Navigating Commercial Markets: Opportunity or Crisis?

With carriers like Nationwide and Allstate pulling out of large commercial markets and more carriers likely to follow suit, are you ready to seize the opportunity?

Why Your Company Needs the Human Element and AI in 2024

According to USI, commercial rates are stabilizing as we head into 2024, and with hundreds of thousands of policies up for grabs in an increasingly competitive market, you must differentiate yourself from the pack to achieve sustainable, long-term growth.

So what are the key differentiators? Ironically, the human element and AI.

Here’s why:

Reason #1 – Buyers want things fast

Buyers want an experience that is fast and personable.

When it comes to fast, AI and its RPA (robotic process automation) applications are seemingly limitless. But, are small and medium sized business owners ready to purchase an incredibly complex and important product without an agent humanizing the experience? Would you trust AI to make a parole decision if the AI can’t think for itself?

Reason #2 – Buyers want things tailored to them

A personable buyer journey is an incredibly powerful differentiator. The correlation between J.D. Power’s best shopping experience score and the most successful insurance company in the US is evidence that the better the customer experience, the better the returns.

According to Accenture,  “80 percent of insurance customers are looking for personalized offers, messages, pricing and recommendations from their insurance providers.” And with buyer demands evolving thanks to companies like Amazon and Uber, the ability to meet customers’ expectations of convenience and speed in the Now Economy with a personable experience should be a top priority for companies looking to grow.

The question now is: How?

How Growing Companies Can Compete in the Now Economy

Hiring enough agents to make the shopping experience personal for every buyer is going to be pretty expensive.

On the flip side, implementing AI-based RPA to the point that buyers aren’t experiencing personalization reduces their likelihood to buy—especially when it comes to more complex commercial lines.

The Key is Balance

The key is a balance between AI and personalization. Letting AI do the work of gathering and structuring personalized data so your agents can focus on what they do best—understanding their client’s needs and building trust. If you wouldn’t trust AI to make a parole decision, will your buyers trust AI to make a coverage decision?