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Insurance Companies Should use Online Networks (Brokers) to Provide Responsive Service to Broker Partners, Recommends New Report

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Published on : May 03, 2016

ALBANY, New York, May 03, 2016: The report discusses how insurance companies can improve their relationship with brokers so that it translates to higher sales of the former’s products. The report states that brokers place emphasis on convenience when it comes to accessing an insurer’s products. Moreover, it is imperative that insurance companies set up a strong service network that can help brokers obtain the guidance and support they need while selling insurance products. 

Brokers, or agents as they are also known, have been long established for their indispensable role in running of the services industry. An insurance broker sells insurance for monetary returns. Insurance brokers function as mediators between clients who are either individuals, insurance companies, or commercial organizations. An insurance broker specializes in insurance and risk management. Primarily, brokers represent their clients and provide advice in their client’s interests. 

Insurers and brokers function in cohesion to complement each other for service offerings. Insurers adapt to the needs of brokers. Alternately, brokers also function as per guidelines by insurers for soliciting insurance policies to convert into profitable outcomes.

The report ranks insurers based on their relationships with brokers. To do this, the report evaluates insurance companies across ten service categories. According to the report, Aviva tops eight of the ten evaluation categories, indicating that it offers highly responsive service to brokers. 

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According to the report, the top features that brokers look out for when partnering with an insurance company are: Faster response time in matters of claims, efficient communication when needed, better online support, the availability of adequate product material, e-trading capabilities, and extranet sites. Insurance companies that focus on offering all of these value-added services to their broker partners can expect better sales of their products through the brokers. 

As the needs of final buyers of insurance products change, so do the needs of brokers selling these products on behalf of insurance companies. In this context, the report finds that brokers are increasingly demanding online chat functions to communicate with representatives of insurance companies. The report also finds that insurance companies are yet to wake up to the importance of using professional networking websites such as LinkedIn with their broker partners. 

With the Internet becoming the backbone of practically all service industries, the insurance sector is facing tremendous advancements. Today, the functioning of the industry has undergone a sea of change and so have the risk factors and monetary return indices. Brokers are looking upon the online medium to cater to insurance needs of responsible parties that have a low risk quotient. 

The report presents some key findings pertaining to product portfolios of top insurance companies and best practices that are employed in this industry for higher conversion rates. Top insurance companies are striving to maintain a competitive edge as newer service models revolutionize this industry.

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