Friday, February 24, 2017
Today’s insurance industry faces big changes and challenges, with several major issues facing brokers in an increasingly demanding landscape. Jaime Swindle, our Director of Broker eTrade recently met up with Business Reporter to discuss the challenges facing the insurance industry and to demonstrate how NIG’s eTrading proposition has the answers.
So what are the key areas of focus going forward?
Firstly, the sheer number of competitors in the marketplace means customer choice has never been greater. There’s always someone out there offering a cheaper deal, which puts increasing pressure on brokers in terms of profitability and income.
We must also tackle constantly evolving regulation. It’s nothing new, and more regulation isn’t necessarily a bad thing, but it does increase the demands on brokers. Customers also expect more control, more flexibility and more clarity.
So how can NIG help brokers weather these challenges?
The key is meeting customer’s new expectations. They can buy online, compare prices and they have more control than in the past. So we must find ways to allow this same level of convenience when buying insurance.
To do this, we can use technology to speed up the process and offer more competitive pricing, especially at the smaller end of the market. But this new technology does pose some issues.
Brokers must input more information to comply with regulations, and the industry needs more data on customers. This can slow down transactions. However, if we don’t get enough data before making a decision we risk a ‘computer says no’ mentality, which is obviously off-putting to customers.
To negate this, we must provide an intuitive customer journey by only asking questions pertinent to the risk. That way we can always provide the right price for the right cover, and offer the flexibility to add or remove sections quickly and simply.
Take NIG’s Mini Fleet eProduct. It allows brokers to cover fleets of up to 12 vehicles, providing a quote in just five minutes. Car registration look-up means vehicle information is collected quickly and accurately, with instant email quotes.
Backing up this adaptable technological innovation is our team of highly experienced underwriters. They support brokers to win in this highly competitive marketplace, be confident about regulation, and give customers a smooth all-round experience.
NIG. Here’s Why…
As well as having an industry recognised eTrade offering here are some of the other key benefits of choosing NIG: