We sometimes bristle when we read that the insurance industry lags behind other industries in digital transformation. Afterall, we’ve been innovating and providing digital solutions for years for MGAs, program administrators and insurance carriers. Nonetheless, we know that not all of the industry is on board.
For instance, the most recent TMPAA State of Program Business Study found 32 percent of program administrators and 35 percent of insurance carriers have limited use of big data for analytical and decision-making purposes. “Responses to the survey show that while industry players see insurtech as an opportunity, they have yet to fully employ the technology in their operations,” the study’s executive summary noted.
More recently, a survey of insurance agents by the Insurance Digital Revolution Initiative revealed a widespread belief that carriers are lagging in adopting digital technology. According to Carrier Management magazine’s report on the survey, not even half rated carrier technology as average, and only 4 percent of the agents said carriers’ customer-facing technology is excellent.
Apparently, there’s much yet to be done. Can we suggest a great place to start? NetRate can digitally transform your rating and associated business processes, making them more efficient and enhancing your competitiveness. Please give us a call at (877) 790-1114 or message us here to find out how NetRate can provide you with the solutions — and customization — you need.