3 Gifts Commercial Lines Insurers Can Give Their Policyholders
For those in the insurance business, the best gift you can give your customers is an increase in peace of mind. Commercial lines policyholders can be particularly difficult to “buy” for in this context since commercial lines tend to be a bit less flexible than personal lines, and more subject to regulation. Yet there are definitely a few ways to brighten the day for the business owners and operators in your customer community.
Here's how to do it:
1. Enable Scalable Greenfield
Bringing new products to market quickly in the commercial landscape can be challenging, but ensuring your policyholders are properly covered for new and changing risks is worth it. Accomplishing this is easier with tested, pre-built product models (like those available through Guidewire GO) that already meet regulatory standards; simple, business user-friendly tools for updates; and a core system that can support new products from inception through maturity and as many iterations as you need to get them right and keep them current.
2. Make Rules Easy to Write, Implement, and Change
Profit follows good processes, and good processes are adaptable. Ensure that your customers’ insurance buying, update, and renewal experiences are good ones by continually evaluating and improving your processes. While you’re at it, infuse as much reliable data as possible into every step because the complexity of commercial lines requires data for accurate policy management. These efforts will make your employees more efficient as well. Use technology to automate what you can, so your people can focus their time and talents where they have the most impact.
3. Support Cost Savings With Flexible, Data-Driven Rating and Underwriting
Saving your customers money is a great intention but, of course, it can’t be at the cost of your own profits. The best way to offer each customer the best possible price for their insurance needs is to ensure that your rating and underwriting are powered by reliable, timely, and accurate data. To take that a step further, ensure that updating these critical functions is an intuitive process that can be done as frequently as market conditions require. Since some businesses see price as a blocker to acquiring insurance for emerging risks like cyber, this could mean increased market share.
Whether you’re helping your commercial lines policyholders get the right coverage for emerging risks, improving their insurance buying experience, or simply saving them money on premiums, you are bound to increase their loyalty to your business and help them extend the benefits to their customers and employees. Could there be anything better?