Agency

Executive summary:

Digital adoption is reaching a tipping point in the insurance industry. To thrive in the future, agencies must adopt digital ways of doing business.

 The Digital Insurer reviews Liberty Mutual’s Report on Rise of the Digital Insurance Agency

Sign up, adopt and adapt – a mantra for the agent of the future

Today’s consumer expects a streamlined digital experience throughout the customer journey. Liberty Mutual research in 2019 showed that more consumers were turning to digital channels to learn about agents, purchase insurance and get service on their policies.

Since then, consumer expectations have only grown, especially after COVID-19 disrupted traditional ways of doing business.

The Rise of the Digital Insurance Agency report examines the business value of digital and distills key trends into actionable insights to help independent agents and brokers navigate the rising tides of digital.

Agent for the Future Index

This report introduces the inaugural Agent for the Future Index, a quantitative assessment of the state of digital transformation in the independent agent channel. To better understand the variation of digital adoption across the IA channel, survey respondents were broken out into three groups – low, medium and high digital adopters. Each of group was then scored on a 10 -point scale based on the number and complexity of the digital tools their agency used. Agencies classified as low digital adopters scored an average of 2.76 while high digital adopters scored an average of 6.76. These scores show the broad range of how different independent agents use digital and highlight a significant opportunity for all agencies to more fully embrace digital capabilities.

High Adoption = High Growth

Agencies that are high digital adopters tend to grow faster than those that are low adopters.

Year-over-year, low digital adopters grew revenue 7.4% while high adopters grew 12% – equating to a more than 60% higher growth rate for highly digital agencies

Interestingly, there was no correlation between digital adoption and agency size, location or focus. Urban and rural, small and large, personal lines and small commercial lines agencies are all capable of adopting the digital tools that help their agencies grow.

Seven Revenue Driving Capabilities

The Agent for the Future Index analysed more than 20 digital capabilities.

Among the digital tools and tactics analysed, there were seven capabilities that were highly correlated with revenue growth. These opportunities span the range of complexity from fundamentals, to modernisations, to innovations.

These seven capabilities provide a path forward for what agencies should prioritise on their journey to becoming an Agent for the Future. However, as agents look at which capabilities to invest in, they should first think through where they are in their digital adoption journey.

The tools build on each other, forming a hierarchy of digital capabilities.

See the full report for more…

Link to Full Article:: click here

Link to Source:: click here

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