Insurers need to invest in UX and technology, say brokers and agents

In a new report published by insurtech Socotra, ‘Becoming the Preferred Provider: What Insurance Producers Want from Insurers, 2023’, insurance brokers and agents – collectively known as producers – give their insights to what they look for in providers.

The report noted that insurers must offer a better user experience (UX) for producers and their customers. In particular, insurers who provide more advanced technology platforms with more convenience, more transparency, and the ability to quote, bind, and deliver a policy online will have a greater advantage over those who do not.

Socotra commissioned this survey by Global Surveyz Research, a global research firm, of 100 full-time employees from insurance agents, independent agents, and insurance brokers in the US and UK, all of whom hold senior positions of Vice President or higher. All respondents worked with tier two to five insurance carriers with up to $5 billion in Direct Written Premiums.

“One hundred per cent of the agents and brokers surveyed said it was important to be able to quote, bind, and deliver policies online. This was remarkably consistent,” said Dan Woods, Socotra’s Founder and CEO. “Our survey respondents also prioritised paying premiums and filing claims online, suggesting these features are now necessary for carriers expecting to attract and retain the best producers.”

The report shows that agents rate the most essential technologies as:

• a user-friendly agent portal (54 per cent)
• a user-friendly customer portal (50 per cent)
• the ability to offer digital claims processing (42 per cent).

Therefore, insurance carriers should prioritise investments in UX to meet the demands of their agents and policyholders. Failing to do so puts carriers at risk of falling behind their competitors and potentially losing valuable customers.