The Evolution of Customer Expectations

The insurance industry is undergoing a transformation, with midsize carriers and MGAs facing challenges in meeting changing customer demands and competing with larger insurers and insurtech startups. Steve Johnson, founder of insured.io, stressed the importance of upgrading technology to keep up with the evolving market landscape and meet customer expectations.

Johnson highlighted the need for real-time access to insurance policies and convenient, instant connectivity for consumers through mobile devices. Midsize carriers and MGAs must adapt to provide personalized, multilingual services and enhance customer experiences through omnichannel engagement. To address the challenge of increasing business volume without expanding customer service teams, companies like Bridger Insurance Services have partnered with insured.

io to implement IVR systems. These systems enable inbound payments, policy status checks, and automated outreach via phone and text, reducing late payments and policy cancellations. According to a study by insured.

io, implementing IVR services can lead to a 24% higher customer retention rate compared to relying solely on live customer service representatives. Johnson advised companies to focus on improving customer experiences through cost-effective technology solutions rather than costly overhauls, ultimately enhancing customer satisfaction and retention without completely revamping internal processes.