Digital connectivity is at the heart of Ivans. It was also a theme in recent research we conducted among Gen Zers and millennials in the industry, with 96% of our survey respondents letting us know that tech has positively impacted insurance workflows. In this article, we’ll cover what these rising generations in insurance want to see with digital connectivity and innovation.
Gen Z and Millennial Perspectives
In our third blog post in a series focused on reaching Gen Zers and millennials in insurance, we will dive into what hundreds of survey respondents think about insurance industry digital connectivity and opportunities and get anecdotal feedback from interviewees. Our interviewees include Mamadou Bah, business development manager at RT Specialty; Cassandra Koegel, commercial lines producer at Eastern Insurance and MAIA Young Agents Committee co-chair; and Raghav Tanna, Applied SVP of small commercial.
The industry is moving at lightning speed, and insurance is catching up by adopting technology that cuts hours off the day and allows agents to spend more time on value-added tasks. In our survey, 69.5% of respondents said they think the most significant opportunity for industry growth is offering quick and easy digital experiences. This means continued transformation as more industry professionals adopt insurance technology.
Cassandra: Digital connectivity is critical to our business. That's how we communicate with carriers; that's how we communicate with our customers. Let's say, for example, there's going to be a tornado. That's very unlikely in Massachusetts, but some of my other colleagues that are in different states, I mean, they're able to get an email blast out to their customers within seconds versus having to dial a phone to every single one of their clients.
Mamadou: I think technology has played a huge role, and we're seeing more companies come in from a technology perspective. I think ease of use and ease of work is what retail agents are going towards. It wasn’t such a big thing 10 years ago. Technology has made a significant impact because now people can go on [their platform], submit a piece of business, and not have to talk to anyone or do extra work. They'll submit one piece of business and get it returned with 10 quotes. In the past, you would have to submit one submission to each carrier to get a return. But nowadays, you get several options from one submission.
Raghav: Digital connectivity is the only way we built our business, so I don't think we would have a company without it. Digital connectivity is huge for insurance as a whole, though, because carriers and agencies are spending a ton of money on building out their systems and doing things in an unconnected way, costing them more money. It's costing them on their margins, and agencies need to cut every cost they can. And with digital connectivity, you're able to do that.
What Insurance Is Getting Right
We are seeing process improvements as more agents, carriers and MGAs adopt technology and better connect. The insurance industry has a solid foundation, and technology helps spark more connections and profits.
Cassandra: One way the insurance industry is doing a better job at servicing their customers is adapting more to the younger generation. Let's be honest. You're on your phone twenty-four-seven, and now, with us having apps, you can click right on it from your phone. You don't have to wait necessarily to call somebody or to walk into an office or whatnot. And just with our state of Massachusetts being so large, your agency may not be a mile down the road. So, having an app is much more convenient for those and that generation that prefers to do everything on their phone.
Mamadou: I think the insurance industry is doing a great job as far as just helping people find solutions. There are a lot of times when it's tough to figure out where the business is being placed, but people are trying to figure out different ways to make things work. I think retail agents are doing a great job in this hard market to just find solutions for their insureds. I would say it's not easy. They're probably staying up late at night and working extra hours, but they want to make sure they're doing a great job with that.
Raghav: The insurance industry does a lot of things right. That's why they've made so many successful entrepreneurs, agency owners, and carrier employees. Insurance is one of the most lucrative businesses out there, so you can't fault them for much. They do a lot right. I think the one area that insurance hasn't been great at is adopting technology. It's getting better because it has to. It's losing talent. The industry needs to do a better job adopting technology to become more efficient and continue to have those lucrative businesses.
Transparency Builds Trust and Sparks Digital Connectivity
Transparency is a theme that popped up in our interviews and survey results, with 67.6% of our respondents saying there is an opportunity for more transparency with clients and employees about decisions. These generations see an opportunity for the industry to level up by embracing technology in their insurance workflows.
Cassandra: Truthfully, I think the insurance industry does an excellent job of being transparent with its customers. We will not just market you to a carrier that will give us a higher commission. We want to ensure that you're taken care of, getting the best price, and being fully insured. So, I can say that with our agency, at least, I think we do a very good job of being extremely transparent with our customers.
Mamadou: I think the insurance industry can be more transparent when trying to service customers. I mentioned we are in a hard market. There are a lot of changes going on. I think there are a lot of carriers out there who are having increases, they're pulling back, and they're kind of leaving retail agents out in the cold and not letting them know what's going on. Just to keep people updated, give them enough time to react to changes that are coming.
Raghav: I think the insurance industry does a decent job communicating with their agencies and partners. The carriers do a good job with agencies. Agencies do a good job with their clients. I think where we really fall short is carriers' transparency with claims and payments and everything else when it comes to their insureds.
More Connectivity Research
Want to learn more about what Gen Zers and millennials have to say about digital connectivity and what drives them as employees? Check out our Reaching the Rising Generations in Insurance report. You can also see what more than 1,000 agent respondents from small and large agencies think about digital connectivity in our Agency Digital Technology Trends report.
Carrier Success Manager
Devon Connolly is the Carrier Success Manager for Ivans Distribution Platform. He and his team work with carriers to help them meet their goals with Ivans products and services. Before his current role, Devon worked with the industry’s largest agencies to better understand how they are leveraging Ivans products today and where they’d like to see more connectivity in the future. He also has direct experience working in the Agency Distribution and Claims organizations at a top P&C Carrier.