How Insurance Carriers Should Be Starting The New Year For A Strong 2019

From an insurance carrier’s perspective, the arrival of a new year means that you’re back to square one. On a positive note, so is everyone else, which means that you have every opportunity to shine in 2019.

To help make this new year your most successful one yet, here are four things that every insurance carrier should be doing beginning January 2 to get off to a running start:

1. Schedule Reviews.
Insurance carriers are notorious for having limited facetime with insureds, and the way that technology is penetrating the industry makes this valuable relationship building time dwindle even further. Unfortunately, when you’re not in front of your insureds, you’re missing out on additional ways to serve them. Also, if it’s been a while since you’ve visited the property tied to a policy that you’ve written, there could be some risks associated with the property that could increase the likelihood of a claim being filed.

When scheduling reviews with insureds, offer to complete a seasonal insurance inspection. This will help to mitigate risks for both you and the insured. Plus, the valuable face time that you’ll get with an insurance inspection will help to strengthen your relationship. There’s also a very good chance that you’ll walk away from the meeting with new business.

2. Touch Base with Former Clients.
With the influx of Insurtech companies in recent years, the insurance landscape is more competitive than ever. In fact, you’ve probably lost some good clients to a competitor that offered to price the policy better or use technology to create a more seamless process. The start of a new year is a good time to touch base with these former clients to see if the grass is really greener on the other side. Picking up the phone could be the first step to win back this business.

3. Embrace Technology.
A number of advancements in technology have been made to enhance the way that insurance carriers do business. Instead of entering 2019 with the mindset of “if it’s not broken, why fix it”, look for opportunities to use technology to improve the way that your business operates. Maybe it’s using a mobile app to make the insurance inspection process more efficient. Or perhaps you turn to technology to improve the customer experience for taking applications and streamlining insurance claims.

4. Lean On Business Partners.
Given your manpower and resources, sometimes it’s not realistic to assume that you can handle every aspect of your business in-house. With insurance underwriting being more important than ever, it’s imperative that you give this crucial area attention. By partnering with an experienced team like Insurance Risk Services, you can have the peace of mind that you’re making informed insurance decisions with our accurate underwriting support.

Contact us at Insurance Risk Services to learn how we can help you strengthen your underwriting practices with our thorough, in-person insurance inspections.