How the Changing Consumer Mindset Impacts Insurance Agents and Brokers

According to Capgemini and Efma’s World Insurance Report 2020, we’ve reached a definitive crossroads for consumer behavior. While it was known that millennials and Gen-Zers rely on digital channels to source information and directly purchase insurance products online, it’s now clear that consumers of all ages have adopted this “millennial mindset.”

The report groups today’s insurance customers into four categories – pioneer, inquisitive, experimental, and follower – based on their social behavior and shopping preferences. Across all groups, the report concluded that today’s consumers rely on a multi-channel approach, trusting online research that includes reviews and testimonials as well as broker advice.

Traditionally, insurers have categorized distribution into two buckets: the digital market and the conventional market, where people prefer an intermediated process with person-to-person interaction. However, this new report indicates that this perceived dichotomy is false.

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“The fundamental message is that the two markets have become one. We are all digital. Even in instances where the ultimate sale happens through the agent or broker, there’s digital activity surrounding that sale. It’s not an either/or, it’s both.” – Seth Rachlin, Executive VP, Capgemini

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What implications does this have for the industry? Insurance agencies and brokers need to optimize the customer journey to provide a seamless experience across digital and traditional channels alike. Brokers must have the ability to interact digitally with clients and be prepared to take communications offline when it’s beneficial.

Now more than ever, providing quality service is key to client retention and satisfaction. Yet, the employee benefits industry hasn’t adopted technology that can facilitate better service on a mass scale. As we move into open enrollment season, it’s time to consider new solutions for streamlining client service and account management.

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“In today’s world, we can bank online and purchase a house on our phones. Isn’t it time to move the dial on technological innovation in our industry? Our goal is not to replace human interaction, but to enhance it, and help brokers provide clients that personal touch across all channels.” – Rachel Zeman, CEO & Founder, Benelinx

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Benelinx, our new software solution, addresses all the major pain points of agency management and eliminates redundant legacy systems for more efficient, streamlined work. How do we do it? By automating the insurance life cycle in a single, intuitive platform to help agencies leverage real-time data, build greater trust with clients, staff, and carriers, and stand out from competitors in today’s crowded marketplace. And that means we can help brokers take client service to the next level. It’s a big step, but we’re here to help you all the way.

Our Client Service Portal provides the tools you need to build greater trust with customers.

  • Real-time access to market proposals, in-force policies, contracts, and services.
  • Client tools including census upload and quote reruns.
  • 24/7 communication with key agency contacts.

The Client Service Portal is just one feature in our revolutionary platform. Get started before 4th Quarter hits and take on the renewal cycle like never before. Trust us, you won’t look back.

Learn more about how Benelinx can help automate your agency.

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