Three Ways MGAs and PAs Can Adapt to Changing Customer Expectations in 2023

In today’s fast-paced and ever-changing market, insurance companies are facing unprecedented challenges in keeping up with changing customer expectations. In response, MGAs and Program Administrators (PAs) are being forced to adapt and evolve business operations in several ways, including how they service customers.

We recently released our first global insurance industry, The Road Ahead: An Insight into the Carrier Industry in 2023, where we shared insights into the key challenges, goals, opportunities, and trends our carrier partners are experiencing here and across the globe. One such theme emerged loud and clear – that a challenge and opportunity for our industry peers lie in adapting to deliver what customers want in a changed landscape.

In fact, 35.7% of our whitepaper survey respondents said “changing customer expectations” is the main challenge they face this year. When asked how customer expectations are changing, two of the highest rated concerns include “customers expect their partners to add value through risk management tools and innovative technology-based solutions” and “customers expect more risk insight and risk management related services.”

Here, we explore these concerns in more detail and offer insights into three ways MGAs and PAs can adapt to changing customer expectations in 2023.

  1. Add Value with Innovative Tools and Data Analytics

As technology continues to disrupt the insurance industry, MGAs and PAs need to embrace digital innovation to stay competitive. To meet the demands of today’s customers, MGAs and PAs should invest in innovative tools and data analytics that enhance the customer experience. By using data analytics, MGAs and PAs can gain insights into customer behavior and preferences, enabling them to personalize their offerings to suit individual customer needs.

Innovative tools such as mobile apps, chatbots, and online portals can help MGAs and PAs streamline their operations and make it easier for customers to interact with them. Mobile apps and online portals allow policyholders to view their policies, file claims, and make payments at their convenience. Chatbots provide quick and easy answers to policyholder questions, increasing customer satisfaction and reducing the need for human intervention.

  1. Personalize the Policyholder Experience

In today’s world, customers expect a personalized experience, and insurance is no exception. MGAs and PAs need to tailor their offerings to meet the unique needs of each customer. To do this, they can use advanced analytics to gather customer data, enabling them to create custom-tailored policies and models that align with each customer’s needs.

MGAs and PAs can also leverage emerging technologies, such as artificial intelligence and machine learning, to provide personalized recommendations and insights to policyholders. By analyzing customer data, they can provide policyholders with recommendations on how to reduce their risk profile or take advantage of new opportunities. This can help build trust and loyalty with customers, leading to increased customer retention and referrals.

  1. Deliver Risk Advisory and Management Expertise

In today’s complex and ever-changing risk landscape, customers are looking for expert guidance to help them navigate risks and protect their assets. MGAs and PAs can provide this expertise by offering risk advisory and management services to their clients. They can leverage their expertise and experience to identify and assess potential risks and develop customized risk management plans that address customer needs.

MGAs and PAs can also provide ongoing support to help policyholders manage risks over time. This can include regular risk assessments, training and education programs, and ongoing monitoring and reporting to ensure that policyholders remain protected.

MGAs and PAs must embrace digital innovation, personalize the policyholder experience, and provide risk advisory and management expertise to meet the changing expectations of today’s customers. By leveraging advanced analytics, innovative tools, and emerging technologies, MGAs and PAs can provide their clients with the customized support they need to navigate the complex and evolving risk landscape. Doing this will enable them to stay competitive and deliver value to their customers in 2023 and beyond.

Face changing customer expectations head-on with a strategic co-sourcing partnership with Gallagher Bassett. We can help alleviate these pressures through our customizable service model, aligned with your go-to-market strategy. Contact me today, or visit “Strategic Growth for Programs and MGAs” to access useful tools to help you adapt to changing customer expectations this year.

Amy O'Brien

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