Managing the wants of 1000’s of P&C insurance coverage shoppers requires some high-tech help.
So say brokers responding to Canadian Underwriter’s annual National Broker Survey. This yr’s survey, fielded in January and February 2024, was answered by greater than 200 brokers nationwide. The CU survey is sponsored by Sovereign Insurance coverage.
Associated: Brokers tell us their Number 1 challenge for 2024
Seventy-two per cent of brokers say on-line claims monitoring is one of the simplest ways for carriers to assist brokers assist enterprise aims this yr. That’s a dip from 76% saying the identical factor final yr however nonetheless greater than the 64% who known as on-line monitoring vital in 2022.
Reputation of on-line claims submissions slides to 52% in 2024 after climbing to 56% the yr prior. On-line coverage renewals are seen as a high want by 45% of respondents in 2024; that’s 13 share factors beneath 2023 ranges (58%) and in addition beneath 54% in 2022.
Portals and different issues
Want for quoting instruments additionally slips barely, with 64% saying they need each quoting instruments and dealer portals that present entry to wordings, shopper insurance policies and extra. That’s down from 65% in 2023 and 70% in 2022 for each selections.
One dealer with between 16 and 30 years within the enterprise repeats the decision for a single level of entry brokers can use to speak with insurers. “Direct collaboration between the dealer administration system and the corporate system,” she says.
One other respondent was much more direct: “Do away with portals!”
One problem that had been waning, shopper value calls for, takes an upward path this yr, reaching 52% in 2024 in contrast with 40% in 2023. Present-year figures, although, are nonetheless beneath 2022’s 58%.
Given anecdotal proof — and up to date knowledge from surveys by scores companies and different aggregators that present premiums for both personal home and auto lines rising — this problem might show a millstone for brokers till shoppers adapt to greater premium prices seen throughout an prolonged laborious market in private traces, and in a number of industrial traces.
This text is excerpted from one showing within the April-Might 2024 print version of Canadian Underwriter. Characteristic picture courtesy of iStock.com/daseugen
